Looks like there`s been an error while trying to load this page.
Our team has been notified but please contact us using the email support widget if the problem persists.
| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 53.3x - 58.9x | 56.1x |
| Selected Fwd EBIT Multiple | 20.8x - 23.0x | 21.9x |
| Fair Value | €34.12 - €37.31 | €35.72 |
| Upside | 19.3% - 30.5% | 24.9% |
| Benchmarks | Ticker | Full Ticker |
| Ultra Clean Holdings, Inc. | UCTT | NasdaqGS:UCTT |
| Synaptics Incorporated | SYNA | NasdaqGS:SYNA |
| Alpha and Omega Semiconductor Limited | AOSL | NasdaqGS:AOSL |
| MACOM Technology Solutions Holdings, Inc. | MTSI | NasdaqGS:MTSI |
| Axcelis Technologies, Inc. | ACLS | NasdaqGS:ACLS |
| FormFactor, Inc. | FMF | DB:FMF |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| UCTT | SYNA | AOSL | MTSI | ACLS | FMF | ||
| NasdaqGS:UCTT | NasdaqGS:SYNA | NasdaqGS:AOSL | NasdaqGS:MTSI | NasdaqGS:ACLS | DB:FMF | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 16.8% | NM- | NM- | NM- | 54.2% | -2.5% | |
| 3Y CAGR | -20.8% | NM- | NM- | 0.1% | 18.3% | -24.5% | |
| Latest Twelve Months | 96.0% | 45.4% | -5259.7% | 38.2% | -32.3% | 312.9% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 6.6% | 7.1% | 4.6% | 12.9% | 19.4% | 8.4% | |
| Prior Fiscal Year | 2.3% | 11.4% | 3.3% | 18.0% | 23.5% | 1.6% | |
| Latest Fiscal Year | 4.4% | -7.8% | -0.6% | 11.2% | 20.7% | 5.8% | |
| Latest Twelve Months | 4.1% | -5.2% | -2.7% | 11.8% | 19.1% | 6.1% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.65x | 2.86x | 0.32x | 10.70x | 1.53x | 2.79x | |
| EV / LTM EBITDA | 8.5x | 39.0x | 5.2x | 55.1x | 7.6x | 26.6x | |
| EV / LTM EBIT | 15.8x | -54.8x | -12.0x | 90.5x | 8.0x | 46.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -54.8x | 8.0x | 90.5x | ||||
| Historical EV / LTM EBIT | -543.5x | 35.9x | 65.9x | ||||
| Selected EV / LTM EBIT | 53.3x | 56.1x | 58.9x | ||||
| (x) LTM EBIT | 46 | 46 | 46 | ||||
| (=) Implied Enterprise Value | 2,476 | 2,606 | 2,736 | ||||
| (-) Non-shareholder Claims * | 330 | 330 | 330 | ||||
| (=) Equity Value | 2,806 | 2,936 | 3,067 | ||||
| (/) Shares Outstanding | 77.1 | 77.1 | 77.1 | ||||
| Implied Value Range | 36.41 | 38.10 | 39.79 | ||||
| FX Rate: USD/EUR | 1.1 | 1.1 | 1.1 | Market Price | |||
| Implied Value Range (Trading Cur) | 32.55 | 34.06 | 35.57 | 28.60 | |||
| Upside / (Downside) | 13.8% | 19.1% | 24.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | UCTT | SYNA | AOSL | MTSI | ACLS | FMF | |
| Enterprise Value | 1,389 | 2,975 | 219 | 9,043 | 1,464 | 2,136 | |
| (+) Cash & Short Term Investments | 318 | 421 | 170 | 682 | 587 | 299 | |
| (+) Investments & Other | 0 | 0 | 354 | 0 | 0 | 69 | |
| (-) Debt | (646) | (881) | (55) | (540) | (72) | (37) | |
| (-) Other Liabilities | (65) | 0 | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 996 | 2,515 | 689 | 9,184 | 1,979 | 2,466 | |
| (/) Shares Outstanding | 45.1 | 38.5 | 29.8 | 74.4 | 32.1 | 77.1 | |
| Implied Stock Price | 22.05 | 65.25 | 23.14 | 123.46 | 61.58 | 31.99 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.12 | |
| Implied Stock Price (Trading Cur) | 22.05 | 65.25 | 23.14 | 123.46 | 61.58 | 28.60 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.12 | |