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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 8.5x - 9.4x | 9.0x |
| Selected Fwd Ps Multiple | 7.8x - 8.6x | 8.2x |
| Fair Value | €690.94 - €763.67 | €727.31 |
| Upside | 4.8% - 15.8% | 10.3% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| NXP Semiconductors N.V. | - | DB:VNX |
| BE Semiconductor Industries N.V. | - | ENXTAM:BESI |
| ASM International NV | - | ENXTAM:ASM |
| Texas Instruments Incorporated | - | DB:TII |
| QUALCOMM Incorporated | - | DB:QCI |
| ASML Holding N.V. | - | ENXTAM:ASML |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| VNX | BESI | ASM | TII | QCI | ASML | |||
| DB:VNX | ENXTAM:BESI | ENXTAM:ASM | DB:TII | DB:QCI | ENXTAM:ASML | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | 7.3% | 11.3% | 18.0% | 1.7% | 9.9% | 19.0% | ||
| 3Y CAGR | 4.5% | -6.8% | 19.2% | -5.2% | 5.1% | 14.9% | ||
| Latest Twelve Months | -7.2% | 2.3% | 22.2% | -4.5% | 16.1% | 17.7% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 15.9% | 32.2% | 23.4% | 38.6% | 25.0% | 27.7% | ||
| Prior Fiscal Year | 21.1% | 30.6% | 28.5% | 37.0% | 20.5% | 28.4% | ||
| Latest Fiscal Year | 19.9% | 30.0% | 23.4% | 30.5% | 25.9% | 26.8% | ||
| Latest Twelve Months | 19.2% | 29.7% | 15.4% | 30.2% | 26.0% | 28.3% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 15.6x | 46.4x | 23.3x | 28.8x | 13.4x | 22.4x | ||
| Price / LTM Sales | 4.8x | 15.9x | 8.0x | 12.2x | 4.2x | 8.4x | ||
| LTM P/E Ratio | 24.8x | 53.5x | 51.6x | 40.5x | 16.2x | 29.5x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 4.2x | 8.0x | 15.9x | |||||
| Historical LTM P/S Ratio | 10.1x | 10.2x | 16.1x | |||||
| Selected Price / Sales Multiple | 8.5x | 9.0x | 9.4x | |||||
| (x) LTM Sales | 30,714 | 30,714 | 30,714 | |||||
| (=) Equity Value | 261,293 | 275,045 | 288,798 | |||||
| (/) Shares Outstanding | 389.2 | 389.2 | 389.2 | |||||
| Implied Value Range | 671.38 | 706.72 | 742.05 | |||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 671.38 | 706.72 | 742.05 | 659.40 | ||||
| Upside / (Downside) | 1.8% | 7.2% | 12.5% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | VNX | BESI | ASM | TII | QCI | ASML | |
| Value of Common Equity | 58,152 | 9,601 | 24,973 | 195,258 | 176,550 | 256,631 | |
| (/) Shares Outstanding | 252.6 | 79.3 | 49.0 | 908.5 | 1,099.1 | 389.2 | |
| Implied Stock Price | 230.19 | 121.05 | 509.80 | 214.93 | 160.63 | 659.40 | |
| FX Conversion Rate to Trading Currency | 1.18 | 1.00 | 1.00 | 1.18 | 1.18 | 1.00 | |
| Implied Stock Price (Trading Cur) | 195.50 | 121.05 | 509.80 | 182.54 | 136.42 | 659.40 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.18 | 1.00 | 1.00 | 1.18 | 1.18 | 1.00 | |