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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 22.1x - 24.5x | 23.3x |
| Selected Fwd EBITDA Multiple | 14.8x - 16.3x | 15.5x |
| Fair Value | $174.17 - $190.41 | $182.29 |
| Upside | -6.6% - 2.1% | -2.2% |
| Benchmarks | Ticker | Full Ticker |
| Axcelis Technologies, Inc. | ACLS | NasdaqGS:ACLS |
| PDF Solutions, Inc. | PDFS | NasdaqGS:PDFS |
| Onto Innovation Inc. | ONTO | NYSE:ONTO |
| Lam Research Corporation | LRCX | NasdaqGS:LRCX |
| KLA Corporation | KLAC | NasdaqGS:KLAC |
| Nova Ltd. | NVMI | NasdaqGS:NVMI |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| ACLS | PDFS | ONTO | LRCX | KLAC | NVMI | ||
| NasdaqGS:ACLS | NasdaqGS:PDFS | NYSE:ONTO | NasdaqGS:LRCX | NasdaqGS:KLAC | NasdaqGS:NVMI | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 50.8% | NM- | 46.3% | 11.1% | 20.0% | 35.8% | |
| 3Y CAGR | 18.3% | NM- | 3.9% | -0.7% | 12.7% | 19.1% | |
| Latest Twelve Months | -19.6% | -10.8% | 36.1% | 18.2% | 15.2% | 38.0% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 19.8% | -0.7% | 24.2% | 31.9% | 40.9% | 27.6% | |
| Prior Fiscal Year | 24.2% | 3.7% | 22.5% | 32.3% | 42.0% | 28.7% | |
| Latest Fiscal Year | 21.6% | 3.0% | 25.3% | 31.4% | 41.1% | 30.5% | |
| Latest Twelve Months | 21.6% | 3.0% | 25.3% | 32.0% | 41.9% | 30.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.08x | 3.59x | 5.24x | 5.71x | 8.46x | 7.26x | |
| EV / LTM EBITDA | 5.0x | 118.0x | 20.8x | 17.8x | 20.2x | 23.8x | |
| EV / LTM EBIT | 5.2x | 689.2x | 27.7x | 19.2x | 22.2x | 26.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 5.0x | 20.2x | 118.0x | ||||
| Historical EV / LTM EBITDA | 13.3x | 23.8x | 35.4x | ||||
| Selected EV / LTM EBITDA | 22.1x | 23.3x | 24.5x | ||||
| (x) LTM EBITDA | 205 | 205 | 205 | ||||
| (=) Implied Enterprise Value | 4,535 | 4,774 | 5,012 | ||||
| (-) Non-shareholder Claims * | 584 | 584 | 584 | ||||
| (=) Equity Value | 5,119 | 5,358 | 5,596 | ||||
| (/) Shares Outstanding | 29.3 | 29.3 | 29.3 | ||||
| Implied Value Range | 174.84 | 182.99 | 191.14 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 174.84 | 182.99 | 191.14 | 186.43 | |||
| Upside / (Downside) | -6.2% | -1.8% | 2.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | ACLS | PDFS | ONTO | LRCX | KLAC | NVMI | |
| Enterprise Value | 1,101 | 644 | 5,177 | 92,524 | 91,805 | 4,874 | |
| (+) Cash & Short Term Investments | 571 | 115 | 852 | 5,665 | 3,780 | 587 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 0 | 234 | |
| (-) Debt | (73) | (5) | (15) | (4,982) | (6,073) | (236) | |
| (-) 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 | 1,598 | 754 | 6,014 | 93,207 | 89,513 | 5,458 | |
| (/) Shares Outstanding | 32.2 | 39.1 | 49.3 | 1,283.7 | 132.9 | 29.3 | |
| Implied Stock Price | 49.71 | 19.28 | 122.07 | 72.61 | 673.60 | 186.43 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 49.71 | 19.28 | 122.07 | 72.61 | 673.60 | 186.43 | |
| Trading Currency | USD | USD | USD | USD | USD | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |