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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 15.3x - 16.9x | 16.1x |
| Selected Fwd EBIT Multiple | 11.8x - 13.1x | 12.5x |
| Fair Value | €23.09 - €26.13 | €24.61 |
| Upside | 18.6% - 34.2% | 26.4% |
| Benchmarks | Ticker | Full Ticker |
| Haemonetics Corporation | HAZ | DB:HAZ |
| Boston Scientific Corporation | BSX | DB:BSX |
| Merit Medical Systems, Inc. | MM3 | DB:MM3 |
| Hyperfine, Inc. | HYPR | NasdaqGM:HYPR |
| Siemens Healthineers AG | SHL | DB:SHL |
| Koninklijke Philips N.V. | PHI1 | DB:PHI1 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| HAZ | BSX | MM3 | HYPR | SHL | PHI1 | ||
| DB:HAZ | DB:BSX | DB:MM3 | NasdaqGM:HYPR | DB:SHL | DB:PHI1 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 8.3% | 10.4% | 29.9% | NM- | 4.1% | -11.4% | |
| 3Y CAGR | 32.9% | 18.1% | 23.6% | NM- | 3.0% | 22.3% | |
| Latest Twelve Months | 19.5% | 28.5% | 19.0% | 4.9% | 21.3% | 983.1% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 14.3% | 15.6% | 8.9% | -1998.1% | 12.9% | 4.7% | |
| Prior Fiscal Year | 15.8% | 17.0% | 10.4% | -436.1% | 9.8% | 2.3% | |
| Latest Fiscal Year | 18.2% | 17.9% | 11.7% | -335.3% | 12.6% | 5.2% | |
| Latest Twelve Months | 18.2% | 18.5% | 11.9% | -370.6% | 13.7% | 10.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.19x | 9.18x | 4.26x | 1.81x | 2.82x | 1.36x | |
| EV / LTM EBITDA | 12.2x | 35.5x | 21.6x | -0.5x | 16.6x | 9.6x | |
| EV / LTM EBIT | 17.6x | 49.7x | 35.7x | -0.5x | 22.0x | 12.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -0.5x | 22.0x | 49.7x | ||||
| Historical EV / LTM EBIT | 20.6x | 33.0x | 385.0x | ||||
| Selected EV / LTM EBIT | 15.3x | 16.1x | 16.9x | ||||
| (x) LTM EBIT | 1,917 | 1,917 | 1,917 | ||||
| (=) Implied Enterprise Value | 29,376 | 30,923 | 32,469 | ||||
| (-) Non-shareholder Claims * | (5,558) | (5,558) | (5,558) | ||||
| (=) Equity Value | 23,818 | 25,365 | 26,911 | ||||
| (/) Shares Outstanding | 962.9 | 962.9 | 962.9 | ||||
| Implied Value Range | 24.74 | 26.34 | 27.95 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 24.74 | 26.34 | 27.95 | 19.47 | |||
| Upside / (Downside) | 27.0% | 35.3% | 43.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | HAZ | BSX | MM3 | HYPR | SHL | PHI1 | |
| Enterprise Value | 4,350 | 158,490 | 5,834 | 21 | 65,945 | 24,306 | |
| (+) Cash & Short Term Investments | 308 | 725 | 396 | 33 | 2,404 | 1,195 | |
| (+) Investments & Other | 1 | 654 | 0 | 0 | 30 | 847 | |
| (-) Debt | (1,283) | (11,708) | (818) | (0) | (16,841) | (7,569) | |
| (-) Other Liabilities | 0 | (233) | 0 | 0 | (47) | (31) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 3,376 | 147,928 | 5,412 | 54 | 51,491 | 18,748 | |
| (/) Shares Outstanding | 48.0 | 1,479.4 | 59.1 | 77.8 | 1,115.0 | 962.9 | |
| Implied Stock Price | 70.27 | 99.99 | 91.58 | 0.69 | 46.18 | 19.47 | |
| FX Conversion Rate to Trading Currency | 1.15 | 1.15 | 1.15 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 61.00 | 86.80 | 79.50 | 0.69 | 46.18 | 19.47 | |
| Trading Currency | EUR | EUR | EUR | USD | EUR | EUR | |
| FX Rate to Reporting Currency | 1.15 | 1.15 | 1.15 | 1.00 | 1.00 | 1.00 | |