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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBITDA Multiple | 27.5x - 30.4x | 29.0x |
Selected Fwd EBITDA Multiple | 18.1x - 20.0x | 19.0x |
Fair Value | $72.17 - $80.52 | $76.34 |
Upside | -28.7% - -20.5% | -24.6% |
Benchmarks | Ticker | Full Ticker |
Delcath Systems, Inc. | DCTH | NasdaqCM:DCTH |
Nevro Corp. | NVRO | NYSE:NVRO |
AtriCure, Inc. | ATRC | NasdaqGM:ATRC |
Avanos Medical, Inc. | AVNS | NYSE:AVNS |
Bioventus Inc. | BVS | NasdaqGS:BVS |
Boston Scientific Corporation | BSX | NYSE:BSX |
- | - | - |
Select LTM EBITDA Multiple | |||||||
Benchmark Companies | |||||||
DCTH | NVRO | ATRC | AVNS | BVS | BSX | ||
NasdaqCM:DCTH | NYSE:NVRO | NasdaqGM:ATRC | NYSE:AVNS | NasdaqGS:BVS | NYSE:BSX | ||
Historical EBITDA Growth | |||||||
5Y CAGR | NM- | NM- | NM- | 24.7% | 1.2% | 8.5% | |
3Y CAGR | NM- | NM- | NM- | 28.7% | 12.4% | 13.6% | |
Latest Twelve Months | 67.7% | 9.2% | -30.7% | 5.1% | 104.4% | 18.2% | |
Historical EBITDA Profit Margin | |||||||
5 Year Average Margin | -998.0% | -20.4% | -9.9% | 11.1% | 9.6% | 24.6% | |
Prior Fiscal Year | -1842.8% | -21.7% | -4.1% | 12.8% | 5.6% | 25.4% | |
Latest Fiscal Year | -33.0% | -20.5% | -4.6% | 13.1% | 10.3% | 25.5% | |
Latest Twelve Months | -33.0% | -20.5% | -4.6% | 13.1% | 10.3% | 25.5% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 9.88x | 0.44x | 3.41x | 1.05x | 1.70x | 9.60x | |
EV / LTM EBITDA | -30.0x | -2.1x | -74.5x | 8.0x | 16.5x | 37.6x | |
EV / LTM EBIT | -29.6x | -1.9x | -39.6x | 16.1x | 24.4x | 53.6x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBITDA | -74.5x | -2.1x | 16.5x | ||||
Historical EV / LTM EBITDA | 22.2x | 26.6x | 37.6x | ||||
Selected EV / LTM EBITDA | 27.5x | 29.0x | 30.4x | ||||
(x) LTM EBITDA | 4,271 | 4,271 | 4,271 | ||||
(=) Implied Enterprise Value | 117,660 | 123,852 | 130,045 | ||||
(-) Non-shareholder Claims * | (10,492) | (10,492) | (10,492) | ||||
(=) Equity Value | 107,168 | 113,360 | 119,553 | ||||
(/) Shares Outstanding | 1,479.1 | 1,479.1 | 1,479.1 | ||||
Implied Value Range | 72.46 | 76.64 | 80.83 | ||||
FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 72.46 | 76.64 | 80.83 | 101.24 | |||
Upside / (Downside) | -28.4% | -24.3% | -20.2% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | DCTH | NVRO | ATRC | AVNS | BVS | BSX | |
Enterprise Value | 368 | 180 | 1,584 | 723 | 970 | 160,233 | |
(+) Cash & Short Term Investments | 53 | 293 | 123 | 108 | 42 | 414 | |
(+) Investments & Other | 0 | 0 | 0 | 0 | 2 | 555 | |
(-) Debt | (1) | (251) | (77) | (170) | (356) | (11,228) | |
(-) Other Liabilities | 0 | 0 | 0 | 0 | (38) | (233) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 420 | 221 | 1,631 | 660 | 620 | 149,741 | |
(/) Shares Outstanding | 33.4 | 37.9 | 48.9 | 46.0 | 66.2 | 1,479.1 | |
Implied Stock Price | 12.57 | 5.84 | 33.36 | 14.35 | 9.37 | 101.24 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 12.57 | 5.84 | 33.36 | 14.35 | 9.37 | 101.24 | |
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 |