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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBITDA Multiple | 26.8x - 29.6x | 28.2x |
Selected Fwd EBITDA Multiple | 18.9x - 20.9x | 19.9x |
Fair Value | $75.15 - $83.82 | $79.49 |
Upside | -26.9% - -18.5% | -22.7% |
Benchmarks | Ticker | Full Ticker |
AtriCure, Inc. | ATRC | NasdaqGM:ATRC |
Avanos Medical, Inc. | AVNS | NYSE:AVNS |
Bioventus Inc. | BVS | NasdaqGS:BVS |
Haemonetics Corporation | HAE | NYSE:HAE |
Integer Holdings Corporation | ITGR | NYSE:ITGR |
Boston Scientific Corporation | BSX | NYSE:BSX |
- | - | - |
Select LTM EBITDA Multiple | |||||||
Benchmark Companies | |||||||
ATRC | AVNS | BVS | HAE | ITGR | BSX | ||
NasdaqGM:ATRC | NYSE:AVNS | NasdaqGS:BVS | NYSE:HAE | NYSE:ITGR | NYSE:BSX | ||
Historical EBITDA Growth | |||||||
5Y CAGR | NM- | 24.7% | 1.2% | 4.2% | 6.1% | 8.5% | |
3Y CAGR | NM- | 28.7% | 12.4% | 18.2% | 14.0% | 13.6% | |
Latest Twelve Months | 21.2% | -2.6% | 39.3% | 18.3% | 19.6% | 21.2% | |
Historical EBITDA Profit Margin | |||||||
5 Year Average Margin | -9.4% | 11.1% | 9.1% | 22.7% | 17.7% | 24.7% | |
Prior Fiscal Year | -4.1% | 12.8% | 5.6% | 22.6% | 17.7% | 25.4% | |
Latest Fiscal Year | -4.6% | 13.1% | 10.3% | 25.7% | 19.4% | 25.5% | |
Latest Twelve Months | -3.3% | 13.6% | 10.4% | 25.7% | 19.8% | 25.8% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 3.15x | 0.91x | 1.45x | 3.29x | 3.12x | 9.31x | |
EV / LTM EBITDA | -96.4x | 6.7x | 14.0x | 12.8x | 15.8x | 36.0x | |
EV / LTM EBIT | -43.1x | 12.6x | 20.8x | 19.1x | 23.6x | 50.3x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBITDA | -96.4x | 12.8x | 15.8x | ||||
Historical EV / LTM EBITDA | 22.2x | 26.6x | 34.6x | ||||
Selected EV / LTM EBITDA | 26.8x | 28.2x | 29.6x | ||||
(x) LTM EBITDA | 4,536 | 4,536 | 4,536 | ||||
(=) Implied Enterprise Value | 121,512 | 127,908 | 134,303 | ||||
(-) Non-shareholder Claims * | (10,562) | (10,562) | (10,562) | ||||
(=) Equity Value | 110,950 | 117,346 | 123,741 | ||||
(/) Shares Outstanding | 1,479.4 | 1,479.4 | 1,479.4 | ||||
Implied Value Range | 74.99 | 79.32 | 83.64 | ||||
FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 74.99 | 79.32 | 83.64 | 102.86 | |||
Upside / (Downside) | -27.1% | -22.9% | -18.7% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | ATRC | AVNS | BVS | HAE | ITGR | BSX | |
Enterprise Value | 1,512 | 629 | 822 | 4,474 | 5,448 | 162,738 | |
(+) Cash & Short Term Investments | 100 | 97 | 23 | 307 | 32 | 725 | |
(+) Investments & Other | 0 | 0 | 2 | 0 | 8 | 654 | |
(-) Debt | (77) | (141) | (366) | (1,356) | (1,355) | (11,708) | |
(-) Other Liabilities | 0 | 0 | (37) | 0 | 0 | (233) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 1,534 | 585 | 443 | 3,426 | 4,133 | 152,176 | |
(/) Shares Outstanding | 49.5 | 46.2 | 66.4 | 50.2 | 34.9 | 1,479.4 | |
Implied Stock Price | 30.99 | 12.65 | 6.68 | 68.19 | 118.44 | 102.86 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 30.99 | 12.65 | 6.68 | 68.19 | 118.44 | 102.86 | |
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 |