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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 12.4x - 13.7x | 13.1x |
| Selected Fwd EBIT Multiple | 9.6x - 10.6x | 10.1x |
| Fair Value | €23.35 - €28.57 | €25.96 |
| Upside | 5.0% - 28.4% | 16.7% |
| Benchmarks | Ticker | Full Ticker |
| Boston Scientific Corporation | BSX | DB:BSX |
| Merit Medical Systems, Inc. | MM3 | DB:MM3 |
| Edwards Lifesciences Corporation | EWL | DB:EWL |
| Lantheus Holdings, Inc. | 0L8 | DB:0L8 |
| Becton, Dickinson and Company | BOX | DB:BOX |
| Guerbet SA | 4G8 | DB:4G8 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| BSX | MM3 | EWL | 0L8 | BOX | 4G8 | ||
| DB:BSX | DB:MM3 | DB:EWL | DB:0L8 | DB:BOX | DB:4G8 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 10.4% | 29.9% | 3.6% | 53.9% | -0.5% | -1.6% | |
| 3Y CAGR | 18.1% | 23.6% | -2.3% | NM- | 0.7% | 7.4% | |
| Latest Twelve Months | 24.6% | 8.2% | -2.8% | -4.4% | 24.1% | 24.6% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 15.9% | 9.3% | 30.2% | 14.0% | 14.4% | 5.7% | |
| Prior Fiscal Year | 17.0% | 10.4% | 29.7% | 38.1% | 14.2% | 4.9% | |
| Latest Fiscal Year | 17.9% | 11.7% | 27.2% | 29.1% | 14.3% | 5.7% | |
| Latest Twelve Months | 18.3% | 11.6% | 28.0% | 28.5% | 16.4% | 5.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 8.98x | 3.86x | 7.49x | 2.32x | 3.47x | 0.72x | |
| EV / LTM EBITDA | 35.3x | 19.6x | 24.5x | 7.2x | 12.5x | 6.2x | |
| EV / LTM EBIT | 49.0x | 33.2x | 26.8x | 8.2x | 21.2x | 12.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 8.2x | 26.8x | 49.0x | ||||
| Historical EV / LTM EBIT | 12.5x | 13.9x | 15.5x | ||||
| Selected EV / LTM EBIT | 12.4x | 13.1x | 13.7x | ||||
| (x) LTM EBIT | 49 | 49 | 49 | ||||
| (=) Implied Enterprise Value | 606 | 638 | 670 | ||||
| (-) Non-shareholder Claims * | (331) | (331) | (331) | ||||
| (=) Equity Value | 275 | 307 | 339 | ||||
| (/) Shares Outstanding | 12.6 | 12.6 | 12.6 | ||||
| Implied Value Range | 21.81 | 24.34 | 26.87 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 21.81 | 24.34 | 26.87 | 22.25 | |||
| Upside / (Downside) | -2.0% | 9.4% | 20.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | BSX | MM3 | EWL | 0L8 | BOX | 4G8 | |
| Enterprise Value | 164,811 | 5,471 | 42,537 | 3,557 | 74,510 | 611 | |
| (+) Cash & Short Term Investments | 534 | 342 | 4,062 | 696 | 757 | 50 | |
| (+) Investments & Other | 626 | 0 | 358 | 45 | 0 | 11 | |
| (-) Debt | (12,027) | (821) | (703) | (615) | (19,341) | (395) | |
| (-) Other Liabilities | (235) | 0 | (61) | 0 | 0 | 3 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 153,709 | 4,992 | 46,193 | 3,682 | 55,926 | 280 | |
| (/) Shares Outstanding | 1,481.8 | 59.2 | 587.1 | 68.0 | 286.6 | 12.6 | |
| Implied Stock Price | 103.73 | 84.30 | 78.68 | 54.15 | 195.12 | 22.25 | |
| FX Conversion Rate to Trading Currency | 1.17 | 1.17 | 1.17 | 1.17 | 1.17 | 1.00 | |
| Implied Stock Price (Trading Cur) | 88.60 | 72.00 | 67.20 | 46.25 | 166.65 | 22.25 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.17 | 1.17 | 1.17 | 1.17 | 1.17 | 1.00 | |