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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 12,6x - 14,0x | 13,3x |
Selected Fwd EBIT Multiple | 11,0x - 12,1x | 11,6x |
Fair Value | €8,67 - €9,78 | €9,22 |
Upside | 4,3% - 17,7% | 11,0% |
Benchmarks | Ticker | Full Ticker |
Daiichi Sankyo Company, Limited | 4568 | TSE:4568 |
Kubota Pharmaceutical Holdings Co., Ltd. | 4596 | TSE:4596 |
Takeda Pharmaceutical Company Limited | 4502 | TSE:4502 |
Moberg Pharma AB (publ) | MOB | OM:MOB |
Cumberland Pharmaceuticals Inc. | CPIX | NasdaqGS:CPIX |
Astellas Pharma Inc. | YPH | DB:YPH |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
4568 | 4596 | 4502 | MOB | CPIX | YPH | ||
TSE:4568 | TSE:4596 | TSE:4502 | OM:MOB | NasdaqGS:CPIX | DB:YPH | ||
Historical EBIT Growth | |||||||
5Y CAGR | 17.6% | NM- | 13.7% | NM- | NM- | -0.3% | |
3Y CAGR | 62.3% | NM- | -2.1% | NM- | NM- | 6.5% | |
Latest Twelve Months | 47.5% | 13.3% | 12.7% | -1002.3% | 50.0% | 111.5% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 10.1% | -15102.6% | 13.2% | -3935.1% | -17.2% | 14.5% | |
Prior Fiscal Year | 13.2% | -3856.4% | 11.7% | NA | -15.7% | 7.8% | |
Latest Fiscal Year | 16.5% | -4566.7% | 12.3% | -3311.5% | -17.0% | 13.8% | |
Latest Twelve Months | 16.5% | -4117.0% | 12.3% | -2497.1% | -8.0% | 13.8% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 3.15x | 57.39x | 2.51x | 12.82x | 1.15x | 1.70x | |
EV / LTM EBITDA | 15.6x | -1.5x | 9.3x | -0.5x | 31.1x | 7.0x | |
EV / LTM EBIT | 19.0x | -1.4x | 20.4x | -0.5x | -14.4x | 12.3x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | -14.4x | -0.5x | 20.4x | ||||
Historical EV / LTM EBIT | 11.3x | 12.9x | 29.3x | ||||
Selected EV / LTM EBIT | 12.6x | 13.3x | 14.0x | ||||
(x) LTM EBIT | 263,540 | 263,540 | 263,540 | ||||
(=) Implied Enterprise Value | 3,331,324 | 3,506,657 | 3,681,990 | ||||
(-) Non-shareholder Claims * | (576,475) | (576,475) | (576,475) | ||||
(=) Equity Value | 2,754,849 | 2,930,182 | 3,105,515 | ||||
(/) Shares Outstanding | 1,790.3 | 1,790.3 | 1,790.3 | ||||
Implied Value Range | 1,538.76 | 1,636.69 | 1,734.62 | ||||
FX Rate: JPY/EUR | 171.8 | 171.8 | 171.8 | Market Price | |||
Implied Value Range (Trading Cur) | 8.96 | 9.53 | 10.10 | 8.31 | |||
Upside / (Downside) | 7.8% | 14.7% | 21.5% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | 4568 | 4596 | 4502 | MOB | CPIX | YPH | |
Enterprise Value | 5,934,238 | 1,687 | 11,417,283 | 165 | 47 | 3,131,520 | |
(+) Cash & Short Term Investments | 639,838 | 1,264 | 385,113 | 269 | 15 | 188,372 | |
(+) Investments & Other | 398,879 | 0 | 10,802 | 0 | 0 | 172,239 | |
(-) Debt | (155,890) | (31) | (5,088,590) | (4) | (10) | (937,086) | |
(-) Other Liabilities | 0 | 0 | (895) | 0 | 0 | 0 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 6,817,065 | 2,920 | 6,723,713 | 430 | 52 | 2,555,045 | |
(/) Shares Outstanding | 1,862.6 | 58.4 | 1,561.8 | 47.0 | 15.0 | 1,790.3 | |
Implied Stock Price | 3,660.00 | 50.00 | 4,305.00 | 9.15 | 3.48 | 1,427.15 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 171.82 | |
Implied Stock Price (Trading Cur) | 3,660.00 | 50.00 | 4,305.00 | 9.15 | 3.48 | 8.31 | |
Trading Currency | JPY | JPY | JPY | SEK | USD | EUR | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 171.82 |