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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 2.3x - 2.5x | 2.4x |
| Selected Fwd Revenue Multiple | 1.9x - 2.1x | 2.0x |
| Fair Value | $0.96 - $1.06 | $1.01 |
| Upside | 7.1% - 17.5% | 12.3% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| BioCryst Pharmaceuticals, Inc. | BO1 | DB:BO1 |
| Ionis Pharmaceuticals, Inc. | ISI | DB:ISI |
| BioMarin Pharmaceutical Inc. | BM8 | DB:BM8 |
| Intellia Therapeutics, Inc. | 38I | DB:38I |
| KalVista Pharmaceuticals, Inc. | 4XC1 | DB:4XC1 |
| Pharming Group N.V. | PHGU.F | OTCPK:PHGU.F |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| BO1 | ISI | BM8 | 38I | 4XC1 | PHGU.F | |||
| DB:BO1 | DB:ISI | DB:BM8 | DB:38I | DB:4XC1 | OTCPK:PHGU.F | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 56.0% | -8.9% | 10.9% | 6.1% | NM- | 9.4% | ||
| 3Y CAGR | 42.1% | -4.5% | 15.6% | 20.5% | NM- | 14.3% | ||
| Latest Twelve Months | 36.0% | -10.5% | 18.0% | 59.6% | NM | 21.1% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | -158.8% | -29.9% | 2.2% | -759.8% | -747.3% | 11.1% | ||
| Prior Fiscal Year | -29.8% | -42.4% | 7.7% | -1420.5% | NA | -8.9% | ||
| Latest Fiscal Year | -0.3% | -67.4% | 20.0% | -923.1% | NA | -2.9% | ||
| Latest Twelve Months | -0.3% | -67.4% | 20.0% | -923.1% | NA | -2.9% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 4.90x | 6.79x | 4.42x | -0.60x | NA | 1.82x | ||
| EV / LTM EBIT | -1725.5x | -10.1x | 22.1x | 0.1x | -2.1x | -62.6x | ||
| Price / LTM Sales | 3.74x | 7.27x | 4.78x | 15.61x | NA | 2.01x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | -0.60x | 4.66x | 6.79x | |||||
| Historical EV / LTM Revenue | 1.82x | 3.32x | 4.54x | |||||
| Selected EV / LTM Revenue | 2.26x | 2.38x | 2.50x | |||||
| (x) LTM Revenue | 297 | 297 | 297 | |||||
| (=) Implied Enterprise Value | 673 | 708 | 744 | |||||
| (-) Non-shareholder Claims * | 60 | 60 | 60 | |||||
| (=) Equity Value | 733 | 768 | 804 | |||||
| (/) Shares Outstanding | 752.8 | 752.8 | 752.8 | |||||
| Implied Value Range | 0.97 | 1.02 | 1.07 | |||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 0.97 | 1.02 | 1.07 | 0.90 | ||||
| Upside / (Downside) | 8.2% | 13.4% | 18.6% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | BO1 | ISI | BM8 | 38I | 4XC1 | PHGU.F | |
| Enterprise Value | 2,171 | 4,702 | 12,516 | 179 | 357 | 618 | |
| (+) Cash & Short Term Investments | 321 | 2,303 | 1,138 | 602 | 253 | 168 | |
| (+) Investments & Other | 20 | 41 | 528 | 287 | 0 | 4 | |
| (-) Debt | (841) | (1,959) | (634) | (210) | (6) | (112) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,670 | 5,087 | 13,547 | 858 | 604 | 678 | |
| (/) Shares Outstanding | 209.0 | 159.0 | 190.8 | 103.5 | 49.7 | 752.8 | |
| Implied Stock Price | 7.99 | 32.00 | 71.01 | 8.29 | 12.15 | 0.90 | |
| FX Conversion Rate to Trading Currency | 1.08 | 1.08 | 1.08 | 1.08 | 1.08 | 1.00 | |
| Implied Stock Price (Trading Cur) | 7.43 | 29.76 | 66.04 | 7.71 | 11.30 | 0.90 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | USD | |
| FX Rate to Reporting Currency | 1.08 | 1.08 | 1.08 | 1.08 | 1.08 | 1.00 | |