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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 1.6x - 1.7x | 1.6x |
| Selected Fwd Revenue Multiple | 1.2x - 1.3x | 1.3x |
| Fair Value | €11.37 - €12.36 | €11.86 |
| Upside | 5.7% - 15.0% | 10.4% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Biofrontera AG | B8FK | XTRA:B8FK |
| Cantourage Group SE | HIGH | XTRA:HIGH |
| MPH Health Care AG | 93M1 | XTRA:93M1 |
| Labiana Health, S.A. | 8RK | DB:8RK |
| Laboratorio Reig Jofre, S.A. | FEQ1 | DB:FEQ1 |
| Apontis Pharma AG | APPH | DB:APPH |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| B8FK | HIGH | 93M1 | 8RK | FEQ1 | APPH | |||
| XTRA:B8FK | XTRA:HIGH | XTRA:93M1 | DB:8RK | DB:FEQ1 | DB:APPH | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | -7.1% | NM- | 9.7% | 5.8% | 10.5% | 3.9% | ||
| 3Y CAGR | -9.0% | -25.1% | 69.1% | 4.3% | 12.2% | -1.8% | ||
| Latest Twelve Months | -21.4% | 32.1% | 89.8% | 12.9% | 4.5% | 31.1% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | -15.5% | 4.3% | 93.0% | 0.2% | 3.9% | -1.4% | ||
| Prior Fiscal Year | 14.8% | 4.7% | 96.7% | -3.2% | 3.8% | -26.1% | ||
| Latest Fiscal Year | -27.4% | 5.4% | 98.3% | 7.5% | 4.3% | 2.5% | ||
| Latest Twelve Months | -14.8% | 5.4% | 98.3% | 7.5% | 4.1% | 2.5% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 0.44x | 6.51x | 1.33x | 0.79x | 0.80x | 1.52x | ||
| EV / LTM EBIT | -3.0x | 121.4x | 1.4x | 10.5x | 19.5x | 61.6x | ||
| Price / LTM Sales | 0.64x | 25.05x | 1.19x | 0.41x | 0.71x | 1.86x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.44x | 0.80x | 6.51x | |||||
| Historical EV / LTM Revenue | 0.30x | 1.09x | 2.87x | |||||
| Selected EV / LTM Revenue | 1.56x | 1.64x | 1.73x | |||||
| (x) LTM Revenue | 48 | 48 | 48 | |||||
| (=) Implied Enterprise Value | 76 | 80 | 84 | |||||
| (-) Non-shareholder Claims * | 16 | 16 | 16 | |||||
| (=) Equity Value | 92 | 96 | 100 | |||||
| (/) Shares Outstanding | 8.3 | 8.3 | 8.3 | |||||
| Implied Value Range | 11.05 | 11.53 | 12.00 | |||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 11.05 | 11.53 | 12.00 | 10.75 | ||||
| Upside / (Downside) | 2.8% | 7.2% | 11.7% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | B8FK | HIGH | 93M1 | 8RK | FEQ1 | APPH | |
| Enterprise Value | 11 | 14 | (198) | 52 | 269 | 73 | |
| (+) Cash & Short Term Investments | 5 | 0 | 1 | 7 | 19 | 15 | |
| (+) Investments & Other | 0 | 41 | 288 | 2 | 7 | 1 | |
| (-) Debt | (1) | 0 | (10) | (35) | (57) | 0 | |
| (-) Other Liabilities | 0 | 0 | 0 | 1 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 15 | 55 | 81 | 26 | 238 | 90 | |
| (/) Shares Outstanding | 6.1 | 12.5 | 4.3 | 7.0 | 81.4 | 8.3 | |
| Implied Stock Price | 2.48 | 4.41 | 18.95 | 3.74 | 2.92 | 10.75 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 2.48 | 4.41 | 18.95 | 3.74 | 2.92 | 10.75 | |
| 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 | |