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Metrics | Range | Conclusion |
---|---|---|
Selected LTM Pb Multiple | 3.1x - 3.4x | 3.3x |
Historical Pb Multiple | 3.6x - 11.4x | 4.2x |
Fair Value | €36.73 - €40.60 | €38.66 |
Upside | 14.1% - 26.1% | 20.1% |
Benchmarks | - | Full Ticker |
Merck KGaA | - | XTRA:MRK |
PharmaSGP Holding SE | - | XTRA:PSG |
Bayer Aktiengesellschaft | - | XTRA:BAYN |
Orion Oyj | - | DB:OFK |
Krka, d. d. | - | DB:KN8 |
Dermapharm Holding SE | - | DB:DMP |
Select Price / Book Ratio | ||||||||
Benchmark Companies | ||||||||
MRK | PSG | BAYN | OFK | KN8 | DMP | |||
XTRA:MRK | XTRA:PSG | XTRA:BAYN | DB:OFK | DB:KN8 | DB:DMP | |||
Historical Net Income Growth | ||||||||
5Y CAGR | 16.5% | 3.2% | NM- | 10.5% | 7.8% | 8.1% | ||
3Y CAGR | -3.1% | 22.3% | NM- | 19.4% | 4.9% | -18.4% | ||
Latest Twelve Months | 9.0% | 8.8% | -170.0% | 62.7% | 4.1% | 83.0% | ||
Historical Net Income Profit Margin | ||||||||
5 Year Average Margin | 13.8% | 16.3% | -4.0% | 20.7% | 19.5% | 12.0% | ||
Prior Fiscal Year | 13.5% | 16.2% | -6.2% | 18.2% | 17.4% | 5.4% | ||
Latest Fiscal Year | 13.1% | 16.4% | -5.5% | 21.4% | 18.7% | 9.5% | ||
Latest Twelve Months | 13.2% | 16.1% | -7.4% | 22.5% | 19.3% | 8.6% | ||
Return on Equity | ||||||||
5 Year Average Margin | 12.1% | 61.8% | -7.0% | 33.0% | 16.5% | 28.3% | ||
Prior Fiscal Year | 10.7% | 46.3% | -8.2% | 24.1% | 14.7% | 11.6% | ||
Latest Twelve Months | 10.1% | 48.5% | -9.6% | 45.0% | 15.3% | 17.0% | ||
Next Fiscal Year | 11.7% | 87.4% | 13.1% | 36.0% | 16.6% | 20.0% | ||
Two Fiscal Years Forward | 11.9% | 87.1% | 12.2% | 40.8% | 16.6% | 19.8% | ||
Current Trading Multiples | ||||||||
Price / LTM Sales | 2.2x | 2.7x | 0.5x | 5.5x | 3.1x | 1.4x | ||
Price / LTM EPS | 16.4x | 16.9x | -7.4x | 24.3x | 15.9x | 16.8x | ||
Price / Book | 1.7x | 9.1x | 0.7x | 10.0x | 2.4x | 2.7x | ||
Price / Fwd Book | 1.4x | 9.8x | 0.7x | 7.9x | 2.7x | 2.5x | ||
Low | Mid | High | ||||||
Benchmark P/B Ratio | 0.7x | 2.4x | 10.0x | |||||
Historical P/B Ratio | 3.6x | 4.2x | 11.4x | |||||
Selected P/B Multiple | 3.1x | 3.3x | 3.4x | |||||
(x) Book Value | 639 | 639 | 639 |
Equity Value | |||||||
Benchmark Companies | |||||||
(in millions) | MRK | PSG | BAYN | OFK | KN8 | DMP | |
Value of Common Equity | 46,999 | 334 | 25,263 | 9,180 | 6,169 | 1,734 | |
(/) Shares Outstanding | 434.8 | 11.5 | 982.4 | 140.7 | 30.5 | 53.8 | |
Implied Stock Price | 108.10 | 29.00 | 25.72 | 65.25 | 202.00 | 32.20 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 108.10 | 29.00 | 25.72 | 65.25 | 202.00 | 32.20 | |
Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |