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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 7.2x - 8.0x | 7.6x |
| Selected Fwd EBIT Multiple | 6.6x - 7.3x | 6.9x |
| Fair Value | €1.13 - €1.27 | €1.20 |
| Upside | 15.5% - 29.7% | 22.6% |
| Benchmarks | Ticker | Full Ticker |
| GSK plc | GSK1 N | BMV:GSK1N |
| Sanofi | SAN1 N | BMV:SAN1N |
| Bayer Aktiengesellschaft | BAYN N | BMV:BAYNN |
| Pfizer Inc. | PFE * | BMV:PFE* |
| Perrigo Company plc | PRGO N | BMV:PRGON |
| Genomma Lab Internacional, S.A.B. de C.V. | GEKA | DB:GEKA |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| GSK1 N | SAN1 N | BAYN N | PFE * | PRGO N | GEKA | ||
| BMV:GSK1N | BMV:SAN1N | BMV:BAYNN | BMV:PFE* | BMV:PRGON | DB:GEKA | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | -5.5% | 5.5% | -4.8% | 14.9% | 14.0% | 11.3% | |
| 3Y CAGR | 3.2% | 1.2% | -10.0% | -15.4% | -11.6% | 9.2% | |
| Latest Twelve Months | -26.4% | 9.2% | -30.1% | 30.4% | 44.4% | 22.2% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 24.9% | 21.2% | 16.4% | 25.3% | 6.2% | 19.7% | |
| Prior Fiscal Year | 27.7% | 19.8% | 16.4% | 21.0% | 6.2% | 19.8% | |
| Latest Fiscal Year | 19.7% | 20.0% | 11.7% | 25.7% | 9.5% | 21.4% | |
| Latest Twelve Months | 19.7% | 20.0% | 11.7% | 25.7% | 9.5% | 21.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.09x | 2.69x | 1.08x | 2.68x | 1.51x | 1.43x | |
| EV / LTM EBITDA | 7.9x | 10.2x | 5.5x | 7.3x | 8.9x | 6.1x | |
| EV / LTM EBIT | 10.6x | 13.4x | 9.3x | 10.4x | 15.8x | 6.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 9.3x | 10.6x | 15.8x | ||||
| Historical EV / LTM EBIT | 5.4x | 6.7x | 9.2x | ||||
| Selected EV / LTM EBIT | 7.2x | 7.6x | 8.0x | ||||
| (x) LTM EBIT | 3,982 | 3,982 | 3,982 | ||||
| (=) Implied Enterprise Value | 28,679 | 30,188 | 31,698 | ||||
| (-) Non-shareholder Claims * | (4,198) | (4,198) | (4,198) | ||||
| (=) Equity Value | 24,481 | 25,990 | 27,500 | ||||
| (/) Shares Outstanding | 977.8 | 977.8 | 977.8 | ||||
| Implied Value Range | 25.04 | 26.58 | 28.13 | ||||
| FX Rate: MXN/EUR | 22.7 | 22.7 | 22.7 | Market Price | |||
| Implied Value Range (Trading Cur) | 1.10 | 1.17 | 1.24 | 0.98 | |||
| Upside / (Downside) | 12.5% | 19.4% | 26.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | GSK1 N | SAN1 N | BAYN N | PFE * | PRGO N | GEKA | |
| Enterprise Value | 71,584 | 168,109 | 58,085 | 172,200 | 6,011 | 25,964 | |
| (+) Cash & Short Term Investments | 4,326 | 7,556 | 8,087 | 20,477 | 559 | 2,290 | |
| (+) Investments & Other | 1,232 | 3,259 | 3,022 | 2,107 | 67 | 0 | |
| (-) Debt | (16,986) | (17,913) | (40,811) | (67,418) | (3,822) | (6,488) | |
| (-) Other Liabilities | 585 | (350) | (137) | (294) | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 60,741 | 160,661 | 28,246 | 127,072 | 2,815 | 21,767 | |
| (/) Shares Outstanding | 4,530.5 | 1,694.8 | 1,303.6 | 5,671.5 | 102.7 | 977.8 | |
| Implied Stock Price | 13.41 | 94.80 | 21.67 | 22.41 | 27.41 | 22.26 | |
| FX Conversion Rate to Trading Currency | 0.04 | 0.04 | 0.04 | 0.05 | 0.05 | 22.72 | |
| Implied Stock Price (Trading Cur) | 356.95 | 2,153.45 | 492.21 | 451.00 | 551.64 | 0.98 | |
| Trading Currency | MXN | MXN | MXN | MXN | MXN | EUR | |
| FX Rate to Reporting Currency | 0.04 | 0.04 | 0.04 | 0.05 | 0.05 | 22.72 | |