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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | -34,9x - -38,5x | -36,7x |
| Selected Fwd EBITDA Multiple | 9,9x - 11,0x | 10,5x |
| Fair Value | €11,42 - €12,63 | €12,02 |
| Upside | -32,0% - -24,8% | -28,4% |
| Benchmarks | Ticker | Full Ticker |
| Teva Pharmaceutical Industries Limited | TEV | DB:TEV |
| Indivior PLC | 2IVB | DB:2IVB |
| Luye Pharma Group Ltd. | LUP | DB:LUP |
| Dr. Reddy's Laboratories Limited | RDDA | DB:RDDA |
| Eli Lilly and Company | LLY | SWX:LLY |
| MedinCell S.A. | MEDCL | ENXTPA:MEDCL |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| TEV | 2IVB | LUP | RDDA | LLY | MEDCL | ||
| DB:TEV | DB:2IVB | DB:LUP | DB:RDDA | SWX:LLY | ENXTPA:MEDCL | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 0.0% | 8.1% | -1.3% | 16.3% | 21.7% | NM- | |
| 3Y CAGR | 0.2% | 16.7% | 27.8% | 23.0% | 25.2% | NM- | |
| Latest Twelve Months | -0.2% | 9.2% | 21.8% | 12.1% | 64.5% | 50.8% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 27.0% | 21.2% | 24.8% | 25.4% | 36.3% | -198.4% | |
| Prior Fiscal Year | 27.3% | 25.3% | 25.3% | 28.4% | 36.1% | -167.8% | |
| Latest Fiscal Year | 26.8% | 26.6% | 31.2% | 27.3% | 42.8% | -35.6% | |
| Latest Twelve Months | 26.8% | 26.4% | 31.2% | 27.3% | 44.9% | -35.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.07x | 1.42x | 2.44x | 3.26x | 14.92x | 21.12x | |
| EV / LTM EBITDA | 7.7x | 5.4x | 7.8x | 11.9x | 33.2x | -59.3x | |
| EV / LTM EBIT | 10.1x | 5.8x | 13.0x | 14.5x | 36.2x | -54.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 5.4x | 7.8x | 33.2x | ||||
| Historical EV / LTM EBITDA | -59.3x | -15.5x | -8.8x | ||||
| Selected EV / LTM EBITDA | -34.9x | -36.7x | -38.5x | ||||
| (x) LTM EBITDA | (10) | (10) | (10) | ||||
| (=) Implied Enterprise Value | 344 | 362 | 380 | ||||
| (-) Non-shareholder Claims * | 0 | 0 | 0 | ||||
| (=) Equity Value | 344 | 362 | 380 | ||||
| (/) Shares Outstanding | 33.1 | 33.1 | 33.1 | ||||
| Implied Value Range | 10.41 | 10.96 | 11.50 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 10.41 | 10.96 | 11.50 | 16.79 | |||
| Upside / (Downside) | -38.0% | -34.8% | -31.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | TEV | 2IVB | LUP | RDDA | LLY | MEDCL | |
| Enterprise Value | 34,381 | 1,650 | 14,735 | 1,060,280 | 739,321 | 555 | |
| (+) Cash & Short Term Investments | 1,697 | 373 | 6,503 | 57,908 | 3,222 | 0 | |
| (+) Investments & Other | 0 | 27 | 2,492 | 15,202 | 3,287 | 0 | |
| (-) Debt | (16,939) | (370) | (10,321) | (46,766) | (38,604) | 0 | |
| (-) Other Liabilities | (7) | 0 | (1,599) | (3,778) | (82) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 19,132 | 1,680 | 11,811 | 1,082,846 | 707,144 | 555 | |
| (/) Shares Outstanding | 1,147.0 | 124.8 | 3,761.7 | 832.1 | 897.7 | 33.1 | |
| Implied Stock Price | 16.68 | 13.46 | 3.14 | 1,301.29 | 787.70 | 16.79 | |
| FX Conversion Rate to Trading Currency | 1.17 | 1.17 | 8.40 | 100.10 | 1.25 | 1.00 | |
| Implied Stock Price (Trading Cur) | 14.25 | 11.50 | 0.37 | 13.00 | 630.00 | 16.79 | |
| Trading Currency | EUR | EUR | EUR | EUR | CHF | EUR | |
| FX Rate to Reporting Currency | 1.17 | 1.17 | 8.40 | 100.10 | 1.25 | 1.00 | |