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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 14.3x - 15.8x | 15.1x |
Selected Fwd EBIT Multiple | 13.0x - 14.3x | 13.7x |
Fair Value | €19.83 - €21.79 | €20.81 |
Upside | -12.3% - -3.7% | -8.0% |
Benchmarks | Ticker | Full Ticker |
Bristol-Myers Squibb Company | BMY | NYSE:BMY |
Novartis AG | NVSE.F | OTCPK:NVSE.F |
Bayer Aktiengesellschaft | BAYZ.F | OTCPK:BAYZ.F |
Merck KGaA | MKGA.F | OTCPK:MKGA.F |
H. Lundbeck A/S | HLUN A | CPSE:HLUNA |
Eisai Co., Ltd. | EII | DB:EII |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
BMY | NVSE.F | BAYZ.F | MKGA.F | HLUN A | EII | ||
NYSE:BMY | OTCPK:NVSE.F | OTCPK:BAYZ.F | OTCPK:MKGA.F | CPSE:HLUNA | DB:EII | ||
Historical EBIT Growth | |||||||
5Y CAGR | 10.1% | 12.4% | -4.8% | 9.9% | 3.7% | -15.1% | |
3Y CAGR | 4.7% | 14.2% | -10.0% | -1.7% | 25.1% | 8.4% | |
Latest Twelve Months | 33.0% | 27.3% | -40.9% | 15.7% | 32.2% | 22.7% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 19.5% | 26.2% | 16.1% | 19.7% | 16.7% | 7.6% | |
Prior Fiscal Year | 19.2% | 27.1% | 16.4% | 17.6% | 18.0% | 5.9% | |
Latest Fiscal Year | 20.4% | 31.6% | 11.7% | 19.3% | 19.9% | 6.9% | |
Latest Twelve Months | 23.3% | 33.4% | 10.0% | 19.5% | 20.9% | 6.9% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 2.78x | 4.47x | 1.18x | 2.62x | 2.04x | 1.27x | |
EV / LTM EBITDA | 6.9x | 10.8x | 6.5x | 9.5x | 7.1x | 10.6x | |
EV / LTM EBIT | 11.9x | 13.4x | 11.8x | 13.4x | 9.8x | 18.5x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | 9.8x | 11.9x | 13.4x | ||||
Historical EV / LTM EBIT | -112.4x | 19.1x | 27.2x | ||||
Selected EV / LTM EBIT | 14.3x | 15.1x | 15.8x | ||||
(x) LTM EBIT | 54,101 | 54,101 | 54,101 | ||||
(=) Implied Enterprise Value | 775,088 | 815,882 | 856,676 | ||||
(-) Non-shareholder Claims * | 53,487 | 53,487 | 53,487 | ||||
(=) Equity Value | 828,575 | 869,369 | 910,163 | ||||
(/) Shares Outstanding | 282.1 | 282.1 | 282.1 | ||||
Implied Value Range | 2,937.00 | 3,081.60 | 3,226.20 | ||||
FX Rate: JPY/EUR | 162.5 | 162.5 | 162.5 | Market Price | |||
Implied Value Range (Trading Cur) | 18.07 | 18.96 | 19.85 | 22.62 | |||
Upside / (Downside) | -20.1% | -16.2% | -12.3% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | BMY | NVSE.F | BAYZ.F | MKGA.F | HLUN A | EII | |
Enterprise Value | 132,658 | 231,468 | 54,801 | 56,713 | 48,286 | 983,807 | |
(+) Cash & Short Term Investments | 11,782 | 7,137 | 4,015 | 1,620 | 2,697 | 265,561 | |
(+) Investments & Other | 2,030 | 1,409 | 2,960 | 1,048 | 51 | 0 | |
(-) Debt | (51,271) | (31,270) | (39,385) | (8,698) | (15,186) | (187,523) | |
(-) Other Liabilities | (59) | (83) | (135) | (75) | 0 | (24,551) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 95,140 | 208,661 | 22,256 | 50,608 | 35,848 | 1,037,294 | |
(/) Shares Outstanding | 2,035.1 | 1,959.3 | 982.4 | 434.8 | 1,179.2 | 282.1 | |
Implied Stock Price | 46.75 | 106.50 | 22.65 | 116.40 | 30.40 | 3,676.84 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 0.89 | 0.89 | 1.00 | 162.55 | |
Implied Stock Price (Trading Cur) | 46.75 | 106.50 | 25.34 | 130.20 | 30.40 | 22.62 | |
Trading Currency | USD | USD | USD | USD | DKK | EUR | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 0.89 | 0.89 | 1.00 | 162.55 |