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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 0.4x - 0.5x | 0.5x |
| Selected Fwd EBITDA Multiple | 0.3x - 0.3x | 0.3x |
| Fair Value | €4.12 - €3.96 | €4.04 |
| Upside | -27.4% - -30.3% | -28.9% |
| Benchmarks | Ticker | Full Ticker |
| BioCryst Pharmaceuticals, Inc. | BCRX | NasdaqGS:BCRX |
| BioMarin Pharmaceutical Inc. | BMRN | NasdaqGS:BMRN |
| Ionis Pharmaceuticals, Inc. | IONS | NasdaqGS:IONS |
| Pharming Group N.V. | PHAR | NasdaqGM:PHAR |
| KalVista Pharmaceuticals, Inc. | KALV | NasdaqGM:KALV |
| Intellia Therapeutics, Inc. | 38I | DB:38I |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| BCRX | BMRN | IONS | PHAR | KALV | 38I | ||
| NasdaqGS:BCRX | NasdaqGS:BMRN | NasdaqGS:IONS | NasdaqGM:PHAR | NasdaqGM:KALV | DB:38I | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | 332.0% | NM- | -46.3% | NM- | NM- | |
| 3Y CAGR | NM- | 170.4% | NM- | -52.7% | NM- | NM- | |
| Latest Twelve Months | 101.8% | 129.7% | -44.3% | 121.1% | -46.8% | -3.5% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | -157.8% | 7.3% | -27.8% | 14.0% | -739.0% | -743.1% | |
| Prior Fiscal Year | -28.9% | 12.0% | -40.7% | -6.2% | NA | -1395.8% | |
| Latest Fiscal Year | 0.4% | 23.4% | -65.7% | 1.1% | NA | -905.3% | |
| Latest Twelve Months | 0.4% | 23.4% | -65.7% | 1.1% | NA | -905.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 4.59x | 3.61x | 5.91x | 1.63x | NA | -3.29x | |
| EV / LTM EBITDA | 1192.7x | 15.5x | -9.0x | 150.0x | -1.9x | 0.4x | |
| EV / LTM EBIT | -1616.0x | 18.1x | -8.8x | -134.5x | -1.9x | 0.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -9.0x | 15.5x | 1192.7x | ||||
| Historical EV / LTM EBITDA | -32.8x | -5.1x | 0.4x | ||||
| Selected EV / LTM EBITDA | 0.4x | 0.5x | 0.5x | ||||
| (x) LTM EBITDA | (524) | (524) | (524) | ||||
| (=) Implied Enterprise Value | (225) | (237) | (249) | ||||
| (-) Non-shareholder Claims * | 678 | 678 | 678 | ||||
| (=) Equity Value | 453 | 441 | 430 | ||||
| (/) Shares Outstanding | 103.5 | 103.5 | 103.5 | ||||
| Implied Value Range | 4.38 | 4.26 | 4.15 | ||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 3.80 | 3.70 | 3.60 | 5.68 | |||
| Upside / (Downside) | -33.1% | -34.8% | -36.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | BCRX | BMRN | IONS | PHAR | KALV | 38I | |
| Enterprise Value | 2,074 | 10,215 | 4,147 | 504 | 350 | (1) | |
| (+) Cash & Short Term Investments | 321 | 1,138 | 2,303 | 168 | 253 | 602 | |
| (+) Investments & Other | 20 | 528 | 41 | 4 | 0 | 287 | |
| (-) Debt | (841) | (634) | (1,959) | (112) | (6) | (210) | |
| (-) 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 | 1,573 | 11,246 | 4,532 | 564 | 597 | 677 | |
| (/) Shares Outstanding | 209.0 | 191.8 | 159.0 | 69.2 | 49.7 | 103.5 | |
| Implied Stock Price | 7.53 | 58.65 | 28.51 | 8.15 | 12.01 | 6.54 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.15 | |
| Implied Stock Price (Trading Cur) | 7.53 | 58.65 | 28.51 | 8.15 | 12.01 | 5.68 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.15 | |