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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBITDA Multiple | 16.8x - 18.6x | 17.7x |
Selected Fwd EBITDA Multiple | 11.3x - 12.5x | 11.9x |
Fair Value | €56.96 - €62.96 | €59.96 |
Upside | 15.0% - 27.1% | 21.0% |
Benchmarks | Ticker | Full Ticker |
CompuGroup Medical SE & Co. KGaA | COP1n | XTRA:COP1n |
Cegedim SA | CGM | ENXTPA:CGM |
DocCheck AG | AJ91 | DB:AJ91 |
Intrasense S.A. | ALINS | ENXTPA:ALINS |
GPI S.p.A. | GPI | BIT:GPI |
Equasens Société anonyme | PHF | DB:PHF |
- | - | - |
Select LTM EBITDA Multiple | |||||||
Benchmark Companies | |||||||
COP1n | CGM | AJ91 | ALINS | GPI | PHF | ||
XTRA:COP1n | ENXTPA:CGM | DB:AJ91 | ENXTPA:ALINS | BIT:GPI | DB:PHF | ||
Historical EBITDA Growth | |||||||
5Y CAGR | 0.4% | -6.7% | 5.7% | NM- | 25.4% | 0.0% | |
3Y CAGR | -3.0% | -11.6% | -25.4% | NM- | 25.5% | -7.8% | |
Latest Twelve Months | -21.8% | -39.1% | 6.1% | -61.4% | 33.3% | -18.3% | |
Historical EBITDA Profit Margin | |||||||
5 Year Average Margin | 14.9% | 13.4% | 18.6% | -76.3% | 13.9% | 29.8% | |
Prior Fiscal Year | 13.8% | 15.6% | 13.8% | -103.7% | 15.5% | 26.9% | |
Latest Fiscal Year | 12.4% | 9.0% | 14.5% | -246.2% | 17.6% | 22.3% | |
Latest Twelve Months | 11.3% | 9.0% | 14.5% | -246.2% | 17.6% | 22.3% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 1.56x | 0.65x | 0.69x | 7.06x | 1.58x | 3.57x | |
EV / LTM EBITDA | 13.8x | 7.3x | 4.7x | -2.9x | 9.0x | 16.0x | |
EV / LTM EBIT | 21.9x | 11.3x | 5.9x | -2.8x | 22.0x | 17.3x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBITDA | -2.9x | 7.3x | 13.8x | ||||
Historical EV / LTM EBITDA | 16.0x | 22.4x | 31.5x | ||||
Selected EV / LTM EBITDA | 16.8x | 17.7x | 18.6x | ||||
(x) LTM EBITDA | 48 | 48 | 48 | ||||
(=) Implied Enterprise Value | 813 | 856 | 898 | ||||
(-) Non-shareholder Claims * | 0 | 0 | 0 | ||||
(=) Equity Value | 813 | 856 | 898 | ||||
(/) Shares Outstanding | 15.0 | 15.0 | 15.0 | ||||
Implied Value Range | 54.07 | 56.92 | 59.76 | ||||
FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 54.07 | 56.92 | 59.76 | 49.55 | |||
Upside / (Downside) | 9.1% | 14.9% | 20.6% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | COP1n | CGM | AJ91 | ALINS | GPI | PHF | |
Enterprise Value | 1,855 | 426 | 36 | 16 | 806 | 745 | |
(+) Cash & Short Term Investments | 119 | 50 | 21 | 1 | 58 | 0 | |
(+) Investments & Other | 24 | 15 | 3 | 0 | 11 | 0 | |
(-) Debt | (827) | (326) | (1) | (1) | (414) | 0 | |
(-) Other Liabilities | (1) | (18) | 0 | 0 | 2 | 0 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 1,170 | 147 | 60 | 15 | 462 | 745 | |
(/) Shares Outstanding | 51.7 | 13.7 | 5.1 | 52.6 | 28.9 | 15.0 | |
Implied Stock Price | 22.61 | 10.70 | 11.80 | 0.29 | 16.00 | 49.55 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 22.61 | 10.70 | 11.80 | 0.29 | 16.00 | 49.55 | |
Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |