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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | -3.2x - -3.5x | -3.3x |
| Selected Fwd EBIT Multiple | -5.6x - -6.2x | -5.9x |
| Fair Value | $2.54 - $2.78 | $2.66 |
| Upside | 8.9% - 19.4% | 14.2% |
| Benchmarks | Ticker | Full Ticker |
| Agilent Technologies, Inc. | A | NYSE:A |
| AbCellera Biologics Inc. | ABCL | NasdaqGS:ABCL |
| WuXi Biologics (Cayman) Inc. | WXIB.F | PINC:WXIBF |
| Lonza Group AG | LZAG.F | PINC:LZAG.F |
| Bristol-Myers Squibb Company | BMY | NYSE:BMY |
| Codexis, Inc. | CDXS | NasdaqGS:CDXS |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| A | ABCL | WXIB.F | LZAG.F | BMY | CDXS | ||
| NYSE:A | NasdaqGS:ABCL | PINC:WXIBF | PINC:LZAG.F | NYSE:BMY | NasdaqGS:CDXS | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 8.2% | NM- | 37.1% | 5.7% | 10.1% | NM- | |
| 3Y CAGR | 3.2% | NM- | 13.1% | 12.7% | 4.7% | NM- | |
| Latest Twelve Months | 11.0% | -19.2% | 16.6% | -11.3% | 33.0% | -6.5% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 22.1% | -202.3% | 26.6% | 20.6% | 19.5% | -43.8% | |
| Prior Fiscal Year | 20.7% | -623.8% | 23.1% | 20.3% | 19.2% | -78.1% | |
| Latest Fiscal Year | 23.7% | -980.7% | 24.6% | 18.4% | 20.4% | -98.3% | |
| Latest Twelve Months | 23.5% | -980.7% | 24.6% | 18.4% | 23.3% | -98.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 4.96x | 4.05x | 4.48x | 6.86x | 2.90x | 2.95x | |
| EV / LTM EBITDA | 18.0x | -0.5x | 15.0x | 25.2x | 7.2x | -3.3x | |
| EV / LTM EBIT | 21.1x | -0.4x | 18.2x | 37.2x | 12.5x | -3.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -0.4x | 18.2x | 37.2x | ||||
| Historical EV / LTM EBIT | -118.2x | -6.9x | -2.2x | ||||
| Selected EV / LTM EBIT | -3.2x | -3.3x | -3.5x | ||||
| (x) LTM EBIT | (58) | (58) | (58) | ||||
| (=) Implied Enterprise Value | 184 | 194 | 204 | ||||
| (-) Non-shareholder Claims * | 16 | 16 | 16 | ||||
| (=) Equity Value | 201 | 210 | 220 | ||||
| (/) Shares Outstanding | 82.8 | 82.8 | 82.8 | ||||
| Implied Value Range | 2.42 | 2.54 | 2.66 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 2.42 | 2.54 | 2.66 | 2.33 | |||
| Upside / (Downside) | 3.9% | 8.9% | 14.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | A | ABCL | WXIB.F | LZAG.F | BMY | CDXS | |
| Enterprise Value | 32,537 | 117 | 83,788 | 43,825 | 137,685 | 177 | |
| (+) Cash & Short Term Investments | 1,467 | 626 | 10,710 | 1,711 | 11,782 | 73 | |
| (+) Investments & Other | 173 | 82 | 2,400 | 123 | 2,030 | 3 | |
| (-) Debt | (3,540) | (65) | (4,940) | (5,228) | (51,271) | (60) | |
| (-) Other Liabilities | 0 | 0 | (3,658) | (60) | (59) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 30,637 | 760 | 88,300 | 40,371 | 100,167 | 193 | |
| (/) Shares Outstanding | 285.1 | 298.0 | 4,052.0 | 70.6 | 2,035.1 | 82.8 | |
| Implied Stock Price | 107.46 | 2.55 | 21.79 | 571.53 | 49.22 | 2.33 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 7.26 | 0.83 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 107.46 | 2.55 | 3.00 | 692.65 | 49.22 | 2.33 | |
| Trading Currency | USD | USD | USD | USD | USD | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 7.26 | 0.83 | 1.00 | 1.00 | |