Applied Materials, Inc. (AMAT)

Industry: Semiconductors Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
214310.KS	3	SL Vionics Co Ltd	68,132	-	-	-	-	17.11	-
AVGO	4	Broadcom Inc.	63,887	74.18	49.18	51.56	41.18	58.76	47.84
INTC	5	Intel Corporation	53,439	809.33	2,075.23	14.07	17.12	50.12	-
QCOM	6	QUALCOMM Incorpora	44,284	32.70	32.28	13.04	11.45	16.32	13.45
ASME.DE	7	ASML Holding N.V.	37,824	33.89	27.51	25.84	20.95	32.24	22.86
MU	8	Micron Technology,	37,378	15.94	12.65	7.75	6.68	9.44	11.32
AMD	9	Advanced Micro Dev	32,027	78.43	60.17	42.23	31.05	50.86	76.76
AMAT	10	Applied Materials,	28,368	26.25	23.00	18.96	16.48	26.72	19.42
066310.KS	11	QSI Co Ltd	21,747	39.24	39.74	14.77	14.38	1,100.11	167.10
3711.TW	12	ASE Technology Hol	19,992	18.15	16.80	6.85	6.44	15.12	16.42
0JT5.L	13	Lam Research Corpo	19,592	28.53	24.31	23.34	20.24	22.35	21.83
TXN	14	Texas Instruments	17,266	33.12	33.03	21.93	21.00	26.72	29.36
IFX.DE	15	Infineon Technolog	17,215	42.02	34.33	13.83	12.13	26.69	26.41
148250.KS	16	RN2 Technologies C	16,768	-	-	5.53	5.89	-	-
STMMI.MI	17	STMicroelectronics	14,808	46.59	51.86	10.03	9.59	38.96	77.23
VNX.DE	18	NXP Semiconductors	14,143	27.55	27.55	16.36	14.60	18.36	12.13

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	33.12	32.28	13.95	13.25	24.52	22.35
Full Range Median Multiple	33.89	33.03	14.42	14.49	26.70	24.64
Industry Multiple	98.44	191.13	19.08	16.62	105.94	43.56
Market Implied Multiple	37.10	32.52	26.84	23.33	37.82	27.48
Company (AMAT) Multiple	26.25	23.00	18.96	16.48	26.72	19.42
(*) Net Income / EBITDA / Revenue	6,998	7,985	9,650	11,102	6,848	9,423
Winsorized Enterprise Value	N/A	N/A	134,637	147,131	167,921	210,576
Full Range Median Enterprise Value	N/A	N/A	139,154	160,887	182,873	232,150
(-) Net Debt	-686	-686	-686	-686	-686	-686
Winsorized Equity Value	231,755	257,748	135,323	147,817	168,607	211,262
Full Range Median Equity Value	237,174	263,731	139,840	161,573	183,559	232,836
(/) Shares Outstanding	794	794	794	794	794	794
Winsorized Fair Value	$291.88	$324.62	$170.43	$186.17	$212.35	$266.07
Full Range Median Fair Value	$298.71	$332.16	$176.12	$203.49	$231.18	$293.24
Current Price	$327.01	$327.01	$327.01	$327.01	$327.01	$327.01
Upside / Downside	-10.74%	-0.73%	-47.88%	-43.07%	-35.06%	-18.63%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$204.32	$227.23	$119.30	$130.32	$148.65	$186.25
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy