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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 7,3x - 8,0x | 7,7x |
| Selected Fwd EBITDA Multiple | 6,2x - 6,9x | 6,5x |
| Fair Value | €34,54 - €37,34 | €35,94 |
| Upside | -15,4% - -8,5% | -12,0% |
| Benchmarks | Ticker | Full Ticker |
| SkyWater Technology, Inc. | SKYT | NasdaqCM:SKYT |
| GlobalFoundries Inc. | GFS | NasdaqGS:GFS |
| Analog Devices, Inc. | ADI | NasdaqGS:ADI |
| Texas Instruments Incorporated | TXN | NasdaqGS:TXN |
| X-FAB Silicon Foundries SE | XFAB.F | OTCPK:XFAB.F |
| Tower Semiconductor Ltd. | TOW | DB:TOW |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| SKYT | GFS | ADI | TXN | XFAB.F | TOW | ||
| NasdaqCM:SKYT | NasdaqGS:GFS | NasdaqGS:ADI | NasdaqGS:TXN | OTCPK:XFAB.F | DB:TOW | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 7.4% | 14.7% | 9.7% | 0.5% | 42.6% | 8.4% | |
| 3Y CAGR | NM- | 14.6% | 9.4% | -11.6% | 9.2% | 1.1% | |
| Latest Twelve Months | 156.5% | -11.6% | -10.2% | 5.0% | -24.4% | 7.5% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | -1.0% | 29.5% | 46.5% | 49.9% | 20.4% | 30.6% | |
| Prior Fiscal Year | 4.3% | 35.0% | 51.0% | 48.5% | 26.8% | 32.3% | |
| Latest Fiscal Year | 6.9% | 32.9% | 44.2% | 43.8% | 22.1% | 31.4% | |
| Latest Twelve Months | 7.2% | 32.2% | 44.5% | 45.0% | 22.2% | 31.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.49x | 2.93x | 12.17x | 10.85x | 1.59x | 2.90x | |
| EV / LTM EBITDA | 20.8x | 9.1x | 27.3x | 24.1x | 7.2x | 9.1x | |
| EV / LTM EBIT | 73.8x | 27.1x | 51.9x | 31.1x | 16.9x | 23.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 7.2x | 20.8x | 27.3x | ||||
| Historical EV / LTM EBITDA | 4.6x | 7.7x | 11.0x | ||||
| Selected EV / LTM EBITDA | 7.3x | 7.7x | 8.0x | ||||
| (x) LTM EBITDA | 465 | 465 | 465 | ||||
| (=) Implied Enterprise Value | 3,386 | 3,564 | 3,743 | ||||
| (-) Non-shareholder Claims * | 1,019 | 1,019 | 1,019 | ||||
| (=) Equity Value | 4,405 | 4,583 | 4,761 | ||||
| (/) Shares Outstanding | 111.8 | 111.8 | 111.8 | ||||
| Implied Value Range | 39.39 | 40.98 | 42.57 | ||||
| FX Rate: USD/EUR | 1.1 | 1.1 | 1.1 | Market Price | |||
| Implied Value Range (Trading Cur) | 34.45 | 35.85 | 37.24 | 40.82 | |||
| Upside / (Downside) | -15.6% | -12.2% | -8.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | SKYT | GFS | ADI | TXN | XFAB.F | TOW | |
| Enterprise Value | 483 | 19,870 | 119,531 | 179,747 | 1,249 | 4,200 | |
| (+) Cash & Short Term Investments | 51 | 2,877 | 2,376 | 5,359 | 157 | 1,181 | |
| (+) Investments & Other | 0 | 820 | 0 | 0 | 0 | 0 | |
| (-) Debt | (69) | (1,631) | (7,219) | (14,043) | (426) | (162) | |
| (-) Other Liabilities | (6) | (50) | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 459 | 21,886 | 114,688 | 171,063 | 980 | 5,219 | |
| (/) Shares Outstanding | 48.0 | 554.9 | 496.2 | 909.1 | 130.6 | 111.8 | |
| Implied Stock Price | 9.55 | 39.44 | 231.11 | 188.16 | 7.50 | 46.66 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.14 | |
| Implied Stock Price (Trading Cur) | 9.55 | 39.44 | 231.11 | 188.16 | 7.50 | 40.82 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.14 | |