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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 0.4x - 0.4x | 0.4x |
| Selected Fwd Revenue Multiple | 0.3x - 0.3x | 0.3x |
| Fair Value | €61.66 - €68.27 | €64.97 |
| Upside | 22.8% - 36.0% | 29.4% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| GE HealthCare Technologies Inc. | L0T | BST:L0T |
| Teleflex Incorporated | TBH | DB:TBH |
| Becton, Dickinson and Company | BOX | XTRA:BOX |
| Baxter International Inc. | BTL | DB:BTL |
| Medtronic plc | 2M6 | XTRA:2M6 |
| Drägerwerk AG & Co. KGaA | DRW8 | DB:DRW8 |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| L0T | TBH | BOX | BTL | 2M6 | DRW8 | |||
| BST:L0T | DB:TBH | XTRA:BOX | DB:BTL | XTRA:2M6 | DB:DRW8 | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 3.4% | 3.3% | 3.1% | -1.3% | 1.2% | 3.9% | ||
| 3Y CAGR | 3.8% | 2.7% | 1.8% | -4.3% | 2.4% | 0.4% | ||
| Latest Twelve Months | 1.6% | 0.3% | 5.8% | 15.4% | 2.7% | 0.5% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 14.6% | 17.3% | 14.3% | 12.3% | 19.0% | 5.3% | ||
| Prior Fiscal Year | 14.4% | 16.5% | 14.2% | 9.4% | 18.5% | 4.9% | ||
| Latest Fiscal Year | 15.4% | 14.2% | 14.3% | 8.3% | 19.8% | 4.9% | ||
| Latest Twelve Months | 15.6% | 18.8% | 15.4% | 9.1% | 20.3% | 5.8% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 1.97x | 2.41x | 3.19x | 2.21x | 3.79x | 0.32x | ||
| EV / LTM EBIT | 12.6x | 12.8x | 20.8x | 24.3x | 18.7x | 5.6x | ||
| Price / LTM Sales | 1.62x | 1.84x | 2.30x | 1.47x | 3.22x | 0.31x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 1.97x | 2.41x | 3.79x | |||||
| Historical EV / LTM Revenue | 0.22x | 0.31x | 0.35x | |||||
| Selected EV / LTM Revenue | 0.37x | 0.39x | 0.40x | |||||
| (x) LTM Revenue | 3,365 | 3,365 | 3,365 | |||||
| (=) Implied Enterprise Value | 1,231 | 1,296 | 1,361 | |||||
| (-) Non-shareholder Claims * | (21) | (21) | (21) | |||||
| (=) Equity Value | 1,210 | 1,275 | 1,340 | |||||
| (/) Shares Outstanding | 18.8 | 18.8 | 18.8 | |||||
| Implied Value Range | 64.51 | 67.96 | 71.41 | |||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 64.51 | 67.96 | 71.41 | 50.20 | ||||
| Upside / (Downside) | 28.5% | 35.4% | 42.3% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | L0T | TBH | BOX | BTL | 2M6 | DRW8 | |
| Enterprise Value | 38,767 | 7,223 | 68,177 | 23,888 | 128,608 | 963 | |
| (+) Cash & Short Term Investments | 2,454 | 293 | 683 | 2,294 | 7,922 | 250 | |
| (+) Investments & Other | 235 | 1 | 0 | 37 | 1,262 | 1 | |
| (-) Debt | (9,184) | (2,028) | (19,270) | (10,309) | (26,607) | (269) | |
| (-) Other Liabilities | (231) | 0 | 0 | 27 | (228) | (2) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 32,041 | 5,489 | 49,590 | 15,937 | 110,957 | 942 | |
| (/) Shares Outstanding | 457.9 | 44.2 | 286.6 | 513.2 | 1,282.5 | 18.8 | |
| Implied Stock Price | 69.98 | 124.22 | 173.03 | 31.06 | 86.51 | 50.20 | |
| FX Conversion Rate to Trading Currency | 1.11 | 1.11 | 1.11 | 1.11 | 1.11 | 1.00 | |
| Implied Stock Price (Trading Cur) | 63.09 | 112.00 | 156.00 | 28.00 | 78.00 | 50.20 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.11 | 1.11 | 1.11 | 1.11 | 1.11 | 1.00 | |