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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | -3,9x - -4,3x | -4,1x |
| Selected Fwd EBIT Multiple | 11,4x - 12,6x | 12,0x |
| Fair Value | €10,08 - €10,81 | €10,45 |
| Upside | -41,4% - -37,1% | -39,3% |
| Benchmarks | Ticker | Full Ticker |
| Axcelis Technologies, Inc. | ACLS | NasdaqGS:ACLS |
| MACOM Technology Solutions Holdings, Inc. | MTSI | NasdaqGS:MTSI |
| Veeco Instruments Inc. | VECO | NasdaqGS:VECO |
| Photronics, Inc. | PLAB | NasdaqGS:PLAB |
| Ultra Clean Holdings, Inc. | UCTT | NasdaqGS:UCTT |
| Cohu, Inc. | CU3 | DB:CU3 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| ACLS | MTSI | VECO | PLAB | UCTT | CU3 | ||
| NasdaqGS:ACLS | NasdaqGS:MTSI | NasdaqGS:VECO | NasdaqGS:PLAB | NasdaqGS:UCTT | DB:CU3 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 54.2% | NM- | NM- | 33.6% | 16.8% | NM- | |
| 3Y CAGR | 18.3% | 0.1% | 9.2% | 32.8% | -20.8% | NM- | |
| Latest Twelve Months | -32.3% | 38.2% | -19.7% | -11.4% | 96.0% | -1017.0% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 19.4% | 12.9% | 8.7% | 21.2% | 6.6% | 5.2% | |
| Prior Fiscal Year | 23.5% | 18.0% | 10.5% | 28.4% | 2.3% | 7.4% | |
| Latest Fiscal Year | 20.7% | 11.2% | 10.3% | 25.6% | 4.4% | -17.9% | |
| Latest Twelve Months | 19.1% | 11.8% | 9.3% | 25.2% | 4.1% | -19.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.84x | 12.34x | 1.72x | 1.16x | 0.71x | 1.95x | |
| EV / LTM EBITDA | 9.1x | 63.5x | 13.6x | 3.3x | 9.3x | -32.1x | |
| EV / LTM EBIT | 9.6x | 104.4x | 18.5x | 4.6x | 17.3x | -10.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 4.6x | 17.3x | 104.4x | ||||
| Historical EV / LTM EBIT | -192.9x | 10.2x | 19.0x | ||||
| Selected EV / LTM EBIT | -3.9x | -4.1x | -4.3x | ||||
| (x) LTM EBIT | (76) | (76) | (76) | ||||
| (=) Implied Enterprise Value | 293 | 309 | 324 | ||||
| (-) Non-shareholder Claims * | 169 | 169 | 169 | ||||
| (=) Equity Value | 462 | 478 | 493 | ||||
| (/) Shares Outstanding | 46.5 | 46.5 | 46.5 | ||||
| Implied Value Range | 9.94 | 10.27 | 10.61 | ||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 8.56 | 8.84 | 9.13 | 17.20 | |||
| Upside / (Downside) | -50.3% | -48.6% | -46.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | ACLS | MTSI | VECO | PLAB | UCTT | CU3 | |
| Enterprise Value | 1,765 | 10,430 | 1,219 | 994 | 1,518 | 760 | |
| (+) Cash & Short Term Investments | 587 | 682 | 353 | 558 | 318 | 201 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Debt | (72) | (540) | (287) | (0) | (646) | (32) | |
| (-) Other Liabilities | 0 | 0 | 0 | (396) | (65) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 2,280 | 10,572 | 1,285 | 1,156 | 1,124 | 930 | |
| (/) Shares Outstanding | 32.1 | 74.4 | 60.0 | 60.2 | 45.1 | 46.5 | |
| Implied Stock Price | 70.96 | 142.11 | 21.42 | 19.22 | 24.90 | 19.99 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.16 | |
| Implied Stock Price (Trading Cur) | 70.96 | 142.11 | 21.42 | 19.22 | 24.90 | 17.20 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.16 | |