Company Valuation: ASM International

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 18,954 11,485 23,117 27,376 25,298 40,665 - -
Change - -39.4% 101.27% 18.42% -7.59% 60.75% - -
Enterprise Value (EV) 1 18,479 11,085 22,503 26,474 24,271 39,095 38,327 37,243
Change - -40.01% 103.01% 17.65% -8.32% 61.08% -1.96% -2.83%
P/E 38.4x 29.7x 31x 40.2x 35.2x 35.9x 26.5x 21.9x
PBR 8.42x 4.23x 7.17x 7.32x 6.33x 8.25x 6.59x 5.25x
PEG - -1.4x 0.3x -4.73x 6.04x 0.6x 0.7x 1.1x
Capitalization / Revenue 11x 4.76x 8.78x 9.33x 7.97x 9.8x 7.59x 6.43x
EV / Revenue 10.7x 4.6x 8.54x 9.03x 7.65x 9.42x 7.16x 5.89x
EV / EBITDA 31.5x 14.7x 27x 26.5x 20.4x 24.5x 18.2x 14.9x
EV / EBIT 37.6x 17.5x 32.2x 32.4x 25.4x 29x 21x 17x
EV / FCF 59.9x 25.2x 38.7x 36.3x 28.8x 50.3x 28.8x 23.4x
FCF Yield 1.67% 3.97% 2.59% 2.76% 3.47% 1.99% 3.48% 4.27%
Dividend per Share 2 2.5 2.5 2.75 3 3.25 4.063 4.987 5.827
Rate of return 0.64% 1.06% 0.59% 0.54% 0.63% 0.49% 0.6% 0.7%
EPS 2 10.11 7.93 15.18 13.89 14.7 23.13 31.38 37.91
Distribution rate 24.7% 31.5% 18.1% 21.6% 22.1% 17.6% 15.9% 15.4%
Net sales 1 1,730 2,411 2,634 2,933 3,173 4,148 5,356 6,327
EBITDA 1 587 754.9 834.6 997.9 1,189 1,598 2,107 2,503
EBIT 1 491.5 632.4 699.5 816.3 956.9 1,350 1,829 2,195
Net income 1 494.7 389.1 752.1 685.8 723.7 1,125 1,503 1,788
Net Debt 1 -475.6 -400.7 -614.6 -902.9 -1,027 -1,569 -2,338 -3,422
Reference price 2 388.70 235.65 469.95 558.80 517.60 830.20 830.20 830.20
Nbr of stocks (in thousands) 48,763 48,740 49,191 48,992 48,875 48,982 - -
Announcement Date 2/22/22 A 2/28/23 A 2/27/24 A 2/25/25 A 3/3/26 A - - -
1EUR in Million2EUR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
34.62x10.47x30.37x0.43% 362B
61.76x9.05x47.96x0.15% 68.58B
62.61x18.35x80.45x0.13% 47.63B
35.9x9.42x24.46x0.49% 47.2B
29.93x9.43x19.76x1.32% 36.71B
67.74x20.39x77.5x0.15% 26.78B
35.89x3.37x10.27x0.43% 25.76B
75.84x14.79x71.6x0.33% 19.73B
70.58x18.72x66.46x0.19% 17.51B
Average 52.76x 12.67x 47.65x 0.4% 72.46B
Weighted average by Cap. 42.97x 11.24x 38.21x 0.41%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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