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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 19.7x - 21.8x | 20.7x |
Selected Fwd EBIT Multiple | 12.9x - 14.3x | 13.6x |
Fair Value | $33 - $37.12 | $35.06 |
Upside | 22.6% - 37.9% | 30.2% |
Benchmarks | Ticker | Full Ticker |
ConvaTec Group PLC | CTEC | LSE:CTEC |
Medtronic plc | 0Y6X | LSE:0Y6X |
Zimmer Biomet Holdings, Inc. | ZBH | NYSE:ZBH |
STERIS plc | STE | NYSE:STE |
Stryker Corporation | 0R2S | LSE:0R2S |
Smith & Nephew plc | SNN | NYSE:SNN |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
CTEC | 0Y6X | ZBH | STE | 0R2S | SNN | ||
LSE:CTEC | LSE:0Y6X | NYSE:ZBH | NYSE:STE | LSE:0R2S | NYSE:SNN | ||
Historical EBIT Growth | |||||||
5Y CAGR | 10.3% | -0.9% | 2.8% | 14.2% | 7.8% | -2.0% | |
3Y CAGR | 14.9% | 5.3% | 9.3% | 16.0% | 10.7% | 7.6% | |
Latest Twelve Months | 19.5% | 6.2% | 5.9% | 6.8% | 20.5% | 19.6% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 12.5% | 19.0% | 18.0% | 17.3% | 20.6% | 13.0% | |
Prior Fiscal Year | 13.7% | 18.5% | 20.4% | 17.9% | 20.1% | 13.4% | |
Latest Fiscal Year | 15.3% | 19.8% | 20.8% | 17.6% | 21.9% | 15.2% | |
Latest Twelve Months | 15.3% | 20.3% | 20.8% | 17.8% | 21.9% | 15.2% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 3.61x | 3.84x | 3.44x | 4.47x | 6.66x | 2.61x | |
EV / LTM EBITDA | 15.7x | 13.6x | 10.2x | 17.0x | 25.0x | 11.4x | |
EV / LTM EBIT | 23.6x | 18.9x | 16.5x | 25.2x | 30.3x | 17.1x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | 16.5x | 23.6x | 30.3x | ||||
Historical EV / LTM EBIT | 17.1x | 20.8x | 41.4x | ||||
Selected EV / LTM EBIT | 19.7x | 20.7x | 21.8x | ||||
(x) LTM EBIT | 886 | 886 | 886 | ||||
(=) Implied Enterprise Value | 17,440 | 18,358 | 19,276 | ||||
(-) Non-shareholder Claims * | (2,686) | (2,686) | (2,686) | ||||
(=) Equity Value | 14,754 | 15,672 | 16,590 | ||||
(/) Shares Outstanding | 435.1 | 435.1 | 435.1 | ||||
Implied Value Range | 33.91 | 36.02 | 38.13 | ||||
FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 33.91 | 36.02 | 38.13 | 26.92 | |||
Upside / (Downside) | 26.0% | 33.8% | 41.7% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | CTEC | 0Y6X | ZBH | STE | 0R2S | SNN | |
Enterprise Value | 8,171 | 126,476 | 26,389 | 24,189 | 150,482 | 14,398 | |
(+) Cash & Short Term Investments | 65 | 7,922 | 527 | 155 | 4,493 | 619 | |
(+) Investments & Other | 17 | 1,262 | 49 | 0 | 0 | 16 | |
(-) Debt | (1,202) | (26,607) | (6,621) | (2,320) | (14,120) | (3,321) | |
(-) Other Liabilities | 0 | (228) | (8) | (12) | 0 | 0 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 7,050 | 108,825 | 20,336 | 22,012 | 140,855 | 11,712 | |
(/) Shares Outstanding | 2,044.3 | 1,282.5 | 197.8 | 98.3 | 381.7 | 435.1 | |
Implied Stock Price | 3.45 | 84.85 | 102.79 | 224.04 | 369.03 | 26.92 | |
FX Conversion Rate to Trading Currency | 1.34 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 2.58 | 84.85 | 102.79 | 224.04 | 369.03 | 26.92 | |
Trading Currency | GBP | USD | USD | USD | USD | USD | |
FX Rate to Reporting Currency | 1.34 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |