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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM P/E Multiple | 162.1x - 179.2x | 170.7x |
| Selected Fwd P/E Multiple | 31.6x - 34.9x | 33.3x |
| Fair Value | €4.79 - €5.30 | €5.05 |
| Upside | -22.7% - -14.6% | -18.6% |
| Benchmarks | - | Full Ticker |
| Medacta Group SA | - | SWX:MOVE |
| MicroPort Scientific Corporation | - | DB:MSK |
| Zimmer Biomet Holdings, Inc. | - | SWX:ZBH |
| Smith & Nephew plc | - | DB:NPW1 |
| Stryker Corporation | - | DB:SYK |
| Amplitude Surgical SA | - | ENXTPA:AMPLI |
| - | - | - |
| Select Price / LTM EPS Ratio | ||||||||
| Benchmark Companies | ||||||||
| MOVE | MSK | ZBH | NPW1 | SYK | AMPLI | |||
| SWX:MOVE | DB:MSK | SWX:ZBH | DB:NPW1 | DB:SYK | ENXTPA:AMPLI | |||
| Historical Net Income Growth | ||||||||
| 5Y CAGR | 43.8% | NM- | -4.4% | -7.2% | 7.5% | NM- | ||
| 3Y CAGR | 12.3% | NM- | 26.6% | -7.7% | 14.5% | NM- | ||
| Latest Twelve Months | 53.9% | 55.2% | -17.4% | 61.0% | -15.4% | 136.5% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 10.9% | -46.1% | 7.8% | 7.4% | 13.1% | -0.3% | ||
| Prior Fiscal Year | 9.3% | -50.2% | 13.8% | 4.7% | 15.4% | -6.0% | ||
| Latest Fiscal Year | 12.3% | -20.8% | 11.8% | 7.1% | 13.2% | 1.4% | ||
| Latest Twelve Months | 12.3% | -20.8% | 10.5% | 8.3% | 12.3% | 1.0% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 23.6x | 1389.3x | 11.0x | 13.3x | 25.7x | 15.9x | ||
| Price / LTM Sales | 5.3x | 3.0x | 2.7x | 2.7x | 6.3x | 2.7x | ||
| LTM P/E Ratio | 43.1x | -14.7x | 25.9x | 33.2x | 51.2x | 273.1x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/E Ratio | -14.7x | 33.2x | 51.2x | |||||
| Historical LTM P/E Ratio | -221.8x | -23.4x | -5.5x | |||||
| Selected P/E Multiple | 162.1x | 170.7x | 179.2x | |||||
| (x) LTM Net Income | 1 | 1 | 1 | |||||
| (=) Equity Value | 177 | 186 | 195 | |||||
| (/) Shares Outstanding | 48.0 | 48.0 | 48.0 | |||||
| Implied Value Range | 3.68 | 3.87 | 4.07 | |||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 3.68 | 3.87 | 4.07 | 6.20 | ||||
| Upside / (Downside) | -40.6% | -37.5% | -34.4% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | MOVE | MSK | ZBH | NPW1 | SYK | AMPLI | |
| Value of Common Equity | 3,143 | 3,093 | 17,678 | 16,271 | 148,076 | 297 | |
| (/) Shares Outstanding | 19.9 | 1,902.9 | 198.1 | 871.5 | 382.3 | 48.0 | |
| Implied Stock Price | 157.78 | 1.63 | 89.24 | 18.67 | 387.32 | 6.20 | |
| FX Conversion Rate to Trading Currency | 1.07 | 1.16 | 1.24 | 1.16 | 1.16 | 1.00 | |
| Implied Stock Price (Trading Cur) | 147.80 | 1.40 | 72.00 | 16.08 | 333.60 | 6.20 | |
| Trading Currency | CHF | EUR | CHF | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.07 | 1.16 | 1.24 | 1.16 | 1.16 | 1.00 | |