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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 19.4x - 21.5x | 20.4x |
| Selected Fwd EBIT Multiple | 10.8x - 11.9x | 11.4x |
| Fair Value | €139.34 - €157.28 | €148.31 |
| Upside | -14.0% - -2.9% | -8.5% |
| Benchmarks | Ticker | Full Ticker |
| Gilead Sciences, Inc. | GILD | NasdaqGS:GILD |
| Amgen Inc. | AMGN | NasdaqGS:AMGN |
| Regeneron Pharmaceuticals, Inc. | REGN | NasdaqGS:REGN |
| Incyte Corporation | INCY | NasdaqGS:INCY |
| Elutia Inc. | ELUT | NasdaqCM:ELUT |
| AbbVie Inc. | 4AB | DB:4AB |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| GILD | AMGN | REGN | INCY | ELUT | 4AB | ||
| NasdaqGS:GILD | NasdaqGS:AMGN | NasdaqGS:REGN | NasdaqGS:INCY | NasdaqCM:ELUT | DB:4AB | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 2.7% | -0.1% | 13.4% | -27.5% | NM- | 5.2% | |
| 3Y CAGR | -3.6% | 1.9% | -22.8% | -48.0% | NM- | -2.5% | |
| Latest Twelve Months | 16.5% | 9.9% | -0.7% | -70.6% | -10.3% | 9.5% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 40.2% | 34.6% | 40.5% | 10.6% | -75.6% | 34.7% | |
| Prior Fiscal Year | 34.2% | 34.3% | 32.3% | 17.7% | -83.0% | 32.5% | |
| Latest Fiscal Year | 37.2% | 28.9% | 29.2% | 2.0% | -99.6% | 32.5% | |
| Latest Twelve Months | 38.1% | 30.1% | 28.2% | 4.8% | -96.7% | 33.1% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 5.59x | 6.08x | 3.16x | 2.54x | 3.65x | 7.00x | |
| EV / LTM EBITDA | 11.7x | 13.2x | 10.0x | 37.0x | -4.4x | 14.7x | |
| EV / LTM EBIT | 14.7x | 20.2x | 11.2x | 53.5x | -3.8x | 21.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -3.8x | 14.7x | 53.5x | ||||
| Historical EV / LTM EBIT | 14.5x | 16.7x | 22.2x | ||||
| Selected EV / LTM EBIT | 19.4x | 20.4x | 21.5x | ||||
| (x) LTM EBIT | 19,015 | 19,015 | 19,015 | ||||
| (=) Implied Enterprise Value | 369,119 | 388,547 | 407,974 | ||||
| (-) Non-shareholder Claims * | (64,560) | (64,560) | (64,560) | ||||
| (=) Equity Value | 304,559 | 323,987 | 343,414 | ||||
| (/) Shares Outstanding | 1,766.4 | 1,766.4 | 1,766.4 | ||||
| Implied Value Range | 172.42 | 183.42 | 194.41 | ||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 146.80 | 156.16 | 165.52 | 162.00 | |||
| Upside / (Downside) | -9.4% | -3.6% | 2.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | GILD | AMGN | REGN | INCY | ELUT | 4AB | |
| Enterprise Value | 160,018 | 207,317 | 44,190 | 11,206 | 87 | 400,662 | |
| (+) Cash & Short Term Investments | 8,711 | 8,810 | 8,349 | 2,409 | 17 | 5,176 | |
| (+) Investments & Other | 684 | 6,104 | 9,665 | 17 | 0 | 330 | |
| (-) Debt | (24,952) | (57,381) | (2,705) | (43) | (25) | (70,024) | |
| (-) Other Liabilities | 84 | 0 | 0 | 0 | 0 | (42) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 144,545 | 164,850 | 59,500 | 13,589 | 79 | 336,102 | |
| (/) Shares Outstanding | 1,243.9 | 537.7 | 105.7 | 193.6 | 41.1 | 1,766.4 | |
| Implied Stock Price | 116.20 | 306.58 | 563.10 | 70.20 | 1.92 | 190.27 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.17 | |
| Implied Stock Price (Trading Cur) | 116.20 | 306.58 | 563.10 | 70.20 | 1.92 | 162.00 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.17 | |