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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 16,6x - 18,3x | 17,4x |
| Selected Fwd EBITDA Multiple | 14,4x - 15,9x | 15,1x |
| Fair Value | €343,16 - €386,24 | €364,70 |
| Upside | -9,3% - 2,1% | -3,6% |
| Benchmarks | Ticker | Full Ticker |
| Danaher Corporation | DHR | NYSE:DHR |
| Revvity, Inc. | RVTY | NYSE:RVTY |
| Bio-Techne Corporation | TECH | NasdaqGS:TECH |
| Mesa Laboratories, Inc. | MLAB | NasdaqGS:MLAB |
| Agilent Technologies, Inc. | A | NYSE:A |
| Thermo Fisher Scientific Inc. | TN8 | DB:TN8 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| DHR | RVTY | TECH | MLAB | A | TN8 | ||
| NYSE:DHR | NYSE:RVTY | NasdaqGS:TECH | NasdaqGS:MLAB | NYSE:A | DB:TN8 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 10.9% | 6.6% | 9.4% | 5.3% | 7.1% | 10.9% | |
| 3Y CAGR | -6.4% | -21.4% | 0.8% | 5.5% | 1.4% | -5.8% | |
| Latest Twelve Months | 0.6% | 7.4% | -2.3% | 31.6% | 9.3% | 0.4% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 32.8% | 35.1% | 29.4% | 18.3% | 26.8% | 28.3% | |
| Prior Fiscal Year | 31.6% | 29.6% | 30.3% | 16.6% | 24.7% | 25.4% | |
| Latest Fiscal Year | 31.4% | 30.4% | 26.8% | 16.3% | 27.7% | 25.3% | |
| Latest Twelve Months | 31.3% | 30.6% | 25.9% | 18.5% | 27.6% | 25.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 6.62x | 4.78x | 6.57x | 3.42x | 4.98x | 4.41x | |
| EV / LTM EBITDA | 21.1x | 15.6x | 25.4x | 18.5x | 18.0x | 17.5x | |
| EV / LTM EBIT | 30.9x | 30.7x | 32.0x | 39.5x | 21.2x | 24.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 15.6x | 18.5x | 25.4x | ||||
| Historical EV / LTM EBITDA | 19.5x | 21.4x | 23.7x | ||||
| Selected EV / LTM EBITDA | 16.6x | 17.4x | 18.3x | ||||
| (x) LTM EBITDA | 10,826 | 10,826 | 10,826 | ||||
| (=) Implied Enterprise Value | 179,292 | 188,729 | 198,165 | ||||
| (-) Non-shareholder Claims * | (28,370) | (28,370) | (28,370) | ||||
| (=) Equity Value | 150,922 | 160,359 | 169,795 | ||||
| (/) Shares Outstanding | 377.5 | 377.5 | 377.5 | ||||
| Implied Value Range | 399.80 | 424.80 | 449.80 | ||||
| FX Rate: USD/EUR | 1.1 | 1.1 | 1.1 | Market Price | |||
| Implied Value Range (Trading Cur) | 351.75 | 373.74 | 395.73 | 378.15 | |||
| Upside / (Downside) | -7.0% | -1.2% | 4.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | DHR | RVTY | TECH | MLAB | A | TN8 | |
| Enterprise Value | 157,960 | 13,561 | 7,941 | 817 | 32,537 | 190,621 | |
| (+) Cash & Short Term Investments | 1,993 | 1,138 | 178 | 32 | 1,467 | 5,947 | |
| (+) Investments & Other | 0 | 0 | 260 | 0 | 173 | 0 | |
| (-) Debt | (17,577) | (3,325) | (395) | (212) | (3,540) | (34,189) | |
| (-) Other Liabilities | (8) | 0 | 0 | 0 | 0 | (128) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 142,368 | 11,373 | 7,983 | 638 | 30,637 | 162,251 | |
| (/) Shares Outstanding | 715.7 | 120.1 | 158.1 | 5.4 | 285.1 | 377.5 | |
| Implied Stock Price | 198.93 | 94.66 | 50.50 | 117.36 | 107.46 | 429.81 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.14 | |
| Implied Stock Price (Trading Cur) | 198.93 | 94.66 | 50.50 | 117.36 | 107.46 | 378.15 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.14 | |