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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 28.4x - 31.4x | 29.9x |
Selected Fwd EBIT Multiple | 16.3x - 18.0x | 17.2x |
Fair Value | €6.81 - €11.13 | €8.97 |
Upside | -34.5% - 7.0% | -13.8% |
Benchmarks | Ticker | Full Ticker |
Bastide Le Confort Médical SA | BLC | ENXTPA:BLC |
Clariane SE | CLARI | ENXTPA:CLARI |
emeis Société anonyme | EMEIS | ENXTPA:EMEIS |
MEDICLIN Aktiengesellschaft | MED | DB:MED |
Gesundheitswelt Chiemgau AG | JTH | MUN:JTH |
Ramsay Générale de Santé SA | GD6 | DB:GD6 |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
BLC | CLARI | EMEIS | MED | JTH | GD6 | ||
ENXTPA:BLC | ENXTPA:CLARI | ENXTPA:EMEIS | DB:MED | MUN:JTH | DB:GD6 | ||
Historical EBIT Growth | |||||||
5Y CAGR | 10.1% | -1.1% | -67.5% | 37.4% | -7.7% | 3.5% | |
3Y CAGR | 5.6% | 16.2% | -83.4% | 161.0% | -11.1% | -11.9% | |
Latest Twelve Months | 8.3% | 3.8% | 111.4% | 63.2% | -29.3% | -27.4% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 8.5% | 5.7% | 4.7% | 2.6% | 5.7% | 5.8% | |
Prior Fiscal Year | 8.4% | 5.3% | -0.3% | 5.5% | 5.4% | 5.1% | |
Latest Fiscal Year | 8.3% | 6.7% | 0.0% | 6.6% | 3.5% | 3.7% | |
Latest Twelve Months | 9.0% | 5.9% | 0.0% | 7.8% | 3.5% | 3.1% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 1.12x | 1.73x | 1.87x | 0.64x | 0.50x | 0.96x | |
EV / LTM EBITDA | 6.7x | 7.0x | 130.0x | 6.0x | 6.0x | 15.1x | |
EV / LTM EBIT | 12.5x | 29.5x | 5808.9x | 8.2x | 14.1x | 31.3x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | 8.2x | 14.1x | 5808.9x | ||||
Historical EV / LTM EBIT | 18.7x | 23.6x | 29.1x | ||||
Selected EV / LTM EBIT | 28.4x | 29.9x | 31.4x | ||||
(x) LTM EBIT | 158 | 158 | 158 | ||||
(=) Implied Enterprise Value | 4,492 | 4,729 | 4,965 | ||||
(-) Non-shareholder Claims * | (3,777) | (3,777) | (3,777) | ||||
(=) Equity Value | 715 | 952 | 1,188 | ||||
(/) Shares Outstanding | 110.4 | 110.4 | 110.4 | ||||
Implied Value Range | 6.48 | 8.62 | 10.77 | ||||
FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 6.48 | 8.62 | 10.77 | 10.40 | |||
Upside / (Downside) | -37.7% | -17.1% | 3.5% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | BLC | CLARI | EMEIS | MED | JTH | GD6 | |
Enterprise Value | 606 | 9,034 | 10,536 | 502 | 24 | 4,925 | |
(+) Cash & Short Term Investments | 31 | 756 | 519 | 100 | 0 | 158 | |
(+) Investments & Other | 1 | 330 | 13 | 0 | 0 | 14 | |
(-) Debt | (421) | (8,209) | (8,858) | (455) | 0 | (3,917) | |
(-) Other Liabilities | (2) | (331) | 3 | (0) | 0 | (32) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 216 | 1,579 | 2,212 | 146 | 24 | 1,148 | |
(/) Shares Outstanding | 7.3 | 356.7 | 161.0 | 47.5 | 2.0 | 110.4 | |
Implied Stock Price | 29.60 | 4.43 | 13.74 | 3.08 | 12.30 | 10.40 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 29.60 | 4.43 | 13.74 | 3.08 | 12.30 | 10.40 | |
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 |