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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 12,8x - 14,1x | 13,4x |
| Selected Fwd EBIT Multiple | 9,2x - 10,2x | 9,7x |
| Fair Value | €24,78 - €28,08 | €26,43 |
| Upside | 17,2% - 32,8% | 25,0% |
| Benchmarks | Ticker | Full Ticker |
| Merck & Co., Inc. | MRK | NYSE:MRK |
| ANI Pharmaceuticals, Inc. | ANIP | NasdaqGM:ANIP |
| Innoviva, Inc. | INVA | NasdaqGS:INVA |
| Hikma Pharmaceuticals PLC | HKMP.F | OTCPK:HKMP.F |
| AstraZeneca PLC | AZNC.F | OTCPK:AZNC.F |
| Pfizer Inc. | PFE | DB:PFE |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| MRK | ANIP | INVA | HKMP.F | AZNC.F | PFE | ||
| NYSE:MRK | NasdaqGM:ANIP | NasdaqGS:INVA | OTCPK:HKMP.F | OTCPK:AZNC.F | DB:PFE | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 18.5% | -2.3% | -6.0% | 4.6% | 33.3% | 14.9% | |
| 3Y CAGR | 21.5% | NM- | -21.6% | 2.7% | 64.6% | -15.4% | |
| Latest Twelve Months | 39.3% | -72.3% | 31.9% | -2.7% | 33.1% | 58.8% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 31.5% | -1.3% | 71.8% | 21.6% | 18.4% | 26.3% | |
| Prior Fiscal Year | 26.6% | 10.2% | 45.4% | 21.7% | 21.1% | 21.0% | |
| Latest Fiscal Year | 38.8% | 2.4% | 50.4% | 19.4% | 23.9% | 25.7% | |
| Latest Twelve Months | 38.2% | 2.2% | 51.3% | 19.4% | 24.8% | 26.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.70x | 2.72x | 2.45x | 2.25x | 4.53x | 2.93x | |
| EV / LTM EBITDA | 8.2x | 20.2x | 4.2x | 8.9x | 13.6x | 7.8x | |
| EV / LTM EBIT | 9.7x | 125.7x | 4.8x | 11.6x | 18.3x | 11.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 4.8x | 11.6x | 125.7x | ||||
| Historical EV / LTM EBIT | 7.0x | 14.5x | 68.8x | ||||
| Selected EV / LTM EBIT | 12.8x | 13.4x | 14.1x | ||||
| (x) LTM EBIT | 16,445 | 16,445 | 16,445 | ||||
| (=) Implied Enterprise Value | 209,750 | 220,789 | 231,829 | ||||
| (-) Non-shareholder Claims * | (43,460) | (43,460) | (43,460) | ||||
| (=) Equity Value | 166,290 | 177,329 | 188,369 | ||||
| (/) Shares Outstanding | 5,685.4 | 5,685.4 | 5,685.4 | ||||
| Implied Value Range | 29.25 | 31.19 | 33.13 | ||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 25.25 | 26.93 | 28.61 | 21.15 | |||
| Upside / (Downside) | 19.4% | 27.3% | 35.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | MRK | ANIP | INVA | HKMP.F | AZNC.F | PFE | |
| Enterprise Value | 234,965 | 1,831 | 906 | 7,205 | 247,966 | 182,730 | |
| (+) Cash & Short Term Investments | 9,228 | 155 | 447 | 213 | 5,395 | 17,319 | |
| (+) Investments & Other | 1,793 | 0 | 330 | 62 | 1,900 | 1,917 | |
| (-) Debt | (34,844) | (630) | (519) | (1,306) | (31,717) | (62,397) | |
| (-) Other Liabilities | (65) | 0 | 0 | (11) | (92) | (299) | |
| (-) Preferred Stock | 0 | (25) | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 211,077 | 1,331 | 1,164 | 6,163 | 223,452 | 139,270 | |
| (/) Shares Outstanding | 2,511.0 | 20.0 | 62.8 | 220.4 | 1,550.7 | 5,685.4 | |
| Implied Stock Price | 84.06 | 66.50 | 18.54 | 27.96 | 144.10 | 24.50 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.16 | |
| Implied Stock Price (Trading Cur) | 84.06 | 66.50 | 18.54 | 27.96 | 144.10 | 21.15 | |
| 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 | |