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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBITDA Multiple | 22,4x - 24,7x | 23,5x |
Selected Fwd EBITDA Multiple | 16,4x - 18,2x | 17,3x |
Fair Value | €57,61 - €64,24 | €60,92 |
Upside | -4,8% - 6,2% | 0,7% |
Benchmarks | Ticker | Full Ticker |
Revvity, Inc. | PKN | DB:PKN |
Pharmaron Beijing Co., Ltd. | 17Q1 | DB:17Q1 |
Eurofins Scientific SE | EUFI | ENXTPA:EUFI |
Agilent Technologies, Inc. | AG8 | DB:AG8 |
Sartorius Aktiengesellschaft | SRT | DB:SRT |
Lonza Group AG | LO3A | DB:LO3A |
- | - | - |
Select LTM EBITDA Multiple | |||||||
Benchmark Companies | |||||||
PKN | 17Q1 | EUFI | AG8 | SRT | LO3A | ||
DB:PKN | DB:17Q1 | ENXTPA:EUFI | DB:AG8 | DB:SRT | DB:LO3A | ||
Historical EBITDA Growth | |||||||
5Y CAGR | 6.6% | 22.7% | 11.4% | 7.1% | 9.1% | 6.1% | |
3Y CAGR | -21.4% | 11.7% | -7.9% | 1.4% | -13.1% | 11.0% | |
Latest Twelve Months | 6.1% | 16.2% | 15.1% | 13.3% | -3.0% | -6.5% | |
Historical EBITDA Profit Margin | |||||||
5 Year Average Margin | 35.1% | 23.1% | 21.5% | 27.0% | 28.2% | 29.7% | |
Prior Fiscal Year | 29.6% | 21.1% | 18.2% | 24.7% | 23.9% | 28.5% | |
Latest Fiscal Year | 30.4% | 21.0% | 19.7% | 27.7% | 21.6% | 27.2% | |
Latest Twelve Months | 30.2% | 21.5% | 19.7% | 27.7% | 21.9% | 27.2% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 4.76x | 3.67x | 2.02x | 5.22x | 5.18x | 6.67x | |
EV / LTM EBITDA | 15.8x | 17.0x | 10.3x | 18.8x | 23.7x | 24.5x | |
EV / LTM EBIT | 31.5x | 25.3x | 15.6x | 22.2x | 39.7x | 36.2x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBITDA | 10.3x | 17.0x | 23.7x | ||||
Historical EV / LTM EBITDA | 14.4x | 24.5x | 42.3x | ||||
Selected EV / LTM EBITDA | 22.4x | 23.5x | 24.7x | ||||
(x) LTM EBITDA | 1,787 | 1,787 | 1,787 | ||||
(=) Implied Enterprise Value | 39,952 | 42,054 | 44,157 | ||||
(-) Non-shareholder Claims * | (3,454) | (3,454) | (3,454) | ||||
(=) Equity Value | 36,498 | 38,600 | 40,703 | ||||
(/) Shares Outstanding | 696.9 | 696.9 | 696.9 | ||||
Implied Value Range | 52.37 | 55.39 | 58.40 | ||||
FX Rate: CHF/EUR | 0.9 | 0.9 | 0.9 | Market Price | |||
Implied Value Range (Trading Cur) | 56.22 | 59.45 | 62.69 | 60.50 | |||
Upside / (Downside) | -7.1% | -1.7% | 3.6% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | PKN | 17Q1 | EUFI | AG8 | SRT | LO3A | |
Enterprise Value | 13,231 | 56,784 | 13,917 | 34,375 | 16,504 | 42,733 | |
(+) Cash & Short Term Investments | 1,138 | 2,689 | 616 | 1,486 | 840 | 1,711 | |
(+) Investments & Other | 0 | 1,073 | 117 | 135 | 82 | 123 | |
(-) Debt | (3,325) | (5,959) | (3,610) | (3,684) | (4,630) | (5,228) | |
(-) Other Liabilities | 0 | (604) | (46) | 0 | (1,128) | (60) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 11,043 | 53,984 | 10,995 | 32,312 | 11,667 | 39,279 | |
(/) Shares Outstanding | 117.9 | 3,235.4 | 179.2 | 284.1 | 69.0 | 696.9 | |
Implied Stock Price | 93.69 | 16.69 | 61.36 | 113.75 | 169.00 | 56.36 | |
FX Conversion Rate to Trading Currency | 1.16 | 8.34 | 1.00 | 1.16 | 1.00 | 0.93 | |
Implied Stock Price (Trading Cur) | 80.62 | 2.00 | 61.36 | 97.88 | 169.00 | 60.50 | |
Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
FX Rate to Reporting Currency | 1.16 | 8.34 | 1.00 | 1.16 | 1.00 | 0.93 |