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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 14.4x - 16.0x | 15.2x |
| Selected Fwd EBIT Multiple | 9.9x - 11.0x | 10.4x |
| Fair Value | €7.94 - €9.94 | €8.94 |
| Upside | -12.5% - 9.4% | -1.5% |
| Benchmarks | Ticker | Full Ticker |
| DocCheck AG | AJ91 | DB:AJ91 |
| CompuGroup Medical SE & Co. KGaA | COP | DB:COP |
| MeVis Medical Solutions AG | M3V | DB:M3V |
| Equasens Société anonyme | EQS | ENXTPA:EQS |
| Cegedim SA | CGM | ENXTPA:CGM |
| GPI S.p.A. | Z44 | DB:Z44 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| AJ91 | COP | M3V | EQS | CGM | Z44 | ||
| DB:AJ91 | DB:COP | DB:M3V | ENXTPA:EQS | ENXTPA:CGM | DB:Z44 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 8.2% | -3.3% | -11.0% | 7.3% | 1.7% | 19.5% | |
| 3Y CAGR | -27.4% | -2.8% | -7.4% | 5.7% | 0.9% | 16.1% | |
| Latest Twelve Months | 85.5% | -31.9% | -18.1% | -16.3% | 26.1% | 32.1% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 14.6% | 10.3% | 31.0% | 25.9% | 6.2% | 6.6% | |
| Prior Fiscal Year | 6.3% | 10.0% | 28.0% | 26.2% | 4.8% | 6.4% | |
| Latest Fiscal Year | 11.7% | 8.3% | 23.5% | 25.2% | 5.7% | 7.2% | |
| Latest Twelve Months | 11.7% | 7.1% | 23.5% | 22.5% | 5.7% | 7.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.53x | 1.57x | 2.42x | 2.83x | 0.68x | 1.14x | |
| EV / LTM EBITDA | 3.6x | 15.5x | 10.0x | 11.6x | 4.2x | 6.5x | |
| EV / LTM EBIT | 4.5x | 21.9x | 10.3x | 12.6x | 11.8x | 15.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 4.5x | 11.8x | 21.9x | ||||
| Historical EV / LTM EBIT | 13.7x | 18.3x | 23.6x | ||||
| Selected EV / LTM EBIT | 14.4x | 15.2x | 16.0x | ||||
| (x) LTM EBIT | 37 | 37 | 37 | ||||
| (=) Implied Enterprise Value | 530 | 558 | 586 | ||||
| (-) Non-shareholder Claims * | (317) | (317) | (317) | ||||
| (=) Equity Value | 213 | 241 | 269 | ||||
| (/) Shares Outstanding | 28.8 | 28.8 | 28.8 | ||||
| Implied Value Range | 7.40 | 8.37 | 9.34 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 7.40 | 8.37 | 9.34 | 9.08 | |||
| Upside / (Downside) | -18.5% | -7.8% | 2.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | AJ91 | COP | M3V | EQS | CGM | Z44 | |
| Enterprise Value | 28 | 1,829 | 36 | 632 | 444 | 578 | |
| (+) Cash & Short Term Investments | 21 | 119 | 7 | 26 | 50 | 84 | |
| (+) Investments & Other | 3 | 24 | 0 | 8 | 15 | 12 | |
| (-) Debt | (1) | (827) | 0 | (53) | (326) | (414) | |
| (-) Other Liabilities | 0 | (1) | 0 | (8) | (18) | 2 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 51 | 1,144 | 43 | 605 | 165 | 262 | |
| (/) Shares Outstanding | 5.1 | 51.7 | 1.8 | 15.0 | 13.7 | 28.8 | |
| Implied Stock Price | 10.10 | 22.12 | 23.80 | 40.25 | 12.00 | 9.08 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 10.10 | 22.12 | 23.80 | 40.25 | 12.00 | 9.08 | |
| 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 | |