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Metrics | Range | Conclusion |
---|---|---|
Selected LTM Revenue Multiple | 2.1x - 2.3x | 2.2x |
Selected Fwd Revenue Multiple | 1.6x - 1.7x | 1.6x |
Fair Value | €17.75 - €19.29 | €18.52 |
Upside | 5.0% - 14.1% | 9.6% |
Benchmarks | Ticker | Full Ticker |
---|---|---|
Axcelis Technologies, Inc. | ACLS | NasdaqGS:ACLS |
MACOM Technology Solutions Holdings, Inc. | MTSI | NasdaqGS:MTSI |
Veeco Instruments Inc. | VECO | NasdaqGS:VECO |
Photronics, Inc. | PLAB | NasdaqGS:PLAB |
Ultra Clean Holdings, Inc. | UCTT | NasdaqGS:UCTT |
Cohu, Inc. | CU3 | DB:CU3 |
Select LTM Revenue Multiple | ||||||||
Benchmark Companies | ||||||||
ACLS | MTSI | VECO | PLAB | UCTT | CU3 | |||
NasdaqGS:ACLS | NasdaqGS:MTSI | NasdaqGS:VECO | NasdaqGS:PLAB | NasdaqGS:UCTT | DB:CU3 | |||
Historical Revenue Growth | ||||||||
5Y CAGR | 24.3% | 7.9% | 11.3% | 9.5% | 14.5% | -7.2% | ||
3Y CAGR | 15.4% | 6.3% | 7.1% | 9.3% | -0.1% | -23.2% | ||
Latest Twelve Months | -15.1% | 32.6% | 3.3% | -3.2% | 20.2% | -30.7% | ||
Historical EBIT Profit Margin | ||||||||
5 Year Average Margin | 19.4% | 12.9% | 8.7% | 21.2% | 6.6% | 5.2% | ||
Prior Fiscal Year | 23.5% | 18.0% | 10.5% | 28.4% | 2.3% | 7.4% | ||
Latest Fiscal Year | 20.7% | 11.2% | 10.3% | 25.6% | 4.4% | -17.9% | ||
Latest Twelve Months | 19.1% | 11.8% | 9.3% | 25.2% | 4.1% | -19.5% | ||
Current Trading Multiples | ||||||||
EV / LTM Revenue | 1.96x | 12.21x | 1.71x | 1.18x | 0.71x | 1.90x | ||
EV / LTM EBIT | 10.3x | 103.2x | 18.4x | 4.7x | 17.3x | -9.8x | ||
Price / LTM Sales | 2.50x | 12.37x | 1.80x | 1.37x | 0.53x | 2.34x | ||
Low | Mid | High | ||||||
Benchmark EV / LTM Revenue | 0.71x | 1.71x | 12.21x | |||||
Historical EV / LTM Revenue | 1.55x | 1.96x | 3.13x | |||||
Selected EV / LTM Revenue | 2.07x | 2.18x | 2.29x | |||||
(x) LTM Revenue | 391 | 391 | 391 | |||||
(=) Implied Enterprise Value | 811 | 853 | 896 | |||||
(-) Non-shareholder Claims * | 169 | 169 | 169 | |||||
(=) Equity Value | 980 | 1,022 | 1,065 | |||||
(/) Shares Outstanding | 46.5 | 46.5 | 46.5 | |||||
Implied Value Range | 21.07 | 21.99 | 22.91 | |||||
FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | ||||
Implied Value Range (Trading Cur) | 18.02 | 18.81 | 19.59 | 16.90 | ||||
Upside / (Downside) | 6.6% | 11.3% | 15.9% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | ACLS | MTSI | VECO | PLAB | UCTT | CU3 | |
Enterprise Value | 1,880 | 10,317 | 1,216 | 1,010 | 1,519 | 750 | |
(+) Cash & Short Term Investments | 587 | 682 | 353 | 558 | 318 | 201 | |
(+) Investments & Other | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Debt | (72) | (540) | (287) | (0) | (646) | (32) | |
(-) Other Liabilities | 0 | 0 | 0 | (396) | (65) | 0 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 2,395 | 10,458 | 1,282 | 1,173 | 1,125 | 919 | |
(/) Shares Outstanding | 32.1 | 74.4 | 60.0 | 60.2 | 45.1 | 46.5 | |
Implied Stock Price | 74.54 | 140.58 | 21.36 | 19.50 | 24.92 | 19.76 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.17 | |
Implied Stock Price (Trading Cur) | 74.54 | 140.58 | 21.36 | 19.50 | 24.92 | 16.90 | |
Trading Currency | USD | USD | USD | USD | USD | EUR | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.17 |
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