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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | -5,7x - -6,3x | -6,0x |
| Selected Fwd EBITDA Multiple | 24,4x - 26,9x | 25,6x |
| Fair Value | €14,89 - €15,81 | €15,35 |
| Upside | -5,8% - 0,1% | -2,8% |
| Benchmarks | Ticker | Full Ticker |
| argenx SE | ARGN.F | OTCPK:ARGN.F |
| uniQure N.V. | QURE | NasdaqGS:QURE |
| Merus N.V. | MRUS | NasdaqGM:MRUS |
| LAVA Therapeutics N.V. | LVTX | NasdaqGS:LVTX |
| Pharming Group N.V. | PHAR | NasdaqGM:PHAR |
| NewAmsterdam Pharma Company N.V. | KH6 | DB:KH6 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| ARGN.F | QURE | MRUS | LVTX | PHAR | KH6 | ||
| OTCPK:ARGN.F | NasdaqGS:QURE | NasdaqGM:MRUS | NasdaqGS:LVTX | NasdaqGM:PHAR | DB:KH6 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | NM- | NM- | NM- | -46.3% | NM- | |
| 3Y CAGR | NM- | NM- | NM- | NM- | -52.7% | NM- | |
| Latest Twelve Months | 162.8% | 32.5% | -82.0% | 1.1% | 218.4% | 4.5% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | -180.7% | -591.9% | -351.6% | -461.6% | 12.3% | -813.9% | |
| Prior Fiscal Year | -25.0% | -1593.9% | -350.4% | -632.0% | -6.2% | -1298.2% | |
| Latest Fiscal Year | -0.7% | -624.8% | -746.1% | -211.4% | 1.1% | -386.7% | |
| Latest Twelve Months | 7.2% | -780.1% | -545.5% | -619.5% | 5.3% | -402.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 11.13x | 42.82x | 61.76x | -6.32x | 2.29x | 30.13x | |
| EV / LTM EBITDA | 154.0x | -5.5x | -11.3x | 1.0x | 43.4x | -7.5x | |
| EV / LTM EBIT | 136.8x | -5.0x | -11.2x | 1.0x | 54.6x | -7.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -11.3x | 1.0x | 154.0x | ||||
| Historical EV / LTM EBITDA | -12.7x | -3.1x | 87.8x | ||||
| Selected EV / LTM EBITDA | -5.7x | -6.0x | -6.3x | ||||
| (x) LTM EBITDA | (190) | (190) | (190) | ||||
| (=) Implied Enterprise Value | 1,085 | 1,142 | 1,199 | ||||
| (-) Non-shareholder Claims * | 808 | 808 | 808 | ||||
| (=) Equity Value | 1,893 | 1,950 | 2,007 | ||||
| (/) Shares Outstanding | 112.3 | 112.3 | 112.3 | ||||
| Implied Value Range | 16.86 | 17.37 | 17.88 | ||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 14.31 | 14.74 | 15.18 | 15.80 | |||
| Upside / (Downside) | -9.4% | -6.7% | -3.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | ARGN.F | QURE | MRUS | LVTX | PHAR | KH6 | |
| Enterprise Value | 30,173 | 865 | 3,377 | (32) | 697 | 1,282 | |
| (+) Cash & Short Term Investments | 3,379 | 409 | 458 | 67 | 107 | 808 | |
| (+) Investments & Other | 0 | 28 | 183 | 0 | 6 | 0 | |
| (-) Debt | (39) | (513) | (10) | (0) | (119) | (0) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | (1) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 33,513 | 789 | 4,008 | 35 | 690 | 2,090 | |
| (/) Shares Outstanding | 61.2 | 54.7 | 74.5 | 26.3 | 65.2 | 112.3 | |
| Implied Stock Price | 547.60 | 14.42 | 53.82 | 1.32 | 10.58 | 18.61 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.18 | |
| Implied Stock Price (Trading Cur) | 547.60 | 14.42 | 53.82 | 1.32 | 10.58 | 15.80 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.18 | |