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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | -9.3x - -10.3x | -9.8x |
| Selected Fwd EBIT Multiple | 17.8x - 19.6x | 18.7x |
| Fair Value | €2.88 - €3.20 | €3.04 |
| Upside | -28.7% - -20.7% | -24.7% |
| Benchmarks | Ticker | Full Ticker |
| CVD Equipment Corporation | CVV | NasdaqCM:CVV |
| Entegris, Inc. | ENTG | NasdaqGS:ENTG |
| Navitas Semiconductor Corporation | NVTS | NasdaqGM:NVTS |
| Trio-Tech International | TRT | NYSEAM:TRT |
| Guerrilla RF, Inc. | GUER | OTCPK:GUER |
| Amtech Systems, Inc. | AS3 | DB:AS3 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| CVV | ENTG | NVTS | TRT | GUER | AS3 | ||
| NasdaqCM:CVV | NasdaqGS:ENTG | NasdaqGM:NVTS | NYSEAM:TRT | OTCPK:GUER | DB:AS3 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | 18.1% | NM- | 7.8% | NM- | NM- | |
| 3Y CAGR | NM- | -0.1% | NM- | NM- | NM- | NM- | |
| Latest Twelve Months | 79.5% | 0.8% | -3.3% | -98.1% | 9.1% | 42.8% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | -19.4% | 19.2% | -217.7% | 2.1% | -59.4% | -0.4% | |
| Prior Fiscal Year | -19.1% | 14.7% | -148.7% | 5.2% | -85.7% | -8.0% | |
| Latest Fiscal Year | -11.7% | 17.0% | -150.9% | 2.7% | -43.6% | -0.9% | |
| Latest Twelve Months | -4.1% | 16.5% | -159.1% | 0.1% | -52.0% | -7.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.50x | 4.70x | 19.69x | 0.23x | 2.03x | 0.75x | |
| EV / LTM EBITDA | -29.1x | 16.6x | -15.2x | 3.0x | -4.6x | -17.4x | |
| EV / LTM EBIT | -12.3x | 28.5x | -12.4x | 460.7x | -3.9x | -9.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -12.4x | -3.9x | 460.7x | ||||
| Historical EV / LTM EBIT | -22.9x | 36.5x | 115.8x | ||||
| Selected EV / LTM EBIT | -9.3x | -9.8x | -10.3x | ||||
| (x) LTM EBIT | (7) | (7) | (7) | ||||
| (=) Implied Enterprise Value | 65 | 68 | 71 | ||||
| (-) Non-shareholder Claims * | (3) | (3) | (3) | ||||
| (=) Equity Value | 62 | 65 | 68 | ||||
| (/) Shares Outstanding | 14.3 | 14.3 | 14.3 | ||||
| Implied Value Range | 4.30 | 4.54 | 4.77 | ||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 3.71 | 3.92 | 4.12 | 4.04 | |||
| Upside / (Downside) | -8.1% | -3.0% | 2.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | CVV | ENTG | NVTS | TRT | GUER | AS3 | |
| Enterprise Value | 15 | 15,147 | 1,451 | 8 | 39 | 70 | |
| (+) Cash & Short Term Investments | 10 | 379 | 75 | 18 | 6 | 13 | |
| (+) Investments & Other | 0 | 0 | 9 | 0 | 0 | 0 | |
| (-) Debt | (0) | (4,056) | (7) | (2) | (14) | (17) | |
| (-) Other Liabilities | 0 | 0 | 0 | (0) | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | (20) | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 25 | 11,470 | 1,528 | 24 | 12 | 67 | |
| (/) Shares Outstanding | 6.9 | 151.6 | 192.0 | 4.3 | 10.5 | 14.3 | |
| Implied Stock Price | 3.67 | 75.66 | 7.96 | 5.47 | 1.10 | 4.68 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.16 | |
| Implied Stock Price (Trading Cur) | 3.67 | 75.66 | 7.96 | 5.47 | 1.10 | 4.04 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.16 | |