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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 29.9x - 33.0x | 31.4x |
Selected Fwd EBIT Multiple | 23.1x - 25.6x | 24.4x |
Fair Value | $135.44 - $149.50 | $142.47 |
Upside | 15.8% - 27.9% | 21.9% |
Benchmarks | Ticker | Full Ticker |
DENTSPLY SIRONA Inc. | DY2 | DB:DY2 |
Medtronic plc | 2M6 | XTRA:2M6 |
ZimVie Inc. | O23 | DB:O23 |
Solventum Corporation | KB7 | DB:KB7 |
Envista Holdings Corporation | 0HV | DB:0HV |
Straumann Holding AG | SAUH.F | OTCPK:SAUH.F |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
DY2 | 2M6 | O23 | KB7 | 0HV | SAUH.F | ||
DB:DY2 | XTRA:2M6 | DB:O23 | DB:KB7 | DB:0HV | OTCPK:SAUH.F | ||
Historical EBIT Growth | |||||||
5Y CAGR | -13.9% | -0.9% | NM- | NM- | -8.8% | 9.1% | |
3Y CAGR | -29.2% | 5.3% | NM- | -16.5% | -25.1% | 4.9% | |
Latest Twelve Months | -23.2% | 6.2% | 81.3% | -35.3% | -52.2% | -1.7% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 9.7% | 19.0% | -1.8% | 19.3% | 11.8% | 24.8% | |
Prior Fiscal Year | 7.3% | 18.5% | -2.5% | 20.6% | 12.8% | 27.9% | |
Latest Fiscal Year | 5.9% | 19.8% | -0.5% | 13.2% | 6.2% | 25.0% | |
Latest Twelve Months | 5.9% | 20.3% | -0.5% | 13.2% | 6.2% | 25.0% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 1.32x | 4.04x | 1.02x | 2.49x | 1.38x | 6.68x | |
EV / LTM EBITDA | 8.7x | 14.3x | 14.2x | 12.5x | 12.4x | 23.4x | |
EV / LTM EBIT | 22.5x | 19.9x | -217.3x | 18.8x | 22.1x | 26.8x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | -217.3x | 19.9x | 22.5x | ||||
Historical EV / LTM EBIT | 26.8x | 36.2x | 58.2x | ||||
Selected EV / LTM EBIT | 29.9x | 31.4x | 33.0x | ||||
(x) LTM EBIT | 625 | 625 | 625 | ||||
(=) Implied Enterprise Value | 18,676 | 19,659 | 20,642 | ||||
(-) Non-shareholder Claims * | 262 | 262 | 262 | ||||
(=) Equity Value | 18,938 | 19,921 | 20,904 | ||||
(/) Shares Outstanding | 159.5 | 159.5 | 159.5 | ||||
Implied Value Range | 118.77 | 124.94 | 131.10 | ||||
FX Rate: CHF/USD | 0.9 | 0.9 | 0.9 | Market Price | |||
Implied Value Range (Trading Cur) | 134.56 | 141.54 | 148.52 | 116.91 | |||
Upside / (Downside) | 15.1% | 21.1% | 27.0% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | DY2 | 2M6 | O23 | KB7 | 0HV | SAUH.F | |
Enterprise Value | 4,970 | 132,163 | 424 | 20,035 | 3,399 | 16,192 | |
(+) Cash & Short Term Investments | 302 | 7,922 | 75 | 762 | 1,069 | 383 | |
(+) Investments & Other | 0 | 1,262 | 26 | 0 | 0 | 297 | |
(-) Debt | (2,298) | (26,607) | (233) | (8,183) | (1,548) | (415) | |
(-) Other Liabilities | (1) | (228) | 0 | 0 | 0 | (4) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 2,973 | 114,512 | 293 | 12,614 | 2,920 | 16,454 | |
(/) Shares Outstanding | 199.0 | 1,282.5 | 27.7 | 173.0 | 172.2 | 159.5 | |
Implied Stock Price | 14.94 | 89.28 | 10.59 | 72.91 | 16.96 | 103.19 | |
FX Conversion Rate to Trading Currency | 1.08 | 1.08 | 1.08 | 1.08 | 1.08 | 0.88 | |
Implied Stock Price (Trading Cur) | 13.83 | 82.66 | 9.80 | 67.50 | 15.70 | 116.91 | |
Trading Currency | EUR | EUR | EUR | EUR | EUR | USD | |
FX Rate to Reporting Currency | 1.08 | 1.08 | 1.08 | 1.08 | 1.08 | 0.88 |