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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBITDA Multiple | 13.9x - 15.4x | 14.6x |
Selected Fwd EBITDA Multiple | 9.9x - 11.0x | 10.4x |
Fair Value | €483.88 - €536.24 | €510.06 |
Upside | -18.9% - -10.1% | -14.5% |
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 EBITDA Multiple | |||||||
Benchmark Companies | |||||||
CAH | COR | SYRA | MSPR | ABT | MCK | ||
NYSE:CAH | NYSE:COR | OTCPK:SYRA | NasdaqCM:MSPR | NYSE:ABT | DB:MCK | ||
Historical EBITDA Growth | |||||||
5Y CAGR | 0.9% | 10.7% | NM- | NM- | 6.6% | 6.9% | |
3Y CAGR | 3.5% | 9.3% | NM- | NM- | -5.6% | 4.2% | |
Latest Twelve Months | 12.6% | 9.5% | 22.0% | 44.1% | 6.5% | 6.1% | |
Historical EBITDA Profit Margin | |||||||
5 Year Average Margin | 1.4% | 1.4% | -42.3% | -564.8% | 27.1% | 1.7% | |
Prior Fiscal Year | 1.2% | 1.3% | -51.5% | -3072.6% | 26.1% | 1.7% | |
Latest Fiscal Year | 1.3% | 1.4% | -46.4% | -204.1% | 25.5% | 1.5% | |
Latest Twelve Months | 1.4% | 1.4% | -33.8% | -278.0% | 26.0% | 1.5% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 0.20x | 0.21x | -0.09x | 39.78x | 5.68x | 0.26x | |
EV / LTM EBITDA | 14.1x | 15.2x | 0.3x | -14.3x | 21.8x | 17.0x | |
EV / LTM EBIT | 18.7x | 20.3x | 0.2x | -1.0x | 30.6x | 18.7x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBITDA | -14.3x | 14.1x | 21.8x | ||||
Historical EV / LTM EBITDA | 8.9x | 11.4x | 17.0x | ||||
Selected EV / LTM EBITDA | 13.9x | 14.6x | 15.4x | ||||
(x) LTM EBITDA | 5,416 | 5,416 | 5,416 | ||||
(=) Implied Enterprise Value | 75,250 | 79,211 | 83,171 | ||||
(-) Non-shareholder Claims * | (2,000) | (2,000) | (2,000) | ||||
(=) Equity Value | 73,250 | 77,211 | 81,171 | ||||
(/) Shares Outstanding | 125.1 | 125.1 | 125.1 | ||||
Implied Value Range | 585.51 | 617.17 | 648.83 | ||||
FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
Implied Value Range (Trading Cur) | 496.98 | 523.85 | 550.72 | 596.80 | |||
Upside / (Downside) | -16.7% | -12.2% | -7.7% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | CAH | COR | SYRA | MSPR | ABT | MCK | |
Enterprise Value | 44,621 | 65,371 | (1) | 521 | 239,997 | 89,962 | |
(+) Cash & Short Term Investments | 3,326 | 1,978 | 2 | 9 | 6,844 | 5,691 | |
(+) Investments & Other | 147 | 0 | 0 | 0 | 606 | 103 | |
(-) Debt | (7,679) | (9,766) | (0) | (826) | (13,290) | (7,414) | |
(-) Other Liabilities | (1,050) | (167) | 0 | 302 | (253) | (380) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 39,365 | 57,416 | 2 | 5 | 233,904 | 87,962 | |
(/) Shares Outstanding | 238.7 | 193.8 | 17.3 | 4.9 | 1,739.8 | 125.1 | |
Implied Stock Price | 164.93 | 296.23 | 0.10 | 1.02 | 134.44 | 703.11 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.18 | |
Implied Stock Price (Trading Cur) | 164.93 | 296.23 | 0.10 | 1.02 | 134.44 | 596.80 | |
Trading Currency | USD | USD | USD | USD | USD | EUR | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.18 |