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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 26,3x - 29,0x | 27,6x |
| Selected Fwd EBIT Multiple | 24,6x - 27,2x | 25,9x |
| Fair Value | €76,24 - €84,07 | €80,15 |
| Upside | -32,1% - -25,2% | -28,6% |
| Benchmarks | Ticker | Full Ticker |
| ULVAC, Inc. | 6728 | TSE:6728 |
| Japan Electronic Materials Corporation | 6855 | TSE:6855 |
| Techwing, Inc. | A089030 | KOSDAQ:A089030 |
| TSE Co., Ltd | A131290 | KOSDAQ:A131290 |
| MPI Corporation | 6223 | TPEX:6223 |
| Advantest Corporation | VAN | DB:VAN |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 6728 | 6855 | A089030 | A131290 | 6223 | VAN | ||
| TSE:6728 | TSE:6855 | KOSDAQ:A089030 | KOSDAQ:A131290 | TPEX:6223 | DB:VAN | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 10.7% | 35.3% | -0.5% | 14.0% | 39.1% | 33.3% | |
| 3Y CAGR | -4.1% | -2.5% | -13.0% | -10.0% | 45.4% | 29.6% | |
| Latest Twelve Months | -10.9% | 78.9% | 24.9% | 291.7% | 71.4% | 153.3% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 10.3% | 15.3% | 13.2% | 11.5% | 18.4% | 26.3% | |
| Prior Fiscal Year | 11.4% | 5.0% | 2.4% | -1.0% | 18.1% | 18.6% | |
| Latest Fiscal Year | 10.6% | 19.2% | 12.8% | 11.5% | 24.4% | 32.0% | |
| Latest Twelve Months | 10.6% | 19.7% | 9.5% | 12.6% | 28.5% | 37.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.14x | 1.50x | 12.98x | 1.51x | 13.49x | 14.55x | |
| EV / LTM EBITDA | 7.7x | 6.1x | 72.8x | 7.7x | 41.4x | 36.4x | |
| EV / LTM EBIT | 10.8x | 7.6x | 136.1x | 12.0x | 47.4x | 38.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 7.6x | 12.0x | 136.1x | ||||
| Historical EV / LTM EBIT | 13.6x | 25.3x | 51.6x | ||||
| Selected EV / LTM EBIT | 26.3x | 27.6x | 29.0x | ||||
| (x) LTM EBIT | 365,737 | 365,737 | 365,737 | ||||
| (=) Implied Enterprise Value | 9,602,670 | 10,108,073 | 10,613,477 | ||||
| (-) Non-shareholder Claims * | 250,522 | 250,522 | 250,522 | ||||
| (=) Equity Value | 9,853,192 | 10,358,595 | 10,863,999 | ||||
| (/) Shares Outstanding | 727.4 | 727.4 | 727.4 | ||||
| Implied Value Range | 13,545.91 | 14,240.73 | 14,935.55 | ||||
| FX Rate: JPY/EUR | 179.4 | 179.4 | 179.4 | Market Price | |||
| Implied Value Range (Trading Cur) | 75.53 | 79.40 | 83.28 | 112.32 | |||
| Upside / (Downside) | -32.8% | -29.3% | -25.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 6728 | 6855 | A089030 | A131290 | 6223 | VAN | |
| Enterprise Value | 285,324 | 39,410 | 2,305,440 | 625,540 | 161,733 | 14,402,580 | |
| (+) Cash & Short Term Investments | 105,951 | 15,385 | 20,383 | 47,201 | 5,138 | 298,196 | |
| (+) Investments & Other | 16,013 | 449 | 3,411 | 18,761 | 402 | 43,464 | |
| (-) Debt | (46,599) | (6,360) | (279,718) | (47,765) | (5,333) | (91,138) | |
| (-) Other Liabilities | (7,615) | 0 | 2,551 | (55,927) | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | (64) | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 353,074 | 48,884 | 2,052,003 | 587,811 | 161,940 | 14,653,102 | |
| (/) Shares Outstanding | 49.2 | 12.6 | 35.4 | 10.8 | 94.2 | 727.4 | |
| Implied Stock Price | 7,170.00 | 3,870.00 | 57,900.00 | 54,500.00 | 1,720.00 | 20,144.71 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 179.35 | |
| Implied Stock Price (Trading Cur) | 7,170.00 | 3,870.00 | 57,900.00 | 54,500.00 | 1,720.00 | 112.32 | |
| Trading Currency | JPY | JPY | KRW | KRW | TWD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 179.35 | |