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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | -154.6x - -170.9x | -162.7x |
| Selected Fwd EBITDA Multiple | 64.4x - 71.2x | 67.8x |
| Fair Value | $161.50 - $178.54 | $170.02 |
| Upside | -31.5% - -24.3% | -27.9% |
| Benchmarks | Ticker | Full Ticker |
| Sarepta Therapeutics, Inc. | SRPT | NasdaqGS:SRPT |
| BioMarin Pharmaceutical Inc. | BMRN | NasdaqGS:BMRN |
| Arbutus Biopharma Corporation | ABUS | NasdaqGS:ABUS |
| Regeneron Pharmaceuticals, Inc. | REGN | NasdaqGS:REGN |
| Moderna, Inc. | MRNA | NasdaqGS:MRNA |
| Alnylam Pharmaceuticals, Inc. | ALNY | NasdaqGS:ALNY |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| SRPT | BMRN | ABUS | REGN | MRNA | ALNY | ||
| NasdaqGS:SRPT | NasdaqGS:BMRN | NasdaqGS:ABUS | NasdaqGS:REGN | NasdaqGS:MRNA | NasdaqGS:ALNY | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | 332.0% | NM- | 13.8% | NM- | NM- | |
| 3Y CAGR | NM- | 170.4% | NM- | -20.7% | NM- | NM- | |
| Latest Twelve Months | 214.5% | 129.7% | 5.6% | -0.6% | -3.8% | 47.3% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | -56.9% | 7.3% | -592.7% | 43.6% | -82.0% | -92.2% | |
| Prior Fiscal Year | -18.0% | 12.0% | -422.4% | 35.5% | -52.8% | -12.5% | |
| Latest Fiscal Year | 13.4% | 23.4% | -1171.8% | 32.6% | -116.1% | -5.3% | |
| Latest Twelve Months | 13.4% | 23.4% | -1171.8% | 32.6% | -116.1% | -5.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.70x | 3.67x | 81.34x | 3.27x | -0.49x | 13.60x | |
| EV / LTM EBITDA | 20.1x | 15.7x | -6.9x | 10.0x | 0.4x | -254.3x | |
| EV / LTM EBIT | 23.5x | 18.4x | -6.8x | 11.2x | 0.4x | -172.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -6.9x | 10.0x | 20.1x | ||||
| Historical EV / LTM EBITDA | -254.3x | -39.4x | -16.2x | ||||
| Selected EV / LTM EBITDA | -154.6x | -162.7x | -170.9x | ||||
| (x) LTM EBITDA | (120) | (120) | (120) | ||||
| (=) Implied Enterprise Value | 18,586 | 19,564 | 20,543 | ||||
| (-) Non-shareholder Claims * | (49) | (49) | (49) | ||||
| (=) Equity Value | 18,537 | 19,515 | 20,494 | ||||
| (/) Shares Outstanding | 129.5 | 129.5 | 129.5 | ||||
| Implied Value Range | 143.19 | 150.75 | 158.30 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 143.19 | 150.75 | 158.30 | 235.74 | |||
| Upside / (Downside) | -39.3% | -36.1% | -32.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | SRPT | BMRN | ABUS | REGN | MRNA | ALNY | |
| Enterprise Value | 5,133 | 10,465 | 502 | 46,240 | 922 | 30,567 | |
| (+) Cash & Short Term Investments | 1,355 | 1,138 | 123 | 9,013 | 7,025 | 2,695 | |
| (+) Investments & Other | 137 | 528 | 0 | 9,060 | 2,508 | 0 | |
| (-) Debt | (1,343) | (634) | (6) | (2,939) | (747) | (2,743) | |
| (-) 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 | 5,281 | 11,496 | 618 | 61,373 | 9,708 | 30,518 | |
| (/) Shares Outstanding | 97.0 | 190.8 | 191.5 | 107.0 | 386.6 | 129.5 | |
| Implied Stock Price | 54.43 | 60.26 | 3.23 | 573.45 | 25.11 | 235.74 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 54.43 | 60.26 | 3.23 | 573.45 | 25.11 | 235.74 | |
| Trading Currency | USD | USD | USD | USD | USD | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |