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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 13,5x - 14,9x | 14,2x |
| Selected Fwd EBITDA Multiple | 10,9x - 12,1x | 11,5x |
| Fair Value | $39,12 - $43,92 | $41,52 |
| Upside | 8,9% - 22,2% | 15,6% |
| Benchmarks | Ticker | Full Ticker |
| ConvaTec Group PLC | CTEC | LSE:CTEC |
| Stryker Corporation | 0R2S | LSE:0R2S |
| Medtronic plc | 0Y6X | LSE:0Y6X |
| Alcon Inc. | 0A0D | LSE:0A0D |
| CONMED Corporation | CNMD | NYSE:CNMD |
| Smith & Nephew plc | SNN | NYSE:SNN |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| CTEC | 0R2S | 0Y6X | 0A0D | CNMD | SNN | ||
| LSE:CTEC | LSE:0R2S | LSE:0Y6X | LSE:0A0D | NYSE:CNMD | NYSE:SNN | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 6.2% | 7.5% | 3.1% | 11.6% | 7.2% | -1.3% | |
| 3Y CAGR | 9.2% | 8.9% | -1.6% | 8.6% | 9.0% | 3.1% | |
| Latest Twelve Months | 16.4% | 17.4% | 4.8% | -1.3% | 2.5% | 18.1% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 21.2% | 26.0% | 27.8% | 22.5% | 16.2% | 22.1% | |
| Prior Fiscal Year | 21.9% | 25.1% | 27.9% | 23.4% | 15.9% | 21.2% | |
| Latest Fiscal Year | 23.1% | 26.6% | 27.2% | 25.2% | 17.6% | 23.0% | |
| Latest Twelve Months | 23.7% | 26.8% | 27.6% | 23.4% | 16.6% | 24.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.25x | 6.54x | 4.29x | 4.07x | 1.73x | 3.05x | |
| EV / LTM EBITDA | 13.7x | 24.4x | 15.5x | 17.4x | 10.4x | 12.6x | |
| EV / LTM EBIT | 20.1x | 29.5x | 22.2x | 31.6x | 15.4x | 18.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 10.4x | 15.5x | 24.4x | ||||
| Historical EV / LTM EBITDA | 11.2x | 12.5x | 21.1x | ||||
| Selected EV / LTM EBITDA | 13.5x | 14.2x | 14.9x | ||||
| (x) LTM EBITDA | 1,436 | 1,436 | 1,436 | ||||
| (=) Implied Enterprise Value | 19,315 | 20,332 | 21,348 | ||||
| (-) Non-shareholder Claims * | (2,742) | (2,742) | (2,742) | ||||
| (=) Equity Value | 16,573 | 17,590 | 18,606 | ||||
| (/) Shares Outstanding | 423.7 | 423.7 | 423.7 | ||||
| Implied Value Range | 39.11 | 41.51 | 43.91 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 39.11 | 41.51 | 43.91 | 35.93 | |||
| Upside / (Downside) | 8.9% | 15.5% | 22.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | CTEC | 0R2S | 0Y6X | 0A0D | CNMD | SNN | |
| Enterprise Value | 7,682 | 157,685 | 145,765 | 40,313 | 2,288 | 17,966 | |
| (+) Cash & Short Term Investments | 96 | 2,464 | 8,121 | 1,410 | 34 | 676 | |
| (+) Investments & Other | 16 | 0 | 884 | 580 | 0 | 36 | |
| (-) Debt | (1,340) | (17,128) | (28,609) | (5,261) | (882) | (3,454) | |
| (-) Other Liabilities | 0 | 0 | (240) | (16) | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 6,454 | 143,021 | 125,921 | 37,026 | 1,440 | 15,224 | |
| (/) Shares Outstanding | 2,006.7 | 382.3 | 1,282.7 | 494.4 | 31.0 | 423.7 | |
| Implied Stock Price | 3.22 | 374.10 | 98.17 | 74.89 | 46.52 | 35.93 | |
| FX Conversion Rate to Trading Currency | 1.34 | 1.00 | 1.00 | 1.25 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 2.40 | 374.10 | 98.17 | 60.04 | 46.52 | 35.93 | |
| Trading Currency | GBP | USD | USD | CHF | USD | USD | |
| FX Rate to Reporting Currency | 1.34 | 1.00 | 1.00 | 1.25 | 1.00 | 1.00 | |