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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 3.1x - 3.4x | 3.2x |
| Selected Fwd Revenue Multiple | 2.8x - 3.1x | 3.0x |
| Fair Value | €29.21 - €31.96 | €30.59 |
| Upside | 15.9% - 26.8% | 21.4% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Synaptics Incorporated | SYNA | NasdaqGS:SYNA |
| Ultra Clean Holdings, Inc. | UCTT | NasdaqGS:UCTT |
| Alpha and Omega Semiconductor Limited | AOSL | NasdaqGS:AOSL |
| PDF Solutions, Inc. | PDFS | NasdaqGS:PDFS |
| MACOM Technology Solutions Holdings, Inc. | MTSI | NasdaqGS:MTSI |
| FormFactor, Inc. | FMF | DB:FMF |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| SYNA | UCTT | AOSL | PDFS | MTSI | FMF | |||
| NasdaqGS:SYNA | NasdaqGS:UCTT | NasdaqGS:AOSL | NasdaqGS:PDFS | NasdaqGS:MTSI | DB:FMF | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | -4.2% | 14.5% | 8.4% | 16.0% | 7.9% | 5.3% | ||
| 3Y CAGR | -14.8% | -0.1% | -3.6% | 17.3% | 6.3% | -0.3% | ||
| Latest Twelve Months | 12.0% | 14.3% | 5.9% | 17.8% | 33.5% | 8.3% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 6.4% | 6.4% | 4.5% | -6.2% | 13.7% | 8.1% | ||
| Prior Fiscal Year | -7.8% | 2.3% | -0.6% | -0.1% | 18.0% | 1.6% | ||
| Latest Fiscal Year | -5.9% | 4.4% | -4.1% | 0.5% | 11.2% | 5.8% | ||
| Latest Twelve Months | -5.9% | 3.5% | -4.1% | 2.4% | 13.0% | 5.4% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 2.95x | 0.69x | 0.72x | 4.15x | 10.46x | 2.60x | ||
| EV / LTM EBIT | -50.0x | 19.9x | -17.6x | 173.5x | 80.5x | 48.2x | ||
| Price / LTM Sales | 2.55x | 0.51x | 1.27x | 3.98x | 10.65x | 2.97x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.69x | 2.95x | 10.46x | |||||
| Historical EV / LTM Revenue | 1.92x | 4.44x | 4.68x | |||||
| Selected EV / LTM Revenue | 3.08x | 3.24x | 3.40x | |||||
| (x) LTM Revenue | 765 | 765 | 765 | |||||
| (=) Implied Enterprise Value | 2,354 | 2,478 | 2,602 | |||||
| (-) Non-shareholder Claims * | 281 | 281 | 281 | |||||
| (=) Equity Value | 2,635 | 2,759 | 2,883 | |||||
| (/) Shares Outstanding | 77.1 | 77.1 | 77.1 | |||||
| Implied Value Range | 34.17 | 35.77 | 37.38 | |||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | ||||
| Implied Value Range (Trading Cur) | 29.38 | 30.76 | 32.14 | 25.20 | ||||
| Upside / (Downside) | 16.6% | 22.1% | 27.5% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | SYNA | UCTT | AOSL | PDFS | MTSI | FMF | |
| Enterprise Value | 3,167 | 1,479 | 500 | 814 | 9,487 | 1,979 | |
| (+) Cash & Short Term Investments | 453 | 327 | 153 | 40 | 735 | 249 | |
| (+) Investments & Other | 0 | 0 | 279 | 0 | 0 | 67 | |
| (-) Debt | (883) | (648) | (51) | (74) | (569) | (36) | |
| (-) Other Liabilities | 0 | (70) | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 2,737 | 1,088 | 881 | 780 | 9,654 | 2,260 | |
| (/) Shares Outstanding | 38.7 | 45.3 | 29.8 | 39.5 | 74.5 | 77.1 | |
| Implied Stock Price | 70.80 | 23.99 | 29.61 | 19.76 | 129.63 | 29.31 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.16 | |
| Implied Stock Price (Trading Cur) | 70.80 | 23.99 | 29.61 | 19.76 | 129.63 | 25.20 | |
| 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 | |