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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 12.7x - 14.0x | 13.3x |
| Selected Fwd EBIT Multiple | 10.0x - 11.0x | 10.5x |
| Fair Value | €25.76 - €28.75 | €27.26 |
| Upside | 6.5% - 18.8% | 12.6% |
| Benchmarks | Ticker | Full Ticker |
| Dermapharm Holding SE | DMP | XTRA:DMP |
| Bayer Aktiengesellschaft | BAYN | XTRA:BAYN |
| Merck KGaA | MRK | XTRA:MRK |
| MPH Health Care AG | 93M1 | XTRA:93M1 |
| Orion Oyj | OFK | DB:OFK |
| PharmaSGP Holding SE | PSG | XTRA:PSG |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| DMP | BAYN | MRK | 93M1 | OFK | PSG | ||
| XTRA:DMP | XTRA:BAYN | XTRA:MRK | XTRA:93M1 | DB:OFK | XTRA:PSG | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 11.4% | -4.8% | 9.9% | -5.3% | 12.4% | 4.8% | |
| 3Y CAGR | 11.3% | -10.0% | -1.7% | 134.2% | 23.7% | 16.8% | |
| Latest Twelve Months | 15.0% | -30.1% | 10.4% | 294.5% | 91.3% | 19.0% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 21.7% | 16.4% | 19.5% | 92.7% | 25.5% | 24.9% | |
| Prior Fiscal Year | 16.8% | 16.4% | 17.6% | 96.8% | 20.0% | 20.7% | |
| Latest Fiscal Year | 18.6% | 11.7% | 19.3% | 96.7% | 29.5% | 24.4% | |
| Latest Twelve Months | 18.6% | 11.7% | 19.3% | 99.1% | 29.5% | 23.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.42x | 1.09x | 2.81x | 0.85x | 5.12x | 2.87x | |
| EV / LTM EBITDA | 12.1x | 5.6x | 10.3x | 0.9x | 15.7x | 9.2x | |
| EV / LTM EBIT | 13.2x | 9.3x | 14.6x | 0.9x | 17.3x | 12.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 0.9x | 13.2x | 17.3x | ||||
| Historical EV / LTM EBIT | 13.8x | 18.2x | 28.8x | ||||
| Selected EV / LTM EBIT | 12.7x | 13.3x | 14.0x | ||||
| (x) LTM EBIT | 27 | 27 | 27 | ||||
| (=) Implied Enterprise Value | 340 | 357 | 375 | ||||
| (-) Non-shareholder Claims * | (31) | (31) | (31) | ||||
| (=) Equity Value | 308 | 326 | 344 | ||||
| (/) Shares Outstanding | 12.0 | 12.0 | 12.0 | ||||
| Implied Value Range | 25.69 | 27.18 | 28.67 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 25.69 | 27.18 | 28.67 | 24.20 | |||
| Upside / (Downside) | 6.2% | 12.3% | 18.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | DMP | BAYN | MRK | 93M1 | OFK | PSG | |
| Enterprise Value | 2,764 | 49,581 | 57,532 | (242) | 7,576 | 322 | |
| (+) Cash & Short Term Investments | 122 | 8,087 | 3,075 | 7 | 206 | 38 | |
| (+) Investments & Other | 22 | 3,022 | 964 | 335 | 0 | 1 | |
| (-) Debt | (990) | (40,811) | (10,301) | (8) | (327) | (70) | |
| (-) Other Liabilities | (4) | (137) | (75) | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,914 | 19,742 | 51,195 | 92 | 7,455 | 290 | |
| (/) Shares Outstanding | 53.8 | 982.4 | 434.8 | 4.3 | 140.5 | 12.0 | |
| Implied Stock Price | 35.55 | 20.10 | 117.75 | 21.40 | 53.06 | 24.20 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 35.55 | 20.10 | 117.75 | 21.40 | 53.06 | 24.20 | |
| 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 | |