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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 24.6x - 27.2x | 25.9x |
Selected Fwd EBIT Multiple | 18.9x - 20.9x | 19.9x |
Fair Value | €21.88 - €24.87 | €23.38 |
Upside | 12.8% - 28.2% | 20.5% |
Benchmarks | Ticker | Full Ticker |
Garofalo Health Care S.p.A. | GHC | BIT:GHC |
Sonova Holding AG | SOON | SWX:SOON |
M1 Kliniken AG | M12 | DB:M12 |
Fresenius Medical Care AG | 1FME | BIT:1FME |
Oriola Oyj | ORIOLA | HLSE:ORIOLA |
Amplifon S.p.A. | AXNA | DB:AXNA |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
GHC | SOON | M12 | 1FME | ORIOLA | AXNA | ||
BIT:GHC | SWX:SOON | DB:M12 | BIT:1FME | HLSE:ORIOLA | DB:AXNA | ||
Historical EBIT Growth | |||||||
5Y CAGR | 16.8% | 5.8% | 18.0% | -7.6% | -8.4% | 5.6% | |
3Y CAGR | 15.1% | -1.5% | 49.3% | -6.8% | 2.9% | 0.2% | |
Latest Twelve Months | 2.1% | 5.0% | 85.8% | -1.2% | -57.0% | -5.8% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 10.9% | 20.5% | 4.9% | 9.7% | 1.0% | 12.4% | |
Prior Fiscal Year | 11.8% | 19.7% | 3.1% | 7.8% | 1.1% | 12.1% | |
Latest Fiscal Year | 10.6% | 19.4% | 4.6% | 8.0% | 0.8% | 11.1% | |
Latest Twelve Months | 10.6% | 19.4% | 6.6% | 8.0% | 0.4% | 10.8% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 1.49x | 4.60x | 0.92x | 1.30x | 0.08x | 2.44x | |
EV / LTM EBITDA | 9.8x | 20.2x | 12.3x | 10.7x | 6.2x | 15.7x | |
EV / LTM EBIT | 14.0x | 23.7x | 14.0x | 16.2x | 18.8x | 22.5x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | 14.0x | 16.2x | 23.7x | ||||
Historical EV / LTM EBIT | 26.2x | 29.6x | 55.7x | ||||
Selected EV / LTM EBIT | 24.6x | 25.9x | 27.2x | ||||
(x) LTM EBIT | 263 | 263 | 263 | ||||
(=) Implied Enterprise Value | 6,472 | 6,812 | 7,153 | ||||
(-) Non-shareholder Claims * | (1,486) | (1,486) | (1,486) | ||||
(=) Equity Value | 4,986 | 5,326 | 5,667 | ||||
(/) Shares Outstanding | 224.9 | 224.9 | 224.9 | ||||
Implied Value Range | 22.17 | 23.68 | 25.19 | ||||
FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 22.17 | 23.68 | 25.19 | 19.40 | |||
Upside / (Downside) | 14.3% | 22.1% | 29.9% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | GHC | SOON | M12 | 1FME | ORIOLA | AXNA | |
Enterprise Value | 693 | 17,923 | 308 | 25,364 | (89) | 5,849 | |
(+) Cash & Short Term Investments | 11 | 687 | 10 | 1,071 | 135 | 261 | |
(+) Investments & Other | 1 | 22 | 3 | 667 | 223 | 3 | |
(-) Debt | (236) | (1,761) | (21) | (10,841) | (70) | (1,749) | |
(-) Other Liabilities | (11) | (20) | (27) | (1,132) | 0 | (0) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 459 | 16,851 | 273 | 15,128 | 198 | 4,364 | |
(/) Shares Outstanding | 88.5 | 59.6 | 18.6 | 293.4 | 181.4 | 224.9 | |
Implied Stock Price | 5.18 | 282.70 | 14.70 | 51.56 | 1.09 | 19.40 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 5.18 | 282.70 | 14.70 | 51.56 | 1.09 | 19.40 | |
Trading Currency | EUR | CHF | EUR | EUR | EUR | EUR | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |