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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 9,3x - 10,3x | 9,8x |
| Selected Fwd EBITDA Multiple | 5,3x - 5,8x | 5,6x |
| Fair Value | €27,18 - €29,81 | €28,49 |
| Upside | -0,1% - 9,6% | 4,8% |
| Benchmarks | Ticker | Full Ticker |
| Japan Electronic Materials Corporation | 6855 | TSE:6855 |
| Tokyo Electron Limited | 8035 | TSE:8035 |
| 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 EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 6855 | 8035 | MU_KZ | 6515 | 4336 | MJ3 | ||
| TSE:6855 | TSE:8035 | KAS:MU_KZ | TWSE:6515 | SEHK:4336 | DB:MJ3 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 28.5% | 23.3% | -6.9% | 15.3% | 17.2% | 36.2% | |
| 3Y CAGR | -1.1% | 6.1% | -11.6% | 32.0% | 2.8% | 14.9% | |
| Latest Twelve Months | 114.4% | 24.9% | 162.0% | 171.4% | 10.4% | 56.0% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 19.9% | 29.0% | 39.5% | 24.9% | 31.2% | 23.1% | |
| Prior Fiscal Year | 11.1% | 27.8% | 14.2% | 17.8% | 30.8% | 19.6% | |
| Latest Fiscal Year | 24.3% | 31.2% | 35.6% | 27.2% | 30.4% | 27.7% | |
| Latest Twelve Months | 25.2% | 30.6% | 46.4% | 31.4% | 31.6% | 29.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.13x | 3.64x | 4.06x | 6.31x | 4.32x | 2.66x | |
| EV / LTM EBITDA | 4.5x | 11.9x | 8.7x | 20.1x | 13.7x | 9.1x | |
| EV / LTM EBIT | 5.6x | 13.1x | 18.1x | 22.2x | 14.3x | 11.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 4.5x | 11.9x | 20.1x | ||||
| Historical EV / LTM EBITDA | 3.0x | 10.2x | 15.7x | ||||
| Selected EV / LTM EBITDA | 9.3x | 9.8x | 10.3x | ||||
| (x) LTM EBITDA | 18,287 | 18,287 | 18,287 | ||||
| (=) Implied Enterprise Value | 170,854 | 179,846 | 188,838 | ||||
| (-) Non-shareholder Claims * | 15,224 | 15,224 | 15,224 | ||||
| (=) Equity Value | 186,078 | 195,070 | 204,062 | ||||
| (/) Shares Outstanding | 38.8 | 38.8 | 38.8 | ||||
| Implied Value Range | 4,800.25 | 5,032.22 | 5,264.19 | ||||
| FX Rate: JPY/EUR | 172.2 | 172.2 | 172.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 27.88 | 29.23 | 30.58 | 27.20 | |||
| Upside / (Downside) | 2.5% | 7.5% | 12.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 6855 | 8035 | MU_KZ | 6515 | 4336 | MJ3 | |
| Enterprise Value | 27,549 | 8,833,193 | 136,979 | 46,022 | 113,685 | 166,303 | |
| (+) Cash & Short Term Investments | 13,714 | 367,510 | 10,811 | 3,509 | 7,014 | 16,458 | |
| (+) Investments & Other | 387 | 267,085 | 1,599 | 0 | 4,133 | 5,371 | |
| (-) Debt | (5,713) | 0 | (16,213) | (237) | (6,762) | (6,605) | |
| (-) 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 | 35,937 | 9,467,788 | 133,176 | 49,294 | 118,070 | 181,527 | |
| (/) Shares Outstanding | 12.6 | 458.2 | 1,119.1 | 35.9 | 574.8 | 38.8 | |
| Implied Stock Price | 2,845.00 | 20,665.00 | 119.00 | 1,375.00 | 205.41 | 4,682.85 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 0.13 | 172.16 | |
| Implied Stock Price (Trading Cur) | 2,845.00 | 20,665.00 | 119.00 | 1,375.00 | 1,600.44 | 27.20 | |
| Trading Currency | JPY | JPY | USD | TWD | HKD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 0.13 | 172.16 | |