MKS Inc. (MKSI)

Industry: Hardware, Equipment & Parts 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
1478.HK	52	Q Technology (Grou	4,547	13.90	12.45	6.60	5.23	6.90	6.89
0732.HK	53	Truly Internationa	4,404	6.34	8.61	2.39	2.53	7.68	-
FN	54	Fabrinet	4,382	36.88	29.84	29.07	23.80	33.28	29.82
V03.SI	55	Venture Corporatio	4,213	6.74	6.09	3.30	3.06	2.85	2.36
PLXS	56	Plexus Corp.	4,033	22.29	20.64	13.42	12.70	17.52	17.40
3037.TW	57	Unimicron Technolo	3,998	72.20	77.29	9.84	8.88	39.56	47.21
0QHK.L	58	SeSa S.p.A.	3,862	16.27	14.92	4.17	3.49	7.57	5.05
MKSI	59	MKS Inc.	3,831	29.86	29.82	9.04	7.99	14.37	14.28
600183.SS	60	Shengyi Technology	3,727	46.54	42.14	32.52	29.56	24.90	33.25
ST	61	Sensata Technologi	3,700	-	-	10.38	10.04	14.25	13.68
TRMB	62	Trimble Inc.	3,601	53.77	57.24	29.39	28.74	30.70	33.45
SXS.L	63	Spectris plc	3,586	11.44	10.97	11.48	11.78	38.12	14.21
7701.T	64	Shimadzu Corporati	3,496	19.24	17.24	10.30	9.43	12.09	11.58
002841.SZ	65	Guangzhou Shiyuan	3,312	30.08	33.70	33.50	38.00	15.40	35.16
000062.SZ	66	Shenzhen Huaqiang	3,311	97.63	111.70	40.24	42.03	30.77	62.36
0710.HK	67	BOE Varitronix Lim	3,299	6.19	5.91	2.28	2.08	3.48	3.16

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	17.75	16.08	10.30	9.43	14.25	13.95
Full Range Median Multiple	20.77	18.94	10.38	10.04	15.40	15.81
Industry Multiple	31.39	32.05	15.93	15.42	19.01	22.54
Market Implied Multiple	49.21	49.14	15.19	13.43	24.15	23.99
Company (MKSI) Multiple	29.86	29.82	9.04	7.99	14.37	14.28
(*) Net Income / EBITDA / Revenue	279	279	878	993	552	556
Winsorized Enterprise Value	N/A	N/A	9,047	9,359	7,867	7,750
Full Range Median Enterprise Value	N/A	N/A	9,115	9,966	8,503	8,784
(-) Net Debt	-396	-396	-396	-396	-396	-396
Winsorized Equity Value	4,953	4,493	9,443	9,755	8,263	8,146
Full Range Median Equity Value	5,794	5,291	9,511	10,362	8,899	9,180
(/) Shares Outstanding	67	67	67	67	67	67
Winsorized Fair Value	$73.60	$66.76	$140.31	$144.94	$122.77	$121.04
Full Range Median Fair Value	$86.09	$78.62	$141.32	$153.96	$132.23	$136.40
Current Price	$203.99	$203.99	$203.99	$203.99	$203.99	$203.99
Upside / Downside	-63.92%	-67.27%	-31.22%	-28.95%	-39.81%	-40.66%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$51.52	$46.73	$98.21	$101.46	$85.94	$84.73
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy