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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 13.2x - 14.6x | 13.9x |
| Selected Fwd EBITDA Multiple | 9.9x - 11.0x | 10.4x |
| Fair Value | £12.61 - £14.18 | £13.40 |
| Upside | 18.2% - 32.9% | 25.5% |
| Benchmarks | Ticker | Full Ticker |
| ConvaTec Group PLC | CTEC | LSE:CTEC |
| Medtronic plc | 0Y6X | LSE:0Y6X |
| Zimmer Biomet Holdings, Inc. | ZBH | NYSE:ZBH |
| STERIS plc | STE | NYSE:STE |
| Stryker Corporation | 0R2S | LSE:0R2S |
| Smith & Nephew plc | SN. | LSE:SN. |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| CTEC | 0Y6X | ZBH | STE | 0R2S | SN. | ||
| LSE:CTEC | LSE:0Y6X | NYSE:ZBH | NYSE:STE | LSE:0R2S | LSE:SN. | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 6.2% | -0.7% | 1.6% | 14.4% | 7.5% | -1.3% | |
| 3Y CAGR | 9.2% | 3.4% | 6.2% | 19.2% | 8.9% | 3.1% | |
| Latest Twelve Months | 12.6% | 4.4% | 2.9% | 13.8% | 15.8% | 13.5% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 21.0% | 27.7% | 31.6% | 26.1% | 25.9% | 21.8% | |
| Prior Fiscal Year | 21.9% | 27.1% | 33.2% | 27.2% | 25.1% | 21.2% | |
| Latest Fiscal Year | 23.1% | 28.0% | 33.7% | 26.4% | 26.6% | 23.0% | |
| Latest Twelve Months | 23.1% | 28.3% | 33.2% | 26.3% | 26.6% | 23.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.63x | 3.85x | 3.12x | 4.45x | 6.86x | 2.65x | |
| EV / LTM EBITDA | 15.7x | 13.6x | 9.4x | 16.9x | 25.8x | 11.5x | |
| EV / LTM EBIT | 23.7x | 19.0x | 15.5x | 25.1x | 31.1x | 17.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 9.4x | 15.7x | 25.8x | ||||
| Historical EV / LTM EBITDA | 11.5x | 12.5x | 21.0x | ||||
| Selected EV / LTM EBITDA | 13.2x | 13.9x | 14.6x | ||||
| (x) LTM EBITDA | 1,335 | 1,335 | 1,335 | ||||
| (=) Implied Enterprise Value | 17,634 | 18,562 | 19,490 | ||||
| (-) Non-shareholder Claims * | (2,686) | (2,686) | (2,686) | ||||
| (=) Equity Value | 14,948 | 15,876 | 16,804 | ||||
| (/) Shares Outstanding | 875.0 | 875.0 | 875.0 | ||||
| Implied Value Range | 17.08 | 18.14 | 19.20 | ||||
| FX Rate: USD/GBP | 1.3 | 1.3 | 1.3 | Market Price | |||
| Implied Value Range (Trading Cur) | 12.78 | 13.57 | 14.37 | 10.68 | |||
| Upside / (Downside) | 19.7% | 27.2% | 34.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | CTEC | 0Y6X | ZBH | STE | 0R2S | SN. | |
| Enterprise Value | 8,198 | 123,742 | 23,817 | 24,215 | 159,031 | 15,172 | |
| (+) Cash & Short Term Investments | 65 | 7,922 | 1,385 | 155 | 2,409 | 619 | |
| (+) Investments & Other | 17 | 1,262 | 34 | 0 | 0 | 16 | |
| (-) Debt | (1,202) | (26,607) | (7,325) | (2,320) | (17,356) | (3,321) | |
| (-) Other Liabilities | 0 | (228) | (9) | (12) | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 7,078 | 106,091 | 17,901 | 22,038 | 144,084 | 12,486 | |
| (/) Shares Outstanding | 2,044.3 | 1,282.5 | 197.8 | 98.3 | 382.2 | 875.0 | |
| Implied Stock Price | 3.46 | 82.72 | 90.48 | 224.30 | 377.02 | 14.27 | |
| FX Conversion Rate to Trading Currency | 1.34 | 1.00 | 1.00 | 1.00 | 1.00 | 1.34 | |
| Implied Stock Price (Trading Cur) | 2.59 | 82.72 | 90.48 | 224.30 | 377.02 | 10.68 | |
| Trading Currency | GBP | USD | USD | USD | USD | GBP | |
| FX Rate to Reporting Currency | 1.34 | 1.00 | 1.00 | 1.00 | 1.00 | 1.34 | |