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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 3.2x - 3.5x | 3.4x |
| Selected Fwd Revenue Multiple | 3.1x - 3.4x | 3.3x |
| Fair Value | €3.56 - €4.04 | €3.80 |
| Upside | -15.5% - -4.0% | -9.7% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| AstraZeneca PLC | AZN | LSE:AZN |
| Bayer Aktiengesellschaft | 0P6S | LSE:0P6S |
| Johnson & Johnson | 0R34 | LSE:0R34 |
| Perrigo Company plc | 0Y5E | LSE:0Y5E |
| Sandoz Group AG | 0SAN | LSE:0SAN |
| Haleon plc | H6D0 | DB:H6D0 |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| AZN | 0P6S | 0R34 | 0Y5E | 0SAN | H6D0 | |||
| LSE:AZN | LSE:0P6S | LSE:0R34 | LSE:0Y5E | LSE:0SAN | DB:H6D0 | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 17.3% | 1.4% | 1.6% | 2.5% | NM- | 5.8% | ||
| 3Y CAGR | 13.1% | 1.9% | 4.1% | 1.9% | 2.4% | 5.6% | ||
| Latest Twelve Months | 15.5% | -0.9% | 4.7% | -4.8% | 4.1% | -0.6% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 18.4% | 16.1% | 26.7% | 6.4% | 7.3% | 21.6% | ||
| Prior Fiscal Year | 21.1% | 16.4% | 28.0% | 6.2% | 3.8% | 22.0% | ||
| Latest Fiscal Year | 23.9% | 11.7% | 25.4% | 9.5% | 3.0% | 22.1% | ||
| Latest Twelve Months | 24.8% | 10.0% | 25.4% | 11.0% | 3.0% | 22.1% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 4.65x | 1.28x | 4.61x | 1.68x | 2.90x | 3.62x | ||
| EV / LTM EBIT | 18.8x | 12.8x | 18.2x | 15.2x | 97.9x | 16.4x | ||
| Price / LTM Sales | 4.17x | 0.61x | 4.46x | 0.89x | 2.49x | 2.91x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 1.28x | 2.90x | 4.65x | |||||
| Historical EV / LTM Revenue | 3.48x | 3.62x | 3.72x | |||||
| Selected EV / LTM Revenue | 3.20x | 3.37x | 3.53x | |||||
| (x) LTM Revenue | 11,233 | 11,233 | 11,233 | |||||
| (=) Implied Enterprise Value | 35,915 | 37,805 | 39,695 | |||||
| (-) Non-shareholder Claims * | (7,935) | (7,935) | (7,935) | |||||
| (=) Equity Value | 27,980 | 29,870 | 31,760 | |||||
| (/) Shares Outstanding | 8,984.7 | 8,984.7 | 8,984.7 | |||||
| Implied Value Range | 3.11 | 3.32 | 3.53 | |||||
| FX Rate: GBP/EUR | 0.9 | 0.9 | 0.9 | Market Price | ||||
| Implied Value Range (Trading Cur) | 3.58 | 3.82 | 4.06 | 4.21 | ||||
| Upside / (Downside) | -15.0% | -9.2% | -3.5% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | AZN | 0P6S | 0R34 | 0Y5E | 0SAN | H6D0 | |
| Enterprise Value | 252,673 | 59,884 | 420,684 | 7,240 | 29,512 | 40,838 | |
| (+) Cash & Short Term Investments | 5,395 | 5,384 | 38,781 | 410 | 1,191 | 2,328 | |
| (+) Investments & Other | 1,900 | 2,960 | 0 | 63 | 24 | 82 | |
| (-) Debt | (31,717) | (39,385) | (52,252) | (3,835) | (4,869) | (10,287) | |
| (-) Other Liabilities | (92) | (135) | 0 | 0 | (1) | (58) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 228,159 | 28,708 | 407,213 | 3,878 | 25,857 | 32,903 | |
| (/) Shares Outstanding | 1,550.7 | 982.4 | 2,406.1 | 137.5 | 430.7 | 8,984.7 | |
| Implied Stock Price | 147.14 | 29.22 | 169.24 | 28.21 | 60.03 | 3.66 | |
| FX Conversion Rate to Trading Currency | 1.35 | 1.00 | 1.00 | 1.00 | 1.26 | 0.87 | |
| Implied Stock Price (Trading Cur) | 109.06 | 29.22 | 169.24 | 28.21 | 47.79 | 4.21 | |
| Trading Currency | GBP | EUR | USD | USD | CHF | EUR | |
| FX Rate to Reporting Currency | 1.35 | 1.00 | 1.00 | 1.00 | 1.26 | 0.87 | |