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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | -0.9x - -1.0x | -0.9x |
Selected Fwd EBIT Multiple | -0.8x - -0.9x | -0.9x |
Fair Value | €0.73 - €0.78 | €0.75 |
Upside | 38.5% - 47.6% | 43.1% |
Benchmarks | Ticker | Full Ticker |
Collegium Pharmaceutical, Inc. | COLL | NasdaqGS:COLL |
Cumberland Pharmaceuticals Inc. | CPIX | NasdaqGS:CPIX |
Supernus Pharmaceuticals, Inc. | SUPN | NasdaqGM:SUPN |
Zevra Therapeutics, Inc. | ZVRA | NasdaqGS:ZVRA |
Talphera, Inc. | TLPH | NasdaqGM:TLPH |
DURECT Corporation | DC8A | DB:DC8A |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
COLL | CPIX | SUPN | ZVRA | TLPH | DC8A | ||
NasdaqGS:COLL | NasdaqGS:CPIX | NasdaqGM:SUPN | NasdaqGS:ZVRA | NasdaqGM:TLPH | DB:DC8A | ||
Historical EBIT Growth | |||||||
5Y CAGR | NM- | NM- | -16.2% | NM- | NM- | NM- | |
3Y CAGR | 107.9% | NM- | -8.3% | NM- | NM- | NM- | |
Latest Twelve Months | 4.8% | -3.6% | 357.8% | -75.4% | 9.7% | 52.3% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 20.0% | -18.3% | 15.5% | -145.8% | -2365.6% | -315.8% | |
Prior Fiscal Year | 33.6% | -15.7% | 2.2% | -180.6% | -2594.3% | -1532.1% | |
Latest Fiscal Year | 31.6% | -17.0% | 9.3% | -368.5% | NA | -931.2% | |
Latest Twelve Months | 31.6% | -17.0% | 9.3% | -368.5% | NA | -931.2% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 2.67x | 1.84x | 2.11x | 15.93x | NA | 4.75x | |
EV / LTM EBITDA | 4.6x | -45.6x | 9.8x | -4.7x | -0.4x | -0.5x | |
EV / LTM EBIT | 8.4x | -10.8x | 22.7x | -4.3x | -0.4x | -0.5x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | -10.8x | -0.4x | 22.7x | ||||
Historical EV / LTM EBIT | -44.0x | -1.7x | 0.0x | ||||
Selected EV / LTM EBIT | -0.9x | -0.9x | -1.0x | ||||
(x) LTM EBIT | (19) | (19) | (19) | ||||
(=) Implied Enterprise Value | 17 | 18 | 18 | ||||
(-) Non-shareholder Claims * | 10 | 10 | 10 | ||||
(=) Equity Value | 26 | 27 | 28 | ||||
(/) Shares Outstanding | 31.0 | 31.0 | 31.0 | ||||
Implied Value Range | 0.85 | 0.87 | 0.90 | ||||
FX Rate: USD/EUR | 1.1 | 1.1 | 1.1 | Market Price | |||
Implied Value Range (Trading Cur) | 0.75 | 0.77 | 0.80 | 0.53 | |||
Upside / (Downside) | 42.0% | 46.8% | 51.5% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | COLL | CPIX | SUPN | ZVRA | TLPH | DC8A | |
Enterprise Value | 1,684 | 71 | 1,394 | 381 | 6 | 9 | |
(+) Cash & Short Term Investments | 163 | 18 | 454 | 69 | 9 | 12 | |
(+) Investments & Other | 0 | 0 | 0 | 6 | 0 | 0 | |
(-) Debt | (980) | (21) | (34) | (60) | (7) | (2) | |
(-) Other Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 867 | 68 | 1,813 | 397 | 8 | 18 | |
(/) Shares Outstanding | 32.1 | 14.0 | 55.8 | 54.1 | 17.1 | 31.0 | |
Implied Stock Price | 26.98 | 4.89 | 32.48 | 7.33 | 0.49 | 0.60 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.13 | |
Implied Stock Price (Trading Cur) | 26.98 | 4.89 | 32.48 | 7.33 | 0.49 | 0.53 | |
Trading Currency | USD | USD | USD | USD | USD | EUR | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.13 |