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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 21.3x - 23.6x | 22.4x |
| Selected Fwd EBIT Multiple | 21.5x - 23.8x | 22.6x |
| Fair Value | €477.78 - €524.47 | €501.13 |
| Upside | 12.0% - 23.0% | 17.5% |
| Benchmarks | Ticker | Full Ticker |
| ASML Holding N.V. | ASML | ENXTAM:ASML |
| BE Semiconductor Industries N.V. | BESI | ENXTAM:BESI |
| Kulicke and Soffa Industries, Inc. | KU1 | DB:KU1 |
| Applied Materials, Inc. | AP2 | DB:AP2 |
| Teradyne, Inc. | TEY | DB:TEY |
| ASM International NV | AVS | DB:AVS |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| ASML | BESI | KU1 | AP2 | TEY | AVS | ||
| ENXTAM:ASML | ENXTAM:BESI | DB:KU1 | DB:AP2 | DB:TEY | DB:AVS | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 26.5% | 16.3% | -4.3% | 18.5% | 0.7% | 16.6% | |
| 3Y CAGR | 11.3% | -15.6% | -65.2% | 3.0% | -23.2% | 18.6% | |
| Latest Twelve Months | 43.6% | -5.2% | 504.7% | 8.9% | 5.1% | 47.7% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 32.2% | 37.4% | 15.7% | 29.2% | 25.5% | 26.3% | |
| Prior Fiscal Year | 32.8% | 36.9% | 8.3% | 28.9% | 19.3% | 24.8% | |
| Latest Fiscal Year | 31.9% | 32.2% | 2.5% | 28.9% | 19.4% | 27.1% | |
| Latest Twelve Months | 34.8% | 31.3% | 12.9% | 29.7% | 19.1% | 29.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 7.05x | 15.47x | 1.64x | 4.99x | 5.44x | 5.73x | |
| EV / LTM EBITDA | 18.8x | 46.9x | 10.4x | 16.0x | 23.2x | 17.4x | |
| EV / LTM EBIT | 20.3x | 49.4x | 12.7x | 16.8x | 28.5x | 19.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 12.7x | 20.3x | 49.4x | ||||
| Historical EV / LTM EBIT | 18.0x | 31.1x | 41.0x | ||||
| Selected EV / LTM EBIT | 21.3x | 22.4x | 23.6x | ||||
| (x) LTM EBIT | 955 | 955 | 955 | ||||
| (=) Implied Enterprise Value | 20,345 | 21,416 | 22,487 | ||||
| (-) Non-shareholder Claims * | 1,672 | 1,672 | 1,672 | ||||
| (=) Equity Value | 22,017 | 23,088 | 24,159 | ||||
| (/) Shares Outstanding | 48.9 | 48.9 | 48.9 | ||||
| Implied Value Range | 450.22 | 472.12 | 494.01 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 450.22 | 472.12 | 494.01 | 426.50 | |||
| Upside / (Downside) | 5.6% | 10.7% | 15.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | ASML | BESI | KU1 | AP2 | TEY | AVS | |
| Enterprise Value | 225,869 | 9,314 | 1,183 | 139,686 | 16,138 | 19,185 | |
| (+) Cash & Short Term Investments | 7,249 | 490 | 582 | 6,747 | 368 | 1,042 | |
| (+) Investments & Other | 1,029 | 0 | 5 | 3,638 | 666 | 667 | |
| (-) Debt | (3,699) | (541) | (36) | (6,670) | (74) | (37) | |
| (-) 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 | 230,448 | 9,264 | 1,734 | 143,401 | 17,097 | 20,857 | |
| (/) Shares Outstanding | 387.3 | 79.1 | 52.8 | 802.5 | 160.4 | 48.9 | |
| Implied Stock Price | 595.00 | 117.15 | 32.85 | 178.69 | 106.58 | 426.50 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.16 | 1.16 | 1.16 | 1.00 | |
| Implied Stock Price (Trading Cur) | 595.00 | 117.15 | 28.37 | 154.32 | 92.04 | 426.50 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.16 | 1.16 | 1.16 | 1.00 | |