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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 30,7x - 33,9x | 32,3x |
| Selected Fwd EBIT Multiple | 23,5x - 26,0x | 24,7x |
| Fair Value | €55,70 - €62,16 | €58,93 |
| Upside | -4,0% - 7,2% | 1,6% |
| Benchmarks | Ticker | Full Ticker |
| Siegfried Holding AG | SFZN | SWX:SFZN |
| Bachem Holding AG | BANB | SWX:BANB |
| Revvity, Inc. | PKN | DB:PKN |
| Danaher Corporation | DAP | DB:DAP |
| Agilent Technologies, Inc. | AG8 | DB:AG8 |
| Lonza Group AG | LO3A | DB:LO3A |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| SFZN | BANB | PKN | DAP | AG8 | LO3A | ||
| SWX:SFZN | SWX:BANB | DB:PKN | DB:DAP | DB:AG8 | DB:LO3A | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 28.5% | 16.4% | 0.7% | 9.5% | 8.2% | 5.7% | |
| 3Y CAGR | 13.3% | 1.1% | -33.8% | -10.1% | 3.2% | 12.7% | |
| Latest Twelve Months | 13.6% | 26.6% | 19.6% | -1.3% | 14.5% | -2.6% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 13.1% | 23.4% | 23.5% | 24.5% | 22.4% | 19.8% | |
| Prior Fiscal Year | 13.8% | 22.4% | 13.9% | 22.5% | 20.7% | 20.3% | |
| Latest Fiscal Year | 15.4% | 22.0% | 14.9% | 21.6% | 23.7% | 18.4% | |
| Latest Twelve Months | 15.4% | 24.3% | 15.1% | 21.4% | 23.5% | 18.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.31x | 7.67x | 4.62x | 6.94x | 5.44x | 6.05x | |
| EV / LTM EBITDA | 15.4x | 26.0x | 15.5x | 22.2x | 19.7x | 22.1x | |
| EV / LTM EBIT | 21.5x | 31.6x | 30.6x | 32.5x | 23.1x | 33.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 21.5x | 30.6x | 32.5x | ||||
| Historical EV / LTM EBIT | 20.2x | 31.9x | 64.3x | ||||
| Selected EV / LTM EBIT | 30.7x | 32.3x | 33.9x | ||||
| (x) LTM EBIT | 1,294 | 1,294 | 1,294 | ||||
| (=) Implied Enterprise Value | 39,743 | 41,835 | 43,926 | ||||
| (-) Non-shareholder Claims * | (3,762) | (3,762) | (3,762) | ||||
| (=) Equity Value | 35,981 | 38,073 | 40,164 | ||||
| (/) Shares Outstanding | 696.0 | 696.0 | 696.0 | ||||
| Implied Value Range | 51.69 | 54.70 | 57.70 | ||||
| FX Rate: CHF/EUR | 0.9 | 0.9 | 0.9 | Market Price | |||
| Implied Value Range (Trading Cur) | 54.77 | 57.96 | 61.14 | 58.00 | |||
| Upside / (Downside) | -5.6% | -0.1% | 5.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | SFZN | BANB | PKN | DAP | AG8 | LO3A | |
| Enterprise Value | 4,279 | 5,201 | 12,773 | 166,659 | 36,014 | 41,863 | |
| (+) Cash & Short Term Investments | 40 | 29 | 992 | 2,957 | 1,486 | 907 | |
| (+) Investments & Other | 1 | 0 | 0 | 0 | 135 | 0 | |
| (-) Debt | (490) | (61) | (3,375) | (18,555) | (3,684) | (4,614) | |
| (-) Other Liabilities | 0 | 0 | 0 | (8) | 0 | (55) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 3,830 | 5,169 | 10,390 | 151,053 | 33,951 | 38,101 | |
| (/) Shares Outstanding | 43.8 | 75.0 | 116.1 | 716.1 | 284.1 | 696.0 | |
| Implied Stock Price | 87.50 | 68.95 | 89.52 | 210.95 | 119.52 | 54.74 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.17 | 1.17 | 1.17 | 0.94 | |
| Implied Stock Price (Trading Cur) | 87.50 | 68.95 | 76.50 | 180.28 | 102.14 | 58.00 | |
| Trading Currency | CHF | CHF | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.17 | 1.17 | 1.17 | 0.94 | |