Q2 2017 Semiconductor Sector Summary - GCA Advisors

5.40

7.90

0.0

1.50

12.20 12.20 0 0.20 0.20

Q2 2017 Semiconductor Sector Summary

July 2017

5.40

7.90

0.0

1.50

12.20 12.20 0 0.20 0.20

2

5.40

7.90

0.0

1.50

12.20 12.20 0 0.20 0.20

2 2 2

DEAL DASHBOARD

Notes: Source: Capital IQ and 451 Group. Q2 financial information as of 6/30/2017. (1) Criteria based on global semiconductor transactions announced during the first two quarters with transaction values greater than or equal to $20MM. (2) PHLX Semiconductor Sector Index (^SOX), used as a proxy for the semiconductor landscape. Top holdings in the ETF include NVDA, QCOM and TXN. (3) Criteria based on global public semiconductor transactions announced during the first two quarters with transaction values greater than or equal to $20MM.

Semiconductor

$3.1 Billion 10

Q2 2017 M&A Volume (1) Q2 2017 M&A Transactions (1)

Quarterly M&A Volume ($MM) (1) Quarterly M&A Deal Count (1) Top M&A Transactions - 2017 YTD

Acquirer Target EV ($MM)

$15,004

1,833

557

Zhejiang

Wansheng

Jiangxin Zhiben

Technology546

527

456

LTM Semiconductor Performance vs. SPX (2) M&A EV / NTM Revenue Over Time (3)

1.7x

2.4x 2.4x 2.5x

4.5x

7.0x

0.0x

2.0x

4.0x

6.0x

8.0x

2012 2013 2014 2015 2016 2017 YTD

15

20

12

18

13

89

10

0

5

10

15

20

25

Q3' 15 Q4' 15 Q1' 16 Q2' 16 Q3' 16 Q4' 16 Q1' 17 Q2' 17

$2,110

$12,320

$6,494 $7,430

$51,522

$59,211

$17,021

$3,087

$0

$10,000

$20,000

$30,000

$40,000

$50,000

$60,000

Q3' 15 Q4' 15 Q1' 16 Q2' 16 Q3' 16 Q4' 16 Q1' 17 Q2' 17

(10%)

0%

10%

20%

30%

40%

50%

60%

Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17 Jul-17

50.5%

13.9%

^SOX ^SPX

5.40

7.90

0.0

1.50

12.20 12.20 0 0.20 0.20

3

5.40

7.90

0.0

1.50

12.20 12.20 0 0.20 0.20

3 3 3

GCA OVERVIEW Semiconductor Team

*Aki Watanabe is a Representative Director, Akikazu Ida is a Managing Director and Shohei Taniguchi is a Director at GCA Corporation. **Tobias Schultheiss and Sascha Pfieffer are Managing Directors at GCA Altium Limited, a wholly-owned subsidiary of GCA Corporation. ***Alex Grunwald is a Managing Director at GCA Altium Limited, a wholly-owned subsidiary of GCA Corporation.

Kamal Ahmed Clark Callander Geoff Baldwin Alex Vitale Kevin WalshManaging Director Co-Head of Investment Banking Co-President & CEO Managing Director Managing Director

Phone: (415) 318-3622 Phone: (415) 318-3680 Phone: (415) 318-3640 Phone: (415) 318-3618 Phone: (415) 318-3629

Mobile: (650) 213-2139 Mobile: (415) 515-2468 Mobile: (415) 867-9366 Mobile: (650) 799-7674 Mobile: (415) 816-1394

[email protected] [email protected] [email protected] [email protected] [email protected]

Shingo Yatsui Arthur Stein Aki Watanabe* Akikazu "Kaz" Ida* Shohei Taniguchi*Director Vice President Representative Director Managing Director Director

Phone: (415) 318-3642 Phone: (415) 318-3662 Phone: +81 (3) 6212-7102 Phone: +81 (3) 6212-7241 Phone: +81 (3)-6212-7236

Mobile: (650) 906-8665 Mobile: (415) 515-0820 Mobile: +81 (80)-3453-4181 Mobile: +81 (80) 9027-3023 Mobile: +81 (80)-9027-3010

[email protected] [email protected] [email protected] [email protected] [email protected]

Tobias Schultheiss** Sascha Pfieffer** Alex Grunwald***Managing Director Managing Director Managing Director

Phone: +49 69 20 434 6416 Phone: +49 69 20 434 6415 Phone: +41 43 499 43 47

Mobile: +49 160 534 6278 Mobile: +49 177 741 5643 Mobile: +41 79 620 00 93

[email protected] [email protected] [email protected]

Tokyo

11-1 Marunouchi 1-chome Chiyoda-ku, Tokyo 100-6230

Japan Phone: +81 (3) 6212-7100

San Francisco

One Maritime Plaza, 25th Fl. San Francisco, CA 94111

United States Phone: (415) 318-3600

Frankfurt

Thurn-und-Taxis-Platz 6 60313 Frankfurt

Germany Phone: +49 69 204 34 6410

Zurich

Dufourstrasse 60 8702 Zollikon Switzerland

Phone: +41 (0) 43 499 43 43

5.40

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4

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4 4 4

MARKET SUMMARY

Automotive(1) Consumer(2)

Datacenter(3) Diversified(4)

Notes: (1) Automotive: Elmos, Infineon, Melexis NV, Renesas, u-blox Holding. (2) Consumer: Advanced Micro Devices, Ambarella, ams AG, Cirrus Logic, Dialog, Diodes, Intel, Knowles, Marvell, MaxLinear, Nordic, NVIDIA, Qorvo, Qualcomm, ROHM, Skyworks

Solutions, Synaptics. (3) Datacenter: Cavium, Inphi, Macom, Mellanox. (4) Diversified: Analog Devices, Broadcom, Integrated Device Technology, Lattice, Maxim Integrated Products, Microchip Technology, Microsemi, Monolithic Power Systems, NXP,

ON Semiconductor, Power Integrations, Semtech, Silicon Laboratories, STMicroelectronics, Texas Instruments, Xilinx.

Industry Stock Market Performance

Last Twelve Months Last Three Years

Indexed Performance Over Time

Sector 3 Months 1 Year 3 Years

Automotive (2.9%) 50.9% 45.2%

Consumer 4.8% 25.9% 18.3%

Datacenter (7.3%) 31.9% 66.6%

Diversified 3.9% 41.6% 74.9%

(50%)

(25%)

0%

25%

50%

75%

100%

Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17

(10%)

0%

10%

20%

30%

40%

50%

60%

70%

80%

Jul-16 Oct-16 Jan-17 Apr-17 Jul-17

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MARKET SUMMARY Multiples and Margins

Notes: Source: Capital IQ. Values presented are the medians for their respective sub-sector.

CY 2017E EV / Revenue CY 2017E EV / EBITDA

CY 2017E Revenue Growth LTM Gross Margin (%)

4.5x 4.4x

2.8x 2.7x

0.0x

1.0x

2.0x

3.0x

4.0x

5.0x

Diversified Datacenter Consumer Automotive

13.8x

12.2x 10.8x

9.7x

0.0x

6.0x

12.0x

18.0x

Datacenter Diversified Automotive Consumer

37.0%

21.9%

13.7% 11.0%

0.0%

10.0%

20.0%

30.0%

40.0%

Datacenter Automotive Consumer Diversified

59.3% 59.1%

49.2%

43.2%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

Datacenter Diversified Consumer Automotive

5.40

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6

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6 6 6

MARKET SUMMARY

Notes: Source: Capital IQ and Capital IQ estimates. Multiples <0 or >50 considered NM.

Semiconductor Trading Statistics ($MM, Except Per Share Data)

Stock Trading Statistics Operating Metrics

Price Equity Net Enterprise EV / Revenue EV / EBITDA Price / EPS CY Rev. Growth Gross Margin

6/30/2017 Value Debt Value CY 17E CY 18E CY 17E CY 18E CY 17E CY 18E 17E/16A 18E/17E LTM CY 17E

Automotive

Infineon Technologies AG $21.09 $23,814 ($34) $23,780 2.9x 2.7x 10.8x 9.8x 19.7x 17.2x 20.3% 5.8% 36.4% NA

Renesas Electronics Corporation $8.72 14,529 (1,690) 12,840 1.9 1.9 8.6 7.9 21.1 17.9 65.0% 1.7% 43.0% 44.3%

Melexis NV $82.03 3,286 (82) 3,203 5.5 5.1 17.7 15.9 26.7 23.9 21.9% 8.5% 45.9% 45.8%

u-blox Holding AG $187.67 1,300 (96) 1,204 2.7 2.3 12.4 10.4 25.2 21.5 24.9% 16.5% 46.4% 46.8%

ELMOS Semiconductor AG $22.00 438 (9) 429 1.5 1.4 7.0 6.5 20.5 17.8 18.9% 5.3% 43.2% 42.7%

Mean 2.9x 2.7x 11.3x 10.1x 22.6x 19.7x 30.2% 7.6% 43.0% 44.9%

Median 2.7 2.3 10.8 9.8 21.1 17.9 21.9% 5.8% 43.2% 45.1%

($MM, Except Per Share Data)




Consumer

Intel Corporation $33.74 $158,882 $8,456 $167,338 2.8x 2.7x 6.8x 6.4x 12.6x 11.4x 2.3% 2.4% 61.8% 63.0%

NVIDIA Corporation $144.56 86,013 (3,998) 82,015 9.9 8.8 29.3 24.8 41.1 35.5 20.0% 12.5% 59.3% 59.0%

QUALCOMM Incorporated $55.22 81,584 1,955 83,539 3.7 3.5 10.0 9.5 13.6 13.1 (5.3%) 5.1% 59.8% NA

Skyworks Solutions, Inc. $95.95 17,705 (1,407) 16,298 4.3 4.0 9.7 8.8 14.5 13.0 15.3% 9.0% 50.5% NA

Advanced Micro Devices, Inc. $12.48 11,794 465 12,259 2.5 2.3 40.3 22.6 NM 44.3 13.7% 11.2% 24.0% 33.7%

Marvell Technology Group Ltd. $16.52 8,303 (1,649) 6,654 2.8 2.7 9.7 9.0 14.9 13.5 0.3% 2.7% 57.5% 60.7%

ROHM Co., Ltd. $76.82 8,126 (2,758) 5,368 1.6 1.6 7.0 6.1 31.4 23.2 14.8% 3.1% 33.2% NA

Qorvo, Inc. $63.32 8,053 444 8,497 2.8 2.5 8.4 6.8 12.6 9.5 1.8% 13.3% 37.4% NA

ams AG $64.98 5,284 289 5,573 5.2 3.9 19.1 11.4 34.2 16.8 85.5% 31.3% 49.6% 46.5%

Cirrus Logic, Inc. $62.72 4,040 (391) 3,649 2.3 2.1 8.3 7.9 14.0 13.0 11.9% 9.2% 49.2% NA

Dialog Semiconductor Plc $42.65 3,117 (723) 2,394 1.7 1.5 8.0 6.8 19.3 15.3 14.9% 12.9% 45.8% 46.1%

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MARKET SUMMARY


Semiconductor Trading Statistics (cont’d) ($MM, Except Per Share Data)




Consumer (cont'd)

MaxLinear, Inc. $27.89 $1,826 ($153) $1,673 3.7x 2.9x 12.5x 8.7x 19.1x 14.6x 18.1% 25.0% 60.8% 61.3%

Synaptics Incorporated $51.71 1,786 290 2,076 1.2 1.2 8.0 7.9 9.9 9.5 13.8% (0.8%) 31.3% NA

Ambarella, Inc. $48.55 1,629 (420) 1,209 3.9 3.4 13.8 12.1 23.4 20.4 0.1% 14.5% 66.0% 62.5%

Knowles Corporation $16.92 1,510 237 1,746 1.9 1.8 9.7 8.8 17.0 14.3 5.1% 5.9% 38.9% 38.7%

Diodes Incorporated $24.03 1,162 119 1,281 1.3 1.2 7.3 6.6 19.2 15.9 7.7% 4.4% 30.8% 32.6%

Nordic Semiconductor ASA $3.96 640 (8) 632 2.7 2.3 20.3 12.2 46.7 22.1 22.5% 19.0% 46.6% 47.5%

Mean 3.2x 2.9x 13.4x 10.4x 21.5x 18.0x 14.3% 10.6% 47.2% 50.2%

Median 2.8 2.5 9.7 8.8 18.1 14.6 13.7% 9.2% 49.2% 47.5%





Datacenter

Cavium, Inc. $62.13 $4,217 $511 $4,729 4.9x 4.3x 13.8x 11.5x 22.4x 17.5x 61.5% 12.0% 48.1% 65.4%

MACOM Technology Solutions Holdings, Inc. $55.77 3,560 449 4,009 5.1 4.5 15.6 12.8 19.9 16.2 36.2% 13.3% 52.5% NA

Mellanox Technologies, Ltd. $43.30 2,152 (102) 2,049 2.3 2.1 9.2 8.0 18.7 13.7 2.4% 13.3% 66.1% 71.1%

Inphi Corporation $34.30 1,447 12 1,459 4.0 3.2 13.8 10.3 21.0 14.5 37.7% 24.4% 66.2% 70.9%

Mean 4.1x 3.5x 13.1x 10.6x 20.5x 15.5x 34.5% 15.8% 58.2% 69.1%

Median 4.4 3.8 13.8 10.9 20.5 15.3 37.0% 13.3% 59.3% 70.9%

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MARKET SUMMARY Semiconductor Trading Statistics (cont’d)






Diversified

Broadcom Limited $233.05 $94,756 $9,113 $103,869 5.8x 5.4x 8.4x 8.6x 14.4x 13.5x 15.7% 6.2% 61.3% NA

Texas Instruments Incorporated $76.93 76,647 309 76,956 5.4 5.2 12.0 11.4 18.8 18.2 7.9% 3.6% 62.2% 63.3%

NXP Semiconductors N.V. $109.45 36,879 4,271 41,150 4.6 4.4 13.2 11.8 17.6 15.3 (5.6%) 4.9% 48.1% 52.5%

Analog Devices, Inc. $77.80 28,553 6,705 35,259 6.5 6.2 14.0 12.6 17.4 16.5 52.9% 6.0% 66.1% NA

Microchip Technology Incorporated $77.18 17,705 1,648 19,353 5.2 5.0 12.2 11.2 15.8 14.9 19.4% 3.9% 57.0% NA

Xilinx, Inc. $64.32 15,956 (1,870) 14,086 5.7 5.4 17.7 16.4 26.8 23.4 7.1% 5.5% 69.9% NA

Maxim Integrated Products, Inc. $44.90 12,686 (1,164) 11,522 4.9 4.7 12.1 11.6 19.4 18.1 6.3% 4.1% 62.3% NA

STMicroelectronics N.V. $14.34 12,732 (518) 12,214 1.5 1.4 8.0 6.8 18.7 14.9 14.1% 6.6% 36.2% 38.2%

ON Semiconductor Corporation $14.04 5,907 2,531 8,438 1.6 1.6 7.3 6.7 10.9 9.4 36.7% 1.6% 35.4% 35.8%

Microsemi Corporation $46.80 5,404 1,841 7,245 4.0 3.8 11.3 10.5 11.8 10.8 4.1% 4.8% 63.3% NA

Monolithic Power Systems, Inc. $96.40 3,978 (279) 3,699 8.1 7.0 25.3 20.4 33.8 27.4 17.4% 15.5% 54.4% 55.6%

Integrated Device Technology, Inc. $25.79 3,430 (119) 3,311 4.2 3.7 13.8 11.4 18.0 14.7 5.5% 15.3% 58.7% NA

Silicon Laboratories Inc. $68.35 2,894 (289) 2,605 3.5 3.2 16.4 14.0 23.3 20.3 8.6% 8.0% 60.3% 59.1%

Semtech Corporation $35.75 2,350 (46) 2,304 3.7 3.4 11.4 9.7 19.3 16.3 13.4% 10.5% 59.5% 60.9%

Power Integrations, Inc. $72.90 2,165 (250) 1,915 4.4 3.9 20.4 16.6 25.7 21.2 13.3% 11.3% 48.8% 50.1%

Lattice Semiconductor Corporation $6.66 814 215 1,029 2.3 2.2 NA NA NM 18.0 2.0% 4.1% 57.5% 56.4%

Mean 4.5x 4.2x 13.6x 12.0x 19.4x 17.0x 13.7% 7.0% 56.3% 52.4%

Median 4.5 4.1 12.2 11.4 18.7 16.4 11.0% 5.7% 59.1% 55.6%

Overall:

Mean 3.7x 3.4x 12.7x 10.8x 20.9x 16.9x 20.2% 9.8% 52.0% 51.9%

Median 3.8 3.3 12.2 10.5 19.3 16.4 14.5% 7.3% 51.1% 50.1%

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9 9 9

RECENT ACQUISITIONS Select Semiconductor Transactions

Notes: Source: 451 Group and Capital IQ. Criteria based on global semiconductor transactions announced during the first two quarters with transaction values greater than or equal to $20MM.

($MM)

Announced Enterprise EV / Revenue

Date Acquirer Target Target Sector Value (EV) LTM NTM Target Description

06/29/2017 Semiconductors / FPGAs $28 NA NA Manufactures audiovisual (AV) FPGA chipsets for AV equipment providers.

06/19/2017Semiconductors /

Fabrication Equipment 40 NA NA

Designs and manufactures customized precision laser hardware and

software-enabled control and data collection systems for medical device

manufacturers.

06/12/2017Semiconductors / Design &

IP343 NA NA

Designs system on chip (SoC) semiconductors for use in digital imaging and

audio systems, video surveillance equipment and embedded modems for

computer and electronics manufacturers globally.

06/12/2017

(Multimedia Solutions Business)

Semiconductors / Design &

IP95 1.0x NA

The Multimedia Solutions Business of Marvell Technology Group which

provides media processors for use in video and audio equipment and smart

homes for consumers and businesses.

05/29/2017Zhejiang Wansheng

Co Ltd

Jiangxin Zhiben Shanghai

Technology

Semiconductors /

Foundry,

Manufacturing &

Assembly

546 NA NA Manufactures electronic transmitters, controllers, display converters and

chips for businesses.

05/18/2017

Semiconductors /

Electronic Components &

Subassemblies

32 1.1x 1.5x Manufactures video processing semiconductors for Blu-ray machines, set top

boxes and other video delivery and streaming devices.

05/02/2017

(Microwave Telecomm. Business)

Semiconductors /

Electronic Components &

Subassemblies

110 1.1x NA Provides electronic components, sub-assemblies, antennas and test systems

to companies that build wireless infrastructure.

04/26/2017

Semiconductors /

Foundry, Manufacturing &

Assembly

1,833 1.2x 1.0x Provides semiconductor manufacturing as well as video security, surveillance

and production systems for businesses globally.

04/25/2017

(Microelectronics Filtration Business)

Semiconductors /


Assembly

20 NA NA The microelectronics filtration product line is used to eliminate contaminants

in the manufacturing of semiconductors, microelectronics and disk drives.


Microwave Devices41 3.2x NA

Designs and manufactures high-value radio frequency, microwave and

millimeter wave sub-assemblies and components for the military, aerospace

and space sectors.

5.40

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10

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RECENT ACQUISITIONS Select Semiconductor Transactions (cont’d)

Notes: Source: 451 Group and Capital IQ. Criteria based on global semiconductor transactions announced during the first two quarters with transaction values greater than or equal to $20MM.

($MM)

Announced Enterprise EV / Revenue

Date Acquirer Target Target Sector Value (EV) LTM NTM Target Description

03/29/2017

Semiconductors /


Assembly

$456 2.9x 3.7x

Designs and manufactures analog and mixed-signal semiconductors for use

in storage networking, power management and network security

applications.


Photonics75 7.5x NA

Designs and manufactures vertical cavity surface-emitting diode lasers for

use in 3D depth cameras, LiDARs, IR illumination, and pumping of solid state

lasers.

03/13/2017Semiconductors / System-

on-Chip15,004 41.9x 30.1x

Manufactures the EyeQ platform which uses cameras, sensors and computer

vision systems to enable autonomous driving and driver assistance focused

on anti-collision.


Photonics150 NA NA

Manufactures quantum cascade lasers for use in molecular detection and

imaging systems.


Photonics210 3.6x 3.1x

Designs and manufactures semiconductor integrated circuits and related

software for networking, video encoding and compression.

02/08/2017

(G.hn Assets)


IP21 NA NA

The G.hn assets of Marvell designs networking transceiver chipsets for use in

in-home networking and high bandwidth broadband internet access.


Fabrication Equipment557 2.9x 2.6x

Provides semiconductor and electronic component lithography, laser-

processing, wafer processing, atomic layer deposition and packaging systems

for semiconductor manufacturers globally.

01/23/2017 Semiconductors / General 527 NA NA Manufactures semiconductors and components for OEMs in South Korea

and globally.

01/03/2017

(Surveillance Business)


IP22 NA NA

Faraday Technology's surveillance business designs ASIC and SoC

semiconductors for DVRs and IP cameras.

Mean 6.6x 7.0x

Median 2.9x 2.9x

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PERSPECTIVES ON CONSOLIDATION Semiconductor Industry Increasing Rate of Consolidation

Public Companies(1):

130


121


103


69 (7%) (15%) (33%)

10+ Years Ago

6 Years Ago

4 Years Ago

Today

$17.3BN

$18.2BN

$37BN $8BN $4.9BN

$3.6BN $3.6BN

$3.5BN

$18BN

Sponsors

$4.2BN

Notable Acquisitions Notable Acquisitions Notable Acquisitions

Notes: 10+, 6 and 4 years ago time periods represent data as of 1/1/2006, 1/1/2011 and 1/1/2013, respectively. “Today” represents data as of 6/30/2017. Deal values represent total transaction value, calculated as implied enterprise value plus cash per Capital IQ. (1) Represents U.S.-based public semiconductor companies with a market capitalization greater than $100MM.

$48BN

$31.5BN

$16BN $15.7BN

$7.1BN $15.4BN

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GCA OVERVIEW Deep Semiconductor Sector Expertise

$70MM

We advised the Buyer

Acquisition of Sale of Mass Flow

Controller and Related Product Lines to


$44MM

Sale of Semiconductors Encapsulating Materials

Business to

We advised the Seller

Undisclosed

Divestiture of

Instrumentation Division to


Undisclosed


Acquisition of

$1.1 Bn

Joint Venture Agreement with

We advised DNP

$1.1Bn

Acquisition of


$66MM

Acquired by


$63MM

Acquisition of


$850MM


Sale of Certain Assets of

DigitalOptics Micro-Optics Business to

$15MM

Divesture of Cleanroom Integrated

Solutions Business


Undisclosed

Acquired by


Undisclosed

We advised SuVolta

Strategic Investment &

License by

Undisclosed

Strategic Investment by

We advised IMI

$8MM


Semiconductor Business

Acquisition of

$140MM

Acquisition of


$400MM

Sale of IP Assets to


$65MM

Acquired by


Undisclosed


Sale of

to

Undisclosed

Acquisition of


Undisclosed


Acquired by

Undisclosed

Preferred

Stock

We advised the Issuer

Undisclosed

Sale of Communication Devices Business

to

We advised the Seller Undisclosed

Acquisition of Silicon Valley Tech Center from

We advised the Buyer $53MM

Acquired by


Undisclosed

Acquired by


Undisclosed

Acquired by


Undisclosed

Diode & LED Business


Undisclosed

Acquisition of Industrial

& Consumer Laser

Sale of IP Portfolio to


Undisclosed

Acquisition of

A wholly-owned subsidiary of

Zhuhai, China facility of

We advised the Buyer Undisclosed

Sale of Semiconductor Automatic Test

Equipment Assets to


$20MM


Sale of Extended Factory Business to

Undisclosed

Participation in IP License Sale by

We advised RPX

$525MM

Acquisition of Back-End Production

Facilities from

Undisclosed We advised the Buyer

Acquired by


Undisclosed

We Advised the Buyer

Acquisition of Timing Solutions Business

from

$35MM

http://j-devices.co.jp/index.html

http://am.renesas.com/index.jsp

Documents

Q2 2017 Semiconductor Sector Summary - GCA Advisors