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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | -2.5x - -2.7x | -2.6x |
| Selected Fwd EBIT Multiple | -2.3x - -2.6x | -2.4x |
| Fair Value | €0.22 - €0.28 | €0.25 |
| Upside | -51.7% - -37.3% | -44.5% |
| Benchmarks | Ticker | Full Ticker |
| 4Front Ventures Corp. | FFNT.F | OTCPK:FFNT.F |
| Harmony Biosciences Holdings, Inc. | HRMY | NasdaqGM:HRMY |
| Evolus, Inc. | EOLS | NasdaqGM:EOLS |
| Tarsus Pharmaceuticals, Inc. | TARS | NasdaqGS:TARS |
| Bio Essence Corporation | BIOE | OTCPK:BIOE |
| Clearside Biomedical, Inc. | CLM | BST:CLM |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| FFNT.F | HRMY | EOLS | TARS | BIOE | CLM | ||
| OTCPK:FFNT.F | NasdaqGM:HRMY | NasdaqGM:EOLS | NasdaqGS:TARS | OTCPK:BIOE | BST:CLM | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | NM- | NM- | NM- | NM- | NM- | |
| 3Y CAGR | NM- | 29.7% | NM- | NM- | NM- | NM- | |
| Latest Twelve Months | 14.2% | -4.2% | 0.4% | 30.0% | -8.4% | -1.7% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | -33.7% | 18.6% | -53.3% | -270.8% | -84.0% | -735.4% | |
| Prior Fiscal Year | -7.0% | 33.0% | -17.9% | -820.5% | NA | -302.0% | |
| Latest Fiscal Year | -21.2% | 26.7% | -10.2% | -65.9% | -141.8% | -1735.7% | |
| Latest Twelve Months | -29.3% | 26.2% | -11.9% | -46.7% | -148.1% | -687.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.01x | 2.16x | 2.36x | 6.10x | 20.28x | 19.19x | |
| EV / LTM EBITDA | -13.4x | 7.3x | -23.7x | -13.2x | -13.7x | -2.8x | |
| EV / LTM EBIT | -10.3x | 8.2x | -19.7x | -13.1x | -13.7x | -2.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -19.7x | -13.1x | 8.2x | ||||
| Historical EV / LTM EBIT | -13.2x | -5.3x | -2.9x | ||||
| Selected EV / LTM EBIT | -2.5x | -2.6x | -2.7x | ||||
| (x) LTM EBIT | (26) | (26) | (26) | ||||
| (=) Implied Enterprise Value | 64 | 67 | 70 | ||||
| (-) Non-shareholder Claims * | (40) | (40) | (40) | ||||
| (=) Equity Value | 23 | 27 | 30 | ||||
| (/) Shares Outstanding | 87.8 | 87.8 | 87.8 | ||||
| Implied Value Range | 0.26 | 0.30 | 0.34 | ||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 0.23 | 0.26 | 0.30 | 0.45 | |||
| Upside / (Downside) | -49.6% | -42.3% | -35.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | FFNT.F | HRMY | EOLS | TARS | BIOE | CLM | |
| Enterprise Value | 229 | 1,608 | 650 | 1,422 | 7 | 87 | |
| (+) Cash & Short Term Investments | 1 | 507 | 68 | 408 | 0 | 14 | |
| (+) Investments & Other | 0 | 103 | 0 | 3 | 0 | 0 | |
| (-) Debt | (230) | (177) | (130) | (72) | (3) | (54) | |
| (-) Other Liabilities | (0) | 0 | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 0 | 2,041 | 587 | 1,761 | 4 | 46 | |
| (/) Shares Outstanding | 916.4 | 57.4 | 64.5 | 42.0 | 38.0 | 87.8 | |
| Implied Stock Price | 0.00 | 35.54 | 9.11 | 41.91 | 0.11 | 0.53 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.16 | |
| Implied Stock Price (Trading Cur) | 0.00 | 35.54 | 9.11 | 41.91 | 0.11 | 0.45 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.16 | |