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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 2.4x - 2.7x | 2.6x |
| Selected Fwd Ps Multiple | 2.3x - 2.5x | 2.4x |
| Fair Value | €60.56 - €66.93 | €63.75 |
| Upside | 43.5% - 58.6% | 51.1% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Alcon Inc. | - | XTRA:2U3 |
| Eckert & Ziegler SE | - | XTRA:EUZ |
| STAAR Surgical Company | - | DB:SR3 |
| Nova Eye Medical Limited | - | ASX:EYE |
| IRIDEX Corporation | - | NasdaqCM:IRIX |
| Carl Zeiss Meditec AG | - | DB:AFX |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| 2U3 | EUZ | SR3 | EYE | IRIX | AFX | |||
| XTRA:2U3 | XTRA:EUZ | DB:SR3 | ASX:EYE | NasdaqCM:IRIX | DB:AFX | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | 5.7% | 10.6% | 15.9% | 7.6% | 2.3% | 7.2% | ||
| 3Y CAGR | 6.1% | 17.9% | 10.8% | 20.3% | -3.3% | 7.9% | ||
| Latest Twelve Months | 3.8% | 9.4% | -32.6% | 39.1% | -2.2% | 5.5% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 3.9% | 13.4% | 3.7% | 1.1% | -15.6% | 12.2% | ||
| Prior Fiscal Year | 10.3% | 12.2% | 6.6% | -89.8% | -18.5% | 13.9% | ||
| Latest Fiscal Year | 10.3% | 13.5% | -6.4% | -37.7% | -18.3% | 8.7% | ||
| Latest Twelve Months | 11.3% | 13.9% | -42.4% | -32.8% | -14.6% | 7.2% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 19.6x | 43.2x | -16.5x | -7.2x | -5.2x | 19.0x | ||
| Price / LTM Sales | 4.2x | 12.0x | 6.0x | 1.5x | 0.4x | 1.7x | ||
| LTM P/E Ratio | 37.6x | 86.6x | -14.2x | -4.7x | -3.0x | 24.7x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 0.4x | 4.2x | 12.0x | |||||
| Historical LTM P/S Ratio | 3.1x | 5.4x | 9.5x | |||||
| Selected Price / Sales Multiple | 2.4x | 2.6x | 2.7x | |||||
| (x) LTM Sales | 2,180 | 2,180 | 2,180 | |||||
| (=) Equity Value | 5,301 | 5,580 | 5,859 | |||||
| (/) Shares Outstanding | 87.5 | 87.5 | 87.5 | |||||
| Implied Value Range | 60.56 | 63.75 | 66.93 | |||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 60.56 | 63.75 | 66.93 | 42.20 | ||||
| Upside / (Downside) | 43.5% | 51.1% | 58.6% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | 2U3 | EUZ | SR3 | EYE | IRIX | AFX | |
| Value of Common Equity | 63,950 | 3,618 | 1,349 | 40 | 21 | 3,694 | |
| (/) Shares Outstanding | 746.4 | 63.2 | 49.6 | 284.5 | 16.8 | 87.5 | |
| Implied Stock Price | 85.68 | 57.25 | 27.22 | 0.14 | 1.26 | 42.20 | |
| FX Conversion Rate to Trading Currency | 1.17 | 1.00 | 1.17 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 73.34 | 57.25 | 23.30 | 0.14 | 1.26 | 42.20 | |
| Trading Currency | EUR | EUR | EUR | AUD | USD | EUR | |
| FX Rate to Reporting Currency | 1.17 | 1.00 | 1.17 | 1.00 | 1.00 | 1.00 | |