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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 17,5x - 19,4x | 18,5x |
| Selected Fwd EBIT Multiple | 10,1x - 11,2x | 10,6x |
| Fair Value | €35,16 - €38,62 | €36,89 |
| Upside | 12,7% - 23,8% | 18,2% |
| Benchmarks | Ticker | Full Ticker |
| Tokyo Electron Limited | 8035 | TSE:8035 |
| Japan Electronic Materials Corporation | 6855 | TSE:6855 |
| Micron Technology, Inc. | MU_KZ | KAS:MU_KZ |
| WinWay Technology Co., Ltd. | 6515 | TWSE:6515 |
| Applied Materials, Inc. | 4336 | SEHK:4336 |
| Micronics Japan Co., Ltd. | MJ3 | DB:MJ3 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 8035 | 6855 | MU_KZ | 6515 | 4336 | MJ3 | ||
| TSE:8035 | TSE:6855 | KAS:MU_KZ | TWSE:6515 | SEHK:4336 | DB:MJ3 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 24.1% | 35.3% | -30.0% | 14.7% | 18.5% | 53.7% | |
| 3Y CAGR | 5.2% | -2.5% | -43.2% | 32.2% | 3.0% | 15.1% | |
| Latest Twelve Months | 52.8% | 426.5% | 575.8% | 214.5% | 8.9% | 121.1% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 26.4% | 14.3% | 9.8% | 21.8% | 29.2% | 16.5% | |
| Prior Fiscal Year | 24.9% | 5.0% | -35.1% | 15.1% | 28.9% | 13.9% | |
| Latest Fiscal Year | 28.7% | 19.2% | 5.0% | 23.6% | 28.9% | 22.6% | |
| Latest Twelve Months | 28.7% | 19.2% | 22.4% | 26.7% | 29.7% | NA | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 4.96x | 0.99x | 3.73x | 4.74x | 5.21x | 3.40x | |
| EV / LTM EBITDA | 15.9x | 4.1x | 8.0x | 15.9x | 16.7x | 12.4x | |
| EV / LTM EBIT | 17.3x | 5.1x | 16.7x | 17.8x | 17.6x | 15.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 5.1x | 17.3x | 17.8x | ||||
| Historical EV / LTM EBIT | 3.9x | 16.8x | 32.7x | ||||
| Selected EV / LTM EBIT | 17.5x | 18.5x | 19.4x | ||||
| (x) LTM EBIT | 12,923 | 12,923 | 12,923 | ||||
| (=) Implied Enterprise Value | 226,521 | 238,443 | 250,366 | ||||
| (-) Non-shareholder Claims * | 15,147 | 15,147 | 15,147 | ||||
| (=) Equity Value | 241,668 | 253,590 | 265,513 | ||||
| (/) Shares Outstanding | 38.7 | 38.7 | 38.7 | ||||
| Implied Value Range | 6,238.16 | 6,545.91 | 6,853.65 | ||||
| FX Rate: JPY/EUR | 172.5 | 172.5 | 172.5 | Market Price | |||
| Implied Value Range (Trading Cur) | 36.16 | 37.94 | 39.73 | 31.20 | |||
| Upside / (Downside) | 15.9% | 21.6% | 27.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 8035 | 6855 | MU_KZ | 6515 | 4336 | MJ3 | |
| Enterprise Value | 12,062,464 | 23,473 | 133,062 | 33,311 | 138,529 | 193,368 | |
| (+) Cash & Short Term Investments | 496,238 | 12,188 | 10,811 | 2,962 | 6,747 | 20,697 | |
| (+) Investments & Other | 278,107 | 322 | 1,599 | 0 | 3,638 | 1,325 | |
| (-) Debt | 0 | (5,920) | (16,213) | (243) | (6,670) | (6,875) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 12,836,809 | 30,063 | 129,259 | 36,029 | 142,244 | 208,515 | |
| (/) Shares Outstanding | 458.1 | 12.6 | 1,119.1 | 35.9 | 696.1 | 38.7 | |
| Implied Stock Price | 28,020.00 | 2,380.00 | 115.50 | 1,005.00 | 204.33 | 5,382.39 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 0.13 | 172.51 | |
| Implied Stock Price (Trading Cur) | 28,020.00 | 2,380.00 | 115.50 | 1,005.00 | 1,604.00 | 31.20 | |
| Trading Currency | JPY | JPY | USD | TWD | HKD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 0.13 | 172.51 | |