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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 5.4x - 5.9x | 5.7x |
| Selected Fwd Ps Multiple | 4.7x - 5.2x | 5.0x |
| Fair Value | €58.97 - €65.18 | €62.07 |
| Upside | 1.7% - 12.4% | 7.0% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Revvity, Inc. | - | DB:PKN |
| Pharmaron Beijing Co., Ltd. | - | DB:17Q1 |
| Eurofins Scientific SE | - | ENXTPA:ERF |
| Agilent Technologies, Inc. | - | DB:AG8 |
| Sartorius Aktiengesellschaft | - | DB:SRT |
| Lonza Group AG | - | DB:LO3A |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| PKN | 17Q1 | ERF | AG8 | SRT | LO3A | |||
| DB:PKN | DB:17Q1 | ENXTPA:ERF | DB:AG8 | DB:SRT | DB:LO3A | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | -0.9% | 26.7% | 8.8% | 4.7% | 13.1% | 9.3% | ||
| 3Y CAGR | -10.4% | 18.1% | 1.1% | 1.0% | -0.7% | 6.7% | ||
| Latest Twelve Months | 3.3% | 10.6% | 6.3% | 0.6% | 3.8% | 5.9% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 19.1% | 17.1% | 8.3% | 17.9% | 12.0% | 22.4% | ||
| Prior Fiscal Year | 6.5% | 13.9% | 3.9% | 18.1% | 6.1% | 9.7% | ||
| Latest Fiscal Year | 10.3% | 14.6% | 5.1% | 19.8% | 2.5% | 9.7% | ||
| Latest Twelve Months | 10.0% | 14.7% | 5.3% | 17.6% | 3.0% | 10.3% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 15.0x | 18.3x | 10.6x | 18.9x | 21.0x | 21.7x | ||
| Price / LTM Sales | 3.7x | 3.7x | 1.7x | 4.9x | 3.3x | 5.4x | ||
| LTM P/E Ratio | 36.7x | 25.4x | 31.0x | 27.9x | 109.5x | 52.5x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 1.7x | 3.7x | 4.9x | |||||
| Historical LTM P/S Ratio | 4.0x | 5.8x | 13.5x | |||||
| Selected Price / Sales Multiple | 5.4x | 5.7x | 5.9x | |||||
| (x) LTM Sales | 7,093 | 7,093 | 7,093 | |||||
| (=) Equity Value | 38,086 | 40,090 | 42,095 | |||||
| (/) Shares Outstanding | 696.0 | 696.0 | 696.0 | |||||
| Implied Value Range | 54.72 | 57.60 | 60.48 | |||||
| FX Rate: CHF/EUR | 0.9 | 0.9 | 0.9 | Market Price | ||||
| Implied Value Range (Trading Cur) | 58.15 | 61.21 | 64.27 | 58.00 | ||||
| Upside / (Downside) | 0.3% | 5.5% | 10.8% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | PKN | 17Q1 | ERF | AG8 | SRT | LO3A | |
| Value of Common Equity | 10,067 | 62,243 | 11,809 | 32,345 | 11,480 | 37,989 | |
| (/) Shares Outstanding | 117.9 | 3,235.4 | 177.7 | 284.1 | 77.9 | 696.0 | |
| Implied Stock Price | 85.41 | 19.24 | 66.46 | 113.87 | 147.40 | 54.58 | |
| FX Conversion Rate to Trading Currency | 1.16 | 8.36 | 1.00 | 1.16 | 1.00 | 0.94 | |
| Implied Stock Price (Trading Cur) | 73.36 | 2.30 | 66.46 | 97.80 | 147.40 | 58.00 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.16 | 8.36 | 1.00 | 1.16 | 1.00 | 0.94 | |