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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | -14.6x - -16.2x | -15.4x |
| Selected Fwd EBITDA Multiple | -11.5x - -12.7x | -12.1x |
| Fair Value | €1.30 - €1.45 | €1.38 |
| Upside | -11.7% - -1.3% | -6.5% |
| Benchmarks | Ticker | Full Ticker |
| Advicenne S.A. | ALDVI | ENXTPA:ALDVI |
| Theranexus Société Anonyme | ALTHX | ENXTPA:ALTHX |
| Sanofi | SAN | ENXTPA:SAN |
| Euroapi S.A. | EAPI | ENXTPA:EAPI |
| Coretech 5 Société anonyme | MLCOT | ENXTPA:MLCOT |
| AB Science S.A. | A8D | DB:A8D |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| ALDVI | ALTHX | SAN | EAPI | MLCOT | A8D | ||
| ENXTPA:ALDVI | ENXTPA:ALTHX | ENXTPA:SAN | ENXTPA:EAPI | ENXTPA:MLCOT | DB:A8D | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | NM- | 2.9% | -1.6% | NM- | NM- | |
| 3Y CAGR | NM- | NM- | 1.2% | -10.1% | NM- | NM- | |
| Latest Twelve Months | -1.8% | 65.7% | 19.4% | -84.1% | NM | 55.5% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | -308.6% | -77069.1% | 28.3% | 13.7% | -844359.0% | -1078.2% | |
| Prior Fiscal Year | -121.1% | -2492.9% | 26.9% | 29.9% | NA | -1319.3% | |
| Latest Fiscal Year | -123.9% | -110.8% | 26.3% | 5.3% | NA | -530.7% | |
| Latest Twelve Months | -123.9% | -110.8% | 26.4% | 5.0% | NA | -530.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 5.90x | 10.93x | 2.14x | 0.32x | 217.59x | 99.81x | |
| EV / LTM EBITDA | -4.8x | -9.9x | 8.1x | 6.4x | NA | -18.8x | |
| EV / LTM EBIT | -3.4x | -9.5x | 10.5x | -16.0x | -53.6x | -17.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -9.9x | 0.8x | 8.1x | ||||
| Historical EV / LTM EBITDA | -65.3x | -21.3x | -13.9x | ||||
| Selected EV / LTM EBITDA | -14.6x | -15.4x | -16.2x | ||||
| (x) LTM EBITDA | (6) | (6) | (6) | ||||
| (=) Implied Enterprise Value | 83 | 88 | 92 | ||||
| (-) Non-shareholder Claims * | (10) | (10) | (10) | ||||
| (=) Equity Value | 73 | 77 | 82 | ||||
| (/) Shares Outstanding | 67.5 | 67.5 | 67.5 | ||||
| Implied Value Range | 1.08 | 1.14 | 1.21 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 1.08 | 1.14 | 1.21 | 1.47 | |||
| Upside / (Downside) | -26.7% | -22.3% | -17.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | ALDVI | ALTHX | SAN | EAPI | MLCOT | A8D | |
| Enterprise Value | 31 | 25 | 98,175 | 282 | 3 | 110 | |
| (+) Cash & Short Term Investments | 3 | 1 | 15,359 | 52 | 0 | 8 | |
| (+) Investments & Other | 0 | 0 | 6,995 | 0 | 0 | 0 | |
| (-) Debt | (18) | (3) | (22,285) | (68) | 0 | (18) | |
| (-) Other Liabilities | 0 | 0 | (271) | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 16 | 23 | 97,973 | 265 | 3 | 99 | |
| (/) Shares Outstanding | 14.2 | 8.5 | 1,219.5 | 95.2 | 13.4 | 67.5 | |
| Implied Stock Price | 1.14 | 2.70 | 80.34 | 2.79 | 0.25 | 1.47 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 1.14 | 2.70 | 80.34 | 2.79 | 0.25 | 1.47 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |