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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 8,0x - 8,8x | 8,4x |
| Selected Fwd EBITDA Multiple | 7,6x - 8,4x | 8,0x |
| Fair Value | €22,21 - €25,29 | €23,75 |
| Upside | 3,5% - 17,9% | 10,7% |
| Benchmarks | Ticker | Full Ticker |
| Merck & Co., Inc. | MRK | NYSE:MRK |
| Bristol-Myers Squibb Company | BMY | NYSE:BMY |
| Johnson & Johnson | JNJ | NYSE:JNJ |
| Eli Lilly and Company | LLY | NYSE:LLY |
| Viatris Inc. | VTRS | NasdaqGS:VTRS |
| Pfizer Inc. | PFE | DB:PFE |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| MRK | BMY | JNJ | LLY | VTRS | PFE | ||
| NYSE:MRK | NYSE:BMY | NYSE:JNJ | NYSE:LLY | NasdaqGS:VTRS | DB:PFE | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 16.3% | 20.0% | 1.2% | 21.7% | 6.6% | 11.0% | |
| 3Y CAGR | 19.6% | 0.1% | 2.0% | 25.2% | -6.6% | -10.1% | |
| Latest Twelve Months | 23.4% | 0.5% | -3.1% | 64.5% | -10.2% | 42.4% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 38.6% | 41.6% | 34.9% | 36.3% | 31.0% | 37.0% | |
| Prior Fiscal Year | 32.8% | 40.9% | 36.4% | 36.1% | 31.3% | 31.5% | |
| Latest Fiscal Year | 45.4% | 40.2% | 33.7% | 42.8% | 30.4% | 36.7% | |
| Latest Twelve Months | 45.8% | 40.1% | 33.4% | 44.9% | 29.4% | 38.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.56x | 2.66x | 4.91x | 14.38x | 1.58x | 2.87x | |
| EV / LTM EBITDA | 7.8x | 6.6x | 14.7x | 32.0x | 5.4x | 7.5x | |
| EV / LTM EBIT | 9.1x | 10.0x | 19.5x | 34.9x | 14.7x | 10.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 5.4x | 7.8x | 32.0x | ||||
| Historical EV / LTM EBITDA | 6.2x | 8.6x | 29.1x | ||||
| Selected EV / LTM EBITDA | 8.0x | 8.4x | 8.8x | ||||
| (x) LTM EBITDA | 24,507 | 24,507 | 24,507 | ||||
| (=) Implied Enterprise Value | 195,236 | 205,512 | 215,787 | ||||
| (-) Non-shareholder Claims * | (47,064) | (47,064) | (47,064) | ||||
| (=) Equity Value | 148,172 | 158,448 | 168,723 | ||||
| (/) Shares Outstanding | 5,685.6 | 5,685.6 | 5,685.6 | ||||
| Implied Value Range | 26.06 | 27.87 | 29.68 | ||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 22.38 | 23.94 | 25.49 | 21.45 | |||
| Upside / (Downside) | 4.4% | 11.6% | 18.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | MRK | BMY | JNJ | LLY | VTRS | PFE | |
| Enterprise Value | 227,412 | 128,713 | 441,805 | 719,798 | 22,762 | 189,054 | |
| (+) Cash & Short Term Investments | 9,228 | 13,603 | 18,880 | 3,222 | 1,002 | 13,249 | |
| (+) Investments & Other | 0 | 2,052 | 1,276 | 3,287 | 1,234 | 2,048 | |
| (-) Debt | (34,844) | (50,989) | (50,761) | (38,604) | (14,459) | (62,044) | |
| (-) Other Liabilities | 0 | (54) | 0 | (82) | 0 | (317) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 201,796 | 93,325 | 411,200 | 687,621 | 10,540 | 141,990 | |
| (/) Shares Outstanding | 2,497.8 | 2,035.4 | 2,408.3 | 897.7 | 1,173.7 | 5,685.6 | |
| Implied Stock Price | 80.79 | 45.85 | 170.74 | 765.95 | 8.98 | 24.97 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.16 | |
| Implied Stock Price (Trading Cur) | 80.79 | 45.85 | 170.74 | 765.95 | 8.98 | 21.45 | |
| 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 | |