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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 15.9x - 17.5x | 16.7x |
| Selected Fwd EBITDA Multiple | 14.3x - 15.8x | 15.0x |
| Fair Value | $200.29 - $219.82 | $210.06 |
| Upside | 10.7% - 21.4% | 16.1% |
| Benchmarks | Ticker | Full Ticker |
| Tokyo Seimitsu Co., Ltd. | 7729 | TSE:7729 |
| Tokyo Electron Limited | 8035 | TSE:8035 |
| ASML Holding N.V. | ASML01 | SET:ASML01 |
| ASM International NV | AVS | DB:AVS |
| ASMPT Limited | 522 | SEHK:522 |
| Disco Corporation | DISP.F | OTCPK:DISP.F |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 7729 | 8035 | ASML01 | AVS | 522 | DISP.F | ||
| TSE:7729 | TSE:8035 | SET:ASML01 | DB:AVS | SEHK:522 | OTCPK:DISP.F | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 16.9% | 23.3% | 24.9% | 16.1% | -11.0% | 33.0% | |
| 3Y CAGR | 2.3% | 6.1% | 12.2% | 19.2% | -39.7% | 21.4% | |
| Latest Twelve Months | 16.1% | 49.3% | 25.8% | 32.1% | -31.3% | 35.0% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 22.6% | 28.7% | 34.3% | 30.1% | 14.8% | 39.6% | |
| Prior Fiscal Year | 22.3% | 27.8% | 35.2% | 29.2% | 10.8% | 43.1% | |
| Latest Fiscal Year | 23.2% | 31.2% | 34.9% | 30.9% | 7.7% | 45.5% | |
| Latest Twelve Months | 23.2% | 31.2% | 36.6% | 31.7% | 7.1% | 45.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.12x | 4.24x | 8.43x | 7.02x | 1.71x | 8.73x | |
| EV / LTM EBITDA | 9.3x | 13.6x | 23.0x | 22.2x | 24.1x | 19.2x | |
| EV / LTM EBIT | 10.8x | 14.8x | 25.0x | 25.2x | 47.2x | 20.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 9.3x | 22.2x | 24.1x | ||||
| Historical EV / LTM EBITDA | 12.8x | 19.2x | 50.9x | ||||
| Selected EV / LTM EBITDA | 15.9x | 16.7x | 17.5x | ||||
| (x) LTM EBITDA | 178,913 | 178,913 | 178,913 | ||||
| (=) Implied Enterprise Value | 2,840,086 | 2,989,564 | 3,139,042 | ||||
| (-) Non-shareholder Claims * | 236,191 | 236,191 | 236,191 | ||||
| (=) Equity Value | 3,076,277 | 3,225,755 | 3,375,233 | ||||
| (/) Shares Outstanding | 108.4 | 108.4 | 108.4 | ||||
| Implied Value Range | 28,377.71 | 29,756.60 | 31,135.49 | ||||
| FX Rate: JPY/USD | 147.7 | 147.7 | 147.7 | Market Price | |||
| Implied Value Range (Trading Cur) | 192.13 | 201.46 | 210.80 | 181.00 | |||
| Upside / (Downside) | 6.1% | 11.3% | 16.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 7729 | 8035 | ASML01 | AVS | 522 | DISP.F | |
| Enterprise Value | 311,007 | 9,789,897 | 244,379 | 21,873 | 22,532 | 2,661,946 | |
| (+) Cash & Short Term Investments | 54,541 | 496,238 | 9,104 | 1,145 | 5,103 | 229,167 | |
| (+) Investments & Other | 6,664 | 200,013 | 939 | 682 | 0 | 7,372 | |
| (-) Debt | (20,083) | 0 | (3,681) | (20) | (4,571) | 0 | |
| (-) Other Liabilities | (1,056) | 0 | 0 | 0 | 0 | (348) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 351,073 | 10,486,148 | 250,740 | 23,680 | 23,063 | 2,898,137 | |
| (/) Shares Outstanding | 40.5 | 458.1 | 469,763.7 | 49.1 | 416.5 | 108.4 | |
| Implied Stock Price | 8,676.00 | 22,890.00 | 0.53 | 482.20 | 55.38 | 26,734.42 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 0.03 | 1.00 | 1.00 | 147.70 | |
| Implied Stock Price (Trading Cur) | 8,676.00 | 22,890.00 | 19.70 | 482.20 | 55.38 | 181.00 | |
| Trading Currency | JPY | JPY | THB | EUR | HKD | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 0.03 | 1.00 | 1.00 | 147.70 | |