KLA Corporation (KLAC)

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
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
KLAC	19	KLA Corporation	12,524	33.54	26.45	26.47	21.42	27.31	22.47
0HFN.L	20	Analog Devices, In	11,020	50.69	44.78	24.06	20.61	32.01	36.08
601012.SS	21	LONGi Green Energy	10,631	-	-	-	-	-	-
6723.T	22	Renesas Electronic	8,109	-	-	9.82	8.54	14.16	17.70
MRVL	23	Marvell Technology	7,793	32.62	29.43	18.87	15.00	57.63	71.49
3132.T	24	Macnica Fuji Elect	6,806	15.50	12.27	9.93	8.22	11.16	8.63
GFS	25	GLOBALFOUNDRIES In	6,791	-	-	9.34	9.34	25.45	-
AMKR	26	Amkor Technology,	6,449	22.81	22.85	6.76	6.53	11.66	17.78
6857.T	27	Advantest Corporat	6,278	40.88	29.51	26.62	18.80	24.22	18.45

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	28.53	27.55	9.98	9.46	22.35	18.12
Full Range Median Multiple	32.62	29.43	11.93	10.86	24.22	20.14
Industry Multiple	32.59	29.70	14.52	12.64	24.96	29.46
Market Implied Multiple	48.76	38.44	38.15	30.87	39.36	32.38
Company (KLAC) Multiple	33.54	26.45	26.47	21.42	27.31	22.47
(*) Net Income / EBITDA / Revenue	4,237	5,374	5,518	6,819	5,349	6,501
Winsorized Enterprise Value	N/A	N/A	55,071	64,512	119,563	117,772
Full Range Median Enterprise Value	N/A	N/A	65,835	74,023	129,543	130,930
(-) Net Debt	3,939	3,939	3,939	3,939	3,939	3,939
Winsorized Equity Value	120,866	148,058	51,132	60,573	115,624	113,833
Full Range Median Equity Value	138,224	158,167	61,896	70,084	125,605	126,991
(/) Shares Outstanding	132	132	132	132	132	132
Winsorized Fair Value	$917.34	$1,123.72	$388.08	$459.73	$877.56	$863.96
Full Range Median Fair Value	$1,049.09	$1,200.45	$469.78	$531.92	$953.30	$963.83
Current Price	$1,567.82	$1,567.82	$1,567.82	$1,567.82	$1,567.82	$1,567.82
Upside / Downside	-41.49%	-28.33%	-75.25%	-70.68%	-44.03%	-44.89%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$642.14	$786.60	$271.66	$321.81	$614.29	$604.77
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy