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Market Data & Valuation
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ItemValue
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Current Share Price (€)793.7
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Shares Outstanding (mn)393
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Market Cap (€b)€312bn
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Net Debt (2024) (€b)(€3.9bn)
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Enterprise Value (€b)€308.1bn
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Risk-Free Rate3.00%
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Equity Risk Premium5.50%
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Beta (Levered, 5Y)1.1
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Cost of Equity9.05%
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Cost of Debt (Pre-Tax)3.50%
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Tax Rate18.50%
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After-Tax Cost of Debt2.85%
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Weight of Debt (D/V)12.00%
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Weight of Equity (E/V)88.00%
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WACC7.68%
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Operational Assumptions
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Item2021A–2024A2025E-2029E
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Revenue Growth (YoY)16.87%13.10%
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EBIT Margin30.20%30.65%
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Depreciation (% of Revenue)
7.62%7.82%
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CapEx (% of Revenue)9.96%10.18%
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Change in Working Capital (% of Revenue)
6.26%5.78%
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Tax Rate17.22%18.06%
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Dividend Payout Ratio34.01%34.37%
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Revenue CAGR 16.46%12.47%
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FCF Conversion (% of EBIT)74.80%68.91%
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DCF & Valuation Assumptions
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ItemValue
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Forecast Period2025–2029
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Terminal Growth Rate2.00%
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WACC7.68%
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Net Debt (2024) (€bn)(€3.9bn)
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Cash (2024) (€bn)6,050
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Shares Outstanding (mn)393
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Valuation Date31-Dec-24
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Peer Comparables
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CompanyEV/EBITDA (x)P/E (x)Dividend Yield (%)
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TSMC~12.0×~23×~1.9%
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Lam Research (LRCX)~14.0×~26×~1.4%
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Applied Materials (AMAT)~13.0×~25×~1.2%
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KLA Corp (KLAC)~15.0×~27×~1.1%
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ASML (Median)~13.5×~25×~1.4%
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Macro Assumptions
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Item20252025E - 2029E
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Global GDP Growth~3.0%~2.8% (avg)
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Eurozone Inflation~2.5%~2.0%
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Semiconductor Market Growth
~13%~10%
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EUR/USD FX Rate1.071.1
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