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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 19,5x - 21,6x | 20,6x |
| Selected Fwd EBITDA Multiple | 16,7x - 18,4x | 17,5x |
| Fair Value | €463,30 - €508,47 | €485,88 |
| Upside | 11,7% - 22,6% | 17,1% |
| Benchmarks | Ticker | Full Ticker |
| ASML Holding N.V. | ASML | ENXTAM:ASML |
| BE Semiconductor Industries N.V. | BESI | ENXTAM:BESI |
| SUSS MicroTec SE | SMHN | DB:SMHN |
| ASMPT Limited | AY7A | DB:AY7A |
| Kulicke and Soffa Industries, Inc. | KU1 | DB:KU1 |
| ASM International NV | ASM | ENXTAM:ASM |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| ASML | BESI | SMHN | AY7A | KU1 | ASM | ||
| ENXTAM:ASML | ENXTAM:BESI | DB:SMHN | DB:AY7A | DB:KU1 | ENXTAM:ASM | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 24.9% | 16.0% | 61.7% | -11.0% | 0.1% | 16.1% | |
| 3Y CAGR | 12.2% | -14.8% | 48.1% | -39.7% | -54.0% | 19.2% | |
| Latest Twelve Months | 41.5% | -4.2% | 100.2% | -12.3% | 3635.5% | 42.4% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 34.8% | 38.6% | 12.8% | 14.5% | 18.5% | 30.2% | |
| Prior Fiscal Year | 35.2% | 38.2% | 10.2% | 10.8% | 12.2% | 29.2% | |
| Latest Fiscal Year | 34.9% | 33.7% | 19.7% | 7.7% | 6.0% | 30.9% | |
| Latest Twelve Months | 37.6% | 33.0% | 19.3% | 7.3% | 14.7% | 33.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 7.49x | 15.72x | 0.94x | 2.10x | 2.20x | 5.77x | |
| EV / LTM EBITDA | 19.9x | 47.6x | 4.9x | 28.7x | 15.0x | 17.5x | |
| EV / LTM EBIT | 21.5x | 50.3x | 5.1x | 54.4x | 18.6x | 19.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 4.9x | 19.9x | 47.6x | ||||
| Historical EV / LTM EBITDA | 16.1x | 27.2x | 36.2x | ||||
| Selected EV / LTM EBITDA | 19.5x | 20.6x | 21.6x | ||||
| (x) LTM EBITDA | 1,077 | 1,077 | 1,077 | ||||
| (=) Implied Enterprise Value | 21,025 | 22,132 | 23,238 | ||||
| (-) Non-shareholder Claims * | 1,672 | 1,672 | 1,672 | ||||
| (=) Equity Value | 22,697 | 23,803 | 24,910 | ||||
| (/) Shares Outstanding | 48.9 | 48.9 | 48.9 | ||||
| Implied Value Range | 464.12 | 486.75 | 509.38 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 464.12 | 486.75 | 509.38 | 414.90 | |||
| Upside / (Downside) | 11.9% | 17.3% | 22.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | ASML | BESI | SMHN | AY7A | KU1 | ASM | |
| Enterprise Value | 242,020 | 9,421 | 483 | 27,195 | 1,412 | 18,618 | |
| (+) Cash & Short Term Investments | 7,249 | 490 | 100 | 4,999 | 556 | 1,042 | |
| (+) Investments & Other | 1,029 | 0 | 0 | 1,748 | 6 | 667 | |
| (-) Debt | (3,699) | (541) | (56) | (4,657) | (36) | (37) | |
| (-) Other Liabilities | 0 | 0 | 0 | (107) | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 246,599 | 9,371 | 526 | 29,177 | 1,939 | 20,290 | |
| (/) Shares Outstanding | 387.3 | 79.0 | 19.1 | 416.5 | 52.1 | 48.9 | |
| Implied Stock Price | 636.70 | 118.55 | 27.54 | 70.06 | 37.18 | 414.90 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 9.16 | 1.17 | 1.00 | |
| Implied Stock Price (Trading Cur) | 636.70 | 118.55 | 27.54 | 7.65 | 31.77 | 414.90 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 9.16 | 1.17 | 1.00 | |