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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 2.0x - 2.2x | 2.1x |
| Selected Fwd EBIT Multiple | -3.6x - -4.0x | -3.8x |
| Fair Value | $11.33 - $12.62 | $11.98 |
| Upside | -33.4% - -25.8% | -29.6% |
| Benchmarks | Ticker | Full Ticker |
| PTC Therapeutics, Inc. | BH3 | DB:BH3 |
| AC Immune SA | IMR | DB:IMR |
| Kuros Biosciences AG | KURN | SWX:KURN |
| Molecular Partners AG | MOLN | SWX:MOLN |
| Basilea Pharmaceutica AG | BSLN | SWX:BSLN |
| Santhera Pharmaceuticals Holding AG | SPHD.F | OTCPK:SPHD.F |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| BH3 | IMR | KURN | MOLN | BSLN | SPHD.F | ||
| DB:BH3 | DB:IMR | SWX:KURN | SWX:MOLN | SWX:BSLN | OTCPK:SPHD.F | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | NM- | NM- | NM- | NM- | NM- | |
| 3Y CAGR | NM- | NM- | NM- | NM- | 173.7% | NM- | |
| Latest Twelve Months | 58.0% | 2.3% | 102.1% | -0.2% | 181.6% | 226.0% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | -59.7% | -405956.1% | -117.2% | -569.5% | 4.2% | -1563.1% | |
| Prior Fiscal Year | -37.3% | -362.3% | -15.2% | -868.3% | 13.9% | -612.4% | |
| Latest Fiscal Year | -18.2% | -191.8% | 0.1% | -1231.7% | 29.6% | 49.5% | |
| Latest Twelve Months | -18.2% | -191.8% | 0.1% | -1231.7% | 29.6% | 47.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 5.83x | -0.67x | 8.53x | -5.54x | 2.25x | 1.51x | |
| EV / LTM EBITDA | -66.2x | 0.4x | 313.6x | 0.5x | 7.4x | 3.0x | |
| EV / LTM EBIT | -32.1x | 0.3x | 6024.9x | 0.4x | 7.6x | 3.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -32.1x | 0.4x | 6024.9x | ||||
| Historical EV / LTM EBIT | -5.8x | -1.9x | 30.5x | ||||
| Selected EV / LTM EBIT | 2.0x | 2.1x | 2.2x | ||||
| (x) LTM EBIT | 54 | 54 | 54 | ||||
| (=) Implied Enterprise Value | 108 | 114 | 119 | ||||
| (-) Non-shareholder Claims * | (10) | (10) | (10) | ||||
| (=) Equity Value | 98 | 104 | 110 | ||||
| (/) Shares Outstanding | 12.6 | 12.6 | 12.6 | ||||
| Implied Value Range | 7.81 | 8.26 | 8.71 | ||||
| FX Rate: CHF/USD | 0.8 | 0.8 | 0.8 | Market Price | |||
| Implied Value Range (Trading Cur) | 9.57 | 10.12 | 10.68 | 17.01 | |||
| Upside / (Downside) | -43.7% | -40.5% | -37.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | BH3 | IMR | KURN | MOLN | BSLN | SPHD.F | |
| Enterprise Value | 4,538 | (46) | 645 | (28) | 469 | 184 | |
| (+) Cash & Short Term Investments | 1,153 | 165 | 18 | 149 | 121 | 16 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Debt | (2,471) | (5) | (2) | (2) | (112) | (26) | |
| (-) 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 | 3,220 | 114 | 661 | 119 | 479 | 175 | |
| (/) Shares Outstanding | 78.9 | 98.9 | 38.0 | 36.9 | 12.1 | 12.6 | |
| Implied Stock Price | 40.83 | 1.16 | 17.41 | 3.24 | 39.45 | 13.88 | |
| FX Conversion Rate to Trading Currency | 1.13 | 0.93 | 1.00 | 1.00 | 1.00 | 0.82 | |
| Implied Stock Price (Trading Cur) | 36.00 | 1.25 | 17.41 | 3.24 | 39.45 | 17.01 | |
| Trading Currency | EUR | EUR | CHF | CHF | CHF | USD | |
| FX Rate to Reporting Currency | 1.13 | 0.93 | 1.00 | 1.00 | 1.00 | 0.82 | |