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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 24,8x - 27,4x | 26,1x |
Selected Fwd EBIT Multiple | 21,3x - 23,5x | 22,4x |
Fair Value | €499,60 - €548,31 | €523,96 |
Upside | -4,7% - 4,6% | 0,0% |
Benchmarks | Ticker | Full Ticker |
ASML Holding N.V. | ASML | ENXTAM:ASML |
BE Semiconductor Industries N.V. | BESI | ENXTAM:BESI |
SUSS MicroTec SE | SMHN | DB:SMHN |
AIXTRON SE | AIXA | DB:AIXA |
Disco Corporation | 6146 | TSE:6146 |
ASM International NV | AVS | DB:AVS |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
ASML | BESI | SMHN | AIXA | 6146 | AVS | ||
ENXTAM:ASML | ENXTAM:BESI | DB:SMHN | DB:AIXA | TSE:6146 | DB:AVS | ||
Historical EBIT Growth | |||||||
5Y CAGR | 26.5% | 16.3% | 117.3% | 29.4% | 35.6% | 16.6% | |
3Y CAGR | 11.3% | -15.6% | 54.5% | 8.6% | 22.2% | 18.6% | |
Latest Twelve Months | 26.0% | -8.6% | 136.8% | -19.4% | 37.3% | 36.8% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 31.7% | 37.3% | 10.5% | 19.5% | 35.9% | 26.2% | |
Prior Fiscal Year | 32.8% | 36.9% | 8.7% | 24.0% | 39.5% | 24.8% | |
Latest Fiscal Year | 31.9% | 32.2% | 18.6% | 20.8% | 42.4% | 27.1% | |
Latest Twelve Months | 33.8% | 32.1% | 18.6% | 20.6% | 42.4% | 27.9% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 8.29x | 15.76x | 1.54x | 2.67x | 11.13x | 7.66x | |
EV / LTM EBITDA | 22.7x | 46.8x | 7.8x | 11.8x | 24.5x | 24.2x | |
EV / LTM EBIT | 24.6x | 49.1x | 8.2x | 12.9x | 26.3x | 27.4x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | 8.2x | 24.6x | 49.1x | ||||
Historical EV / LTM EBIT | 18.0x | 31.1x | 41.0x | ||||
Selected EV / LTM EBIT | 24.8x | 26.1x | 27.4x | ||||
(x) LTM EBIT | 874 | 874 | 874 | ||||
(=) Implied Enterprise Value | 21,685 | 22,826 | 23,968 | ||||
(-) Non-shareholder Claims * | 1,807 | 1,807 | 1,807 | ||||
(=) Equity Value | 23,492 | 24,634 | 25,775 | ||||
(/) Shares Outstanding | 49.0 | 49.0 | 49.0 | ||||
Implied Value Range | 479.58 | 502.88 | 526.17 | ||||
FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 479.58 | 502.88 | 526.17 | 524.00 | |||
Upside / (Downside) | -8.5% | -4.0% | 0.4% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | ASML | BESI | SMHN | AIXA | 6146 | AVS | |
Enterprise Value | 253,694 | 9,540 | 740 | 1,672 | 4,370,382 | 23,861 | |
(+) Cash & Short Term Investments | 9,104 | 686 | 144 | 93 | 229,167 | 1,145 | |
(+) Investments & Other | 939 | 0 | 0 | 0 | 7,372 | 682 | |
(-) Debt | (3,681) | (538) | (14) | (4) | 0 | (20) | |
(-) Other Liabilities | 0 | 0 | 0 | (0) | (348) | 0 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 260,056 | 9,688 | 870 | 1,761 | 4,606,573 | 25,668 | |
(/) Shares Outstanding | 389.2 | 79.3 | 19.1 | 112.7 | 108.4 | 49.0 | |
Implied Stock Price | 668.20 | 122.15 | 45.52 | 15.63 | 42,490.00 | 524.00 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 668.20 | 122.15 | 45.52 | 15.63 | 42,490.00 | 524.00 | |
Trading Currency | EUR | EUR | EUR | EUR | JPY | EUR | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |