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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 17.6x - 19.5x | 18.5x |
| Selected Fwd EBITDA Multiple | 12.4x - 13.7x | 13.1x |
| Fair Value | €194.56 - €217.52 | €206.04 |
| Upside | -19.9% - -10.5% | -15.2% |
| Benchmarks | Ticker | Full Ticker |
| The Cooper Companies, Inc. | CP60 | DB:CP60 |
| bioMérieux S.A. | BIM | ENXTPA:BIM |
| INSPECS Group plc | 4GV | DB:4GV |
| Guerbet SA | GBT | ENXTPA:GBT |
| Medacta Group SA | MOVE | SWX:MOVE |
| EssilorLuxottica Société anonyme | ESL | DB:ESL |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| CP60 | BIM | 4GV | GBT | MOVE | ESL | ||
| DB:CP60 | ENXTPA:BIM | DB:4GV | ENXTPA:GBT | SWX:MOVE | DB:ESL | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 5.9% | 11.5% | 4.5% | -3.0% | 16.4% | 9.2% | |
| 3Y CAGR | 7.0% | -1.9% | 471.2% | -0.9% | 13.3% | 12.3% | |
| Latest Twelve Months | 25.3% | 10.5% | -4.2% | 27.4% | 18.8% | 7.5% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 27.5% | 24.8% | 7.0% | 12.1% | 24.6% | 19.4% | |
| Prior Fiscal Year | 24.3% | 23.3% | 4.3% | 12.0% | 23.4% | 20.4% | |
| Latest Fiscal Year | 27.8% | 23.8% | 5.4% | 11.3% | 24.1% | 21.0% | |
| Latest Twelve Months | 28.2% | 23.8% | 4.8% | 13.1% | 24.1% | 21.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 4.38x | 3.37x | 0.41x | 0.71x | 4.42x | 4.63x | |
| EV / LTM EBITDA | 15.5x | 14.1x | 8.5x | 5.4x | 18.4x | 22.1x | |
| EV / LTM EBIT | 23.3x | 21.0x | 48.4x | 10.1x | 28.1x | 35.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 5.4x | 14.1x | 18.4x | ||||
| Historical EV / LTM EBITDA | 17.1x | 22.1x | 28.0x | ||||
| Selected EV / LTM EBITDA | 17.6x | 18.5x | 19.5x | ||||
| (x) LTM EBITDA | 5,562 | 5,562 | 5,562 | ||||
| (=) Implied Enterprise Value | 97,943 | 103,098 | 108,253 | ||||
| (-) Non-shareholder Claims * | (10,768) | (10,768) | (10,768) | ||||
| (=) Equity Value | 87,175 | 92,330 | 97,485 | ||||
| (/) Shares Outstanding | 456.7 | 456.7 | 456.7 | ||||
| Implied Value Range | 190.88 | 202.16 | 213.45 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 190.88 | 202.16 | 213.45 | 243.00 | |||
| Upside / (Downside) | -21.4% | -16.8% | -12.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | CP60 | BIM | 4GV | GBT | MOVE | ESL | |
| Enterprise Value | 17,800 | 13,394 | 77 | 595 | 2,612 | 121,748 | |
| (+) Cash & Short Term Investments | 101 | 450 | 25 | 39 | 32 | 2,251 | |
| (+) Investments & Other | 0 | 180 | 0 | 0 | 0 | 823 | |
| (-) Debt | (2,540) | (491) | (62) | (404) | (244) | (13,216) | |
| (-) Other Liabilities | (0) | (6) | 0 | 1 | 0 | (626) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 15,361 | 13,527 | 40 | 231 | 2,400 | 110,980 | |
| (/) Shares Outstanding | 200.0 | 117.9 | 115.3 | 12.6 | 19.9 | 456.7 | |
| Implied Stock Price | 76.81 | 114.70 | 0.35 | 18.34 | 120.49 | 243.00 | |
| FX Conversion Rate to Trading Currency | 1.10 | 1.00 | 0.85 | 1.00 | 1.06 | 1.00 | |
| Implied Stock Price (Trading Cur) | 70.10 | 114.70 | 0.41 | 18.34 | 113.80 | 243.00 | |
| Trading Currency | EUR | EUR | EUR | EUR | CHF | EUR | |
| FX Rate to Reporting Currency | 1.10 | 1.00 | 0.85 | 1.00 | 1.06 | 1.00 | |