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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 20.5x - 22.7x | 21.6x |
| Selected Fwd EBITDA Multiple | 17.5x - 19.3x | 18.4x |
| Fair Value | €154.05 - €172.58 | €163.31 |
| Upside | 3.1% - 15.5% | 9.3% |
| Benchmarks | Ticker | Full Ticker |
| Gilead Sciences, Inc. | GILD | NasdaqGS:GILD |
| Intellia Therapeutics, Inc. | NTLA | NasdaqGM:NTLA |
| BioMarin Pharmaceutical Inc. | BMRN | NasdaqGS:BMRN |
| Vertex Pharmaceuticals Incorporated | VRTX | NasdaqGS:VRTX |
| Shenzhen Weiguang Biological Products Co., Ltd. | 2880 | SZSE:002880 |
| CSL Limited | CSJ | DB:CSJ |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| GILD | NTLA | BMRN | VRTX | 2880 | CSJ | ||
| NasdaqGS:GILD | NasdaqGM:NTLA | NasdaqGS:BMRN | NasdaqGS:VRTX | SZSE:002880 | DB:CSJ | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 4.6% | NM- | 332.0% | 29.5% | 14.1% | 10.4% | |
| 3Y CAGR | -1.3% | NM- | 170.4% | 5.9% | 16.1% | 10.2% | |
| Latest Twelve Months | 13.0% | -4.5% | 163.1% | 4.4% | 31.8% | 5.5% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 48.2% | -789.3% | 9.8% | 47.8% | 30.5% | 32.1% | |
| Prior Fiscal Year | 44.1% | -1395.8% | 12.0% | 45.4% | 31.3% | 30.4% | |
| Latest Fiscal Year | 46.8% | -905.3% | 23.4% | 43.3% | 36.5% | 31.2% | |
| Latest Twelve Months | 47.8% | -1164.8% | 31.2% | 40.2% | 36.8% | 31.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 5.34x | 7.94x | 3.37x | 7.74x | 5.79x | 6.42x | |
| EV / LTM EBITDA | 11.2x | -0.7x | 10.8x | 19.3x | 15.7x | 20.3x | |
| EV / LTM EBIT | 14.0x | -0.7x | 11.8x | 20.0x | 21.8x | 24.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -0.7x | 11.2x | 19.3x | ||||
| Historical EV / LTM EBITDA | 23.5x | 27.6x | 32.0x | ||||
| Selected EV / LTM EBITDA | 20.5x | 21.6x | 22.7x | ||||
| (x) LTM EBITDA | 4,824 | 4,824 | 4,824 | ||||
| (=) Implied Enterprise Value | 98,884 | 104,088 | 109,293 | ||||
| (-) Non-shareholder Claims * | (12,427) | (12,427) | (12,427) | ||||
| (=) Equity Value | 86,457 | 91,661 | 96,866 | ||||
| (/) Shares Outstanding | 484.2 | 484.2 | 484.2 | ||||
| Implied Value Range | 178.55 | 189.30 | 200.05 | ||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 152.97 | 162.17 | 171.38 | 149.46 | |||
| Upside / (Downside) | 2.3% | 8.5% | 14.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | GILD | NTLA | BMRN | VRTX | 2880 | CSJ | |
| Enterprise Value | 152,654 | 565 | 10,313 | 88,376 | 6,957 | 96,903 | |
| (+) Cash & Short Term Investments | 8,711 | 504 | 1,432 | 6,383 | 404 | 1,524 | |
| (+) Investments & Other | 684 | 228 | 509 | 5,646 | 78 | 0 | |
| (-) Debt | (24,952) | (119) | (604) | (1,527) | (675) | (11,964) | |
| (-) Other Liabilities | 84 | 0 | 0 | 0 | (33) | (1,987) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 137,181 | 1,178 | 11,650 | 98,877 | 6,731 | 84,476 | |
| (/) Shares Outstanding | 1,243.9 | 103.6 | 192.0 | 256.4 | 226.8 | 484.2 | |
| Implied Stock Price | 110.28 | 11.37 | 60.67 | 385.65 | 29.68 | 174.46 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.17 | |
| Implied Stock Price (Trading Cur) | 110.28 | 11.37 | 60.67 | 385.65 | 29.68 | 149.46 | |
| Trading Currency | USD | USD | USD | USD | CNY | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.17 | |