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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 34.7x - 38.3x | 36.5x |
| Selected Fwd EBIT Multiple | 20.2x - 22.3x | 21.3x |
| Fair Value | €593.79 - €659.30 | €626.55 |
| Upside | -13.2% - -3.7% | -8.5% |
| Benchmarks | Ticker | Full Ticker |
| Zoetis Inc. | ZTS | NYSE:ZTS |
| Merck & Co., Inc. | MRK | NYSE:MRK |
| ANI Pharmaceuticals, Inc. | ANIP | NasdaqGM:ANIP |
| Indivior PLC | INDV | NasdaqGS:INDV |
| Axsome Therapeutics, Inc. | AXSM | NasdaqGM:AXSM |
| Eli Lilly and Company | LLY | XTRA:LLY |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| ZTS | MRK | ANIP | INDV | AXSM | LLY | ||
| NYSE:ZTS | NYSE:MRK | NasdaqGM:ANIP | NasdaqGS:INDV | NasdaqGM:AXSM | XTRA:LLY | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 10.1% | 18.5% | -2.3% | 7.6% | NM- | 23.9% | |
| 3Y CAGR | 6.5% | 21.5% | NM- | 16.0% | NM- | 28.4% | |
| Latest Twelve Months | 10.4% | 55.8% | -70.5% | 12.3% | -38.0% | 62.2% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 35.7% | 31.2% | -1.2% | 19.8% | -295.3% | 30.6% | |
| Prior Fiscal Year | 36.0% | 26.6% | 10.2% | 23.8% | -67.6% | 31.6% | |
| Latest Fiscal Year | 36.7% | 38.8% | 2.4% | 24.6% | -65.5% | 38.9% | |
| Latest Twelve Months | 36.7% | 38.8% | 2.4% | 24.6% | -65.5% | 38.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 7.51x | 3.61x | 2.93x | 0.99x | 11.97x | 15.74x | |
| EV / LTM EBITDA | 18.2x | 8.0x | 21.9x | 3.7x | -18.9x | 36.8x | |
| EV / LTM EBIT | 20.5x | 9.3x | 123.2x | 4.0x | -18.3x | 40.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -18.3x | 9.3x | 123.2x | ||||
| Historical EV / LTM EBIT | 26.2x | 40.5x | 55.2x | ||||
| Selected EV / LTM EBIT | 34.7x | 36.5x | 38.3x | ||||
| (x) LTM EBIT | 17,502 | 17,502 | 17,502 | ||||
| (=) Implied Enterprise Value | 606,494 | 638,415 | 670,336 | ||||
| (-) Non-shareholder Claims * | (28,290) | (28,290) | (28,290) | ||||
| (=) Equity Value | 578,204 | 610,125 | 642,046 | ||||
| (/) Shares Outstanding | 898.0 | 898.0 | 898.0 | ||||
| Implied Value Range | 643.89 | 679.43 | 714.98 | ||||
| FX Rate: USD/EUR | 1.1 | 1.1 | 1.1 | Market Price | |||
| Implied Value Range (Trading Cur) | 582.20 | 614.35 | 646.49 | 684.40 | |||
| Upside / (Downside) | -14.9% | -10.2% | -5.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | ZTS | MRK | ANIP | INDV | AXSM | LLY | |
| Enterprise Value | 69,482 | 222,461 | 1,780 | 1,164 | 4,635 | 707,989 | |
| (+) Cash & Short Term Investments | 1,987 | 13,689 | 151 | 320 | 315 | 3,434 | |
| (+) Investments & Other | 26 | 1,610 | 5 | 27 | 0 | 3,267 | |
| (-) Debt | (6,829) | (38,270) | (631) | (374) | (193) | (34,911) | |
| (-) Other Liabilities | 0 | (59) | 0 | 0 | 0 | (80) | |
| (-) Preferred Stock | 0 | 0 | (25) | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 64,666 | 199,431 | 1,280 | 1,137 | 4,757 | 679,699 | |
| (/) Shares Outstanding | 447.8 | 2,526.0 | 20.3 | 124.8 | 48.8 | 898.0 | |
| Implied Stock Price | 144.41 | 78.95 | 63.05 | 9.11 | 97.55 | 756.91 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.11 | |
| Implied Stock Price (Trading Cur) | 144.41 | 78.95 | 63.05 | 9.11 | 97.55 | 684.40 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.11 | |