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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 | |