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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 22,5x - 24,9x | 23,7x |
| Selected Fwd EBIT Multiple | 15,0x - 16,6x | 15,8x |
| Fair Value | €49,44 - €56,01 | €52,73 |
| Upside | 5,4% - 19,4% | 12,4% |
| Benchmarks | Ticker | Full Ticker |
| bioMérieux S.A. | EYWN | DB:EYWN |
| GE HealthCare Technologies Inc. | L0T | BST:L0T |
| Abbott Laboratories | ABL | XTRA:ABL |
| DiaSorin S.p.A. | 34D | DB:34D |
| Becton, Dickinson and Company | BOX | XTRA:BOX |
| Siemens Healthineers AG | SHL | DB:SHL |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| EYWN | L0T | ABL | 34D | BOX | SHL | ||
| DB:EYWN | BST:L0T | XTRA:ABL | DB:34D | XTRA:BOX | DB:SHL | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 10.4% | 7.4% | 9.5% | 3.7% | -0.5% | 4.1% | |
| 3Y CAGR | -7.8% | 2.7% | -6.6% | -15.4% | 0.7% | 3.0% | |
| Latest Twelve Months | 12.1% | 11.1% | 10.5% | 21.1% | 15.3% | 21.3% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 18.3% | 14.6% | 18.8% | 28.9% | 14.3% | 12.9% | |
| Prior Fiscal Year | 15.5% | 14.4% | 18.0% | 20.8% | 14.2% | 9.8% | |
| Latest Fiscal Year | 16.0% | 15.4% | 17.9% | 22.5% | 14.3% | 12.6% | |
| Latest Twelve Months | 16.0% | 15.6% | 18.5% | 22.9% | 15.4% | 13.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.47x | 1.98x | 5.65x | 4.63x | 3.26x | 2.82x | |
| EV / LTM EBITDA | 14.5x | 10.7x | 21.7x | 15.0x | 12.2x | 16.6x | |
| EV / LTM EBIT | 21.6x | 12.7x | 30.5x | 20.2x | 21.2x | 22.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 12.7x | 21.2x | 30.5x | ||||
| Historical EV / LTM EBIT | 21.6x | 28.4x | 33.5x | ||||
| Selected EV / LTM EBIT | 22.5x | 23.7x | 24.9x | ||||
| (x) LTM EBIT | 3,166 | 3,166 | 3,166 | ||||
| (=) Implied Enterprise Value | 71,253 | 75,003 | 78,753 | ||||
| (-) Non-shareholder Claims * | (14,454) | (14,454) | (14,454) | ||||
| (=) Equity Value | 56,799 | 60,549 | 64,299 | ||||
| (/) Shares Outstanding | 1,115.9 | 1,115.9 | 1,115.9 | ||||
| Implied Value Range | 50.90 | 54.26 | 57.62 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 50.90 | 54.26 | 57.62 | 46.91 | |||
| Upside / (Downside) | 8.5% | 15.7% | 22.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | EYWN | L0T | ABL | 34D | BOX | SHL | |
| Enterprise Value | 13,641 | 39,310 | 237,202 | 5,590 | 68,242 | 66,799 | |
| (+) Cash & Short Term Investments | 450 | 2,454 | 6,844 | 0 | 683 | 2,404 | |
| (+) Investments & Other | 180 | 235 | 606 | 0 | 0 | 30 | |
| (-) Debt | (491) | (9,184) | (13,290) | (672) | (19,270) | (16,841) | |
| (-) Other Liabilities | (6) | (231) | (253) | 0 | 0 | (47) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 13,774 | 32,584 | 231,109 | 4,918 | 49,655 | 52,345 | |
| (/) Shares Outstanding | 117.9 | 457.9 | 1,739.8 | 53.9 | 286.6 | 1,115.9 | |
| Implied Stock Price | 116.80 | 71.16 | 132.83 | 91.26 | 173.25 | 46.91 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.14 | 1.14 | 1.00 | 1.14 | 1.00 | |
| Implied Stock Price (Trading Cur) | 116.80 | 62.68 | 117.00 | 91.26 | 152.60 | 46.91 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.14 | 1.14 | 1.00 | 1.14 | 1.00 | |