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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 20.4x - 22.6x | 21.5x |
| Selected Fwd EBIT Multiple | 16.0x - 17.7x | 16.8x |
| Fair Value | €87.74 - €97.21 | €92.48 |
| Upside | 37.8% - 52.7% | 45.3% |
| Benchmarks | Ticker | Full Ticker |
| H. Lundbeck A/S | HLUN A | CPSE:HLUNA |
| Eli Lilly and Company | LLY | SWX:LLY |
| GSK plc | GS71 | DB:GS71 |
| Merck & Co., Inc. | 6MK | DB:6MK |
| Roche Holding AG | RO | SWX:RO |
| Novo Nordisk A/S | NOV | XTRA:NOV |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| HLUN A | LLY | GS71 | 6MK | RO | NOV | ||
| CPSE:HLUNA | SWX:LLY | DB:GS71 | DB:6MK | SWX:RO | XTRA:NOV | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 3.7% | 23.9% | -5.5% | 18.5% | -1.4% | 21.7% | |
| 3Y CAGR | 25.1% | 28.4% | 3.2% | 21.5% | -1.1% | 33.2% | |
| Latest Twelve Months | 22.2% | 62.2% | -26.4% | 55.8% | 10.3% | 33.6% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 16.3% | 30.6% | 24.9% | 31.2% | 31.2% | 43.7% | |
| Prior Fiscal Year | 18.0% | 31.6% | 27.7% | 26.6% | 29.4% | 45.1% | |
| Latest Fiscal Year | 19.9% | 38.9% | 19.7% | 38.8% | 31.4% | 48.2% | |
| Latest Twelve Months | 19.9% | 38.9% | 19.7% | 38.8% | 31.4% | 48.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.14x | 17.06x | 2.27x | 3.83x | 4.16x | 7.63x | |
| EV / LTM EBITDA | 7.6x | 39.9x | 8.6x | 8.4x | 11.4x | 15.1x | |
| EV / LTM EBIT | 10.8x | 43.9x | 11.5x | 9.9x | 13.2x | 15.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 9.9x | 11.5x | 43.9x | ||||
| Historical EV / LTM EBIT | 15.8x | 29.2x | 33.0x | ||||
| Selected EV / LTM EBIT | 20.4x | 21.5x | 22.6x | ||||
| (x) LTM EBIT | 139,879 | 139,879 | 139,879 | ||||
| (=) Implied Enterprise Value | 2,858,195 | 3,008,626 | 3,159,057 | ||||
| (-) Non-shareholder Claims * | (73,802) | (73,802) | (73,802) | ||||
| (=) Equity Value | 2,784,393 | 2,934,824 | 3,085,255 | ||||
| (/) Shares Outstanding | 4,439.1 | 4,439.1 | 4,439.1 | ||||
| Implied Value Range | 627.25 | 661.14 | 695.03 | ||||
| FX Rate: DKK/EUR | 7.5 | 7.5 | 7.5 | Market Price | |||
| Implied Value Range (Trading Cur) | 84.07 | 88.61 | 93.16 | 63.65 | |||
| Upside / (Downside) | 32.1% | 39.2% | 46.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | HLUN A | LLY | GS71 | 6MK | RO | NOV | |
| Enterprise Value | 46,162 | 782,055 | 71,796 | 248,618 | 271,701 | 2,181,847 | |
| (+) Cash & Short Term Investments | 4,664 | 3,434 | 4,326 | 13,689 | 17,333 | 26,308 | |
| (+) Investments & Other | 67 | 3,267 | 1,232 | 1,610 | 858 | 2,677 | |
| (-) Debt | (16,693) | (34,911) | (16,986) | (38,270) | (36,379) | (102,787) | |
| (-) Other Liabilities | 0 | (80) | 585 | (59) | (4,394) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 34,200 | 753,765 | 60,953 | 225,588 | 249,119 | 2,108,045 | |
| (/) Shares Outstanding | 1,128.7 | 898.0 | 4,076.8 | 2,526.0 | 795.4 | 4,439.1 | |
| Implied Stock Price | 30.30 | 839.39 | 14.95 | 89.31 | 313.20 | 474.89 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.13 | 0.84 | 1.08 | 1.00 | 7.46 | |
| Implied Stock Price (Trading Cur) | 30.30 | 740.00 | 17.88 | 82.50 | 313.20 | 63.65 | |
| Trading Currency | DKK | CHF | EUR | EUR | CHF | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.13 | 0.84 | 1.08 | 1.00 | 7.46 | |