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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | -4.4x - -4.9x | -4.6x |
| Selected Fwd EBIT Multiple | 6.8x - 7.5x | 7.1x |
| Fair Value | €0.16 - €0.18 | €0.17 |
| Upside | -5.3% - 6.8% | 0.8% |
| Benchmarks | Ticker | Full Ticker |
| Globus Medical, Inc. | GM0N | DB:GM0N |
| Zimmer Biomet Holdings, Inc. | ZBH | SWX:ZBH |
| Smith & Nephew plc | NPW1 | DB:NPW1 |
| Medtronic plc | 2M6 | XTRA:2M6 |
| Stryker Corporation | SYK | DB:SYK |
| Implanet S.A. | IM11 | DB:IM11 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| GM0N | ZBH | NPW1 | 2M6 | SYK | IM11 | ||
| DB:GM0N | SWX:ZBH | DB:NPW1 | XTRA:2M6 | DB:SYK | DB:IM11 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 20.1% | 2.8% | -2.0% | 4.4% | 7.8% | NM- | |
| 3Y CAGR | 31.3% | 9.3% | 7.6% | -2.2% | 10.7% | NM- | |
| Latest Twelve Months | 32.1% | -1.0% | 24.3% | 0.2% | 19.9% | -8.0% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 19.1% | 18.5% | 13.4% | 19.1% | 20.7% | -63.4% | |
| Prior Fiscal Year | 17.4% | 20.4% | 13.4% | 19.7% | 20.1% | -60.0% | |
| Latest Fiscal Year | 17.5% | 20.8% | 15.2% | 19.1% | 21.9% | -51.3% | |
| Latest Twelve Months | 17.7% | 19.8% | 16.6% | 19.1% | 22.2% | -51.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.97x | 3.43x | 3.11x | 4.17x | 6.68x | 2.74x | |
| EV / LTM EBITDA | 10.6x | 10.4x | 12.9x | 15.3x | 24.9x | -5.8x | |
| EV / LTM EBIT | 16.8x | 17.3x | 18.7x | 21.8x | 30.1x | -5.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 16.8x | 18.7x | 30.1x | ||||
| Historical EV / LTM EBIT | -5.3x | -2.9x | -1.6x | ||||
| Selected EV / LTM EBIT | -4.4x | -4.6x | -4.9x | ||||
| (x) LTM EBIT | (5) | (5) | (5) | ||||
| (=) Implied Enterprise Value | 21 | 22 | 23 | ||||
| (-) Non-shareholder Claims * | (5) | (5) | (5) | ||||
| (=) Equity Value | 17 | 18 | 19 | ||||
| (/) Shares Outstanding | 138.0 | 138.0 | 138.0 | ||||
| Implied Value Range | 0.12 | 0.13 | 0.14 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 0.12 | 0.13 | 0.14 | 0.16 | |||
| Upside / (Downside) | -26.5% | -21.6% | -16.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | GM0N | ZBH | NPW1 | 2M6 | SYK | IM11 | |
| Enterprise Value | 7,754 | 24,801 | 18,586 | 137,489 | 159,548 | 27 | |
| (+) Cash & Short Term Investments | 229 | 557 | 676 | 8,965 | 2,464 | 2 | |
| (+) Investments & Other | 0 | 20 | 36 | 984 | 0 | 0 | |
| (-) Debt | (121) | (7,722) | (3,454) | (29,626) | (17,128) | (6) | |
| (-) Other Liabilities | 0 | (9) | 0 | (232) | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 7,862 | 17,647 | 15,844 | 117,580 | 144,884 | 23 | |
| (/) Shares Outstanding | 135.1 | 198.1 | 874.3 | 1,281.3 | 382.3 | 138.0 | |
| Implied Stock Price | 58.21 | 89.08 | 18.12 | 91.77 | 378.97 | 0.16 | |
| FX Conversion Rate to Trading Currency | 1.16 | 1.24 | 1.16 | 1.16 | 1.16 | 1.00 | |
| Implied Stock Price (Trading Cur) | 50.00 | 72.00 | 15.57 | 78.82 | 325.50 | 0.16 | |
| Trading Currency | EUR | CHF | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.16 | 1.24 | 1.16 | 1.16 | 1.16 | 1.00 | |