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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBITDA Multiple | 7.4x - 8.2x | 7.8x |
Selected Fwd EBITDA Multiple | 7.5x - 8.3x | 7.9x |
Fair Value | €9.94 - €11.18 | €10.56 |
Upside | 24.6% - 40.3% | 32.5% |
Benchmarks | Ticker | Full Ticker |
Daiichi Sankyo Company, Limited | 4568 | TSE:4568 |
Kubota Pharmaceutical Holdings Co., Ltd. | 4596 | TSE:4596 |
Takeda Pharmaceutical Company Limited | 4502 | TSE:4502 |
Moberg Pharma AB (publ) | MOB | OM:MOB |
Cumberland Pharmaceuticals Inc. | CPIX | NasdaqGS:CPIX |
Astellas Pharma Inc. | YPH | DB:YPH |
- | - | - |
Select LTM EBITDA Multiple | |||||||
Benchmark Companies | |||||||
4568 | 4596 | 4502 | MOB | CPIX | YPH | ||
TSE:4568 | TSE:4596 | TSE:4502 | OM:MOB | NasdaqGS:CPIX | DB:YPH | ||
Historical EBITDA Growth | |||||||
5Y CAGR | 14.7% | NM- | 7.0% | NM- | NM- | 6.7% | |
3Y CAGR | 42.6% | NM- | 1.4% | NM- | NM- | 15.8% | |
Latest Twelve Months | 40.4% | 13.0% | 7.8% | -1027.2% | 188.1% | 63.8% | |
Historical EBITDA Profit Margin | |||||||
5 Year Average Margin | 15.1% | -14667.2% | 28.4% | -3801.6% | -4.6% | 22.0% | |
Prior Fiscal Year | 16.9% | -3633.3% | 26.8% | NA | -3.2% | 17.6% | |
Latest Fiscal Year | 20.2% | -4325.9% | 26.9% | -3305.8% | -4.0% | 24.2% | |
Latest Twelve Months | 20.2% | -3887.6% | 26.9% | -2492.5% | 3.7% | 24.2% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 2.72x | 47.45x | 2.53x | 12.79x | 1.03x | 1.60x | |
EV / LTM EBITDA | 13.5x | -1.2x | 9.4x | -0.5x | 27.9x | 6.6x | |
EV / LTM EBIT | 16.5x | -1.2x | 20.6x | -0.5x | -12.9x | 11.6x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBITDA | -1.2x | 9.4x | 27.9x | ||||
Historical EV / LTM EBITDA | 6.6x | 9.7x | 13.7x | ||||
Selected EV / LTM EBITDA | 7.4x | 7.8x | 8.2x | ||||
(x) LTM EBITDA | 462,672 | 462,672 | 462,672 | ||||
(=) Implied Enterprise Value | 3,428,559 | 3,609,010 | 3,789,460 | ||||
(-) Non-shareholder Claims * | (576,475) | (576,475) | (576,475) | ||||
(=) Equity Value | 2,852,084 | 3,032,535 | 3,212,985 | ||||
(/) Shares Outstanding | 1,790.1 | 1,790.1 | 1,790.1 | ||||
Implied Value Range | 1,593.25 | 1,694.05 | 1,794.86 | ||||
FX Rate: JPY/EUR | 170.3 | 170.3 | 170.3 | Market Price | |||
Implied Value Range (Trading Cur) | 9.36 | 9.95 | 10.54 | 7.97 | |||
Upside / (Downside) | 17.4% | 24.8% | 32.2% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | 4568 | 4596 | 4502 | MOB | CPIX | YPH | |
Enterprise Value | 5,133,397 | 1,512 | 11,628,131 | 164 | 42 | 3,006,468 | |
(+) Cash & Short Term Investments | 639,838 | 1,264 | 385,113 | 269 | 15 | 188,372 | |
(+) Investments & Other | 398,879 | 0 | 10,802 | 0 | 0 | 172,239 | |
(-) Debt | (155,890) | (31) | (5,088,590) | (4) | (10) | (937,086) | |
(-) Other Liabilities | 0 | 0 | (895) | 0 | 0 | 0 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 6,016,224 | 2,745 | 6,934,561 | 429 | 47 | 2,429,993 | |
(/) Shares Outstanding | 1,866.7 | 58.4 | 1,561.8 | 47.0 | 15.0 | 1,790.1 | |
Implied Stock Price | 3,223.00 | 47.00 | 4,440.00 | 9.14 | 3.15 | 1,357.46 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 170.28 | |
Implied Stock Price (Trading Cur) | 3,223.00 | 47.00 | 4,440.00 | 9.14 | 3.15 | 7.97 | |
Trading Currency | JPY | JPY | JPY | SEK | USD | EUR | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 170.28 |