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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 5.8x - 6.4x | 6.1x |
| Selected Fwd EBITDA Multiple | 3.5x - 3.9x | 3.7x |
| Fair Value | €3.26 - €3.60 | €3.43 |
| Upside | 18.9% - 31.3% | 25.1% |
| Benchmarks | Ticker | Full Ticker |
| Virbac SA | VIRP | ENXTPA:VIRP |
| Vetoquinol SA | VETO | ENXTPA:VETO |
| ALK-Abelló A/S | ALK B | CPSE:ALKB |
| Evotec SE | EVT | DB:EVT |
| Advicenne S.A. | ALDVI | ENXTPA:ALDVI |
| Euroapi S.A. | EAPI | ENXTPA:EAPI |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| VIRP | VETO | ALK B | EVT | ALDVI | EAPI | ||
| ENXTPA:VIRP | ENXTPA:VETO | CPSE:ALKB | DB:EVT | ENXTPA:ALDVI | ENXTPA:EAPI | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 12.8% | 12.5% | 53.1% | -64.1% | NM- | -1.6% | |
| 3Y CAGR | 10.3% | -0.6% | 39.7% | -80.6% | NM- | -10.1% | |
| Latest Twelve Months | 22.5% | 6.7% | 53.5% | -99.1% | 19.5% | -84.1% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 18.2% | 19.0% | 13.8% | 12.6% | -362.3% | 15.0% | |
| Prior Fiscal Year | 17.9% | 18.7% | 17.3% | 9.2% | -335.4% | 29.9% | |
| Latest Fiscal Year | 19.6% | 19.6% | 23.1% | 0.1% | -201.0% | 5.3% | |
| Latest Twelve Months | 19.6% | 19.6% | 23.1% | 0.1% | -207.4% | 5.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.97x | 1.37x | 5.98x | 1.63x | 11.02x | 0.28x | |
| EV / LTM EBITDA | 10.1x | 7.0x | 25.9x | 2000.4x | -5.3x | 5.4x | |
| EV / LTM EBIT | 12.2x | 9.6x | 30.2x | -16.5x | -4.3x | -19.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -5.3x | 10.1x | 2000.4x | ||||
| Historical EV / LTM EBITDA | 3.4x | 5.4x | 12.1x | ||||
| Selected EV / LTM EBITDA | 5.8x | 6.1x | 6.4x | ||||
| (x) LTM EBITDA | 48 | 48 | 48 | ||||
| (=) Implied Enterprise Value | 279 | 293 | 308 | ||||
| (-) Non-shareholder Claims * | 4 | 4 | 4 | ||||
| (=) Equity Value | 282 | 297 | 312 | ||||
| (/) Shares Outstanding | 95.2 | 95.2 | 95.2 | ||||
| Implied Value Range | 2.97 | 3.12 | 3.27 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 2.97 | 3.12 | 3.27 | 2.74 | |||
| Upside / (Downside) | 8.1% | 13.7% | 19.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | VIRP | VETO | ALK B | EVT | ALDVI | EAPI | |
| Enterprise Value | 2,750 | 880 | 34,219 | 1,294 | 38 | 257 | |
| (+) Cash & Short Term Investments | 154 | 0 | 589 | 397 | 2 | 73 | |
| (+) Investments & Other | 6 | 0 | 0 | 42 | 0 | 0 | |
| (-) Debt | (313) | 0 | (1,187) | (439) | (18) | (69) | |
| (-) Other Liabilities | (0) | 0 | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 2,597 | 880 | 33,621 | 1,293 | 22 | 261 | |
| (/) Shares Outstanding | 8.4 | 11.8 | 221.2 | 177.6 | 12.3 | 95.2 | |
| Implied Stock Price | 310.15 | 74.40 | 152.00 | 7.28 | 1.76 | 2.74 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 310.15 | 74.40 | 152.00 | 7.28 | 1.76 | 2.74 | |
| Trading Currency | EUR | EUR | DKK | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |