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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | -909.7x - -1,005.4x | -957.5x |
| Selected Fwd EBIT Multiple | 13.2x - 14.5x | 13.8x |
| Fair Value | €13.99 - €15.51 | €14.75 |
| Upside | -17.1% - -8.1% | -12.6% |
| Benchmarks | Ticker | Full Ticker |
| Onto Innovation Inc. | ONTO | NYSE:ONTO |
| FormFactor, Inc. | FORM | NasdaqGS:FORM |
| Nova Ltd. | NVMI | NasdaqGS:NVMI |
| Applied Materials, Inc. | AMAT | NasdaqGS:AMAT |
| KLA Corporation | KLAC | NasdaqGS:KLAC |
| PDF Solutions, Inc. | PD9 | DB:PD9 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| ONTO | FORM | NVMI | AMAT | KLAC | PD9 | ||
| NYSE:ONTO | NasdaqGS:FORM | NasdaqGS:NVMI | NasdaqGS:AMAT | NasdaqGS:KLAC | DB:PD9 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 55.3% | -2.5% | 38.8% | 18.5% | 21.2% | NM- | |
| 3Y CAGR | 6.1% | -24.5% | 18.6% | 3.0% | 13.5% | NM- | |
| Latest Twelve Months | 66.6% | 312.9% | 60.7% | 8.9% | 33.3% | 66.1% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 16.6% | 8.4% | 25.4% | 29.2% | 37.0% | -6.9% | |
| Prior Fiscal Year | 14.2% | 1.6% | 25.5% | 28.9% | 38.0% | -0.1% | |
| Latest Fiscal Year | 19.0% | 5.8% | 27.9% | 28.9% | 37.0% | 0.5% | |
| Latest Twelve Months | 20.5% | 6.1% | 28.9% | 29.7% | 40.2% | -0.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.97x | 2.79x | 6.72x | 4.65x | 9.19x | 4.19x | |
| EV / LTM EBITDA | 15.1x | 26.6x | 21.5x | 14.9x | 21.1x | 215.9x | |
| EV / LTM EBIT | 19.4x | 46.0x | 23.3x | 15.7x | 22.9x | -1179.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 15.7x | 22.9x | 46.0x | ||||
| Historical EV / LTM EBIT | -2060.3x | -58.4x | 537.0x | ||||
| Selected EV / LTM EBIT | -909.7x | -957.5x | -1005.4x | ||||
| (x) LTM EBIT | (1) | (1) | (1) | ||||
| (=) Implied Enterprise Value | 600 | 632 | 664 | ||||
| (-) Non-shareholder Claims * | (19) | (19) | (19) | ||||
| (=) Equity Value | 581 | 613 | 644 | ||||
| (/) Shares Outstanding | 39.1 | 39.1 | 39.1 | ||||
| Implied Value Range | 14.85 | 15.65 | 16.46 | ||||
| FX Rate: USD/EUR | 1.1 | 1.1 | 1.1 | Market Price | |||
| Implied Value Range (Trading Cur) | 13.21 | 13.92 | 14.64 | 16.87 | |||
| Upside / (Downside) | -21.7% | -17.5% | -13.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | ONTO | FORM | NVMI | AMAT | KLAC | PD9 | |
| Enterprise Value | 4,064 | 2,136 | 4,992 | 130,692 | 106,136 | 762 | |
| (+) Cash & Short Term Investments | 851 | 299 | 542 | 6,747 | 4,029 | 54 | |
| (+) Investments & Other | 8 | 69 | 270 | 3,638 | 0 | 0 | |
| (-) Debt | (15) | (37) | (236) | (6,261) | (6,089) | (73) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 4,908 | 2,466 | 5,568 | 134,816 | 104,075 | 742 | |
| (/) Shares Outstanding | 48.9 | 77.1 | 29.3 | 812.4 | 132.2 | 39.1 | |
| Implied Stock Price | 100.42 | 32.00 | 190.17 | 165.94 | 787.01 | 18.97 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.12 | |
| Implied Stock Price (Trading Cur) | 100.42 | 32.00 | 190.17 | 165.94 | 787.01 | 16.87 | |
| 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 | |