Looks like there`s been an error while trying to load this page.
Our team has been notified but please contact us using the email support widget if the problem persists.
| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 26.9x - 29.7x | 28.3x |
| Selected Fwd EBIT Multiple | 19.8x - 21.9x | 20.8x |
| Fair Value | €287.99 - €321.94 | €304.96 |
| Upside | -14.0% - -3.9% | -9.0% |
| Benchmarks | Ticker | Full Ticker |
| Zimmer Biomet Holdings, Inc. | ZBH | NYSE:ZBH |
| CONMED Corporation | CNMD | NYSE:CNMD |
| Becton, Dickinson and Company | BDX | NYSE:BDX |
| Baxter International Inc. | BAX | NYSE:BAX |
| Teleflex Incorporated | TFX | NYSE:TFX |
| Stryker Corporation | SYK | DB:SYK |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| ZBH | CNMD | BDX | BAX | TFX | SYK | ||
| NYSE:ZBH | NYSE:CNMD | NYSE:BDX | NYSE:BAX | NYSE:TFX | DB:SYK | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 2.8% | 10.9% | -0.5% | -13.4% | -2.8% | 7.8% | |
| 3Y CAGR | 9.3% | 13.2% | 0.7% | -19.9% | -8.6% | 10.7% | |
| Latest Twelve Months | 1.3% | 11.9% | 15.3% | 15.3% | 53.4% | 18.9% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 18.1% | 9.7% | 14.3% | 12.3% | 17.3% | 20.6% | |
| Prior Fiscal Year | 20.4% | 10.2% | 14.2% | 9.4% | 16.5% | 20.1% | |
| Latest Fiscal Year | 20.8% | 12.2% | 14.3% | 8.3% | 14.2% | 21.9% | |
| Latest Twelve Months | 20.0% | 11.6% | 15.4% | 9.1% | 18.8% | 22.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.16x | 2.00x | 3.27x | 2.19x | 2.37x | 7.06x | |
| EV / LTM EBITDA | 9.5x | 11.8x | 12.2x | 12.1x | 8.5x | 26.5x | |
| EV / LTM EBIT | 15.8x | 17.3x | 21.3x | 24.0x | 12.6x | 32.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 12.6x | 17.3x | 24.0x | ||||
| Historical EV / LTM EBIT | 30.0x | 31.7x | 33.8x | ||||
| Selected EV / LTM EBIT | 26.9x | 28.3x | 29.7x | ||||
| (x) LTM EBIT | 5,115 | 5,115 | 5,115 | ||||
| (=) Implied Enterprise Value | 137,377 | 144,608 | 151,838 | ||||
| (-) Non-shareholder Claims * | (14,947) | (14,947) | (14,947) | ||||
| (=) Equity Value | 122,430 | 129,661 | 136,891 | ||||
| (/) Shares Outstanding | 382.2 | 382.2 | 382.2 | ||||
| Implied Value Range | 320.36 | 339.28 | 358.20 | ||||
| FX Rate: USD/EUR | 1.1 | 1.1 | 1.1 | Market Price | |||
| Implied Value Range (Trading Cur) | 282.69 | 299.38 | 316.08 | 335.00 | |||
| Upside / (Downside) | -15.6% | -10.6% | -5.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | ZBH | CNMD | BDX | BAX | TFX | SYK | |
| Enterprise Value | 24,264 | 2,633 | 68,210 | 23,561 | 7,124 | 160,035 | |
| (+) Cash & Short Term Investments | 1,385 | 35 | 683 | 2,294 | 293 | 2,409 | |
| (+) Investments & Other | 34 | 0 | 0 | 37 | 1 | 0 | |
| (-) Debt | (7,325) | (892) | (19,270) | (10,309) | (2,028) | (17,356) | |
| (-) Other Liabilities | (9) | 0 | 0 | 27 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 18,348 | 1,776 | 49,623 | 15,610 | 5,390 | 145,088 | |
| (/) Shares Outstanding | 197.8 | 30.9 | 286.6 | 513.0 | 44.2 | 382.2 | |
| Implied Stock Price | 92.74 | 57.41 | 173.14 | 30.43 | 121.97 | 379.65 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.13 | |
| Implied Stock Price (Trading Cur) | 92.74 | 57.41 | 173.14 | 30.43 | 121.97 | 335.00 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.13 | |