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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 16,5x - 18,3x | 17,4x |
| Selected Fwd EBITDA Multiple | 7,1x - 7,9x | 7,5x |
| Fair Value | 5,76€ - 6,31€ | 6,03€ |
| Upside | 6,7% - 16,8% | 11,7% |
| Benchmarks | Ticker | Full Ticker |
| SÜSS MicroTec SE | SESM.F | OTCPK:SESM.F |
| ASM International NV | AVS | DB:AVS |
| Contrel Technology Co., Ltd. | 8064 | TPEX:8064 |
| BE Semiconductor Industries N.V. | BESI | ENXTAM:BESI |
| ASML Holding N.V. | ASML01 | SET:ASML01 |
| ASMPT Limited | AY7A | DB:AY7A |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| SESM.F | AVS | 8064 | BESI | ASML01 | AY7A | ||
| OTCPK:SESM.F | DB:AVS | TPEX:8064 | ENXTAM:BESI | SET:ASML01 | DB:AY7A | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 61.7% | 16.2% | -29.8% | 16.0% | 24.9% | -11.0% | |
| 3Y CAGR | 48.1% | 19.3% | -50.9% | -14.8% | 12.2% | -39.7% | |
| Latest Twelve Months | 183.5% | 18.5% | -46.0% | -7.3% | 25.8% | -35.9% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 11.2% | 30.2% | 7.9% | 38.2% | 34.3% | 15.0% | |
| Prior Fiscal Year | 10.2% | 29.1% | 5.2% | 38.2% | 35.2% | 10.8% | |
| Latest Fiscal Year | 19.7% | 31.0% | 3.2% | 33.7% | 34.9% | 7.7% | |
| Latest Twelve Months | 19.7% | 31.0% | 3.2% | 33.7% | 36.6% | 7.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.03x | 5.94x | 1.54x | 12.06x | 7.05x | 1.37x | |
| EV / LTM EBITDA | 5.2x | 19.2x | 48.2x | 35.7x | 19.3x | 17.7x | |
| EV / LTM EBIT | 5.5x | 21.9x | 130.2x | 37.5x | 20.9x | 32.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 5.2x | 19.3x | 48.2x | ||||
| Historical EV / LTM EBITDA | 5.3x | 15.3x | 21.0x | ||||
| Selected EV / LTM EBITDA | 16.5x | 17.4x | 18.3x | ||||
| (x) LTM EBITDA | 1,023 | 1,023 | 1,023 | ||||
| (=) Implied Enterprise Value | 16,919 | 17,810 | 18,700 | ||||
| (-) Non-shareholder Claims * | 2,149 | 2,149 | 2,149 | ||||
| (=) Equity Value | 19,068 | 19,959 | 20,849 | ||||
| (/) Shares Outstanding | 416.5 | 416.5 | 416.5 | ||||
| Implied Value Range | 45.79 | 47.92 | 50.06 | ||||
| FX Rate: HKD/EUR | 8.8 | 8.8 | 8.8 | Market Price | |||
| Implied Value Range (Trading Cur) | 5.18 | 5.42 | 5.66 | 5.40 | |||
| Upside / (Downside) | -4.1% | 0.3% | 4.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | SESM.F | AVS | 8064 | BESI | ASML01 | AY7A | |
| Enterprise Value | 425 | 17,525 | 4,020 | 7,326 | 216,998 | 17,742 | |
| (+) Cash & Short Term Investments | 137 | 927 | 2,069 | 672 | 9,104 | 5,103 | |
| (+) Investments & Other | 0 | 923 | 444 | 0 | 939 | 1,721 | |
| (-) Debt | (13) | (35) | (660) | (545) | (3,681) | (4,571) | |
| (-) Other Liabilities | 0 | 0 | (236) | 0 | 0 | (103) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 549 | 19,340 | 5,637 | 7,454 | 223,359 | 19,891 | |
| (/) Shares Outstanding | 19.1 | 49.1 | 164.8 | 79.3 | 469,763.7 | 416.5 | |
| Implied Stock Price | 28.72 | 393.90 | 34.20 | 93.98 | 0.48 | 47.76 | |
| FX Conversion Rate to Trading Currency | 0.88 | 1.00 | 1.00 | 1.00 | 0.03 | 8.85 | |
| Implied Stock Price (Trading Cur) | 32.72 | 393.90 | 34.20 | 93.98 | 18.10 | 5.40 | |
| Trading Currency | USD | EUR | TWD | EUR | THB | EUR | |
| FX Rate to Reporting Currency | 0.88 | 1.00 | 1.00 | 1.00 | 0.03 | 8.85 | |