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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 23,9x - 26,4x | 25,1x |
Selected Fwd EBIT Multiple | 19,1x - 21,1x | 20,1x |
Fair Value | €49,16 - €54,17 | €51,66 |
Upside | -24,8% - -17,2% | -21,0% |
Benchmarks | Ticker | Full Ticker |
Japan Electronic Materials Corporation | 6855 | TSE:6855 |
ULVAC, Inc. | 6728 | TSE:6728 |
UniTest Incorporation | A086390 | KOSDAQ:A086390 |
Protec Mems Technology Inc. | A147760 | KOSDAQ:A147760 |
MPI Corporation | 6223 | TPEX:6223 |
Advantest Corporation | VAN | DB:VAN |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
6855 | 6728 | A086390 | A147760 | 6223 | VAN | ||
TSE:6855 | TSE:6728 | KOSDAQ:A086390 | KOSDAQ:A147760 | TPEX:6223 | DB:VAN | ||
Historical EBIT Growth | |||||||
5Y CAGR | 35.3% | 4.6% | NM- | NM- | 39.1% | 33.3% | |
3Y CAGR | -2.5% | 20.1% | NM- | NM- | 45.4% | 29.6% | |
Latest Twelve Months | 426.5% | 9.1% | -5478.8% | -159.3% | 92.1% | 175.4% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 14.3% | 10.2% | -5.8% | -9.3% | 16.9% | 24.7% | |
Prior Fiscal Year | 5.0% | 8.8% | 4.3% | -15.9% | 18.1% | 18.6% | |
Latest Fiscal Year | 19.2% | 11.4% | -26.1% | -53.7% | 24.4% | 32.0% | |
Latest Twelve Months | 19.2% | 11.4% | -19.1% | -65.7% | 26.8% | 32.0% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 0.99x | 0.84x | 2.47x | 1.95x | 8.54x | 10.57x | |
EV / LTM EBITDA | 4.1x | 5.5x | -17.2x | -4.7x | 28.1x | 29.8x | |
EV / LTM EBIT | 5.1x | 7.4x | -13.0x | -3.0x | 31.8x | 33.0x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | -13.0x | 5.1x | 31.8x | ||||
Historical EV / LTM EBIT | 13.6x | 32.2x | 51.6x | ||||
Selected EV / LTM EBIT | 23.9x | 25.1x | 26.4x | ||||
(x) LTM EBIT | 249,554 | 249,554 | 249,554 | ||||
(=) Implied Enterprise Value | 5,960,271 | 6,273,970 | 6,587,668 | ||||
(-) Non-shareholder Claims * | 200,299 | 200,299 | 200,299 | ||||
(=) Equity Value | 6,160,570 | 6,474,269 | 6,787,967 | ||||
(/) Shares Outstanding | 731.5 | 731.5 | 731.5 | ||||
Implied Value Range | 8,421.76 | 8,850.60 | 9,279.44 | ||||
FX Rate: JPY/EUR | 173.6 | 173.6 | 173.6 | Market Price | |||
Implied Value Range (Trading Cur) | 48.52 | 50.99 | 53.46 | 65.41 | |||
Upside / (Downside) | -25.8% | -22.0% | -18.3% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | 6855 | 6728 | A086390 | A147760 | 6223 | VAN | |
Enterprise Value | 23,511 | 222,720 | 261,558 | 45,881 | 93,094 | 8,105,053 | |
(+) Cash & Short Term Investments | 12,188 | 107,293 | 36,068 | 3,939 | 5,965 | 262,544 | |
(+) Investments & Other | 322 | 8,064 | 6,679 | 0 | 409 | 31,258 | |
(-) Debt | (5,920) | (56,345) | (42,667) | (26,395) | (4,372) | (93,503) | |
(-) Other Liabilities | 0 | (7,450) | 1,772 | 0 | (4) | 0 | |
(-) Preferred Stock | 0 | 0 | (913) | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 30,101 | 274,282 | 262,497 | 23,425 | 95,093 | 8,305,352 | |
(/) Shares Outstanding | 12.6 | 49.2 | 20.3 | 10.8 | 94.2 | 731.5 | |
Implied Stock Price | 2,383.00 | 5,570.00 | 12,910.00 | 2,165.00 | 1,010.00 | 11,353.77 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 173.58 | |
Implied Stock Price (Trading Cur) | 2,383.00 | 5,570.00 | 12,910.00 | 2,165.00 | 1,010.00 | 65.41 | |
Trading Currency | JPY | JPY | KRW | KRW | TWD | EUR | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 173.58 |