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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 2.2x - 2.4x | 2.3x |
| Selected Fwd Ps Multiple | 2.0x - 2.2x | 2.1x |
| Fair Value | €24.10 - €26.64 | €25.37 |
| Upside | 14.0% - 26.0% | 20.0% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Garofalo Health Care S.p.A. | - | BIT:GHC |
| Fresenius SE & Co. KGaA | - | BIT:1FRE |
| EuKedos S.p.A. | - | BIT:EUK |
| M1 Kliniken AG | - | DB:M12 |
| Fresenius Medical Care AG | - | BIT:1FME |
| Amplifon S.p.A. | - | DB:AXNA |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| GHC | 1FRE | EUK | M12 | 1FME | AXNA | |||
| BIT:GHC | BIT:1FRE | BIT:EUK | DB:M12 | BIT:1FME | DB:AXNA | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | 19.2% | -9.2% | -0.6% | 34.4% | 2.0% | 6.8% | ||
| 3Y CAGR | 18.2% | -16.5% | 4.6% | 2.5% | 3.1% | 7.3% | ||
| Latest Twelve Months | 17.6% | 4.6% | 4.5% | 7.2% | 0.1% | 5.7% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 6.0% | 3.2% | -0.1% | 4.5% | 5.6% | 7.3% | ||
| Prior Fiscal Year | 5.7% | 6.6% | 1.1% | 3.2% | 2.6% | 6.9% | ||
| Latest Fiscal Year | 4.6% | 4.8% | -1.0% | 4.7% | 2.8% | 6.0% | ||
| Latest Twelve Months | 4.6% | 5.4% | -1.0% | 4.7% | 3.2% | 5.9% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 9.8x | 12.3x | 18.1x | 11.0x | 10.3x | 15.7x | ||
| Price / LTM Sales | 1.0x | 1.1x | 0.3x | 0.8x | 0.7x | 1.8x | ||
| LTM P/E Ratio | 20.9x | 20.1x | -32.6x | 17.3x | 22.9x | 30.9x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 0.3x | 0.8x | 1.1x | |||||
| Historical LTM P/S Ratio | 2.4x | 3.2x | 5.8x | |||||
| Selected Price / Sales Multiple | 2.2x | 2.3x | 2.4x | |||||
| (x) LTM Sales | 2,424 | 2,424 | 2,424 | |||||
| (=) Equity Value | 5,332 | 5,613 | 5,893 | |||||
| (/) Shares Outstanding | 224.9 | 224.9 | 224.9 | |||||
| Implied Value Range | 23.71 | 24.95 | 26.20 | |||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 23.71 | 24.95 | 26.20 | 21.15 | ||||
| Upside / (Downside) | 12.1% | 18.0% | 23.9% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | GHC | 1FRE | EUK | M12 | 1FME | AXNA | |
| Value of Common Equity | 453 | 23,932 | 17 | 266 | 14,140 | 4,757 | |
| (/) Shares Outstanding | 88.5 | 563.2 | 22.7 | 18.6 | 293.4 | 224.9 | |
| Implied Stock Price | 5.12 | 42.49 | 0.75 | 14.34 | 48.19 | 21.15 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 5.12 | 42.49 | 0.75 | 14.34 | 48.19 | 21.15 | |
| 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 | |