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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 14.8x - 16.3x | 15.5x |
Selected Fwd EBIT Multiple | 7.6x - 8.4x | 8.0x |
Fair Value | €13.92 - €15.94 | €14.93 |
Upside | 19.2% - 36.4% | 27.8% |
Benchmarks | Ticker | Full Ticker |
MEDICLIN Aktiengesellschaft | MED | XTRA:MED |
LIMES Schlosskliniken AG | LIK | XTRA:LIK |
Arzneiwerk AG VIDA | TLIK | XTRA:TLIK |
MedNation AG | EIF | XTRA:EIF |
Maternus-Kliniken Aktiengesellschaft | MAK | XTRA:MAK |
Medios AG | ILM1 | XTRA:ILM1 |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
MED | LIK | TLIK | EIF | MAK | ILM1 | ||
XTRA:MED | XTRA:LIK | XTRA:TLIK | XTRA:EIF | XTRA:MAK | XTRA:ILM1 | ||
Historical EBIT Growth | |||||||
5Y CAGR | 37.4% | NM- | NM- | 217.4% | NM- | 19.4% | |
3Y CAGR | 161.0% | NM- | NM- | NM- | NM- | 28.9% | |
Latest Twelve Months | 20.5% | 12.8% | 91.8% | 898.6% | 89.2% | 13.6% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 1.8% | 9.4% | 1.2% | 1.1% | -4.0% | 1.7% | |
Prior Fiscal Year | 5.5% | 20.8% | -24.1% | -0.9% | -9.5% | 1.7% | |
Latest Fiscal Year | 6.6% | 13.5% | -4.1% | 5.9% | -9.1% | 1.8% | |
Latest Twelve Months | 6.6% | 13.0% | -2.5% | 6.9% | -1.4% | 1.8% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 0.65x | 2.11x | 0.24x | 1.06x | 1.41x | 0.23x | |
EV / LTM EBITDA | 6.9x | 10.7x | -18.4x | 11.2x | 76.2x | 7.0x | |
EV / LTM EBIT | 9.9x | 16.2x | -9.5x | 15.4x | -102.3x | 12.6x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | -102.3x | 9.9x | 16.2x | ||||
Historical EV / LTM EBIT | 11.3x | 13.9x | 49.3x | ||||
Selected EV / LTM EBIT | 14.8x | 15.5x | 16.3x | ||||
(x) LTM EBIT | 34 | 34 | 34 | ||||
(=) Implied Enterprise Value | 507 | 533 | 560 | ||||
(-) Non-shareholder Claims * | (133) | (133) | (133) | ||||
(=) Equity Value | 373 | 400 | 427 | ||||
(/) Shares Outstanding | 25.5 | 25.5 | 25.5 | ||||
Implied Value Range | 14.63 | 15.68 | 16.72 | ||||
FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 14.63 | 15.68 | 16.72 | 11.68 | |||
Upside / (Downside) | 25.3% | 34.2% | 43.2% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | MED | LIK | TLIK | EIF | MAK | ILM1 | |
Enterprise Value | 495 | 88 | 14 | 50 | 153 | 431 | |
(+) Cash & Short Term Investments | 108 | 8 | 1 | 2 | 4 | 106 | |
(+) Investments & Other | 0 | 0 | 0 | 0 | 1 | 0 | |
(-) Debt | (464) | (9) | (12) | (48) | (127) | (239) | |
(-) Other Liabilities | (0) | 0 | 0 | (1) | (2) | 0 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 139 | 87 | 4 | 4 | 28 | 298 | |
(/) Shares Outstanding | 47.5 | 0.3 | 6.2 | 3.0 | 21.0 | 25.5 | |
Implied Stock Price | 2.92 | 298.00 | 0.61 | 1.40 | 1.35 | 11.68 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 2.92 | 298.00 | 0.61 | 1.40 | 1.35 | 11.68 | |
Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |