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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 17.4x - 19.2x | 18.3x |
| Selected Fwd EBITDA Multiple | 15.4x - 17.1x | 16.2x |
| Fair Value | €353.64 - €397.51 | €375.58 |
| Upside | -3.5% - 8.4% | 2.4% |
| Benchmarks | Ticker | Full Ticker |
| Revvity, Inc. | RVTY | NYSE:RVTY |
| Danaher Corporation | DHR | NYSE:DHR |
| Bio-Techne Corporation | TECH | NasdaqGS:TECH |
| Agilent Technologies, Inc. | A | NYSE:A |
| Bruker Corporation | BRKR | NasdaqGS:BRKR |
| Thermo Fisher Scientific Inc. | TN8 | DB:TN8 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| RVTY | DHR | TECH | A | BRKR | TN8 | ||
| NYSE:RVTY | NYSE:DHR | NasdaqGS:TECH | NYSE:A | NasdaqGS:BRKR | DB:TN8 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 6.6% | 10.9% | 9.4% | 7.1% | 9.3% | 10.9% | |
| 3Y CAGR | -21.4% | -6.4% | 0.8% | 1.4% | 4.9% | -5.8% | |
| Latest Twelve Months | 6.1% | 0.6% | -9.8% | 13.3% | 5.4% | -0.3% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 35.1% | 32.8% | 29.2% | 27.0% | 19.8% | 28.3% | |
| Prior Fiscal Year | 29.6% | 31.6% | 30.3% | 24.7% | 20.4% | 25.4% | |
| Latest Fiscal Year | 30.4% | 31.4% | 26.8% | 27.7% | 17.6% | 25.3% | |
| Latest Twelve Months | 30.2% | 31.3% | 23.9% | 27.7% | 17.4% | 25.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 5.10x | 6.76x | 6.92x | 5.53x | 2.44x | 4.44x | |
| EV / LTM EBITDA | 16.9x | 21.6x | 28.9x | 20.0x | 14.0x | 17.6x | |
| EV / LTM EBIT | 33.7x | 31.5x | 37.2x | 23.5x | 21.1x | 24.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 14.0x | 20.0x | 28.9x | ||||
| Historical EV / LTM EBITDA | 19.5x | 21.4x | 23.7x | ||||
| Selected EV / LTM EBITDA | 17.4x | 18.3x | 19.2x | ||||
| (x) LTM EBITDA | 10,826 | 10,826 | 10,826 | ||||
| (=) Implied Enterprise Value | 188,201 | 198,106 | 208,012 | ||||
| (-) Non-shareholder Claims * | (28,055) | (28,055) | (28,055) | ||||
| (=) Equity Value | 160,146 | 170,051 | 179,957 | ||||
| (/) Shares Outstanding | 377.5 | 377.5 | 377.5 | ||||
| Implied Value Range | 424.23 | 450.47 | 476.71 | ||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 360.30 | 382.59 | 404.87 | 366.65 | |||
| Upside / (Downside) | -1.7% | 4.3% | 10.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | RVTY | DHR | TECH | A | BRKR | TN8 | |
| Enterprise Value | 14,129 | 161,016 | 8,359 | 36,543 | 8,337 | 191,022 | |
| (+) Cash & Short Term Investments | 1,138 | 1,993 | 141 | 1,486 | 194 | 5,947 | |
| (+) Investments & Other | 0 | 0 | 255 | 135 | 69 | 352 | |
| (-) Debt | (3,325) | (17,577) | (423) | (3,684) | (2,133) | (34,259) | |
| (-) Other Liabilities | 0 | (8) | 0 | 0 | (34) | (95) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 11,941 | 145,424 | 8,331 | 34,480 | 6,433 | 162,967 | |
| (/) Shares Outstanding | 117.9 | 715.7 | 156.8 | 284.1 | 151.5 | 377.5 | |
| Implied Stock Price | 101.31 | 203.20 | 53.14 | 121.38 | 42.45 | 431.71 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.18 | |
| Implied Stock Price (Trading Cur) | 101.31 | 203.20 | 53.14 | 121.38 | 42.45 | 366.65 | |
| 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 | |