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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 5.6x - 6.1x | 5.8x |
| Selected Fwd Revenue Multiple | 6.0x - 6.6x | 6.3x |
| Fair Value | €0.63 - €0.66 | €0.65 |
| Upside | 4.5% - 10.6% | 7.5% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Collegium Pharmaceutical, Inc. | COLL | NasdaqGS:COLL |
| Cumberland Pharmaceuticals Inc. | CPIX | NasdaqGS:CPIX |
| Supernus Pharmaceuticals, Inc. | SUPN | NasdaqGM:SUPN |
| Zevra Therapeutics, Inc. | ZVRA | NasdaqGS:ZVRA |
| Talphera, Inc. | TLPH | NasdaqGM:TLPH |
| DURECT Corporation | DC8A | DB:DC8A |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| COLL | CPIX | SUPN | ZVRA | TLPH | DC8A | |||
| NasdaqGS:COLL | NasdaqGS:CPIX | NasdaqGM:SUPN | NasdaqGS:ZVRA | NasdaqGM:TLPH | DB:DC8A | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 16.3% | 1.9% | 11.0% | 13.0% | NM- | -39.5% | ||
| 3Y CAGR | 31.6% | 1.7% | 4.5% | -6.2% | NM- | -47.4% | ||
| Latest Twelve Months | 11.4% | -4.3% | 8.9% | -14.0% | NM | -21.6% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 20.0% | -18.3% | 15.5% | -145.8% | -2365.6% | -315.8% | ||
| Prior Fiscal Year | 33.6% | -15.7% | 2.2% | -180.6% | -2594.3% | -1532.1% | ||
| Latest Fiscal Year | 31.6% | -17.0% | 9.3% | -368.5% | NA | -931.2% | ||
| Latest Twelve Months | 31.6% | -17.0% | 9.3% | -368.5% | NA | -931.2% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 2.61x | 1.59x | 1.95x | 14.78x | NA | 6.18x | ||
| EV / LTM EBIT | 8.3x | -9.4x | 21.0x | -4.0x | -0.4x | -0.7x | ||
| Price / LTM Sales | 1.31x | 1.53x | 2.58x | 15.42x | NA | 10.90x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 1.59x | 2.28x | 14.78x | |||||
| Historical EV / LTM Revenue | 0.19x | 6.18x | 18.90x | |||||
| Selected EV / LTM Revenue | 5.56x | 5.85x | 6.14x | |||||
| (x) LTM Revenue | 2 | 2 | 2 | |||||
| (=) Implied Enterprise Value | 11 | 12 | 12 | |||||
| (-) Non-shareholder Claims * | 10 | 10 | 10 | |||||
| (=) Equity Value | 21 | 21 | 22 | |||||
| (/) Shares Outstanding | 31.0 | 31.0 | 31.0 | |||||
| Implied Value Range | 0.67 | 0.69 | 0.71 | |||||
| FX Rate: USD/EUR | 1.1 | 1.1 | 1.1 | Market Price | ||||
| Implied Value Range (Trading Cur) | 0.61 | 0.63 | 0.64 | 0.60 | ||||
| Upside / (Downside) | 1.3% | 4.2% | 7.1% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | COLL | CPIX | SUPN | ZVRA | TLPH | DC8A | |
| Enterprise Value | 1,647 | 60 | 1,353 | 355 | 6 | 11 | |
| (+) Cash & Short Term Investments | 163 | 18 | 454 | 69 | 9 | 12 | |
| (+) Investments & Other | 0 | 0 | 0 | 6 | 0 | 0 | |
| (-) Debt | (980) | (21) | (34) | (60) | (7) | (2) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 830 | 58 | 1,773 | 371 | 8 | 21 | |
| (/) Shares Outstanding | 31.5 | 14.0 | 55.8 | 54.1 | 17.1 | 31.0 | |
| Implied Stock Price | 26.37 | 4.15 | 31.76 | 6.85 | 0.50 | 0.66 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.11 | |
| Implied Stock Price (Trading Cur) | 26.37 | 4.15 | 31.76 | 6.85 | 0.50 | 0.60 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.11 | |