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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBITDA Multiple | 6,2x - 6,9x | 6,6x |
Selected Fwd EBITDA Multiple | 5,3x - 5,9x | 5,6x |
Fair Value | €21,70 - €23,94 | €22,82 |
Upside | 16,3% - 28,3% | 22,3% |
Benchmarks | Ticker | Full Ticker |
Microchip Technology Incorporated | MCHP | NasdaqGS:MCHP |
KLA Corporation | KLAC | NasdaqGS:KLAC |
Teradyne, Inc. | TER | NasdaqGS:TER |
Intel Corporation | INTC | NasdaqGS:INTC |
FormFactor, Inc. | FORM | NasdaqGS:FORM |
Amkor Technology, Inc. | AMK | DB:AMK |
- | - | - |
Select LTM EBITDA Multiple | |||||||
Benchmark Companies | |||||||
MCHP | KLAC | TER | INTC | FORM | AMK | ||
NasdaqGS:MCHP | NasdaqGS:KLAC | NasdaqGS:TER | NasdaqGS:INTC | NasdaqGS:FORM | DB:AMK | ||
Historical EBITDA Growth | |||||||
5Y CAGR | -10.0% | 20.0% | 0.5% | -25.7% | -4.1% | 6.4% | |
3Y CAGR | -28.1% | 12.7% | -20.6% | -39.4% | -19.4% | -8.0% | |
Latest Twelve Months | -67.3% | 29.6% | 17.6% | -32.1% | 72.5% | -8.5% | |
Historical EBITDA Profit Margin | |||||||
5 Year Average Margin | 41.7% | 41.3% | 29.8% | 30.8% | 14.0% | 19.3% | |
Prior Fiscal Year | 45.0% | 42.0% | 23.4% | 20.0% | 7.2% | 16.9% | |
Latest Fiscal Year | 25.6% | 41.1% | 23.7% | 14.2% | 10.1% | 16.4% | |
Latest Twelve Months | 25.6% | 43.6% | 24.9% | 15.3% | 10.5% | 15.9% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 10.09x | 10.76x | 4.73x | 2.42x | 3.21x | 0.86x | |
EV / LTM EBITDA | 39.5x | 24.7x | 19.0x | 15.8x | 30.6x | 5.4x | |
EV / LTM EBIT | 118.3x | 26.8x | 22.9x | -38.1x | 52.9x | 13.5x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBITDA | 15.8x | 24.7x | 39.5x | ||||
Historical EV / LTM EBITDA | 4.2x | 5.3x | 7.2x | ||||
Selected EV / LTM EBITDA | 6.2x | 6.6x | 6.9x | ||||
(x) LTM EBITDA | 1,001 | 1,001 | 1,001 | ||||
(=) Implied Enterprise Value | 6,245 | 6,573 | 6,902 | ||||
(-) Non-shareholder Claims * | 126 | 126 | 126 | ||||
(=) Equity Value | 6,370 | 6,699 | 7,028 | ||||
(/) Shares Outstanding | 247.1 | 247.1 | 247.1 | ||||
Implied Value Range | 25.79 | 27.12 | 28.45 | ||||
FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
Implied Value Range (Trading Cur) | 21.90 | 23.03 | 24.16 | 18.66 | |||
Upside / (Downside) | 17.4% | 23.4% | 29.5% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | MCHP | KLAC | TER | INTC | FORM | AMK | |
Enterprise Value | 44,418 | 124,328 | 13,866 | 128,834 | 2,458 | 5,301 | |
(+) Cash & Short Term Investments | 772 | 4,029 | 508 | 21,048 | 299 | 1,563 | |
(+) Investments & Other | 0 | 0 | 623 | 5,027 | 69 | 0 | |
(-) Debt | (5,781) | (6,089) | (69) | (50,151) | (37) | (1,403) | |
(-) Other Liabilities | 0 | 0 | 0 | (6,657) | 0 | (34) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 39,409 | 122,268 | 14,929 | 98,101 | 2,789 | 5,427 | |
(/) Shares Outstanding | 539.4 | 132.2 | 160.4 | 4,362.0 | 77.1 | 247.1 | |
Implied Stock Price | 73.06 | 924.58 | 93.06 | 22.49 | 36.18 | 21.97 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.18 | |
Implied Stock Price (Trading Cur) | 73.06 | 924.58 | 93.06 | 22.49 | 36.18 | 18.66 | |
Trading Currency | USD | USD | USD | USD | USD | EUR | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.18 |