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Metrics | Range | Conclusion |
---|---|---|
Selected LTM Revenue Multiple | 7,4x - 8,1x | 7,7x |
Selected Fwd Revenue Multiple | 4,4x - 4,9x | 4,7x |
Fair Value | €47,09 - €51,57 | €49,33 |
Upside | -28,2% - -21,4% | -24,8% |
Benchmarks | Ticker | Full Ticker |
---|---|---|
Amphastar Pharmaceuticals, Inc. | AMPH | NasdaqGS:AMPH |
Xeris Biopharma Holdings, Inc. | XERS | NasdaqGS:XERS |
Endo, Inc. | NDOI | OTCPK:NDOI |
Organon & Co. | OGN | NYSE:OGN |
Viatris Inc. | VTRS | NasdaqGS:VTRS |
Corcept Therapeutics Incorporated | HTD | DB:HTD |
Select LTM Revenue Multiple | ||||||||
Benchmark Companies | ||||||||
AMPH | XERS | NDOI | OGN | VTRS | HTD | |||
NasdaqGS:AMPH | NasdaqGS:XERS | OTCPK:NDOI | NYSE:OGN | NasdaqGS:VTRS | DB:HTD | |||
Historical Revenue Growth | ||||||||
5Y CAGR | 17.8% | 136.9% | -9.6% | -3.8% | 5.1% | 17.1% | ||
3Y CAGR | 18.7% | 60.0% | -16.2% | 0.5% | -6.2% | 22.6% | ||
Latest Twelve Months | 8.1% | 29.9% | -9.5% | -0.8% | -6.7% | 30.9% | ||
Historical EBIT Profit Margin | ||||||||
5 Year Average Margin | 19.3% | -232.7% | 17.8% | 28.1% | 13.2% | 28.5% | ||
Prior Fiscal Year | 31.0% | -26.8% | 19.2% | 22.5% | 14.0% | 22.2% | ||
Latest Fiscal Year | 28.1% | -13.6% | -18.5% | 23.2% | 12.0% | 20.3% | ||
Latest Twelve Months | 26.6% | -7.4% | -22.7% | 22.2% | 10.7% | 16.1% | ||
Current Trading Multiples | ||||||||
EV / LTM Revenue | 2.15x | 4.30x | 2.14x | 1.75x | 1.59x | 10.78x | ||
EV / LTM EBIT | 8.1x | -58.4x | -9.4x | 7.9x | 14.8x | 67.0x | ||
Price / LTM Sales | 1.59x | 3.35x | 0.92x | 0.41x | 0.73x | 11.60x | ||
Low | Mid | High | ||||||
Benchmark EV / LTM Revenue | 1.59x | 2.14x | 4.30x | |||||
Historical EV / LTM Revenue | 4.49x | 6.52x | 7.54x | |||||
Selected EV / LTM Revenue | 7.36x | 7.75x | 8.13x | |||||
(x) LTM Revenue | 685 | 685 | 685 | |||||
(=) Implied Enterprise Value | 5,044 | 5,310 | 5,575 | |||||
(-) Non-shareholder Claims * | 564 | 564 | 564 | |||||
(=) Equity Value | 5,608 | 5,874 | 6,139 | |||||
(/) Shares Outstanding | 106.0 | 106.0 | 106.0 | |||||
Implied Value Range | 52.89 | 55.39 | 57.89 | |||||
FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | ||||
Implied Value Range (Trading Cur) | 45.54 | 47.70 | 49.85 | 65.60 | ||||
Upside / (Downside) | -30.6% | -27.3% | -24.0% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | AMPH | XERS | NDOI | OGN | VTRS | HTD | |
Enterprise Value | 1,568 | 957 | 3,702 | 10,996 | 22,727 | 7,515 | |
(+) Cash & Short Term Investments | 237 | 58 | 370 | 547 | 1,002 | 323 | |
(+) Investments & Other | 6 | 0 | 0 | 0 | 1,234 | 248 | |
(-) Debt | (653) | (269) | (2,477) | (8,956) | (14,459) | (7) | |
(-) 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 | 1,159 | 746 | 1,595 | 2,587 | 10,504 | 8,079 | |
(/) Shares Outstanding | 47.1 | 160.2 | 76.3 | 260.0 | 1,173.7 | 106.0 | |
Implied Stock Price | 24.58 | 4.66 | 20.90 | 9.95 | 8.95 | 76.18 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.16 | |
Implied Stock Price (Trading Cur) | 24.58 | 4.66 | 20.90 | 9.95 | 8.95 | 65.60 | |
Trading Currency | USD | USD | USD | USD | USD | EUR | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.16 |