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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 8.8x - 9.7x | 9.2x |
| Selected Fwd EBITDA Multiple | 7.6x - 8.5x | 8.0x |
| Fair Value | €3.65 - €4.02 | €3.84 |
| Upside | -16.6% - -8.2% | -12.4% |
| Benchmarks | Ticker | Full Ticker |
| Almirall, S.A. | ALM | BME:ALM |
| Orion Oyj | ORNAV | HLSE:ORNAV |
| Bausch Health Companies Inc. | BVF | DB:BVF |
| Recordati Industria Chimica e Farmaceutica S.p.A. | REC | BIT:REC |
| Indivior PLC | 2IVB | DB:2IVB |
| Faes Farma, S.A. | FFEA | DB:FFEA |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| ALM | ORNAV | BVF | REC | 2IVB | FFEA | ||
| BME:ALM | HLSE:ORNAV | DB:BVF | BIT:REC | DB:2IVB | DB:FFEA | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -8.8% | 6.4% | -1.7% | 9.6% | 8.1% | 6.9% | |
| 3Y CAGR | -7.2% | 14.1% | -1.3% | 12.9% | 16.7% | 3.8% | |
| Latest Twelve Months | 11.8% | 55.6% | 4.4% | 12.5% | 16.1% | 5.1% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 22.3% | 29.1% | 35.8% | 36.8% | 21.8% | 25.4% | |
| Prior Fiscal Year | 17.2% | 23.8% | 32.9% | 36.4% | 25.3% | 25.1% | |
| Latest Fiscal Year | 17.5% | 27.2% | 32.6% | 36.4% | 26.6% | 24.4% | |
| Latest Twelve Months | 17.5% | 27.8% | 31.7% | 36.4% | 26.5% | 24.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.16x | 5.01x | 2.40x | 5.57x | 1.23x | 2.54x | |
| EV / LTM EBITDA | 12.3x | 18.0x | 7.6x | 15.3x | 4.6x | 10.4x | |
| EV / LTM EBIT | 42.3x | 20.2x | 12.7x | 18.7x | 5.0x | 11.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 4.6x | 12.3x | 18.0x | ||||
| Historical EV / LTM EBITDA | 8.0x | 8.7x | 10.4x | ||||
| Selected EV / LTM EBITDA | 8.8x | 9.2x | 9.7x | ||||
| (x) LTM EBITDA | 125 | 125 | 125 | ||||
| (=) Implied Enterprise Value | 1,094 | 1,151 | 1,209 | ||||
| (-) Non-shareholder Claims * | 45 | 45 | 45 | ||||
| (=) Equity Value | 1,139 | 1,196 | 1,254 | ||||
| (/) Shares Outstanding | 311.2 | 311.2 | 311.2 | ||||
| Implied Value Range | 3.66 | 3.84 | 4.03 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 3.66 | 3.84 | 4.03 | 4.38 | |||
| Upside / (Downside) | -16.5% | -12.2% | -8.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | ALM | ORNAV | BVF | REC | 2IVB | FFEA | |
| Enterprise Value | 2,177 | 7,930 | 23,303 | 13,115 | 1,452 | 1,318 | |
| (+) Cash & Short Term Investments | 377 | 259 | 1,134 | 322 | 373 | 72 | |
| (+) Investments & Other | 16 | 0 | 0 | 17 | 27 | 0 | |
| (-) Debt | (393) | (321) | (21,510) | (2,490) | (370) | (26) | |
| (-) Other Liabilities | 0 | 0 | (943) | 0 | 0 | (1) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 2,177 | 7,869 | 1,984 | 10,965 | 1,482 | 1,363 | |
| (/) Shares Outstanding | 213.5 | 140.7 | 369.6 | 206.3 | 124.8 | 311.2 | |
| Implied Stock Price | 10.20 | 55.93 | 5.37 | 53.15 | 11.88 | 4.38 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.13 | 1.00 | 1.13 | 1.00 | |
| Implied Stock Price (Trading Cur) | 10.20 | 55.93 | 4.74 | 53.15 | 10.50 | 4.38 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.13 | 1.00 | 1.13 | 1.00 | |