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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 22.1x - 24.4x | 23.3x |
| Selected Fwd EBIT Multiple | 11.2x - 12.4x | 11.8x |
| Fair Value | €2.05 - €2.31 | €2.18 |
| Upside | -9.1% - 2.8% | -3.1% |
| Benchmarks | Ticker | Full Ticker |
| EEMS Italia SpA | EEMS | BIT:EEMS |
| OSAI Automation System S.p.A. | OSA | BIT:OSA |
| Technoprobe S.p.A. | TPRO | BIT:TPRO |
| Planoptik AG | P4O | DB:P4O |
| Kalray S.A. | ALKAL | ENXTPA:ALKAL |
| ELES Semiconductor Equipment S.p.A. | ELES | BIT:ELES |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| EEMS | OSA | TPRO | P4O | ALKAL | ELES | ||
| BIT:EEMS | BIT:OSA | BIT:TPRO | DB:P4O | ENXTPA:ALKAL | BIT:ELES | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | NM- | -0.2% | 3.9% | NM- | 11.2% | |
| 3Y CAGR | NM- | NM- | -21.3% | -2.7% | NM- | 25.5% | |
| Latest Twelve Months | 2.9% | -1253.5% | -8.2% | -56.8% | -83.8% | -14.5% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | -228.7% | 2.1% | 29.1% | 10.3% | -115.1% | 6.3% | |
| Prior Fiscal Year | -166.5% | 5.3% | 19.5% | 17.5% | -64.1% | 7.2% | |
| Latest Fiscal Year | -243.7% | -10.9% | 13.5% | 8.5% | -40.7% | 5.6% | |
| Latest Twelve Months | -253.8% | -19.1% | 13.5% | 8.5% | -69.3% | 5.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.71x | 1.07x | 7.69x | 1.01x | 0.41x | 1.37x | |
| EV / LTM EBITDA | -0.7x | -6.8x | 33.7x | 6.9x | -0.8x | 14.6x | |
| EV / LTM EBIT | -0.7x | -5.6x | 57.0x | 12.0x | -0.6x | 24.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -5.6x | -0.6x | 57.0x | ||||
| Historical EV / LTM EBIT | 17.9x | 32.8x | 36.3x | ||||
| Selected EV / LTM EBIT | 22.1x | 23.3x | 24.4x | ||||
| (x) LTM EBIT | 2 | 2 | 2 | ||||
| (=) Implied Enterprise Value | 45 | 47 | 49 | ||||
| (-) Non-shareholder Claims * | (9) | (9) | (9) | ||||
| (=) Equity Value | 36 | 38 | 41 | ||||
| (/) Shares Outstanding | 17.6 | 17.6 | 17.6 | ||||
| Implied Value Range | 2.04 | 2.17 | 2.30 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 2.04 | 2.17 | 2.30 | 2.25 | |||
| Upside / (Downside) | -9.4% | -3.5% | 2.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | EEMS | OSA | TPRO | P4O | ALKAL | ELES | |
| Enterprise Value | 2 | 45 | 4,173 | 12 | 15 | 48 | |
| (+) Cash & Short Term Investments | 1 | 1 | 666 | 5 | 2 | 7 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 1 | 0 | |
| (-) Debt | (0) | (39) | (19) | (2) | (13) | (16) | |
| (-) 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 | 2 | 6 | 4,821 | 15 | 6 | 40 | |
| (/) Shares Outstanding | 12.4 | 16.1 | 646.7 | 4.5 | 11.5 | 17.6 | |
| Implied Stock Price | 0.19 | 0.38 | 7.46 | 3.40 | 0.48 | 2.25 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 0.19 | 0.38 | 7.46 | 3.40 | 0.48 | 2.25 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |