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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 10.2x - 11.3x | 10.7x |
| Selected Fwd EBIT Multiple | 9.6x - 10.6x | 10.1x |
| Fair Value | $6.62 - $8.18 | $7.40 |
| Upside | 8.2% - 33.6% | 20.9% |
| Benchmarks | Ticker | Full Ticker |
| Merck KGaA | MRK | XTRA:MRK |
| Sanofi | SNW | XTRA:SNW |
| Ipsen S.A. | I7G | DB:I7G |
| Eli Lilly and Company | LLY | XTRA:LLY |
| Novo Nordisk A/S | NOV | XTRA:NOV |
| Bayer Aktiengesellschaft | BAYR.Y | OTCPK:BAYR.Y |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| MRK | SNW | I7G | LLY | NOV | BAYR.Y | ||
| XTRA:MRK | XTRA:SNW | DB:I7G | XTRA:LLY | XTRA:NOV | OTCPK:BAYR.Y | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 9.9% | 5.5% | 3.7% | 23.9% | 21.7% | -4.8% | |
| 3Y CAGR | -1.7% | 1.2% | -1.8% | 28.4% | 33.2% | -10.0% | |
| Latest Twelve Months | 10.4% | 9.2% | 8.8% | 62.2% | 33.6% | -30.1% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 19.5% | 21.2% | 28.2% | 30.6% | 43.7% | 16.4% | |
| Prior Fiscal Year | 17.6% | 19.8% | 23.3% | 31.6% | 45.1% | 16.4% | |
| Latest Fiscal Year | 19.3% | 20.0% | 23.5% | 38.9% | 48.2% | 11.7% | |
| Latest Twelve Months | 19.3% | 20.0% | 23.5% | 38.9% | 48.2% | 11.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.99x | 3.03x | 2.41x | 17.67x | 8.10x | 1.14x | |
| EV / LTM EBITDA | 10.9x | 11.5x | 7.2x | 41.3x | 16.0x | 5.8x | |
| EV / LTM EBIT | 15.5x | 15.2x | 10.2x | 45.5x | 16.8x | 9.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 10.2x | 15.5x | 45.5x | ||||
| Historical EV / LTM EBIT | -5.1x | 6.9x | 34.9x | ||||
| Selected EV / LTM EBIT | 10.2x | 10.7x | 11.3x | ||||
| (x) LTM EBIT | 5,448 | 5,448 | 5,448 | ||||
| (=) Implied Enterprise Value | 55,480 | 58,400 | 61,320 | ||||
| (-) Non-shareholder Claims * | (29,839) | (29,839) | (29,839) | ||||
| (=) Equity Value | 25,641 | 28,561 | 31,481 | ||||
| (/) Shares Outstanding | 3,916.4 | 3,916.4 | 3,916.4 | ||||
| Implied Value Range | 6.55 | 7.29 | 8.04 | ||||
| FX Rate: EUR/USD | 0.9 | 0.9 | 0.9 | Market Price | |||
| Implied Value Range (Trading Cur) | 7.04 | 7.84 | 8.64 | 6.12 | |||
| Upside / (Downside) | 15.0% | 28.1% | 41.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | MRK | SNW | I7G | LLY | NOV | BAYR.Y | |
| Enterprise Value | 61,489 | 131,614 | 8,555 | 775,786 | 2,296,196 | 52,130 | |
| (+) Cash & Short Term Investments | 3,075 | 7,556 | 679 | 3,434 | 26,308 | 8,087 | |
| (+) Investments & Other | 964 | 3,259 | 175 | 3,267 | 2,677 | 3,022 | |
| (-) Debt | (10,301) | (17,913) | (516) | (34,911) | (102,787) | (40,811) | |
| (-) Other Liabilities | (75) | (350) | (0) | (80) | 0 | (137) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 55,152 | 124,166 | 8,894 | 747,496 | 2,222,394 | 22,291 | |
| (/) Shares Outstanding | 434.8 | 1,224.0 | 82.2 | 897.6 | 4,439.1 | 3,916.4 | |
| Implied Stock Price | 126.85 | 101.44 | 108.20 | 832.80 | 500.65 | 5.69 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.08 | 7.46 | 0.93 | |
| Implied Stock Price (Trading Cur) | 126.85 | 101.44 | 108.20 | 774.50 | 67.10 | 6.12 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.08 | 7.46 | 0.93 | |