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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 11,5x - 12,7x | 12,1x |
| Selected Fwd EBITDA Multiple | 11,9x - 13,2x | 12,5x |
| Fair Value | €61,75 - €68,06 | €64,90 |
| Upside | -0,4% - 9,8% | 4,7% |
| Benchmarks | Ticker | Full Ticker |
| QUALCOMM Incorporated | QCOM | NasdaqGS:QCOM |
| Intel Corporation | INTC | NasdaqGS:INTC |
| Analog Devices, Inc. | ADI | NasdaqGS:ADI |
| Texas Instruments Incorporated | TXN | NasdaqGS:TXN |
| Applied Materials, Inc. | AMAT | NasdaqGS:AMAT |
| Skyworks Solutions, Inc. | AWM | DB:AWM |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| QCOM | INTC | ADI | TXN | AMAT | AWM | ||
| NasdaqGS:QCOM | NasdaqGS:INTC | NasdaqGS:ADI | NasdaqGS:TXN | NasdaqGS:AMAT | DB:AWM | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 4.8% | -25.7% | 9.7% | 0.5% | 17.2% | -4.1% | |
| 3Y CAGR | 1.7% | -39.4% | 9.4% | -11.6% | 2.8% | -19.1% | |
| Latest Twelve Months | 22.9% | -32.1% | -10.2% | -9.0% | 7.9% | -29.8% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 32.8% | 30.8% | 46.5% | 49.9% | 31.0% | 34.2% | |
| Prior Fiscal Year | 29.2% | 20.0% | 51.0% | 48.5% | 30.8% | 33.0% | |
| Latest Fiscal Year | 30.7% | 14.2% | 44.2% | 43.8% | 30.4% | 25.2% | |
| Latest Twelve Months | 31.6% | 15.3% | 44.5% | 44.2% | 31.1% | 22.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 4.06x | 2.48x | 12.40x | 12.65x | 5.21x | 2.68x | |
| EV / LTM EBITDA | 12.9x | 16.2x | 27.8x | 28.6x | 16.7x | 11.8x | |
| EV / LTM EBIT | 14.7x | -39.1x | 52.8x | 36.8x | 17.6x | 17.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 12.9x | 16.7x | 28.6x | ||||
| Historical EV / LTM EBITDA | 7.2x | 13.8x | 18.9x | ||||
| Selected EV / LTM EBITDA | 11.5x | 12.1x | 12.7x | ||||
| (x) LTM EBITDA | 896 | 896 | 896 | ||||
| (=) Implied Enterprise Value | 10,323 | 10,867 | 11,410 | ||||
| (-) Non-shareholder Claims * | 318 | 318 | 318 | ||||
| (=) Equity Value | 10,642 | 11,185 | 11,728 | ||||
| (/) Shares Outstanding | 150.1 | 150.1 | 150.1 | ||||
| Implied Value Range | 70.88 | 74.50 | 78.12 | ||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 60.32 | 63.40 | 66.48 | 61.99 | |||
| Upside / (Downside) | -2.7% | 2.3% | 7.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | QCOM | INTC | ADI | TXN | AMAT | AWM | |
| Enterprise Value | 171,678 | 132,106 | 121,709 | 203,092 | 146,465 | 10,618 | |
| (+) Cash & Short Term Investments | 13,846 | 21,048 | 2,376 | 5,005 | 6,747 | 1,507 | |
| (+) Investments & Other | 0 | 5,027 | 0 | 0 | 3,638 | 21 | |
| (-) Debt | (14,623) | (50,151) | (7,219) | (12,848) | (6,670) | (1,210) | |
| (-) Other Liabilities | 0 | (6,657) | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 170,901 | 101,373 | 116,866 | 195,249 | 150,180 | 10,936 | |
| (/) Shares Outstanding | 1,081.7 | 4,362.0 | 496.2 | 908.5 | 802.5 | 150.1 | |
| Implied Stock Price | 157.99 | 23.24 | 235.50 | 214.92 | 187.14 | 72.84 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.18 | |
| Implied Stock Price (Trading Cur) | 157.99 | 23.24 | 235.50 | 214.92 | 187.14 | 61.99 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.18 | |