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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 5.2x - 5.7x | 5.4x |
| Selected Fwd Revenue Multiple | 3.8x - 4.2x | 4.0x |
| Fair Value | €15.29 - €16.90 | €16.09 |
| Upside | -32.1% - -24.9% | -28.5% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Koninklijke Philips N.V. | PHI1 | DB:PHI1 |
| Medhelp Care Aktiebolag (publ) | MEDHLP | OM:MEDHLP |
| Aino Health AB (publ) | AINO | OM:AINO |
| Mentice AB (publ) | MNTC | OM:MNTC |
| ContextVision AB (publ) | CONTX | OB:CONTX |
| RaySearch Laboratories AB (publ) | 27R | DB:27R |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| PHI1 | MEDHLP | AINO | MNTC | CONTX | 27R | |||
| DB:PHI1 | OM:MEDHLP | OM:AINO | OM:MNTC | OB:CONTX | DB:27R | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 1.0% | 7.6% | -1.5% | 14.3% | 7.9% | 10.0% | ||
| 3Y CAGR | 1.7% | 3.4% | 1.3% | 16.4% | 11.8% | 22.9% | ||
| Latest Twelve Months | -0.9% | -0.3% | 0.1% | 6.1% | 5.0% | 16.6% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 4.7% | -5.7% | -55.2% | -10.8% | 36.9% | 4.7% | ||
| Prior Fiscal Year | 2.3% | -5.3% | -44.6% | -0.2% | 33.5% | 12.0% | ||
| Latest Fiscal Year | 5.2% | 3.6% | -38.6% | -3.8% | 21.4% | 21.1% | ||
| Latest Twelve Months | 10.7% | 3.6% | -38.6% | -3.8% | 21.4% | 21.1% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 1.43x | 1.40x | 1.55x | 1.64x | 2.72x | 7.54x | ||
| EV / LTM EBIT | 13.5x | 38.8x | -4.0x | -43.6x | 12.7x | 35.7x | ||
| Price / LTM Sales | 1.13x | 1.44x | 1.58x | 1.80x | 3.16x | 7.53x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 1.40x | 1.55x | 2.72x | |||||
| Historical EV / LTM Revenue | 3.07x | 3.58x | 7.54x | |||||
| Selected EV / LTM Revenue | 5.16x | 5.43x | 5.70x | |||||
| (x) LTM Revenue | 1,192 | 1,192 | 1,192 | |||||
| (=) Implied Enterprise Value | 6,147 | 6,470 | 6,794 | |||||
| (-) Non-shareholder Claims * | (9) | (9) | (9) | |||||
| (=) Equity Value | 6,137 | 6,461 | 6,784 | |||||
| (/) Shares Outstanding | 36.3 | 36.3 | 36.3 | |||||
| Implied Value Range | 169.15 | 178.07 | 186.99 | |||||
| FX Rate: SEK/EUR | 10.9 | 10.9 | 10.9 | Market Price | ||||
| Implied Value Range (Trading Cur) | 15.52 | 16.34 | 17.16 | 22.50 | ||||
| Upside / (Downside) | -31.0% | -27.4% | -23.7% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | PHI1 | MEDHLP | AINO | MNTC | CONTX | 27R | |
| Enterprise Value | 25,392 | 123 | 37 | 461 | 289 | 8,904 | |
| (+) Cash & Short Term Investments | 1,195 | 9 | 1 | 54 | 74 | 463 | |
| (+) Investments & Other | 847 | 0 | 0 | 0 | 0 | 0 | |
| (-) Debt | (7,569) | (5) | 0 | (9) | (10) | (472) | |
| (-) Other Liabilities | (31) | 0 | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 19,834 | 126 | 38 | 505 | 353 | 8,895 | |
| (/) Shares Outstanding | 925.1 | 30.4 | 204.6 | 25.6 | 77.4 | 36.3 | |
| Implied Stock Price | 21.44 | 4.14 | 0.19 | 19.75 | 4.57 | 245.16 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 0.93 | 10.90 | |
| Implied Stock Price (Trading Cur) | 21.44 | 4.14 | 0.19 | 19.75 | 4.90 | 22.50 | |
| Trading Currency | EUR | SEK | SEK | SEK | NOK | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 0.93 | 10.90 | |