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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | -4.5x - -5.0x | -4.7x |
| Selected Fwd EBITDA Multiple | -7.3x - -8.1x | -7.7x |
| Fair Value | $2.92 - $3.20 | $3.06 |
| Upside | 26.8% - 39.2% | 33.0% |
| Benchmarks | Ticker | Full Ticker |
| Agilent Technologies, Inc. | A | NYSE:A |
| AbCellera Biologics Inc. | ABCL | NasdaqGS:ABCL |
| WuXi Biologics (Cayman) Inc. | WXIBF | PINC:WXIBF |
| Lonza Group AG | LZAG.F | PINC:LZAG.F |
| Bristol-Myers Squibb Company | BMY | NYSE:BMY |
| Codexis, Inc. | CDXS | NasdaqGS:CDXS |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| A | ABCL | WXIBF | LZAG.F | BMY | CDXS | ||
| NYSE:A | NasdaqGS:ABCL | PINC:WXIBF | PINC:LZAG.F | NYSE:BMY | NasdaqGS:CDXS | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 7.1% | NM- | 37.4% | 6.1% | 20.0% | NM- | |
| 3Y CAGR | 1.4% | NM- | 15.5% | 11.0% | 0.1% | NM- | |
| Latest Twelve Months | 9.3% | -5.2% | 18.7% | -6.5% | 5.4% | -8.4% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 26.8% | -157.8% | 31.6% | 29.7% | 41.6% | -38.4% | |
| Prior Fiscal Year | 24.7% | -559.7% | 28.9% | 28.5% | 40.9% | -70.3% | |
| Latest Fiscal Year | 27.7% | -776.6% | 31.3% | 27.2% | 40.2% | -90.0% | |
| Latest Twelve Months | 27.6% | -776.6% | 31.3% | 27.2% | 40.3% | -90.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 4.98x | 4.12x | 4.40x | 6.87x | 2.90x | 2.96x | |
| EV / LTM EBITDA | 18.0x | -0.5x | 14.7x | 25.3x | 7.2x | -3.3x | |
| EV / LTM EBIT | 21.2x | -0.4x | 17.9x | 37.3x | 12.5x | -3.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -0.5x | 14.7x | 25.3x | ||||
| Historical EV / LTM EBITDA | -142.0x | -8.2x | -2.4x | ||||
| Selected EV / LTM EBITDA | -4.5x | -4.7x | -5.0x | ||||
| (x) LTM EBITDA | (53) | (53) | (53) | ||||
| (=) Implied Enterprise Value | 240 | 253 | 266 | ||||
| (-) Non-shareholder Claims * | 16 | 16 | 16 | ||||
| (=) Equity Value | 257 | 269 | 282 | ||||
| (/) Shares Outstanding | 82.8 | 82.8 | 82.8 | ||||
| Implied Value Range | 3.10 | 3.25 | 3.40 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 3.10 | 3.25 | 3.40 | 2.30 | |||
| Upside / (Downside) | 34.7% | 41.3% | 48.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | A | ABCL | WXIBF | LZAG.F | BMY | CDXS | |
| Enterprise Value | 32,577 | 135 | 83,879 | 45,611 | 139,679 | 174 | |
| (+) 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 | 30,677 | 778 | 88,391 | 42,157 | 102,161 | 191 | |
| (/) Shares Outstanding | 285.1 | 298.0 | 4,052.0 | 70.6 | 2,035.1 | 82.8 | |
| Implied Stock Price | 107.60 | 2.61 | 21.81 | 596.82 | 50.20 | 2.30 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 7.27 | 0.83 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 107.60 | 2.61 | 3.00 | 717.25 | 50.20 | 2.30 | |
| Trading Currency | USD | USD | USD | USD | USD | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 7.27 | 0.83 | 1.00 | 1.00 | |