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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM P/E Multiple | 32.2x - 35.6x | 33.9x |
| Selected Fwd P/E Multiple | 28.6x - 31.6x | 30.1x |
| Fair Value | €749.09 - €827.94 | €788.51 |
| Upside | 17.4% - 29.7% | 23.6% |
| Benchmarks | - | Full Ticker |
| ASM International NV | - | ENXTAM:ASM |
| BE Semiconductor Industries N.V. | - | ENXTAM:BESI |
| NXP Semiconductors N.V. | - | DB:VNX |
| Infineon Technologies AG | - | DB:IFX |
| STMicroelectronics N.V. | - | ENXTPA:STMPA |
| ASML Holding N.V. | - | ENXTAM:ASML |
| - | - | - |
| Select Price / LTM EPS Ratio | ||||||||
| Benchmark Companies | ||||||||
| ASM | BESI | VNX | IFX | STMPA | ASML | |||
| ENXTAM:ASM | ENXTAM:BESI | DB:VNX | DB:IFX | ENXTPA:STMPA | ENXTAM:ASML | |||
| Historical Net Income Growth | ||||||||
| 5Y CAGR | 15.8% | 17.5% | 59.5% | 14.5% | 8.6% | 23.9% | ||
| 3Y CAGR | 11.5% | -13.6% | 10.3% | 15.1% | -8.0% | 8.8% | ||
| Latest Twelve Months | -4.6% | 2.3% | -22.8% | -46.7% | -78.5% | 39.6% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 23.0% | 32.2% | 16.8% | 11.7% | 17.2% | 28.0% | ||
| Prior Fiscal Year | 28.5% | 30.6% | 21.1% | 19.1% | 24.4% | 28.4% | ||
| Latest Fiscal Year | 23.4% | 30.0% | 19.9% | 11.7% | 11.7% | 26.8% | ||
| Latest Twelve Months | 16.2% | 28.2% | 17.7% | 7.7% | 5.5% | 29.3% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 17.1x | 47.4x | 16.2x | 11.9x | 8.2x | 20.4x | ||
| Price / LTM Sales | 6.2x | 15.5x | 4.8x | 3.3x | 2.0x | 7.8x | ||
| LTM P/E Ratio | 38.2x | 55.2x | 26.9x | 42.6x | 35.7x | 26.6x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/E Ratio | 26.9x | 38.2x | 55.2x | |||||
| Historical LTM P/E Ratio | 35.4x | 38.5x | 52.6x | |||||
| Selected P/E Multiple | 32.2x | 33.9x | 35.6x | |||||
| (x) LTM Net Income | 9,415 | 9,415 | 9,415 | |||||
| (=) Equity Value | 303,175 | 319,132 | 335,088 | |||||
| (/) Shares Outstanding | 387.3 | 387.3 | 387.3 | |||||
| Implied Value Range | 782.77 | 823.97 | 865.17 | |||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 782.77 | 823.97 | 865.17 | 638.20 | ||||
| Upside / (Downside) | 22.7% | 29.1% | 35.6% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | ASM | BESI | VNX | IFX | STMPA | ASML | |
| Value of Common Equity | 19,913 | 9,256 | 56,858 | 47,064 | 23,036 | 247,180 | |
| (/) Shares Outstanding | 48.9 | 79.0 | 252.1 | 1,299.4 | 892.9 | 387.3 | |
| Implied Stock Price | 407.20 | 117.10 | 225.52 | 36.22 | 25.80 | 638.20 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.17 | 1.00 | 1.17 | 1.00 | |
| Implied Stock Price (Trading Cur) | 407.20 | 117.10 | 193.50 | 36.22 | 22.14 | 638.20 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.17 | 1.00 | 1.17 | 1.00 | |