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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 7,6x - 8,4x | 8,0x |
| Selected Fwd EBITDA Multiple | 7,4x - 8,2x | 7,8x |
| Fair Value | €10,06 - €11,32 | €10,69 |
| Upside | 17,0% - 31,6% | 24,3% |
| 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 EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 4568 | 4596 | 4502 | MOB | CPIX | YPH | ||
| TSE:4568 | TSE:4596 | TSE:4502 | OM:MOB | NasdaqGS:CPIX | DB:YPH | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 14.7% | NM- | 7.0% | NM- | NM- | 6.7% | |
| 3Y CAGR | 42.6% | NM- | 1.4% | NM- | NM- | 15.8% | |
| Latest Twelve Months | 40.4% | 13.0% | 7.8% | -1027.2% | 188.1% | 63.8% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 15.1% | -14667.2% | 28.4% | -3801.6% | -4.6% | 22.0% | |
| Prior Fiscal Year | 16.9% | -3633.3% | 26.8% | NA | -3.2% | 17.6% | |
| Latest Fiscal Year | 20.2% | -4325.9% | 26.9% | -3305.8% | -4.0% | 24.2% | |
| Latest Twelve Months | 20.2% | -3887.6% | 26.9% | -2492.5% | 3.7% | 24.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.14x | 59.37x | 2.49x | 12.46x | 1.13x | 1.69x | |
| EV / LTM EBITDA | 15.6x | -1.5x | 9.3x | -0.5x | 30.7x | 7.0x | |
| EV / LTM EBIT | 19.0x | -1.4x | 20.3x | -0.5x | -14.2x | 12.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -1.5x | 9.3x | 30.7x | ||||
| Historical EV / LTM EBITDA | 7.0x | 9.7x | 13.7x | ||||
| Selected EV / LTM EBITDA | 7.6x | 8.0x | 8.4x | ||||
| (x) LTM EBITDA | 462,672 | 462,672 | 462,672 | ||||
| (=) Implied Enterprise Value | 3,508,281 | 3,692,927 | 3,877,573 | ||||
| (-) Non-shareholder Claims * | (576,475) | (576,475) | (576,475) | ||||
| (=) Equity Value | 2,931,806 | 3,116,452 | 3,301,098 | ||||
| (/) Shares Outstanding | 1,790.3 | 1,790.3 | 1,790.3 | ||||
| Implied Value Range | 1,637.60 | 1,740.73 | 1,843.87 | ||||
| FX Rate: JPY/EUR | 170.2 | 170.2 | 170.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 9.62 | 10.23 | 10.83 | 8.60 | |||
| Upside / (Downside) | 11.9% | 19.0% | 26.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 4568 | 4596 | 4502 | MOB | CPIX | YPH | |
| Enterprise Value | 5,921,200 | 1,745 | 11,403,226 | 160 | 46 | 3,196,344 | |
| (+) 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 | 6,804,027 | 2,979 | 6,709,656 | 425 | 51 | 2,619,869 | |
| (/) Shares Outstanding | 1,862.6 | 58.4 | 1,561.8 | 47.0 | 15.0 | 1,790.3 | |
| Implied Stock Price | 3,653.00 | 51.00 | 4,296.00 | 9.05 | 3.44 | 1,463.36 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 170.20 | |
| Implied Stock Price (Trading Cur) | 3,653.00 | 51.00 | 4,296.00 | 9.05 | 3.44 | 8.60 | |
| Trading Currency | JPY | JPY | JPY | SEK | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 170.20 | |