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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | -3.7x - -4.1x | -3.9x |
| Selected Fwd EBIT Multiple | 18.8x - 20.8x | 19.8x |
| Fair Value | €9.66 - €10.38 | €10.02 |
| Upside | -41.4% - -37.1% | -39.3% |
| Benchmarks | Ticker | Full Ticker |
| Axcelis Technologies, Inc. | ACLS | NasdaqGS:ACLS |
| Photronics, Inc. | PLAB | NasdaqGS:PLAB |
| Veeco Instruments Inc. | VECO | NasdaqGS:VECO |
| MACOM Technology Solutions Holdings, Inc. | MTSI | NasdaqGS:MTSI |
| Cirrus Logic, Inc. | CRUS | NasdaqGS:CRUS |
| Cohu, Inc. | CU3 | DB:CU3 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| ACLS | PLAB | VECO | MTSI | CRUS | CU3 | ||
| NasdaqGS:ACLS | NasdaqGS:PLAB | NasdaqGS:VECO | NasdaqGS:MTSI | NasdaqGS:CRUS | DB:CU3 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 54.2% | 33.6% | NM- | NM- | 16.0% | NM- | |
| 3Y CAGR | 18.3% | 32.8% | 9.2% | 0.1% | 3.9% | NM- | |
| Latest Twelve Months | -32.3% | -11.4% | -19.7% | 38.2% | 18.8% | -270.0% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 19.4% | 21.2% | 8.7% | 12.9% | 18.8% | 4.4% | |
| Prior Fiscal Year | 23.5% | 28.4% | 10.5% | 18.0% | 19.3% | 7.4% | |
| Latest Fiscal Year | 20.7% | 25.6% | 10.3% | 11.2% | 21.6% | -17.9% | |
| Latest Twelve Months | 19.1% | 25.2% | 9.3% | 11.8% | 21.6% | -20.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.84x | 1.21x | 1.66x | 12.15x | 2.49x | 1.85x | |
| EV / LTM EBITDA | 9.1x | 3.5x | 13.1x | 62.5x | 10.2x | -28.0x | |
| EV / LTM EBIT | 9.6x | 4.8x | 17.8x | 102.8x | 11.5x | -9.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 4.8x | 11.5x | 102.8x | ||||
| Historical EV / LTM EBIT | -192.9x | 10.2x | 19.0x | ||||
| Selected EV / LTM EBIT | -3.7x | -3.9x | -4.1x | ||||
| (x) LTM EBIT | (79) | (79) | (79) | ||||
| (=) Implied Enterprise Value | 291 | 306 | 322 | ||||
| (-) Non-shareholder Claims * | 154 | 154 | 154 | ||||
| (=) Equity Value | 445 | 461 | 476 | ||||
| (/) Shares Outstanding | 46.7 | 46.7 | 46.7 | ||||
| Implied Value Range | 9.54 | 9.87 | 10.20 | ||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 8.25 | 8.53 | 8.82 | 16.50 | |||
| Upside / (Downside) | -50.0% | -48.3% | -46.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | ACLS | PLAB | VECO | MTSI | CRUS | CU3 | |
| Enterprise Value | 1,763 | 1,038 | 1,177 | 10,273 | 4,725 | 737 | |
| (+) Cash & Short Term Investments | 587 | 558 | 353 | 682 | 596 | 209 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 239 | 0 | |
| (-) Debt | (72) | (0) | (287) | (540) | (144) | (55) | |
| (-) Other Liabilities | 0 | (396) | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 2,277 | 1,201 | 1,243 | 10,415 | 5,416 | 891 | |
| (/) Shares Outstanding | 32.1 | 60.2 | 60.0 | 74.4 | 51.3 | 46.7 | |
| Implied Stock Price | 70.88 | 19.96 | 20.71 | 140.00 | 105.58 | 19.08 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.16 | |
| Implied Stock Price (Trading Cur) | 70.88 | 19.96 | 20.71 | 140.00 | 105.58 | 16.50 | |
| 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 | |