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Metrics | Range | Conclusion |
---|---|---|
Selected LTM Revenue Multiple | 8.9x - 9.8x | 9.4x |
Selected Fwd Revenue Multiple | 8.0x - 8.8x | 8.4x |
Fair Value | €727.81 - €802.70 | €765.25 |
Upside | 5.9% - 16.8% | 11.3% |
Benchmarks | Ticker | Full Ticker |
---|---|---|
NXP Semiconductors N.V. | VNX | DB:VNX |
BE Semiconductor Industries N.V. | BESI | ENXTAM:BESI |
ASM International NV | ASM | ENXTAM:ASM |
Texas Instruments Incorporated | TII | DB:TII |
QUALCOMM Incorporated | QCI | DB:QCI |
ASML Holding N.V. | ASML | ENXTAM:ASML |
Select LTM Revenue Multiple | ||||||||
Benchmark Companies | ||||||||
VNX | BESI | ASM | TII | QCI | ASML | |||
DB:VNX | ENXTAM:BESI | ENXTAM:ASM | DB:TII | DB:QCI | ENXTAM:ASML | |||
Historical Revenue Growth | ||||||||
5Y CAGR | 7.3% | 11.3% | 18.0% | 1.7% | 9.9% | 19.0% | ||
3Y CAGR | 4.5% | -6.8% | 19.2% | -5.2% | 5.1% | 14.9% | ||
Latest Twelve Months | -7.2% | 2.3% | 22.2% | -4.5% | 16.1% | 17.7% | ||
Historical EBIT Profit Margin | ||||||||
5 Year Average Margin | 22.3% | 37.3% | 26.2% | 43.6% | 28.1% | 31.7% | ||
Prior Fiscal Year | 28.2% | 36.9% | 24.8% | 41.8% | 24.1% | 32.8% | ||
Latest Fiscal Year | 28.0% | 32.2% | 27.1% | 34.2% | 26.3% | 31.9% | ||
Latest Twelve Months | 27.6% | 32.1% | 27.9% | 34.3% | 27.6% | 33.8% | ||
Current Trading Multiples | ||||||||
EV / LTM Revenue | 5.35x | 16.41x | 7.63x | 13.01x | 4.11x | 8.49x | ||
EV / LTM EBIT | 19.4x | 51.2x | 27.3x | 37.9x | 14.9x | 25.1x | ||
Price / LTM Sales | 4.69x | 16.66x | 8.21x | 12.52x | 4.09x | 8.66x | ||
Low | Mid | High | ||||||
Benchmark EV / LTM Revenue | 4.11x | 7.63x | 16.41x | |||||
Historical EV / LTM Revenue | 10.06x | 10.19x | 16.05x | |||||
Selected EV / LTM Revenue | 8.89x | 9.36x | 9.83x | |||||
(x) LTM Revenue | 30,714 | 30,714 | 30,714 | |||||
(=) Implied Enterprise Value | 273,186 | 287,565 | 301,943 | |||||
(-) Non-shareholder Claims * | 6,362 | 6,362 | 6,362 | |||||
(=) Equity Value | 279,548 | 293,926 | 308,304 | |||||
(/) Shares Outstanding | 389.1 | 389.1 | 389.1 | |||||
Implied Value Range | 718.45 | 755.41 | 792.36 | |||||
FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | ||||
Implied Value Range (Trading Cur) | 718.45 | 755.41 | 792.36 | 687.30 | ||||
Upside / (Downside) | 4.5% | 9.9% | 15.3% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | VNX | BESI | ASM | TII | QCI | ASML | |
Enterprise Value | 64,536 | 9,736 | 23,832 | 205,288 | 167,318 | 261,065 | |
(+) Cash & Short Term Investments | 3,988 | 686 | 1,145 | 5,005 | 13,846 | 9,104 | |
(+) Investments & Other | 0 | 0 | 682 | 0 | 0 | 939 | |
(-) Debt | (11,725) | (538) | (20) | (12,848) | (14,623) | (3,681) | |
(-) Other Liabilities | (355) | 0 | 0 | 0 | 0 | 0 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 56,444 | 9,884 | 25,639 | 197,445 | 166,541 | 267,426 | |
(/) Shares Outstanding | 252.6 | 79.3 | 49.0 | 908.5 | 1,083.0 | 389.1 | |
Implied Stock Price | 223.43 | 124.65 | 523.40 | 217.34 | 153.77 | 687.30 | |
FX Conversion Rate to Trading Currency | 1.17 | 1.00 | 1.00 | 1.17 | 1.17 | 1.00 | |
Implied Stock Price (Trading Cur) | 191.50 | 124.65 | 523.40 | 186.28 | 131.80 | 687.30 | |
Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
FX Rate to Reporting Currency | 1.17 | 1.00 | 1.00 | 1.17 | 1.17 | 1.00 |