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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 12.9x - 14.2x | 13.6x |
| Selected Fwd EBIT Multiple | 8.1x - 8.9x | 8.5x |
| Fair Value | €33.81 - €41.33 | €37.57 |
| Upside | -41.1% - -28.0% | -34.5% |
| Benchmarks | Ticker | Full Ticker |
| Envista Holdings Corporation | NVST | NYSE:NVST |
| Align Technology, Inc. | ALGN | NasdaqGS:ALGN |
| ICU Medical, Inc. | ICUI | NasdaqGS:ICUI |
| DENTSPLY SIRONA Inc. | XRAY | NasdaqGS:XRAY |
| Becton, Dickinson and Company | BDX | NYSE:BDX |
| Solventum Corporation | KB7 | DB:KB7 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| NVST | ALGN | ICUI | XRAY | BDX | KB7 | ||
| NYSE:NVST | NasdaqGS:ALGN | NasdaqGS:ICUI | NasdaqGS:XRAY | NYSE:BDX | DB:KB7 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | -8.8% | 5.6% | -7.8% | -13.9% | -0.5% | NM- | |
| 3Y CAGR | -25.1% | -11.6% | -11.7% | -29.2% | 0.7% | -16.5% | |
| Latest Twelve Months | -52.2% | 2.8% | 103.6% | -23.2% | 20.3% | -35.3% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 11.8% | 18.6% | 5.9% | 9.7% | 14.4% | 19.3% | |
| Prior Fiscal Year | 12.8% | 17.0% | 2.1% | 7.3% | 14.2% | 20.6% | |
| Latest Fiscal Year | 6.2% | 16.9% | 4.1% | 5.9% | 14.3% | 13.2% | |
| Latest Twelve Months | 6.2% | 16.9% | 4.1% | 5.9% | 15.3% | 13.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.30x | 3.02x | 1.97x | 1.26x | 3.75x | 2.28x | |
| EV / LTM EBITDA | 11.7x | 14.7x | 14.8x | 8.4x | 14.1x | 11.4x | |
| EV / LTM EBIT | 20.9x | 17.9x | 48.3x | 21.5x | 24.4x | 17.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 17.9x | 21.5x | 48.3x | ||||
| Historical EV / LTM EBIT | 17.3x | 17.3x | 17.3x | ||||
| Selected EV / LTM EBIT | 12.9x | 13.6x | 14.2x | ||||
| (x) LTM EBIT | 1,092 | 1,092 | 1,092 | ||||
| (=) Implied Enterprise Value | 14,066 | 14,806 | 15,547 | ||||
| (-) Non-shareholder Claims * | (7,421) | (7,421) | (7,421) | ||||
| (=) Equity Value | 6,645 | 7,385 | 8,126 | ||||
| (/) Shares Outstanding | 173.0 | 173.0 | 173.0 | ||||
| Implied Value Range | 38.41 | 42.69 | 46.97 | ||||
| FX Rate: USD/EUR | 1.1 | 1.1 | 1.1 | Market Price | |||
| Implied Value Range (Trading Cur) | 33.75 | 37.51 | 41.28 | 57.40 | |||
| Upside / (Downside) | -41.2% | -34.6% | -28.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | NVST | ALGN | ICUI | XRAY | BDX | KB7 | |
| Enterprise Value | 3,268 | 12,089 | 4,691 | 4,777 | 77,306 | 18,721 | |
| (+) Cash & Short Term Investments | 1,069 | 1,044 | 321 | 302 | 728 | 762 | |
| (+) Investments & Other | 0 | 0 | 9 | 0 | 0 | 0 | |
| (-) Debt | (1,548) | (119) | (1,643) | (2,298) | (18,758) | (8,183) | |
| (-) Other Liabilities | 0 | 0 | 0 | (1) | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 2,789 | 13,013 | 3,378 | 2,780 | 59,276 | 11,300 | |
| (/) Shares Outstanding | 172.2 | 73.2 | 24.6 | 199.3 | 287.1 | 173.0 | |
| Implied Stock Price | 16.20 | 177.75 | 137.27 | 13.95 | 206.44 | 65.32 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.14 | |
| Implied Stock Price (Trading Cur) | 16.20 | 177.75 | 137.27 | 13.95 | 206.44 | 57.40 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.14 | |