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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 25,0x - 27,6x | 26,3x |
| Selected Fwd EBIT Multiple | 18,4x - 20,4x | 19,4x |
| Fair Value | €270,38 - €301,18 | €285,78 |
| Upside | -12,0% - -2,0% | -7,0% |
| Benchmarks | Ticker | Full Ticker |
| GE HealthCare Technologies Inc. | GEHC | NasdaqGS:GEHC |
| Zimmer Biomet Holdings, Inc. | ZBH | NYSE:ZBH |
| CONMED Corporation | CNMD | NYSE:CNMD |
| Becton, Dickinson and Company | BDX | NYSE:BDX |
| Baxter International Inc. | BAX | NYSE:BAX |
| Stryker Corporation | SYK | DB:SYK |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| GEHC | ZBH | CNMD | BDX | BAX | SYK | ||
| NasdaqGS:GEHC | NYSE:ZBH | NYSE:CNMD | NYSE:BDX | NYSE:BAX | DB:SYK | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 7.4% | 2.8% | 10.9% | -0.5% | -13.4% | 7.8% | |
| 3Y CAGR | 2.7% | 9.3% | 13.2% | 0.7% | -19.9% | 10.7% | |
| Latest Twelve Months | 7.6% | 5.9% | 24.8% | 20.3% | -9.1% | 20.5% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 14.5% | 18.0% | 9.6% | 14.4% | 12.8% | 20.6% | |
| Prior Fiscal Year | 14.4% | 20.4% | 10.2% | 14.2% | 9.4% | 20.1% | |
| Latest Fiscal Year | 15.4% | 20.8% | 12.2% | 14.3% | 8.3% | 21.9% | |
| Latest Twelve Months | 15.4% | 20.8% | 12.2% | 15.3% | 8.3% | 21.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.75x | 3.31x | 1.85x | 3.68x | 2.45x | 6.28x | |
| EV / LTM EBITDA | 9.6x | 9.8x | 10.5x | 13.8x | 13.8x | 23.6x | |
| EV / LTM EBIT | 11.4x | 15.9x | 15.2x | 24.0x | 29.3x | 28.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 11.4x | 15.9x | 29.3x | ||||
| Historical EV / LTM EBIT | 28.7x | 30.4x | 33.8x | ||||
| Selected EV / LTM EBIT | 25.0x | 26.3x | 27.6x | ||||
| (x) LTM EBIT | 4,956 | 4,956 | 4,956 | ||||
| (=) Implied Enterprise Value | 123,733 | 130,246 | 136,758 | ||||
| (-) Non-shareholder Claims * | (9,627) | (9,627) | (9,627) | ||||
| (=) Equity Value | 114,106 | 120,619 | 127,131 | ||||
| (/) Shares Outstanding | 381.7 | 381.7 | 381.7 | ||||
| Implied Value Range | 298.95 | 316.01 | 333.07 | ||||
| FX Rate: USD/EUR | 1.1 | 1.1 | 1.1 | Market Price | |||
| Implied Value Range (Trading Cur) | 262.96 | 277.96 | 292.97 | 307.40 | |||
| Upside / (Downside) | -14.5% | -9.6% | -4.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | GEHC | ZBH | CNMD | BDX | BAX | SYK | |
| Enterprise Value | 34,484 | 25,350 | 2,407 | 75,572 | 20,795 | 143,018 | |
| (+) Cash & Short Term Investments | 2,873 | 527 | 24 | 728 | 1,764 | 4,493 | |
| (+) Investments & Other | 373 | 49 | 0 | 0 | 5,220 | 0 | |
| (-) Debt | (9,376) | (6,621) | (947) | (18,758) | (13,449) | (14,120) | |
| (-) Other Liabilities | (206) | (8) | 0 | 0 | (60) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 28,148 | 19,297 | 1,485 | 57,542 | 14,270 | 133,391 | |
| (/) Shares Outstanding | 457.8 | 199.1 | 30.9 | 287.1 | 512.9 | 381.7 | |
| Implied Stock Price | 61.48 | 96.94 | 48.03 | 200.40 | 27.82 | 349.48 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.14 | |
| Implied Stock Price (Trading Cur) | 61.48 | 96.94 | 48.03 | 200.40 | 27.82 | 307.40 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.14 | |