| Select LTM Revenue Multiple | | | | | | | | |
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| Benchmark Companies | | | |
| VNX | BESI | ASM | TII | QCI | | ASML | |
| DB:VNX | ENXTAM:BESI | ENXTAM:ASM | DB:TII | DB:QCI | | NasdaqGS: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% | | 26.4% | |
| | | | | | | | |
| Historical EBIT Profit Margin | | | | | | | | |
| 5 Year Average Margin | 22.3% | 37.3% | 26.2% | 43.6% | 28.1% | | 32.2% | |
| 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% | | 34.8% | |
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| Current Trading Multiples | | | | | | | | |
| EV / LTM Revenue | 5.29x | 16.52x | 7.55x | 12.75x | 3.98x | | 7.55x | |
| EV / LTM EBIT | 19.2x | 51.5x | 27.1x | 37.1x | 14.4x | | 21.7x | |
| Price / LTM Sales | 4.63x | 16.76x | 8.13x | 12.26x | 3.96x | | 7.66x | |
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| | | | | | | | |
| Low | Mid | High | | | | | |
| | | | | | | | |
| Benchmark EV / LTM Revenue | 3.98x | 7.55x | 16.52x | | | | | |
| Historical EV / LTM Revenue | 10.06x | 10.19x | 16.05x | | | | | |
| | | | | | | | |
| Selected EV / LTM Revenue | 8.55x | 8.99x | 9.44x | | | | | |
| (x) LTM Revenue | 32,163 | 32,163 | 32,163 | | | | | |
| (=) Implied Enterprise Value | 274,841 | 289,306 | 303,771 | | | | | |
| (-) Non-shareholder Claims * | 4,579 | 4,579 | 4,579 | | | | | |
| (=) Equity Value | 279,420 | 293,885 | 308,351 | | | | | |
| (/) Shares Outstanding | 389.1 | 389.1 | 389.1 | | | | | |
| Implied Value Range | 718.12 | 755.30 | 792.48 | | | | | |
| FX Rate: EUR/USD | 0.9 | 0.9 | 0.9 | | Market Price | | | |
| Implied Value Range (Trading Cur) | 834.54 | 877.75 | 920.95 | | 734.58 | | | |
| Upside / (Downside) | 13.6% | 19.5% | 25.4% | | | | | |