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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 12.1x - 13.3x | 12.7x |
| Selected Fwd EBITDA Multiple | 8.6x - 9.6x | 9.1x |
| Fair Value | €3.32 - €3.64 | €3.48 |
| Upside | 5.9% - 16.2% | 11.1% |
| Benchmarks | Ticker | Full Ticker |
| AIXTRON SE | AIXA | DB:AIXA |
| Applied Materials, Inc. | AP2 | DB:AP2 |
| Elmos Semiconductor SE | ELG | DB:ELG |
| Siltronic AG | WAF | DB:WAF |
| Soitec SA | SOI | ENXTPA:SOI |
| Riber S.A. | RI7 | DB:RI7 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| AIXA | AP2 | ELG | WAF | SOI | RI7 | ||
| DB:AIXA | DB:AP2 | DB:ELG | DB:WAF | ENXTPA:SOI | DB:RI7 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 26.0% | 17.2% | 24.0% | -3.9% | 8.2% | 25.3% | |
| 3Y CAGR | 9.1% | 2.8% | 33.7% | -8.0% | -3.5% | 19.4% | |
| Latest Twelve Months | -17.0% | 7.9% | 6.5% | -9.6% | -25.1% | 5.5% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 21.6% | 31.0% | 27.0% | 29.3% | 28.5% | 8.9% | |
| Prior Fiscal Year | 25.6% | 30.8% | 30.9% | 26.8% | 31.6% | 13.0% | |
| Latest Fiscal Year | 22.7% | 30.4% | 34.4% | 24.7% | 26.0% | 13.1% | |
| Latest Twelve Months | 22.6% | 31.1% | 33.9% | 23.8% | 26.0% | 13.1% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.69x | 5.10x | 2.66x | 1.69x | 2.01x | 1.52x | |
| EV / LTM EBITDA | 11.9x | 16.4x | 7.8x | 7.1x | 7.7x | 11.6x | |
| EV / LTM EBIT | 13.0x | 17.2x | 9.1x | 23.8x | 13.5x | 14.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 7.1x | 7.8x | 16.4x | ||||
| Historical EV / LTM EBITDA | 8.5x | 14.1x | 23.6x | ||||
| Selected EV / LTM EBITDA | 12.1x | 12.7x | 13.3x | ||||
| (x) LTM EBITDA | 5 | 5 | 5 | ||||
| (=) Implied Enterprise Value | 65 | 68 | 72 | ||||
| (-) Non-shareholder Claims * | 5 | 5 | 5 | ||||
| (=) Equity Value | 70 | 73 | 77 | ||||
| (/) Shares Outstanding | 21.0 | 21.0 | 21.0 | ||||
| Implied Value Range | 3.33 | 3.49 | 3.65 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 3.33 | 3.49 | 3.65 | 3.14 | |||
| Upside / (Downside) | 6.2% | 11.4% | 16.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | AIXA | AP2 | ELG | WAF | SOI | RI7 | |
| Enterprise Value | 1,676 | 143,408 | 1,507 | 2,391 | 1,774 | 61 | |
| (+) Cash & Short Term Investments | 93 | 6,747 | 105 | 579 | 689 | 9 | |
| (+) Investments & Other | 0 | 3,638 | 7 | 3 | 15 | 0 | |
| (-) Debt | (4) | (6,670) | (103) | (1,522) | (782) | (4) | |
| (-) Other Liabilities | (0) | 0 | (0) | (202) | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,764 | 147,123 | 1,515 | 1,247 | 1,696 | 66 | |
| (/) Shares Outstanding | 112.7 | 802.5 | 17.1 | 30.0 | 35.7 | 21.0 | |
| Implied Stock Price | 15.66 | 183.33 | 88.40 | 41.58 | 47.58 | 3.14 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.17 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 15.66 | 156.62 | 88.40 | 41.58 | 47.58 | 3.14 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.17 | 1.00 | 1.00 | 1.00 | 1.00 | |