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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 11.1x - 12.2x | 11.7x |
Selected Fwd EBIT Multiple | 17.1x - 18.9x | 18.0x |
Fair Value | €282.18 - €317.02 | €299.60 |
Upside | 14.2% - 28.3% | 21.3% |
Benchmarks | Ticker | Full Ticker |
Hogy Medical Co.,Ltd. | HGYM.F | OTCPK:HGYM.F |
Smith & Nephew plc | NPW1 | DB:NPW1 |
Ansell Limited | PD1A | DB:PD1A |
Becton, Dickinson and Company | BOX | DB:BOX |
STERIS plc | STE | NYSE:STE |
Paul Hartmann AG | PHH2 | DB:PHH2 |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
HGYM.F | NPW1 | PD1A | BOX | STE | PHH2 | ||
OTCPK:HGYM.F | DB:NPW1 | DB:PD1A | DB:BOX | NYSE:STE | DB:PHH2 | ||
Historical EBIT Growth | |||||||
5Y CAGR | -7.3% | -2.0% | -0.7% | -0.5% | 12.6% | 0.9% | |
3Y CAGR | -16.1% | 7.6% | -16.0% | 0.7% | 13.3% | -8.6% | |
Latest Twelve Months | -22.9% | 24.3% | 26.8% | 24.1% | 10.7% | 386.3% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 14.0% | 13.4% | 13.5% | 14.4% | 17.3% | 4.3% | |
Prior Fiscal Year | 10.7% | 13.4% | 12.6% | 14.2% | 17.6% | 0.9% | |
Latest Fiscal Year | 9.3% | 15.2% | 12.1% | 14.3% | 18.1% | 4.5% | |
Latest Twelve Months | 8.4% | 16.6% | 13.2% | 16.4% | 18.3% | 4.5% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 2.40x | 3.11x | 1.91x | 3.46x | 4.62x | 0.44x | |
EV / LTM EBITDA | 10.5x | 12.9x | 12.2x | 12.5x | 17.1x | 6.2x | |
EV / LTM EBIT | 28.7x | 18.7x | 14.5x | 21.2x | 25.2x | 9.7x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | 14.5x | 21.2x | 28.7x | ||||
Historical EV / LTM EBIT | 7.0x | 9.7x | 63.3x | ||||
Selected EV / LTM EBIT | 11.1x | 11.7x | 12.2x | ||||
(x) LTM EBIT | 109 | 109 | 109 | ||||
(=) Implied Enterprise Value | 1,203 | 1,266 | 1,330 | ||||
(-) Non-shareholder Claims * | (174) | (174) | (174) | ||||
(=) Equity Value | 1,030 | 1,093 | 1,156 | ||||
(/) Shares Outstanding | 3.6 | 3.6 | 3.6 | ||||
Implied Value Range | 289.86 | 307.69 | 325.51 | ||||
FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 289.86 | 307.69 | 325.51 | 247.00 | |||
Upside / (Downside) | 17.4% | 24.6% | 31.8% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | HGYM.F | NPW1 | PD1A | BOX | STE | PHH2 | |
Enterprise Value | 87,676 | 18,586 | 3,482 | 72,145 | 25,720 | 1,051 | |
(+) Cash & Short Term Investments | 21,644 | 676 | 269 | 757 | 280 | 161 | |
(+) Investments & Other | 5,827 | 36 | 9 | 0 | 0 | 7 | |
(-) Debt | (13,169) | (3,454) | (826) | (19,341) | (2,069) | (294) | |
(-) Other Liabilities | (8) | 0 | (17) | 0 | (13) | (48) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 101,970 | 15,844 | 2,917 | 53,561 | 23,918 | 877 | |
(/) Shares Outstanding | 28.4 | 874.3 | 144.8 | 286.6 | 98.5 | 3.6 | |
Implied Stock Price | 3,596.41 | 18.12 | 20.14 | 186.87 | 242.85 | 247.00 | |
FX Conversion Rate to Trading Currency | 147.76 | 1.16 | 1.16 | 1.16 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 24.34 | 15.57 | 17.30 | 160.50 | 242.85 | 247.00 | |
Trading Currency | USD | EUR | EUR | EUR | USD | EUR | |
FX Rate to Reporting Currency | 147.76 | 1.16 | 1.16 | 1.16 | 1.00 | 1.00 |