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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 7.1x - 7.9x | 7.5x |
| Selected Fwd EBITDA Multiple | 5.9x - 6.5x | 6.2x |
| Fair Value | €32.84 - €35.48 | €34.16 |
| Upside | -7.5% - 0.0% | -3.8% |
| Benchmarks | Ticker | Full Ticker |
| SkyWater Technology, Inc. | SKYT | NasdaqCM:SKYT |
| GlobalFoundries Inc. | GFS | NasdaqGS:GFS |
| X-FAB Silicon Foundries SE | XFAB.F | OTCPK:XFAB.F |
| Hua Hong Semiconductor Limited | HHUS.F | OTCPK:HHUS.F |
| Analog Devices, Inc. | ADI | NasdaqGS:ADI |
| Tower Semiconductor Ltd. | TOW | DB:TOW |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| SKYT | GFS | XFAB.F | HHUS.F | ADI | TOW | ||
| NasdaqCM:SKYT | NasdaqGS:GFS | OTCPK:XFAB.F | OTCPK:HHUS.F | NasdaqGS:ADI | DB:TOW | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 7.4% | 14.7% | 42.6% | 11.2% | 9.7% | 8.4% | |
| 3Y CAGR | NM- | 14.6% | 9.2% | -11.2% | 9.4% | 1.1% | |
| Latest Twelve Months | 156.5% | -11.6% | -24.4% | -11.0% | -10.2% | 7.5% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | -1.0% | 29.5% | 20.4% | 27.7% | 46.5% | 30.6% | |
| Prior Fiscal Year | 4.3% | 35.0% | 26.8% | 28.0% | 51.0% | 32.3% | |
| Latest Fiscal Year | 6.9% | 32.9% | 22.1% | 19.2% | 44.2% | 31.4% | |
| Latest Twelve Months | 7.2% | 32.2% | 22.2% | 20.4% | 44.5% | 31.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.69x | 2.96x | 1.73x | 4.35x | 12.92x | 2.68x | |
| EV / LTM EBITDA | 23.5x | 9.2x | 7.8x | 21.3x | 29.0x | 8.4x | |
| EV / LTM EBIT | 83.5x | 27.4x | 18.4x | -58.9x | 55.1x | 21.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 7.8x | 21.3x | 29.0x | ||||
| Historical EV / LTM EBITDA | 4.6x | 7.7x | 11.0x | ||||
| Selected EV / LTM EBITDA | 7.1x | 7.5x | 7.9x | ||||
| (x) LTM EBITDA | 465 | 465 | 465 | ||||
| (=) Implied Enterprise Value | 3,308 | 3,482 | 3,656 | ||||
| (-) Non-shareholder Claims * | 1,019 | 1,019 | 1,019 | ||||
| (=) Equity Value | 4,327 | 4,501 | 4,675 | ||||
| (/) Shares Outstanding | 111.8 | 111.8 | 111.8 | ||||
| Implied Value Range | 38.68 | 40.24 | 41.80 | ||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 32.90 | 34.22 | 35.55 | 35.49 | |||
| Upside / (Downside) | -7.3% | -3.6% | 0.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | SKYT | GFS | XFAB.F | HHUS.F | ADI | TOW | |
| Enterprise Value | 550 | 19,931 | 1,302 | 8,816 | 126,498 | 3,648 | |
| (+) Cash & Short Term Investments | 51 | 2,877 | 157 | 4,080 | 2,376 | 1,181 | |
| (+) Investments & Other | 0 | 820 | 0 | 430 | 0 | 0 | |
| (-) Debt | (69) | (1,631) | (426) | (2,301) | (7,219) | (162) | |
| (-) Other Liabilities | (6) | (50) | 0 | (2,607) | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 526 | 21,947 | 1,033 | 8,417 | 121,655 | 4,667 | |
| (/) Shares Outstanding | 48.0 | 554.9 | 130.6 | 2,325.2 | 496.2 | 111.8 | |
| Implied Stock Price | 10.95 | 39.55 | 7.91 | 3.62 | 245.15 | 41.73 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.18 | |
| Implied Stock Price (Trading Cur) | 10.95 | 39.55 | 7.91 | 3.62 | 245.15 | 35.49 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.18 | |