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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 21,8x - 24,1x | 22,9x |
| Selected Fwd EBIT Multiple | 16,6x - 18,3x | 17,4x |
| Fair Value | €341,60 - €384,45 | €363,02 |
| Upside | -2,4% - 9,9% | 3,8% |
| Benchmarks | Ticker | Full Ticker |
| Danaher Corporation | DHR | NYSE:DHR |
| Revvity, Inc. | RVTY | NYSE:RVTY |
| Bio-Techne Corporation | TECH | NasdaqGS:TECH |
| Agilent Technologies, Inc. | A | NYSE:A |
| Bruker Corporation | BRKR | NasdaqGS:BRKR |
| Thermo Fisher Scientific Inc. | TMOF | WBAG:TMOF |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| DHR | RVTY | TECH | A | BRKR | TMOF | ||
| NYSE:DHR | NYSE:RVTY | NasdaqGS:TECH | NYSE:A | NasdaqGS:BRKR | WBAG:TMOF | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 9.5% | 0.7% | 9.9% | 8.2% | 6.2% | 13.1% | |
| 3Y CAGR | -10.1% | -33.8% | -0.8% | 3.2% | -1.2% | -9.3% | |
| Latest Twelve Months | -1.8% | 16.4% | -11.6% | 11.0% | -9.5% | 5.0% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 24.4% | 23.5% | 23.4% | 22.1% | 15.8% | 20.9% | |
| Prior Fiscal Year | 22.5% | 13.9% | 24.7% | 20.7% | 16.5% | 17.4% | |
| Latest Fiscal Year | 21.6% | 14.9% | 21.2% | 23.7% | 12.2% | 18.0% | |
| Latest Twelve Months | 21.4% | 15.1% | 18.6% | 23.5% | 11.6% | 18.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 6.20x | 4.59x | 6.09x | 5.05x | 2.13x | 4.13x | |
| EV / LTM EBITDA | 19.8x | 15.2x | 25.5x | 18.3x | 12.3x | 16.4x | |
| EV / LTM EBIT | 28.9x | 30.4x | 32.8x | 21.5x | 18.4x | 22.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 18.4x | 28.9x | 32.8x | ||||
| Historical EV / LTM EBIT | 25.5x | 30.9x | 32.7x | ||||
| Selected EV / LTM EBIT | 21.8x | 22.9x | 24.1x | ||||
| (x) LTM EBIT | 7,849 | 7,849 | 7,849 | ||||
| (=) Implied Enterprise Value | 171,050 | 180,052 | 189,055 | ||||
| (-) Non-shareholder Claims * | (28,055) | (28,055) | (28,055) | ||||
| (=) Equity Value | 142,995 | 151,997 | 161,000 | ||||
| (/) Shares Outstanding | 377.5 | 377.5 | 377.5 | ||||
| Implied Value Range | 378.80 | 402.65 | 426.50 | ||||
| FX Rate: USD/EUR | 1.1 | 1.1 | 1.1 | Market Price | |||
| Implied Value Range (Trading Cur) | 333.46 | 354.45 | 375.45 | 349.90 | |||
| Upside / (Downside) | -4.7% | 1.3% | 7.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | DHR | RVTY | TECH | A | BRKR | TMOF | |
| Enterprise Value | 147,662 | 12,717 | 7,362 | 32,842 | 7,284 | 178,101 | |
| (+) Cash & Short Term Investments | 1,993 | 1,138 | 141 | 1,467 | 194 | 5,947 | |
| (+) Investments & Other | 0 | 0 | 255 | 173 | 69 | 352 | |
| (-) Debt | (17,577) | (3,325) | (423) | (3,540) | (2,133) | (34,259) | |
| (-) Other Liabilities | (8) | 0 | 0 | 0 | (34) | (95) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 132,070 | 10,529 | 7,334 | 30,942 | 5,379 | 150,046 | |
| (/) Shares Outstanding | 715.7 | 117.9 | 156.8 | 285.1 | 151.5 | 377.5 | |
| Implied Stock Price | 184.54 | 89.33 | 46.78 | 108.53 | 35.50 | 397.48 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.14 | |
| Implied Stock Price (Trading Cur) | 184.54 | 89.33 | 46.78 | 108.53 | 35.50 | 349.90 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.14 | |