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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 1.9x - 2.1x | 2.0x |
| Selected Fwd Revenue Multiple | 1.7x - 1.9x | 1.8x |
| Fair Value | €48.99 - €58.16 | €53.58 |
| Upside | 8.1% - 28.3% | 18.2% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| GlobalWafers Co., Ltd. | GLOBW | BDL:GLOBW |
| Sumco Corporation | S3X | DB:S3X |
| Elmos Semiconductor SE | ELG | XTRA:ELG |
| AIXTRON SE | AIXA | XTRA:AIXA |
| SUSS MicroTec SE | SMHN | XTRA:SMHN |
| Siltronic AG | WAF | DB:WAF |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| GLOBW | S3X | ELG | AIXA | SMHN | WAF | |||
| BDL:GLOBW | DB:S3X | XTRA:ELG | XTRA:AIXA | XTRA:SMHN | DB:WAF | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 1.5% | 5.8% | 16.3% | 19.5% | 15.8% | 2.1% | ||
| 3Y CAGR | 0.8% | 5.7% | 21.7% | 13.9% | 19.2% | 0.2% | ||
| Latest Twelve Months | -5.9% | -1.0% | -1.7% | -6.5% | 42.6% | -2.6% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 28.8% | 15.9% | 20.2% | 19.5% | 10.5% | 17.4% | ||
| Prior Fiscal Year | 28.4% | 17.2% | 26.4% | 24.0% | 8.7% | 14.1% | ||
| Latest Fiscal Year | 22.5% | 8.9% | 29.6% | 20.8% | 18.6% | 8.6% | ||
| Latest Twelve Months | 20.2% | 8.0% | 29.1% | 20.6% | 18.6% | 7.1% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 2.61x | 1.88x | 2.78x | 2.69x | 1.34x | 1.69x | ||
| EV / LTM EBIT | 12.9x | 23.5x | 9.6x | 13.0x | 7.2x | 23.7x | ||
| Price / LTM Sales | 2.35x | 1.07x | 2.79x | 2.83x | 1.62x | 0.88x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 1.34x | 2.61x | 2.78x | |||||
| Historical EV / LTM Revenue | 1.05x | 2.00x | 2.95x | |||||
| Selected EV / LTM Revenue | 1.86x | 1.96x | 2.06x | |||||
| (x) LTM Revenue | 1,415 | 1,415 | 1,415 | |||||
| (=) Implied Enterprise Value | 2,637 | 2,776 | 2,915 | |||||
| (-) Non-shareholder Claims * | (1,144) | (1,144) | (1,144) | |||||
| (=) Equity Value | 1,494 | 1,632 | 1,771 | |||||
| (/) Shares Outstanding | 30.0 | 30.0 | 30.0 | |||||
| Implied Value Range | 49.78 | 54.41 | 59.04 | |||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 49.78 | 54.41 | 59.04 | 45.32 | ||||
| Upside / (Downside) | 9.9% | 20.1% | 30.3% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | GLOBW | S3X | ELG | AIXA | SMHN | WAF | |
| Enterprise Value | 191,332 | 743,963 | 1,675 | 1,780 | 688 | 2,503 | |
| (+) Cash & Short Term Investments | 37,555 | 93,760 | 105 | 93 | 144 | 579 | |
| (+) Investments & Other | 13,549 | 2,587 | 7 | 0 | 0 | 3 | |
| (-) Debt | (73,612) | (363,886) | (103) | (4) | (14) | (1,522) | |
| (-) Other Liabilities | 4 | (59,857) | (0) | (0) | 0 | (202) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 168,828 | 416,567 | 1,683 | 1,869 | 819 | 1,360 | |
| (/) Shares Outstanding | 478.1 | 349.7 | 17.1 | 112.7 | 19.1 | 30.0 | |
| Implied Stock Price | 353.11 | 1,191.19 | 98.20 | 16.59 | 42.84 | 45.32 | |
| FX Conversion Rate to Trading Currency | 29.43 | 172.34 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 12.00 | 6.91 | 98.20 | 16.59 | 42.84 | 45.32 | |
| Trading Currency | USD | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 29.43 | 172.34 | 1.00 | 1.00 | 1.00 | 1.00 | |