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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 11.8x - 13.1x | 12.5x |
| Selected Fwd EBITDA Multiple | 5.8x - 6.4x | 6.1x |
| Fair Value | €2.01 - €2.27 | €2.14 |
| Upside | -8.0% - 4.0% | -2.0% |
| Benchmarks | Ticker | Full Ticker |
| Technoprobe S.p.A. | TPRO | BIT:TPRO |
| Planoptik AG | P4O | DB:P4O |
| Melexis NV | MELE | ENXTBR:MELE |
| Manz AG | M5Z | DB:M5Z |
| PVA TePla AG | TPE | DB:TPE |
| ELES Semiconductor Equipment S.p.A. | ELES | BIT:ELES |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| TPRO | P4O | MELE | M5Z | TPE | ELES | ||
| BIT:TPRO | DB:P4O | ENXTBR:MELE | DB:M5Z | DB:TPE | BIT:ELES | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 7.8% | 3.3% | 17.7% | -2.7% | 23.8% | 1.5% | |
| 3Y CAGR | -10.6% | 0.1% | 11.5% | 1.9% | 28.2% | 5.8% | |
| Latest Twelve Months | 5.3% | -43.5% | -24.6% | -364.1% | 6.3% | -31.1% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 36.5% | 16.8% | 29.1% | -4.1% | 14.9% | 14.3% | |
| Prior Fiscal Year | 28.7% | 23.2% | 31.6% | -1.8% | 15.1% | 14.8% | |
| Latest Fiscal Year | 22.8% | 14.6% | 28.5% | 0.9% | 16.8% | 9.4% | |
| Latest Twelve Months | 22.8% | 14.6% | 26.1% | -16.7% | 16.6% | 9.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 7.76x | 1.22x | 3.55x | 0.26x | 1.67x | 1.34x | |
| EV / LTM EBITDA | 34.1x | 8.3x | 13.6x | -1.6x | 10.1x | 14.3x | |
| EV / LTM EBIT | 57.5x | 14.4x | 17.1x | -1.4x | 11.8x | 23.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -1.6x | 10.1x | 34.1x | ||||
| Historical EV / LTM EBITDA | 8.6x | 13.3x | 14.8x | ||||
| Selected EV / LTM EBITDA | 11.8x | 12.5x | 13.1x | ||||
| (x) LTM EBITDA | 3 | 3 | 3 | ||||
| (=) Implied Enterprise Value | 40 | 42 | 44 | ||||
| (-) Non-shareholder Claims * | (9) | (9) | (9) | ||||
| (=) Equity Value | 31 | 33 | 35 | ||||
| (/) Shares Outstanding | 17.8 | 17.8 | 17.8 | ||||
| Implied Value Range | 1.74 | 1.86 | 1.97 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 1.74 | 1.86 | 1.97 | 2.18 | |||
| Upside / (Downside) | -20.2% | -14.8% | -9.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | TPRO | P4O | MELE | M5Z | TPE | ELES | |
| Enterprise Value | 4,215 | 16 | 3,161 | 54 | 431 | 47 | |
| (+) Cash & Short Term Investments | 666 | 5 | 35 | 14 | 18 | 7 | |
| (+) Investments & Other | 0 | 0 | 0 | 4 | 3 | 0 | |
| (-) Debt | (19) | (2) | (226) | (69) | (24) | (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 | 4,863 | 19 | 2,970 | 2 | 428 | 39 | |
| (/) Shares Outstanding | 646.7 | 4.5 | 39.9 | 10.3 | 20.7 | 17.8 | |
| Implied Stock Price | 7.52 | 4.18 | 74.40 | 0.22 | 20.74 | 2.18 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 7.52 | 4.18 | 74.40 | 0.22 | 20.74 | 2.18 | |
| 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 | |