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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBITDA Multiple | 14,4x - 16,0x | 15,2x |
Selected Fwd EBITDA Multiple | 11,4x - 12,6x | 12,0x |
Fair Value | €29,30 - €32,07 | €30,68 |
Upside | 24,1% - 35,8% | 30,0% |
Benchmarks | Ticker | Full Ticker |
Aquestive Therapeutics, Inc. | AQST | NasdaqGM:AQST |
Luye Pharma Group Ltd. | 2186 | SEHK:2186 |
Nektar Therapeutics | NKTR | NasdaqCM:NKTR |
Shionogi & Co., Ltd. | 4507 | TSE:4507 |
Bristol-Myers Squibb Company | BMY | NYSE:BMY |
Eisai Co., Ltd. | EII | DB:EII |
- | - | - |
Select LTM EBITDA Multiple | |||||||
Benchmark Companies | |||||||
AQST | 2186 | NKTR | 4507 | BMY | EII | ||
NasdaqGM:AQST | SEHK:2186 | NasdaqCM:NKTR | TSE:4507 | NYSE:BMY | DB:EII | ||
Historical EBITDA Growth | |||||||
5Y CAGR | NM- | -1.3% | NM- | 5.0% | 20.0% | -11.1% | |
3Y CAGR | NM- | 27.8% | NM- | 12.4% | 0.1% | 2.5% | |
Latest Twelve Months | -122.6% | 21.8% | -8.8% | -3.5% | 5.4% | 4.2% | |
Historical EBITDA Profit Margin | |||||||
5 Year Average Margin | -61.8% | 24.8% | -247.0% | 39.4% | 41.6% | 12.8% | |
Prior Fiscal Year | -27.1% | 25.3% | -141.4% | 42.9% | 40.9% | 11.3% | |
Latest Fiscal Year | -52.2% | 31.2% | -127.5% | 41.1% | 40.2% | 11.0% | |
Latest Twelve Months | -74.7% | 31.2% | -156.6% | 41.1% | 40.3% | 11.0% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 6.32x | 2.49x | 4.33x | 3.31x | 2.79x | 1.27x | |
EV / LTM EBITDA | -8.5x | 8.0x | -2.8x | 8.0x | 6.9x | 11.6x | |
EV / LTM EBIT | -8.3x | 13.3x | -2.7x | 9.1x | 12.0x | 21.4x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBITDA | -8.5x | 6.9x | 8.0x | ||||
Historical EV / LTM EBITDA | 11.6x | 14.0x | 95.9x | ||||
Selected EV / LTM EBITDA | 14.4x | 15.2x | 16.0x | ||||
(x) LTM EBITDA | 86,977 | 86,977 | 86,977 | ||||
(=) Implied Enterprise Value | 1,255,475 | 1,321,553 | 1,387,630 | ||||
(-) Non-shareholder Claims * | 144,273 | 144,273 | 144,273 | ||||
(=) Equity Value | 1,399,748 | 1,465,826 | 1,531,903 | ||||
(/) Shares Outstanding | 282.1 | 282.1 | 282.1 | ||||
Implied Value Range | 4,961.61 | 5,195.83 | 5,430.05 | ||||
FX Rate: JPY/EUR | 170.5 | 170.5 | 170.5 | Market Price | |||
Implied Value Range (Trading Cur) | 29.11 | 30.48 | 31.86 | 23.61 | |||
Upside / (Downside) | 23.3% | 29.1% | 34.9% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | AQST | 2186 | NKTR | 4507 | BMY | EII | |
Enterprise Value | 336 | 15,394 | 400 | 1,405,408 | 133,187 | 991,063 | |
(+) Cash & Short Term Investments | 69 | 6,503 | 219 | 374,795 | 11,782 | 265,561 | |
(+) Investments & Other | 0 | 2,492 | 10 | 369,390 | 2,030 | 90,785 | |
(-) Debt | (39) | (10,321) | (187) | (21,882) | (51,271) | (187,522) | |
(-) Other Liabilities | 0 | (1,599) | 0 | (572) | (59) | (24,551) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 366 | 12,469 | 442 | 2,127,139 | 95,669 | 1,135,336 | |
(/) Shares Outstanding | 99.3 | 3,761.7 | 17.3 | 850.7 | 2,035.1 | 282.1 | |
Implied Stock Price | 3.68 | 3.31 | 25.53 | 2,500.50 | 47.01 | 4,024.36 | |
FX Conversion Rate to Trading Currency | 1.00 | 0.91 | 1.00 | 1.00 | 1.00 | 170.45 | |
Implied Stock Price (Trading Cur) | 3.68 | 3.63 | 25.53 | 2,500.50 | 47.01 | 23.61 | |
Trading Currency | USD | HKD | USD | JPY | USD | EUR | |
FX Rate to Reporting Currency | 1.00 | 0.91 | 1.00 | 1.00 | 1.00 | 170.45 |