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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 8.3x - 9.2x | 8.8x |
| Selected Fwd Revenue Multiple | 8.2x - 9.1x | 8.6x |
| Fair Value | €712.89 - €786.69 | €749.79 |
| Upside | 14.0% - 25.8% | 19.9% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| ASM International NV | ASM | ENXTAM:ASM |
| BE Semiconductor Industries N.V. | BESI | ENXTAM:BESI |
| NXP Semiconductors N.V. | VNX | DB:VNX |
| Infineon Technologies AG | IFX | DB:IFX |
| STMicroelectronics N.V. | STMPA | ENXTPA:STMPA |
| ASML Holding N.V. | ASML | ENXTAM:ASML |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| ASM | BESI | VNX | IFX | STMPA | ASML | |||
| ENXTAM:ASM | ENXTAM:BESI | DB:VNX | DB:IFX | ENXTPA:STMPA | ENXTAM:ASML | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 18.0% | 11.3% | 7.3% | 13.2% | 6.8% | 19.0% | ||
| 3Y CAGR | 19.2% | -6.8% | 4.5% | 10.6% | 1.3% | 14.9% | ||
| Latest Twelve Months | 25.5% | 3.8% | -7.5% | -3.6% | -23.1% | 26.4% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 26.3% | 37.4% | 23.5% | 18.9% | 20.0% | 32.2% | ||
| Prior Fiscal Year | 24.8% | 36.9% | 28.2% | 26.3% | 26.6% | 32.8% | ||
| Latest Fiscal Year | 27.1% | 32.2% | 28.0% | 19.8% | 12.5% | 31.9% | ||
| Latest Twelve Months | 29.3% | 31.3% | 26.8% | 17.3% | 6.5% | 34.8% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 5.51x | 13.96x | 5.46x | 3.14x | 1.76x | 7.42x | ||
| EV / LTM EBIT | 18.8x | 44.6x | 20.4x | 18.1x | 27.1x | 21.3x | ||
| Price / LTM Sales | 6.02x | 13.88x | 4.75x | 2.88x | 1.94x | 7.53x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 1.76x | 5.46x | 13.96x | |||||
| Historical EV / LTM Revenue | 10.06x | 10.19x | 16.05x | |||||
| Selected EV / LTM Revenue | 8.34x | 8.78x | 9.22x | |||||
| (x) LTM Revenue | 32,163 | 32,163 | 32,163 | |||||
| (=) Implied Enterprise Value | 268,236 | 282,354 | 296,471 | |||||
| (-) Non-shareholder Claims * | 4,579 | 4,579 | 4,579 | |||||
| (=) Equity Value | 272,815 | 286,933 | 301,051 | |||||
| (/) Shares Outstanding | 387.3 | 387.3 | 387.3 | |||||
| Implied Value Range | 704.39 | 740.84 | 777.29 | |||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 704.39 | 740.84 | 777.29 | 625.30 | ||||
| Upside / (Downside) | 12.6% | 18.5% | 24.3% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | ASM | BESI | VNX | IFX | STMPA | ASML | |
| Enterprise Value | 17,972 | 8,409 | 67,716 | 45,263 | 20,325 | 237,605 | |
| (+) Cash & Short Term Investments | 1,042 | 490 | 3,170 | 1,539 | 5,629 | 7,249 | |
| (+) Investments & Other | 667 | 0 | 0 | 98 | 118 | 1,029 | |
| (-) Debt | (37) | (541) | (11,478) | (5,371) | (3,177) | (3,699) | |
| (-) Other Liabilities | 0 | 0 | (367) | 0 | (236) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 19,644 | 8,359 | 59,041 | 41,529 | 22,659 | 242,184 | |
| (/) Shares Outstanding | 48.9 | 79.0 | 252.1 | 1,299.4 | 892.3 | 387.3 | |
| Implied Stock Price | 401.70 | 105.80 | 234.18 | 31.96 | 25.39 | 625.30 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.17 | 1.00 | 1.17 | 1.00 | |
| Implied Stock Price (Trading Cur) | 401.70 | 105.80 | 201.00 | 31.96 | 21.80 | 625.30 | |
| 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 | |