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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 9.6x - 10.6x | 10.1x |
| Selected Fwd EBIT Multiple | 8.9x - 9.8x | 9.4x |
| Fair Value | €26.76 - €30.40 | €28.58 |
| Upside | 42.0% - 61.3% | 51.6% |
| Benchmarks | Ticker | Full Ticker |
| Assertio Holdings, Inc. | ASRT | NasdaqCM:ASRT |
| Xeris Biopharma Holdings, Inc. | XERS | NasdaqGS:XERS |
| Supernus Pharmaceuticals, Inc. | SUPN | NasdaqGM:SUPN |
| Prestige Consumer Healthcare Inc. | PBH | NYSE:PBH |
| Corcept Therapeutics Incorporated | CORT | NasdaqCM:CORT |
| Amphastar Pharmaceuticals, Inc. | 29A | DB:29A |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| ASRT | XERS | SUPN | PBH | CORT | 29A | ||
| NasdaqCM:ASRT | NasdaqGS:XERS | NasdaqGM:SUPN | NYSE:PBH | NasdaqCM:CORT | DB:29A | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | NM- | -16.2% | 3.7% | 4.2% | NM- | |
| 3Y CAGR | NM- | NM- | -8.3% | 1.3% | 3.2% | 42.0% | |
| Latest Twelve Months | -499.4% | 90.0% | 26.8% | 6.0% | -21.0% | -21.9% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 4.2% | -138.2% | 12.6% | 30.7% | 27.2% | 20.5% | |
| Prior Fiscal Year | 16.4% | -26.8% | 2.2% | 30.4% | 22.2% | 31.0% | |
| Latest Fiscal Year | -16.6% | -13.6% | 9.3% | 30.7% | 20.3% | 28.1% | |
| Latest Twelve Months | -25.2% | -1.5% | 7.7% | 31.2% | 14.2% | 25.1% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.19x | 5.29x | 2.74x | 3.69x | 9.93x | 2.12x | |
| EV / LTM EBITDA | -37.5x | 155.6x | 13.8x | 10.9x | 69.3x | 6.5x | |
| EV / LTM EBIT | -0.8x | -349.9x | 35.3x | 11.8x | 70.1x | 8.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -349.9x | 11.8x | 70.1x | ||||
| Historical EV / LTM EBIT | 10.1x | 18.2x | 123.7x | ||||
| Selected EV / LTM EBIT | 9.6x | 10.1x | 10.6x | ||||
| (x) LTM EBIT | 182 | 182 | 182 | ||||
| (=) Implied Enterprise Value | 1,747 | 1,838 | 1,930 | ||||
| (-) Non-shareholder Claims * | (422) | (422) | (422) | ||||
| (=) Equity Value | 1,325 | 1,417 | 1,509 | ||||
| (/) Shares Outstanding | 46.5 | 46.5 | 46.5 | ||||
| Implied Value Range | 28.49 | 30.47 | 32.45 | ||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 24.47 | 26.17 | 27.87 | 18.85 | |||
| Upside / (Downside) | 29.8% | 38.8% | 47.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | ASRT | XERS | SUPN | PBH | CORT | 29A | |
| Enterprise Value | 23 | 1,302 | 1,821 | 4,131 | 7,110 | 1,442 | |
| (+) Cash & Short Term Investments | 87 | 59 | 523 | 140 | 342 | 232 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 173 | 2 | |
| (-) Debt | (40) | (257) | (32) | (1,043) | (7) | (655) | |
| (-) 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 | 70 | 1,105 | 2,312 | 3,227 | 7,618 | 1,020 | |
| (/) Shares Outstanding | 95.8 | 161.5 | 56.1 | 49.2 | 105.4 | 46.5 | |
| Implied Stock Price | 0.73 | 6.84 | 41.23 | 65.58 | 72.30 | 21.95 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.16 | |
| Implied Stock Price (Trading Cur) | 0.73 | 6.84 | 41.23 | 65.58 | 72.30 | 18.85 | |
| 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 | |