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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 5.4x - 6.0x | 5.7x |
| Selected Fwd Revenue Multiple | 4.7x - 5.2x | 5.0x |
| Fair Value | €263.55 - €293.63 | €278.59 |
| Upside | -15.0% - -5.3% | -10.1% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| GE HealthCare Technologies Inc. | GEHC | NasdaqGS:GEHC |
| Zimmer Biomet Holdings, Inc. | ZBH | NYSE:ZBH |
| CONMED Corporation | CNMD | NYSE:CNMD |
| Becton, Dickinson and Company | BDX | NYSE:BDX |
| Baxter International Inc. | BAX | NYSE:BAX |
| Stryker Corporation | SYK | DB:SYK |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| GEHC | ZBH | CNMD | BDX | BAX | SYK | |||
| NasdaqGS:GEHC | NYSE:ZBH | NYSE:CNMD | NYSE:BDX | NYSE:BAX | DB:SYK | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 3.4% | -0.8% | 6.5% | 3.1% | -1.3% | 8.7% | ||
| 3Y CAGR | 3.8% | 4.0% | 9.0% | 1.8% | -4.3% | 9.7% | ||
| Latest Twelve Months | 0.6% | 3.8% | 5.0% | 5.9% | 2.7% | 10.2% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 14.5% | 18.0% | 9.6% | 14.4% | 12.8% | 20.6% | ||
| Prior Fiscal Year | 14.4% | 20.4% | 10.2% | 14.2% | 9.4% | 20.1% | ||
| Latest Fiscal Year | 15.4% | 20.8% | 12.2% | 14.3% | 8.3% | 21.9% | ||
| Latest Twelve Months | 15.4% | 20.8% | 12.2% | 15.3% | 8.3% | 21.9% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 1.78x | 3.45x | 1.93x | 3.68x | 2.45x | 6.34x | ||
| EV / LTM EBIT | 11.6x | 16.6x | 15.8x | 24.0x | 29.3x | 28.9x | ||
| Price / LTM Sales | 1.46x | 2.65x | 1.22x | 2.81x | 1.34x | 5.92x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 1.78x | 2.45x | 3.68x | |||||
| Historical EV / LTM Revenue | 5.81x | 6.34x | 6.92x | |||||
| Selected EV / LTM Revenue | 5.44x | 5.72x | 6.01x | |||||
| (x) LTM Revenue | 22,595 | 22,595 | 22,595 | |||||
| (=) Implied Enterprise Value | 122,818 | 129,282 | 135,746 | |||||
| (-) Non-shareholder Claims * | (9,627) | (9,627) | (9,627) | |||||
| (=) Equity Value | 113,191 | 119,655 | 126,119 | |||||
| (/) Shares Outstanding | 381.7 | 381.7 | 381.7 | |||||
| Implied Value Range | 296.55 | 313.49 | 330.42 | |||||
| FX Rate: USD/EUR | 1.1 | 1.1 | 1.1 | Market Price | ||||
| Implied Value Range (Trading Cur) | 261.50 | 276.43 | 291.37 | 310.00 | ||||
| Upside / (Downside) | -15.6% | -10.8% | -6.0% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | GEHC | ZBH | CNMD | BDX | BAX | SYK | |
| Enterprise Value | 35,093 | 26,427 | 2,522 | 75,968 | 20,805 | 143,811 | |
| (+) Cash & Short Term Investments | 2,873 | 527 | 24 | 728 | 1,764 | 4,493 | |
| (+) Investments & Other | 373 | 49 | 0 | 0 | 5,220 | 0 | |
| (-) Debt | (9,376) | (6,621) | (947) | (18,758) | (13,449) | (14,120) | |
| (-) Other Liabilities | (206) | (8) | 0 | 0 | (60) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 28,757 | 20,374 | 1,599 | 57,938 | 14,280 | 134,184 | |
| (/) Shares Outstanding | 457.8 | 199.1 | 30.9 | 287.1 | 512.9 | 381.7 | |
| Implied Stock Price | 62.81 | 102.35 | 51.73 | 201.78 | 27.84 | 351.55 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.13 | |
| Implied Stock Price (Trading Cur) | 62.81 | 102.35 | 51.73 | 201.78 | 27.84 | 310.00 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.13 | |