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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 18,2x - 20,1x | 19,2x |
| Selected Fwd EBIT Multiple | 91,5x - 101,1x | 96,3x |
| Fair Value | €16,55 - €22,58 | €19,56 |
| Upside | -54,7% - -38,2% | -46,5% |
| Benchmarks | Ticker | Full Ticker |
| GlobalWafers Co., Ltd. | GLOBW | BDL:GLOBW |
| Sumco Corporation | S3X | DB:S3X |
| SUSS MicroTec SE | SMHN | XTRA:SMHN |
| AIXTRON SE | AIXA | XTRA:AIXA |
| Infineon Technologies AG | IFX | XTRA:IFX |
| Siltronic AG | WAF | DB:WAF |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| GLOBW | S3X | SMHN | AIXA | IFX | WAF | ||
| BDL:GLOBW | DB:S3X | XTRA:SMHN | XTRA:AIXA | XTRA:IFX | DB:WAF | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | -4.6% | -7.1% | 117.3% | 29.4% | 17.7% | -17.7% | |
| 3Y CAGR | -7.2% | -12.0% | 54.5% | 8.6% | 19.2% | -25.7% | |
| Latest Twelve Months | -28.9% | -53.0% | 111.3% | 5.9% | -14.9% | -31.9% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 28.8% | 15.5% | 11.3% | 20.2% | 18.9% | 16.8% | |
| Prior Fiscal Year | 28.4% | 17.2% | 8.7% | 24.0% | 26.3% | 14.1% | |
| Latest Fiscal Year | 22.5% | 8.9% | 18.6% | 20.8% | 19.8% | 8.6% | |
| Latest Twelve Months | 20.2% | 5.4% | 18.3% | 21.9% | 17.3% | 6.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.04x | 1.92x | 1.03x | 2.28x | 3.53x | 1.66x | |
| EV / LTM EBITDA | 9.1x | 7.4x | 5.4x | 9.5x | 11.8x | 7.0x | |
| EV / LTM EBIT | 15.0x | 35.6x | 5.7x | 10.4x | 20.4x | 25.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 5.7x | 15.0x | 35.6x | ||||
| Historical EV / LTM EBIT | 3.9x | 14.3x | 21.1x | ||||
| Selected EV / LTM EBIT | 18.2x | 19.2x | 20.1x | ||||
| (x) LTM EBIT | 91 | 91 | 91 | ||||
| (=) Implied Enterprise Value | 1,662 | 1,749 | 1,837 | ||||
| (-) Non-shareholder Claims * | (1,222) | (1,222) | (1,222) | ||||
| (=) Equity Value | 440 | 528 | 615 | ||||
| (/) Shares Outstanding | 30.0 | 30.0 | 30.0 | ||||
| Implied Value Range | 14.67 | 17.58 | 20.50 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 14.67 | 17.58 | 20.50 | 36.54 | |||
| Upside / (Downside) | -59.9% | -51.9% | -43.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | GLOBW | S3X | SMHN | AIXA | IFX | WAF | |
| Enterprise Value | 195,805 | 763,464 | 528 | 1,444 | 51,519 | 2,318 | |
| (+) Cash & Short Term Investments | 37,555 | 80,914 | 100 | 115 | 1,539 | 533 | |
| (+) Investments & Other | 13,549 | 2,715 | 0 | 0 | 98 | 3 | |
| (-) Debt | (73,612) | (364,520) | (56) | (4) | (5,371) | (1,557) | |
| (-) Other Liabilities | 4 | (66,342) | 0 | (0) | 0 | (200) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 173,301 | 416,231 | 572 | 1,554 | 47,785 | 1,096 | |
| (/) Shares Outstanding | 478.1 | 349.7 | 19.1 | 112.7 | 1,299.4 | 30.0 | |
| Implied Stock Price | 362.47 | 1,190.21 | 29.90 | 13.80 | 36.78 | 36.54 | |
| FX Conversion Rate to Trading Currency | 29.96 | 172.44 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 12.10 | 6.90 | 29.90 | 13.80 | 36.78 | 36.54 | |
| Trading Currency | USD | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 29.96 | 172.44 | 1.00 | 1.00 | 1.00 | 1.00 | |