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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 15.7x - 17.4x | 16.5x |
| Selected Fwd EBITDA Multiple | 7.3x - 8.1x | 7.7x |
| Fair Value | A$1.87 - A$2.21 | A$2.04 |
| Upside | -12.2% - 3.7% | -4.2% |
| Benchmarks | Ticker | Full Ticker |
| Pacific Smiles Group Limited | PSQ | ASX:PSQ |
| Ramsay Health Care Limited | RHC | ASX:RHC |
| Sonic Healthcare Limited | SHL | ASX:SHL |
| Australian Clinical Labs Limited | ACL | ASX:ACL |
| Monash IVF Group Limited | MVF | ASX:MVF |
| Integral Diagnostics Limited | IDX | ASX:IDX |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| PSQ | RHC | SHL | ACL | MVF | IDX | ||
| ASX:PSQ | ASX:RHC | ASX:SHL | ASX:ACL | ASX:MVF | ASX:IDX | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 5.1% | -0.6% | 3.7% | 63.7% | 5.0% | 6.8% | |
| 3Y CAGR | 2.0% | 8.4% | -18.6% | -18.0% | 7.2% | -0.5% | |
| Latest Twelve Months | -37.2% | 8.7% | 13.6% | 18.0% | 21.6% | 5.5% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 13.4% | 8.5% | 19.0% | 16.7% | 19.0% | 17.4% | |
| Prior Fiscal Year | 13.5% | 7.8% | 15.7% | 11.4% | 18.9% | 15.0% | |
| Latest Fiscal Year | 15.9% | 8.9% | 13.0% | 11.0% | 18.3% | 15.2% | |
| Latest Twelve Months | 9.7% | 8.9% | 13.5% | 11.0% | 20.8% | 14.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.98x | 1.13x | 1.73x | 1.19x | 2.10x | 2.63x | |
| EV / LTM EBITDA | 20.5x | 12.6x | 12.8x | 10.9x | 10.1x | 17.7x | |
| EV / LTM EBIT | 75.3x | 20.2x | 17.2x | 13.1x | 11.8x | 29.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 10.1x | 12.6x | 20.5x | ||||
| Historical EV / LTM EBITDA | 13.8x | 17.2x | 18.0x | ||||
| Selected EV / LTM EBITDA | 15.7x | 16.5x | 17.4x | ||||
| (x) LTM EBITDA | 73 | 73 | 73 | ||||
| (=) Implied Enterprise Value | 1,145 | 1,205 | 1,265 | ||||
| (-) Non-shareholder Claims * | (501) | (501) | (501) | ||||
| (=) Equity Value | 643 | 704 | 764 | ||||
| (/) Shares Outstanding | 371.6 | 371.6 | 371.6 | ||||
| Implied Value Range | 1.73 | 1.89 | 2.06 | ||||
| FX Rate: AUD/AUD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 1.73 | 1.89 | 2.06 | 2.13 | |||
| Upside / (Downside) | -18.7% | -11.1% | -3.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | PSQ | RHC | SHL | ACL | MVF | IDX | |
| Enterprise Value | 374 | 19,277 | 16,116 | 869 | 566 | 1,293 | |
| (+) Cash & Short Term Investments | 8 | 343 | 541 | 22 | 8 | 31 | |
| (+) Investments & Other | 0 | 12 | 206 | 0 | 2 | 0 | |
| (-) Debt | (70) | (11,284) | (4,798) | (315) | (159) | (533) | |
| (-) Other Liabilities | 0 | (623) | (141) | (0) | (5) | 0 | |
| (-) Preferred Stock | 0 | (252) | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 313 | 7,471 | 11,924 | 575 | 411 | 792 | |
| (/) Shares Outstanding | 161.6 | 229.3 | 480.2 | 197.5 | 389.6 | 371.6 | |
| Implied Stock Price | 1.94 | 32.59 | 24.83 | 2.91 | 1.06 | 2.13 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 1.94 | 32.59 | 24.83 | 2.91 | 1.06 | 2.13 | |
| Trading Currency | AUD | AUD | AUD | AUD | AUD | AUD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |