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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 25,8x - 28,5x | 27,2x |
| Selected Fwd EBIT Multiple | 24,3x - 26,9x | 25,6x |
| Fair Value | $862,23 - $951,55 | $906,89 |
| Upside | 17,4% - 29,5% | 23,5% |
| Benchmarks | Ticker | Full Ticker |
| NXP Semiconductors N.V. | VNX | DB:VNX |
| BE Semiconductor Industries N.V. | BESI | ENXTAM:BESI |
| ASM International NV | ASM | ENXTAM:ASM |
| Texas Instruments Incorporated | TII | DB:TII |
| QUALCOMM Incorporated | QCI | DB:QCI |
| ASML Holding N.V. | ASML | NasdaqGS:ASML |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| VNX | BESI | ASM | TII | QCI | ASML | ||
| DB:VNX | ENXTAM:BESI | ENXTAM:ASM | DB:TII | DB:QCI | NasdaqGS:ASML | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 40.5% | 16.3% | 16.6% | -1.2% | 4.9% | 26.5% | |
| 3Y CAGR | 10.6% | -15.6% | 18.6% | -16.0% | 1.6% | 11.3% | |
| Latest Twelve Months | -9.7% | -8.6% | 36.8% | -15.8% | 28.5% | 43.6% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 22.3% | 37.3% | 26.2% | 43.6% | 28.1% | 32.2% | |
| Prior Fiscal Year | 28.2% | 36.9% | 24.8% | 41.8% | 24.1% | 32.8% | |
| Latest Fiscal Year | 28.0% | 32.2% | 27.1% | 34.2% | 26.3% | 31.9% | |
| Latest Twelve Months | 27.6% | 32.1% | 27.9% | 34.3% | 27.6% | 34.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 5.29x | 16.52x | 7.55x | 12.75x | 3.98x | 7.55x | |
| EV / LTM EBITDA | 15.3x | 49.0x | 23.8x | 28.8x | 12.6x | 20.1x | |
| EV / LTM EBIT | 19.2x | 51.5x | 27.1x | 37.1x | 14.4x | 21.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 14.4x | 27.1x | 51.5x | ||||
| Historical EV / LTM EBIT | 30.7x | 33.1x | 46.1x | ||||
| Selected EV / LTM EBIT | 25.8x | 27.2x | 28.5x | ||||
| (x) LTM EBIT | 11,199 | 11,199 | 11,199 | ||||
| (=) Implied Enterprise Value | 288,941 | 304,148 | 319,356 | ||||
| (-) Non-shareholder Claims * | 4,579 | 4,579 | 4,579 | ||||
| (=) Equity Value | 293,520 | 308,728 | 323,935 | ||||
| (/) Shares Outstanding | 389.1 | 389.1 | 389.1 | ||||
| Implied Value Range | 754.36 | 793.45 | 832.53 | ||||
| FX Rate: EUR/USD | 0.9 | 0.9 | 0.9 | Market Price | |||
| Implied Value Range (Trading Cur) | 876.66 | 922.08 | 967.50 | 734.58 | |||
| Upside / (Downside) | 19.3% | 25.5% | 31.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | VNX | BESI | ASM | TII | QCI | ASML | |
| Enterprise Value | 64,754 | 9,998 | 23,664 | 204,592 | 166,712 | 241,371 | |
| (+) Cash & Short Term Investments | 3,988 | 686 | 1,145 | 5,005 | 13,846 | 7,249 | |
| (+) Investments & Other | 0 | 0 | 682 | 0 | 0 | 1,029 | |
| (-) Debt | (11,725) | (538) | (20) | (12,848) | (14,623) | (3,699) | |
| (-) Other Liabilities | (355) | 0 | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 56,662 | 10,146 | 25,472 | 196,749 | 165,935 | 245,950 | |
| (/) Shares Outstanding | 252.6 | 79.3 | 49.0 | 908.5 | 1,081.7 | 389.1 | |
| Implied Stock Price | 224.29 | 127.95 | 520.00 | 216.57 | 153.40 | 632.11 | |
| FX Conversion Rate to Trading Currency | 1.16 | 1.00 | 1.00 | 1.16 | 1.16 | 0.86 | |
| Implied Stock Price (Trading Cur) | 193.00 | 127.95 | 520.00 | 186.36 | 132.00 | 734.58 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | USD | |
| FX Rate to Reporting Currency | 1.16 | 1.00 | 1.00 | 1.16 | 1.16 | 0.86 | |