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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 16.9x - 18.7x | 17.8x |
| Selected Fwd EBIT Multiple | 12.3x - 13.6x | 13.0x |
| Fair Value | €511.37 - €571.35 | €541.36 |
| Upside | -11.6% - -1.2% | -6.4% |
| Benchmarks | Ticker | Full Ticker |
| Cardinal Health, Inc. | CAH | NYSE:CAH |
| Cencora, Inc. | COR | NYSE:COR |
| Syra Health Corp. | SYRA | OTCPK:SYRA |
| MSP Recovery, Inc. | MSPR | NasdaqCM:MSPR |
| Abbott Laboratories | ABT | NYSE:ABT |
| McKesson Corporation | MCK | DB:MCK |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| CAH | COR | SYRA | MSPR | ABT | MCK | ||
| NYSE:CAH | NYSE:COR | OTCPK:SYRA | NasdaqCM:MSPR | NYSE:ABT | DB:MCK | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 5.6% | 8.6% | NM- | NM- | 9.5% | 9.7% | |
| 3Y CAGR | 12.1% | 4.4% | NM- | NM- | -6.6% | 5.8% | |
| Latest Twelve Months | 8.2% | 19.7% | 64.8% | 5.7% | 14.8% | 9.3% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 1.0% | 1.1% | -42.9% | -4032.6% | 19.1% | 1.5% | |
| Prior Fiscal Year | 0.9% | 1.0% | -52.4% | -20697.6% | 18.0% | 1.5% | |
| Latest Fiscal Year | 1.0% | 1.0% | -47.2% | -2858.2% | 17.9% | 1.4% | |
| Latest Twelve Months | 1.0% | 1.1% | -18.2% | -3961.7% | 19.3% | 1.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.18x | 0.20x | -0.11x | 39.68x | 5.38x | 0.24x | |
| EV / LTM EBITDA | 12.8x | 14.1x | 0.3x | -14.3x | 20.2x | 16.7x | |
| EV / LTM EBIT | 17.1x | 18.4x | 0.3x | -1.0x | 27.9x | 18.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -1.0x | 17.1x | 27.9x | ||||
| Historical EV / LTM EBIT | 11.1x | 12.9x | 21.0x | ||||
| Selected EV / LTM EBIT | 16.9x | 17.8x | 18.7x | ||||
| (x) LTM EBIT | 4,929 | 4,929 | 4,929 | ||||
| (=) Implied Enterprise Value | 83,528 | 87,924 | 92,320 | ||||
| (-) Non-shareholder Claims * | (8,520) | (8,520) | (8,520) | ||||
| (=) Equity Value | 75,008 | 79,404 | 83,800 | ||||
| (/) Shares Outstanding | 124.4 | 124.4 | 124.4 | ||||
| Implied Value Range | 603.03 | 638.38 | 673.72 | ||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 514.93 | 545.11 | 575.29 | 578.20 | |||
| Upside / (Downside) | -10.9% | -5.7% | -0.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | CAH | COR | SYRA | MSPR | ABT | MCK | |
| Enterprise Value | 39,589 | 64,205 | (1) | 520 | 233,844 | 92,744 | |
| (+) Cash & Short Term Investments | 3,874 | 2,232 | 2 | 9 | 7,282 | 2,418 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 643 | 111 | |
| (-) Debt | (8,527) | (10,147) | (0) | (826) | (13,470) | (9,945) | |
| (-) Other Liabilities | 0 | (230) | 0 | 302 | (264) | (1,104) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 34,936 | 56,060 | 1 | 4 | 228,035 | 84,224 | |
| (/) Shares Outstanding | 238.8 | 193.9 | 17.3 | 5.9 | 1,740.5 | 124.4 | |
| Implied Stock Price | 146.30 | 289.15 | 0.08 | 0.68 | 131.02 | 677.13 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.17 | |
| Implied Stock Price (Trading Cur) | 146.30 | 289.15 | 0.08 | 0.68 | 131.02 | 578.20 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.17 | |