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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 16,2x - 17,9x | 17,0x |
| Selected Fwd EBIT Multiple | 12,5x - 13,8x | 13,2x |
| Fair Value | $201,32 - $226,49 | $213,91 |
| Upside | 37,4% - 54,6% | 46,0% |
| Benchmarks | Ticker | Full Ticker |
| IQVIA Holdings Inc. | IQV | NYSE:IQV |
| Charles River Laboratories International, Inc. | CRL | NYSE:CRL |
| Avantor, Inc. | AVTR | NYSE:AVTR |
| Medpace Holdings, Inc. | MEDP | NasdaqGS:MEDP |
| Fortrea Holdings Inc. | FTRE | NasdaqGS:FTRE |
| ICON Public Limited Company | ICLR | NasdaqGS:ICLR |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| IQV | CRL | AVTR | MEDP | FTRE | ICLR | ||
| NYSE:IQV | NYSE:CRL | NYSE:AVTR | NasdaqGS:MEDP | NasdaqGS:FTRE | NasdaqGS:ICLR | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 21.1% | 7.1% | 4.2% | 28.6% | NM- | 22.8% | |
| 3Y CAGR | 16.4% | -4.9% | -12.4% | 31.0% | NM- | 31.7% | |
| Latest Twelve Months | 8.5% | -13.8% | -12.9% | 28.7% | -2429.5% | 8.3% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 11.6% | 16.0% | 12.8% | 18.5% | 2.4% | 12.7% | |
| Prior Fiscal Year | 13.8% | 15.8% | 12.9% | 17.9% | 1.9% | 12.9% | |
| Latest Fiscal Year | 14.8% | 13.5% | 10.7% | 21.2% | -4.1% | 14.7% | |
| Latest Twelve Months | 14.7% | 13.3% | 10.6% | 21.2% | -3.8% | 14.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.54x | 2.45x | 1.95x | 3.99x | 0.62x | 1.80x | |
| EV / LTM EBITDA | 13.5x | 11.1x | 11.7x | 17.7x | -85.1x | 9.0x | |
| EV / LTM EBIT | 17.3x | 18.3x | 18.4x | 18.8x | -16.3x | 12.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -16.3x | 18.3x | 18.8x | ||||
| Historical EV / LTM EBIT | 17.7x | 24.8x | 64.9x | ||||
| Selected EV / LTM EBIT | 16.2x | 17.0x | 17.9x | ||||
| (x) LTM EBIT | 1,191 | 1,191 | 1,191 | ||||
| (=) Implied Enterprise Value | 19,286 | 20,301 | 21,316 | ||||
| (-) Non-shareholder Claims * | (3,006) | (3,006) | (3,006) | ||||
| (=) Equity Value | 16,280 | 17,295 | 18,310 | ||||
| (/) Shares Outstanding | 79.5 | 79.5 | 79.5 | ||||
| Implied Value Range | 204.87 | 217.64 | 230.42 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 204.87 | 217.64 | 230.42 | 146.48 | |||
| Upside / (Downside) | 39.9% | 48.6% | 57.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | IQV | CRL | AVTR | MEDP | FTRE | ICLR | |
| Enterprise Value | 39,055 | 9,836 | 13,038 | 8,600 | 1,668 | 14,646 | |
| (+) Cash & Short Term Investments | 1,876 | 229 | 316 | 441 | 102 | 527 | |
| (+) Investments & Other | 383 | 214 | 0 | 0 | 0 | 62 | |
| (-) Debt | (14,538) | (2,989) | (4,107) | (150) | (1,288) | (3,595) | |
| (-) Other Liabilities | (8) | (47) | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 26,768 | 7,242 | 9,247 | 8,892 | 482 | 11,640 | |
| (/) Shares Outstanding | 173.0 | 49.1 | 681.4 | 28.7 | 90.5 | 79.5 | |
| Implied Stock Price | 154.73 | 147.45 | 13.57 | 309.36 | 5.32 | 146.48 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 154.73 | 147.45 | 13.57 | 309.36 | 5.32 | 146.48 | |
| Trading Currency | USD | USD | USD | USD | USD | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |