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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 29.6x - 32.7x | 31.2x |
| Selected Fwd EBIT Multiple | 13.0x - 14.4x | 13.7x |
| Fair Value | €7.83 - €8.68 | €8.26 |
| Upside | -23.3% - -15.1% | -19.2% |
| Benchmarks | Ticker | Full Ticker |
| Faes Farma, S.A. | FAE | BME:FAE |
| Moberg Pharma AB (publ) | MOB | OM:MOB |
| Orion Oyj | ORNAV | HLSE:ORNAV |
| Recordati Industria Chimica e Farmaceutica S.p.A. | REC | BIT:REC |
| Indivior PLC | 2IVB | DB:2IVB |
| Almirall, S.A. | E2Z | DB:E2Z |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| FAE | MOB | ORNAV | REC | 2IVB | E2Z | ||
| BME:FAE | OM:MOB | HLSE:ORNAV | BIT:REC | DB:2IVB | DB:E2Z | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 6.6% | NM- | 8.0% | 8.2% | 7.6% | -20.7% | |
| 3Y CAGR | 3.8% | NM- | 15.7% | 11.4% | 16.0% | -22.7% | |
| Latest Twelve Months | -6.9% | -1002.3% | 68.9% | 7.0% | 31.9% | 39.4% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 22.0% | -3935.1% | 25.0% | 30.5% | 22.0% | 8.6% | |
| Prior Fiscal Year | 21.7% | NA | 19.9% | 30.1% | 23.8% | 4.9% | |
| Latest Fiscal Year | 21.3% | -3311.5% | 24.2% | 29.8% | 24.6% | 5.1% | |
| Latest Twelve Months | 18.7% | -2497.1% | 25.8% | 28.3% | 26.8% | 5.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.38x | 12.86x | 5.59x | 5.00x | 2.19x | 2.17x | |
| EV / LTM EBITDA | 11.0x | -0.5x | 19.4x | 14.3x | 7.7x | 12.8x | |
| EV / LTM EBIT | 12.7x | -0.5x | 21.6x | 17.7x | 8.2x | 39.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -0.5x | 12.7x | 21.6x | ||||
| Historical EV / LTM EBIT | 18.3x | 23.8x | 47.5x | ||||
| Selected EV / LTM EBIT | 29.6x | 31.2x | 32.7x | ||||
| (x) LTM EBIT | 58 | 58 | 58 | ||||
| (=) Implied Enterprise Value | 1,708 | 1,798 | 1,888 | ||||
| (-) Non-shareholder Claims * | (45) | (45) | (45) | ||||
| (=) Equity Value | 1,663 | 1,753 | 1,843 | ||||
| (/) Shares Outstanding | 214.8 | 214.8 | 214.8 | ||||
| Implied Value Range | 7.74 | 8.16 | 8.58 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 7.74 | 8.16 | 8.58 | 10.22 | |||
| Upside / (Downside) | -24.2% | -20.1% | -16.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | FAE | MOB | ORNAV | REC | 2IVB | E2Z | |
| Enterprise Value | 1,286 | 163 | 9,279 | 12,385 | 2,363 | 2,240 | |
| (+) Cash & Short Term Investments | 112 | 269 | 184 | 342 | 510 | 323 | |
| (+) Investments & Other | 1 | 0 | 0 | 14 | 27 | 19 | |
| (-) Debt | (84) | (4) | (318) | (2,483) | (366) | (387) | |
| (-) Other Liabilities | (1) | 0 | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,314 | 428 | 9,145 | 10,257 | 2,534 | 2,195 | |
| (/) Shares Outstanding | 311.3 | 47.0 | 140.7 | 206.3 | 124.8 | 214.8 | |
| Implied Stock Price | 4.22 | 9.11 | 65.00 | 49.72 | 20.31 | 10.22 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.16 | 1.00 | |
| Implied Stock Price (Trading Cur) | 4.22 | 9.11 | 65.00 | 49.72 | 17.50 | 10.22 | |
| Trading Currency | EUR | SEK | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.16 | 1.00 | |