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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 39,0x - 43,1x | 41,1x |
| Selected Fwd EBIT Multiple | 21,8x - 24,0x | 22,9x |
| Fair Value | €165,26 - €183,54 | €174,40 |
| Upside | -13,7% - -4,2% | -9,0% |
| Benchmarks | Ticker | Full Ticker |
| Intel Corporation | INTC | NasdaqGS:INTC |
| Power Integrations, Inc. | POWI | NasdaqGS:POWI |
| Applied Materials, Inc. | AMAT | NasdaqGS:AMAT |
| QUALCOMM Incorporated | QCOM | NasdaqGS:QCOM |
| Skyworks Solutions, Inc. | SWKS | NasdaqGS:SWKS |
| Analog Devices, Inc. | ANL | DB:ANL |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| INTC | POWI | AMAT | QCOM | SWKS | ANL | ||
| NasdaqGS:INTC | NasdaqGS:POWI | NasdaqGS:AMAT | NasdaqGS:QCOM | NasdaqGS:SWKS | DB:ANL | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | -17.9% | 18.5% | 4.9% | -3.9% | 2.7% | |
| 3Y CAGR | NM- | -53.2% | 3.0% | 1.6% | -21.4% | -0.7% | |
| Latest Twelve Months | -256.0% | 57.3% | 8.9% | 25.0% | -30.5% | -14.4% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 11.0% | 15.8% | 29.2% | 28.6% | 25.2% | 28.6% | |
| Prior Fiscal Year | 2.3% | 7.9% | 28.9% | 24.1% | 24.2% | 32.3% | |
| Latest Fiscal Year | -7.2% | 4.3% | 28.9% | 26.3% | 18.8% | 21.9% | |
| Latest Twelve Months | -5.1% | 6.8% | 29.7% | 28.2% | 14.7% | 23.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.22x | 5.06x | 5.13x | 3.80x | 2.56x | 11.77x | |
| EV / LTM EBITDA | 12.8x | 36.5x | 16.5x | 11.8x | 11.9x | 26.4x | |
| EV / LTM EBIT | -43.3x | 74.6x | 17.3x | 13.5x | 17.4x | 50.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -43.3x | 17.3x | 74.6x | ||||
| Historical EV / LTM EBIT | 19.3x | 32.9x | 51.9x | ||||
| Selected EV / LTM EBIT | 39.0x | 41.1x | 43.1x | ||||
| (x) LTM EBIT | 2,304 | 2,304 | 2,304 | ||||
| (=) Implied Enterprise Value | 89,858 | 94,588 | 99,317 | ||||
| (-) Non-shareholder Claims * | (4,843) | (4,843) | (4,843) | ||||
| (=) Equity Value | 85,016 | 89,745 | 94,474 | ||||
| (/) Shares Outstanding | 496.2 | 496.2 | 496.2 | ||||
| Implied Value Range | 171.32 | 180.85 | 190.38 | ||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 146.92 | 155.09 | 163.27 | 191.58 | |||
| Upside / (Downside) | -23.3% | -19.0% | -14.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | INTC | POWI | AMAT | QCOM | SWKS | ANL | |
| Enterprise Value | 118,569 | 2,159 | 143,263 | 162,223 | 10,046 | 115,700 | |
| (+) Cash & Short Term Investments | 21,206 | 269 | 6,747 | 10,011 | 1,318 | 2,376 | |
| (+) Investments & Other | 5,383 | 0 | 3,638 | 0 | 19 | 0 | |
| (-) Debt | (50,757) | 0 | (6,670) | (14,788) | (1,208) | (7,219) | |
| (-) Other Liabilities | (7,868) | 0 | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 86,533 | 2,428 | 146,978 | 157,446 | 10,175 | 110,857 | |
| (/) Shares Outstanding | 4,377.0 | 56.3 | 802.5 | 1,079.1 | 148.4 | 496.2 | |
| Implied Stock Price | 19.77 | 43.13 | 183.15 | 145.90 | 68.55 | 223.39 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.17 | |
| Implied Stock Price (Trading Cur) | 19.77 | 43.13 | 183.15 | 145.90 | 68.55 | 191.58 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.17 | |