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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 12.4x - 13.8x | 13.1x |
| Selected Fwd EBITDA Multiple | 11.6x - 12.8x | 12.2x |
| Fair Value | €26.72 - €29.49 | €28.11 |
| Upside | 4.4% - 15.2% | 9.8% |
| Benchmarks | Ticker | Full Ticker |
| Bristol-Myers Squibb Company | BMY | NYSE:BMY |
| Novartis AG | NVSE.F | OTCPK:NVSE.F |
| Bayer Aktiengesellschaft | BAYZ.F | OTCPK:BAYZ.F |
| Merck KGaA | MKGA.F | OTCPK:MKGA.F |
| H. Lundbeck A/S | HLUN A | CPSE:HLUNA |
| Eisai Co., Ltd. | EII | DB:EII |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| BMY | NVSE.F | BAYZ.F | MKGA.F | HLUN A | EII | ||
| NYSE:BMY | OTCPK:NVSE.F | OTCPK:BAYZ.F | OTCPK:MKGA.F | CPSE:HLUNA | DB:EII | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 20.0% | 9.3% | -3.3% | 6.4% | 3.2% | -11.1% | |
| 3Y CAGR | 0.1% | 9.7% | -5.6% | 0.0% | 16.9% | 2.5% | |
| Latest Twelve Months | 0.5% | 19.3% | -34.8% | 16.3% | 19.2% | 41.6% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 41.6% | 36.5% | 23.2% | 27.5% | 26.3% | 12.3% | |
| Prior Fiscal Year | 40.9% | 37.5% | 23.8% | 25.6% | 27.7% | 11.3% | |
| Latest Fiscal Year | 40.2% | 39.9% | 19.6% | 27.3% | 28.1% | 11.0% | |
| Latest Twelve Months | 40.1% | 42.7% | 15.3% | 27.1% | 28.6% | 12.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.70x | 4.55x | 1.41x | 2.53x | 2.00x | 1.52x | |
| EV / LTM EBITDA | 6.7x | 10.7x | 9.2x | 9.2x | 7.0x | 12.0x | |
| EV / LTM EBIT | 10.2x | 13.1x | 15.6x | 12.9x | 9.6x | 19.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 6.7x | 9.2x | 10.7x | ||||
| Historical EV / LTM EBITDA | 10.6x | 14.4x | 99.1x | ||||
| Selected EV / LTM EBITDA | 12.4x | 13.1x | 13.8x | ||||
| (x) LTM EBITDA | 101,172 | 101,172 | 101,172 | ||||
| (=) Implied Enterprise Value | 1,259,520 | 1,325,810 | 1,392,101 | ||||
| (-) Non-shareholder Claims * | 21,435 | 21,435 | 21,435 | ||||
| (=) Equity Value | 1,280,955 | 1,347,245 | 1,413,536 | ||||
| (/) Shares Outstanding | 281.9 | 281.9 | 281.9 | ||||
| Implied Value Range | 4,544.20 | 4,779.37 | 5,014.54 | ||||
| FX Rate: JPY/EUR | 172.0 | 172.0 | 172.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 26.42 | 27.78 | 29.15 | 25.60 | |||
| Upside / (Downside) | 3.2% | 8.5% | 13.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | BMY | NVSE.F | BAYZ.F | MKGA.F | HLUN A | EII | |
| Enterprise Value | 128,916 | 246,442 | 64,926 | 52,745 | 47,401 | 1,219,992 | |
| (+) Cash & Short Term Investments | 13,603 | 6,732 | 3,888 | 1,573 | 2,697 | 285,380 | |
| (+) Investments & Other | 2,052 | 1,400 | 3,179 | 1,034 | 51 | 0 | |
| (-) Debt | (50,989) | (32,637) | (46,578) | (9,402) | (15,186) | (238,920) | |
| (-) Other Liabilities | (54) | (69) | (160) | (70) | 0 | (25,025) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 93,528 | 221,868 | 25,255 | 45,880 | 34,963 | 1,241,427 | |
| (/) Shares Outstanding | 2,035.4 | 1,935.9 | 982.4 | 434.8 | 1,179.2 | 281.9 | |
| Implied Stock Price | 45.95 | 114.61 | 25.71 | 105.53 | 29.65 | 4,403.98 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 0.86 | 0.86 | 1.00 | 172.03 | |
| Implied Stock Price (Trading Cur) | 45.95 | 114.61 | 29.93 | 122.86 | 29.65 | 25.60 | |
| Trading Currency | USD | USD | USD | USD | DKK | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 0.86 | 0.86 | 1.00 | 172.03 | |