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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 6.3x - 7.0x | 6.7x |
| Selected Fwd EBITDA Multiple | 6.4x - 7.1x | 6.8x |
| Fair Value | €71.30 - €77.43 | €74.37 |
| Upside | 2.7% - 11.5% | 7.1% |
| Benchmarks | Ticker | Full Ticker |
| Tokyo Electron Limited | 8035 | TSE:8035 |
| Tazmo Co., Ltd. | 6266 | TSE:6266 |
| SUSS MicroTec SE | SESM.F | OTCPK:SESM.F |
| Lam Research Corporation | LRCX | NasdaqGS:LRCX |
| Machvision Inc. | 3563 | TWSE:3563 |
| SCREEN Holdings Co., Ltd. | DAO | DB:DAO |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 8035 | 6266 | SESM.F | LRCX | 3563 | DAO | ||
| TSE:8035 | TSE:6266 | OTCPK:SESM.F | NasdaqGS:LRCX | TWSE:3563 | DB:DAO | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 23.3% | 36.8% | 61.7% | 16.4% | -23.8% | 47.3% | |
| 3Y CAGR | 6.1% | 36.6% | 48.1% | 3.2% | -36.6% | 28.0% | |
| Latest Twelve Months | 24.9% | -3.1% | 100.2% | 34.2% | 509.6% | 21.0% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 29.0% | 14.6% | 12.8% | 32.3% | 30.7% | 17.7% | |
| Prior Fiscal Year | 27.8% | 15.7% | 10.2% | 31.4% | 27.6% | 20.8% | |
| Latest Fiscal Year | 31.2% | 19.1% | 19.7% | 34.1% | 18.2% | 23.8% | |
| Latest Twelve Months | 30.6% | 18.0% | 19.3% | 34.1% | 36.3% | 23.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.80x | 0.73x | 1.01x | 7.11x | 8.50x | 1.50x | |
| EV / LTM EBITDA | 12.4x | 4.0x | 5.2x | 20.8x | 23.4x | 6.5x | |
| EV / LTM EBIT | 13.6x | 4.7x | 5.5x | 22.2x | 24.0x | 7.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 4.0x | 12.4x | 23.4x | ||||
| Historical EV / LTM EBITDA | 4.4x | 7.3x | 17.2x | ||||
| Selected EV / LTM EBITDA | 6.3x | 6.7x | 7.0x | ||||
| (x) LTM EBITDA | 145,262 | 145,262 | 145,262 | ||||
| (=) Implied Enterprise Value | 918,261 | 966,591 | 1,014,920 | ||||
| (-) Non-shareholder Claims * | 213,733 | 213,733 | 213,733 | ||||
| (=) Equity Value | 1,131,994 | 1,180,324 | 1,228,653 | ||||
| (/) Shares Outstanding | 94.5 | 94.5 | 94.5 | ||||
| Implied Value Range | 11,983.00 | 12,494.60 | 13,006.21 | ||||
| FX Rate: JPY/EUR | 172.7 | 172.7 | 172.7 | Market Price | |||
| Implied Value Range (Trading Cur) | 69.40 | 72.36 | 75.32 | 69.46 | |||
| Upside / (Downside) | -0.1% | 4.2% | 8.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 8035 | 6266 | SESM.F | LRCX | 3563 | DAO | |
| Enterprise Value | 9,224,917 | 26,555 | 529 | 127,187 | 23,258 | 919,287 | |
| (+) Cash & Short Term Investments | 367,510 | 12,996 | 100 | 6,391 | 4,141 | 169,553 | |
| (+) Investments & Other | 267,085 | 419 | 0 | 0 | 435 | 48,789 | |
| (-) Debt | 0 | (9,282) | (56) | (4,485) | (74) | (4,502) | |
| (-) Other Liabilities | 0 | (418) | 0 | 0 | (83) | (107) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 9,859,512 | 30,270 | 573 | 129,093 | 27,678 | 1,133,020 | |
| (/) Shares Outstanding | 458.2 | 14.4 | 19.1 | 1,265.6 | 58.1 | 94.5 | |
| Implied Stock Price | 21,520.00 | 2,095.00 | 29.96 | 102.00 | 476.00 | 11,993.86 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 0.86 | 1.00 | 1.00 | 172.67 | |
| Implied Stock Price (Trading Cur) | 21,520.00 | 2,095.00 | 35.00 | 102.00 | 476.00 | 69.46 | |
| Trading Currency | JPY | JPY | USD | USD | TWD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 0.86 | 1.00 | 1.00 | 172.67 | |