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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 19,4x - 21,4x | 20,4x |
| Selected Fwd EBIT Multiple | 16,9x - 18,6x | 17,8x |
| Fair Value | €67,89 - €74,96 | €71,43 |
| Upside | 6,7% - 17,8% | 12,2% |
| Benchmarks | Ticker | Full Ticker |
| QUALCOMM Incorporated | QCOM | NasdaqGS:QCOM |
| Intel Corporation | INTC | NasdaqGS:INTC |
| Analog Devices, Inc. | ADI | NasdaqGS:ADI |
| Applied Materials, Inc. | AMAT | NasdaqGS:AMAT |
| Teradyne, Inc. | TER | NasdaqGS:TER |
| Skyworks Solutions, Inc. | AWM | DB:AWM |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| QCOM | INTC | ADI | AMAT | TER | AWM | ||
| NasdaqGS:QCOM | NasdaqGS:INTC | NasdaqGS:ADI | NasdaqGS:AMAT | NasdaqGS:TER | DB:AWM | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 4.9% | NM- | 2.7% | 18.5% | 0.7% | -3.9% | |
| 3Y CAGR | 1.6% | NM- | -0.7% | 3.0% | -23.2% | -21.4% | |
| Latest Twelve Months | 25.0% | -256.0% | -14.4% | 10.7% | 6.6% | -30.5% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 28.6% | 11.0% | 28.6% | 29.5% | 25.5% | 25.2% | |
| Prior Fiscal Year | 24.1% | 2.3% | 32.3% | 28.9% | 19.3% | 24.2% | |
| Latest Fiscal Year | 26.3% | -7.2% | 21.9% | 28.9% | 19.4% | 18.8% | |
| Latest Twelve Months | 28.2% | -5.1% | 23.5% | 30.1% | 19.3% | 14.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.98x | 2.68x | 12.90x | 4.34x | 5.84x | 2.74x | |
| EV / LTM EBITDA | 12.4x | 15.5x | 29.0x | 13.7x | 24.6x | 12.7x | |
| EV / LTM EBIT | 14.1x | -52.3x | 55.0x | 14.4x | 30.2x | 18.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -52.3x | 14.4x | 55.0x | ||||
| Historical EV / LTM EBIT | 10.1x | 16.9x | 25.9x | ||||
| Selected EV / LTM EBIT | 19.4x | 20.4x | 21.4x | ||||
| (x) LTM EBIT | 591 | 591 | 591 | ||||
| (=) Implied Enterprise Value | 11,463 | 12,067 | 12,670 | ||||
| (-) Non-shareholder Claims * | 129 | 129 | 129 | ||||
| (=) Equity Value | 11,592 | 12,196 | 12,799 | ||||
| (/) Shares Outstanding | 148.4 | 148.4 | 148.4 | ||||
| Implied Value Range | 78.10 | 82.17 | 86.23 | ||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 67.01 | 70.50 | 73.99 | 63.65 | |||
| Upside / (Downside) | 5.3% | 10.8% | 16.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | QCOM | INTC | ADI | AMAT | TER | AWM | |
| Enterprise Value | 172,276 | 135,071 | 126,359 | 123,916 | 16,462 | 10,882 | |
| (+) Cash & Short Term Investments | 10,011 | 21,206 | 2,376 | 7,014 | 368 | 1,318 | |
| (+) Investments & Other | 0 | 5,383 | 0 | 4,133 | 666 | 19 | |
| (-) Debt | (14,788) | (50,757) | (7,219) | (6,262) | (74) | (1,208) | |
| (-) Other Liabilities | 0 | (7,868) | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 167,499 | 103,035 | 121,516 | 128,801 | 17,422 | 11,011 | |
| (/) Shares Outstanding | 1,077.6 | 4,377.0 | 496.2 | 802.5 | 159.1 | 148.4 | |
| Implied Stock Price | 155.44 | 23.54 | 244.87 | 160.50 | 109.52 | 74.18 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.17 | |
| Implied Stock Price (Trading Cur) | 155.44 | 23.54 | 244.87 | 160.50 | 109.52 | 63.65 | |
| 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 | |