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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 14.2x - 15.7x | 15.0x |
| Selected Fwd EBIT Multiple | 13.1x - 14.5x | 13.8x |
| Fair Value | €3.59 - €4.08 | €3.84 |
| Upside | -19.7% - -8.8% | -14.2% |
| Benchmarks | Ticker | Full Ticker |
| AstraZeneca PLC | AZN | LSE:AZN |
| Bayer Aktiengesellschaft | 0P6S | LSE:0P6S |
| Pfizer Inc. | 0Q1N | LSE:0Q1N |
| Johnson & Johnson | 0R34 | LSE:0R34 |
| Sandoz Group AG | 0SAN | LSE:0SAN |
| Haleon plc | H6D0 | DB:H6D0 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| AZN | 0P6S | 0Q1N | 0R34 | 0SAN | H6D0 | ||
| LSE:AZN | LSE:0P6S | LSE:0Q1N | LSE:0R34 | LSE:0SAN | DB:H6D0 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 33.3% | -4.8% | 14.9% | 1.2% | NM- | 9.1% | |
| 3Y CAGR | 64.6% | -10.0% | -15.4% | 1.6% | -39.6% | 8.6% | |
| Latest Twelve Months | 34.0% | -30.1% | 30.4% | -4.4% | -18.1% | 0.2% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 18.1% | 16.4% | 25.3% | 26.7% | 7.3% | 21.6% | |
| Prior Fiscal Year | 21.1% | 16.4% | 21.0% | 28.0% | 3.8% | 22.0% | |
| Latest Fiscal Year | 23.9% | 11.7% | 25.7% | 25.4% | 3.0% | 22.1% | |
| Latest Twelve Months | 23.9% | 11.7% | 25.7% | 25.4% | 3.0% | 22.1% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 4.54x | 1.13x | 2.85x | 4.34x | 2.21x | 3.74x | |
| EV / LTM EBITDA | 14.0x | 5.8x | 7.8x | 12.9x | 31.3x | 15.6x | |
| EV / LTM EBIT | 19.0x | 9.7x | 11.1x | 17.1x | 74.8x | 16.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 9.7x | 17.1x | 74.8x | ||||
| Historical EV / LTM EBIT | 15.8x | 16.9x | 18.4x | ||||
| Selected EV / LTM EBIT | 14.2x | 15.0x | 15.7x | ||||
| (x) LTM EBIT | 2,487 | 2,487 | 2,487 | ||||
| (=) Implied Enterprise Value | 35,382 | 37,244 | 39,106 | ||||
| (-) Non-shareholder Claims * | (7,935) | (7,935) | (7,935) | ||||
| (=) Equity Value | 27,447 | 29,309 | 31,171 | ||||
| (/) Shares Outstanding | 9,020.4 | 9,020.4 | 9,020.4 | ||||
| Implied Value Range | 3.04 | 3.25 | 3.46 | ||||
| FX Rate: GBP/EUR | 0.8 | 0.8 | 0.8 | Market Price | |||
| Implied Value Range (Trading Cur) | 3.58 | 3.83 | 4.07 | 4.47 | |||
| Upside / (Downside) | -19.9% | -14.4% | -9.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | AZN | 0P6S | 0Q1N | 0R34 | 0SAN | H6D0 | |
| Enterprise Value | 243,802 | 52,551 | 180,676 | 388,763 | 22,948 | 42,182 | |
| (+) Cash & Short Term Investments | 5,525 | 8,087 | 20,477 | 38,781 | 1,191 | 2,328 | |
| (+) Investments & Other | 1,900 | 3,022 | 2,107 | 1,258 | 24 | 82 | |
| (-) Debt | (30,460) | (40,811) | (67,418) | (52,252) | (4,869) | (10,287) | |
| (-) Other Liabilities | (85) | (137) | (294) | 0 | (1) | (58) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 220,682 | 22,712 | 135,548 | 376,550 | 19,293 | 34,247 | |
| (/) Shares Outstanding | 1,550.6 | 982.4 | 5,671.5 | 2,406.1 | 430.7 | 9,020.4 | |
| Implied Stock Price | 142.32 | 23.12 | 23.90 | 156.50 | 44.79 | 3.80 | |
| FX Conversion Rate to Trading Currency | 1.34 | 1.00 | 1.00 | 1.00 | 1.21 | 0.85 | |
| Implied Stock Price (Trading Cur) | 106.18 | 23.12 | 23.90 | 156.50 | 36.92 | 4.47 | |
| Trading Currency | GBP | EUR | USD | USD | CHF | EUR | |
| FX Rate to Reporting Currency | 1.34 | 1.00 | 1.00 | 1.00 | 1.21 | 0.85 | |