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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 2.6x - 2.9x | 2.8x |
| Selected Fwd Revenue Multiple | 2.5x - 2.7x | 2.6x |
| Fair Value | €39.90 - €45.84 | €42.87 |
| Upside | 4.7% - 20.3% | 12.5% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| PharmaSGP Holding SE | PSG | XTRA:PSG |
| Bayer Aktiengesellschaft | BAYN | XTRA:BAYN |
| Merck KGaA | MRK | XTRA:MRK |
| MPH Health Care AG | 93M1 | XTRA:93M1 |
| Orion Oyj | OFK | DB:OFK |
| Dermapharm Holding SE | DMP | DB:DMP |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| PSG | BAYN | MRK | 93M1 | OFK | DMP | |||
| XTRA:PSG | XTRA:BAYN | XTRA:MRK | XTRA:93M1 | DB:OFK | DB:DMP | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 10.8% | 1.4% | 5.5% | -5.1% | 8.0% | 14.5% | ||
| 3Y CAGR | 16.9% | 1.9% | 2.4% | 116.7% | 14.0% | 12.5% | ||
| Latest Twelve Months | 16.9% | -2.2% | 0.8% | 284.9% | 29.6% | 0.2% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 24.9% | 16.4% | 19.5% | 92.7% | 25.5% | 21.7% | ||
| Prior Fiscal Year | 20.7% | 16.4% | 17.6% | 96.8% | 20.0% | 27.2% | ||
| Latest Fiscal Year | 24.4% | 11.7% | 19.3% | 96.7% | 29.5% | 16.8% | ||
| Latest Twelve Months | 23.5% | 11.7% | 19.3% | 99.1% | 29.5% | 18.3% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 2.85x | 1.12x | 2.98x | 0.81x | 5.06x | 2.49x | ||
| EV / LTM EBIT | 12.1x | 9.5x | 15.4x | 0.8x | 17.2x | 13.6x | ||
| Price / LTM Sales | 2.57x | 0.48x | 2.68x | 0.80x | 4.98x | 1.71x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.81x | 2.85x | 5.06x | |||||
| Historical EV / LTM Revenue | 2.43x | 3.85x | 5.87x | |||||
| Selected EV / LTM Revenue | 2.61x | 2.75x | 2.89x | |||||
| (x) LTM Revenue | 1,174 | 1,174 | 1,174 | |||||
| (=) Implied Enterprise Value | 3,069 | 3,230 | 3,392 | |||||
| (-) Non-shareholder Claims * | (889) | (889) | (889) | |||||
| (=) Equity Value | 2,180 | 2,342 | 2,503 | |||||
| (/) Shares Outstanding | 53.8 | 53.8 | 53.8 | |||||
| Implied Value Range | 40.49 | 43.49 | 46.49 | |||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 40.49 | 43.49 | 46.49 | 38.10 | ||||
| Upside / (Downside) | 6.3% | 14.1% | 22.0% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | PSG | BAYN | MRK | 93M1 | OFK | DMP | |
| Enterprise Value | 324 | 52,012 | 63,097 | (236) | 7,787 | 2,940 | |
| (+) Cash & Short Term Investments | 38 | 8,087 | 3,075 | 7 | 206 | 119 | |
| (+) Investments & Other | 1 | 3,022 | 964 | 335 | 0 | 24 | |
| (-) Debt | (70) | (40,811) | (10,301) | (8) | (327) | (1,025) | |
| (-) Other Liabilities | 0 | (137) | (75) | 0 | 0 | (5) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 293 | 22,173 | 56,760 | 98 | 7,666 | 2,051 | |
| (/) Shares Outstanding | 12.0 | 982.4 | 434.8 | 4.3 | 140.5 | 53.8 | |
| Implied Stock Price | 24.40 | 22.57 | 130.55 | 22.80 | 54.56 | 38.10 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 24.40 | 22.57 | 130.55 | 22.80 | 54.56 | 38.10 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |