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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 25.4x - 28.1x | 26.7x |
Selected Fwd EBIT Multiple | 20.2x - 22.4x | 21.3x |
Fair Value | €157.48 - €176.36 | €166.92 |
Upside | 6.0% - 18.7% | 12.4% |
Benchmarks | Ticker | Full Ticker |
Regeneron Pharmaceuticals, Inc. | REGN | NasdaqGS:REGN |
Gilead Sciences, Inc. | GILD | NasdaqGS:GILD |
BioMarin Pharmaceutical Inc. | BMRN | NasdaqGS:BMRN |
Vertex Pharmaceuticals Incorporated | VRTX | NasdaqGS:VRTX |
ADMA Biologics, Inc. | ADMA | NasdaqGM:ADMA |
CSL Limited | CSJ | DB:CSJ |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
REGN | GILD | BMRN | VRTX | ADMA | CSJ | ||
NasdaqGS:REGN | NasdaqGS:GILD | NasdaqGS:BMRN | NasdaqGS:VRTX | NasdaqGM:ADMA | DB:CSJ | ||
Historical EBIT Growth | |||||||
5Y CAGR | 13.4% | 2.7% | NM- | 30.7% | NM- | 9.2% | |
3Y CAGR | -22.8% | -3.6% | NM- | 5.7% | NM- | 7.6% | |
Latest Twelve Months | -0.7% | 16.5% | 254.5% | 0.2% | 223.0% | 3.9% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 40.5% | 40.2% | 3.6% | 46.1% | -40.5% | 28.1% | |
Prior Fiscal Year | 32.3% | 34.2% | 7.7% | 43.6% | 9.5% | 25.7% | |
Latest Fiscal Year | 29.2% | 37.2% | 20.0% | 41.7% | 32.6% | 26.3% | |
Latest Twelve Months | 28.2% | 38.1% | 24.3% | 39.7% | 33.1% | 26.6% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 3.16x | 5.59x | 3.44x | 9.99x | 9.38x | 6.46x | |
EV / LTM EBITDA | 10.0x | 11.7x | 12.6x | 24.2x | 26.9x | 20.4x | |
EV / LTM EBIT | 11.2x | 14.7x | 14.2x | 25.2x | 28.3x | 24.3x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | 11.2x | 14.7x | 28.3x | ||||
Historical EV / LTM EBIT | 27.7x | 30.7x | 35.8x | ||||
Selected EV / LTM EBIT | 25.4x | 26.7x | 28.1x | ||||
(x) LTM EBIT | 4,055 | 4,055 | 4,055 | ||||
(=) Implied Enterprise Value | 102,919 | 108,335 | 113,752 | ||||
(-) Non-shareholder Claims * | (12,427) | (12,427) | (12,427) | ||||
(=) Equity Value | 90,492 | 95,908 | 101,325 | ||||
(/) Shares Outstanding | 484.2 | 484.2 | 484.2 | ||||
Implied Value Range | 186.88 | 198.07 | 209.26 | ||||
FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
Implied Value Range (Trading Cur) | 159.11 | 168.64 | 178.16 | 148.52 | |||
Upside / (Downside) | 7.1% | 13.5% | 20.0% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | REGN | GILD | BMRN | VRTX | ADMA | CSJ | |
Enterprise Value | 44,190 | 160,018 | 10,140 | 110,831 | 4,310 | 96,894 | |
(+) Cash & Short Term Investments | 8,349 | 8,711 | 1,272 | 6,201 | 72 | 1,524 | |
(+) Investments & Other | 9,665 | 684 | 507 | 5,221 | 0 | 0 | |
(-) Debt | (2,705) | (24,952) | (602) | (1,649) | (82) | (11,964) | |
(-) Other Liabilities | 0 | 84 | 0 | 0 | 0 | (1,987) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 59,500 | 144,545 | 11,317 | 120,605 | 4,300 | 84,467 | |
(/) Shares Outstanding | 105.7 | 1,243.9 | 191.8 | 256.8 | 238.7 | 484.2 | |
Implied Stock Price | 563.10 | 116.20 | 59.01 | 469.65 | 18.01 | 174.44 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.17 | |
Implied Stock Price (Trading Cur) | 563.10 | 116.20 | 59.01 | 469.65 | 18.01 | 148.52 | |
Trading Currency | USD | USD | USD | USD | USD | EUR | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.17 |