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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | -8.7x - -9.6x | -9.1x |
| Selected Fwd EBIT Multiple | 11.4x - 12.6x | 12.0x |
| Fair Value | €1.96 - €2.19 | €2.08 |
| Upside | -33.6% - -26.0% | -29.8% |
| Benchmarks | Ticker | Full Ticker |
| Virbac SA | VIRP | ENXTPA:VIRP |
| Vetoquinol SA | VETO | ENXTPA:VETO |
| ALK-Abelló A/S | ALK B | CPSE:ALKB |
| Evotec SE | EVT | DB:EVT |
| AB Science S.A. | AB | ENXTPA:AB |
| Euroapi S.A. | EAPI | ENXTPA:EAPI |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| VIRP | VETO | ALK B | EVT | AB | EAPI | ||
| ENXTPA:VIRP | ENXTPA:VETO | CPSE:ALKB | DB:EVT | ENXTPA:AB | ENXTPA:EAPI | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 16.9% | 10.7% | NM- | NM- | NM- | NM- | |
| 3Y CAGR | 10.6% | -2.2% | 52.4% | NM- | NM- | NM- | |
| Latest Twelve Months | 23.1% | -1.9% | 65.6% | -170.9% | 54.7% | -2066.7% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 14.9% | 14.4% | 11.0% | 2.7% | -1116.0% | 0.5% | |
| Prior Fiscal Year | 14.9% | 14.7% | 13.8% | 0.1% | -1384.4% | 0.1% | |
| Latest Fiscal Year | 16.4% | 14.2% | 19.8% | -9.9% | -567.4% | -1.4% | |
| Latest Twelve Months | 16.4% | 14.2% | 21.9% | -10.2% | -567.4% | -2.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.10x | 1.28x | 6.95x | 1.60x | 96.99x | 0.34x | |
| EV / LTM EBITDA | 10.7x | 7.0x | 27.6x | 1085.8x | -18.3x | 6.7x | |
| EV / LTM EBIT | 12.8x | 9.0x | 31.7x | -15.7x | -17.1x | -16.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -17.1x | 9.0x | 31.7x | ||||
| Historical EV / LTM EBIT | -73.5x | 48.4x | 93.7x | ||||
| Selected EV / LTM EBIT | -8.7x | -9.1x | -9.6x | ||||
| (x) LTM EBIT | (18) | (18) | (18) | ||||
| (=) Implied Enterprise Value | 154 | 162 | 170 | ||||
| (-) Non-shareholder Claims * | (17) | (17) | (17) | ||||
| (=) Equity Value | 137 | 145 | 153 | ||||
| (/) Shares Outstanding | 95.2 | 95.2 | 95.2 | ||||
| Implied Value Range | 1.44 | 1.52 | 1.61 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 1.44 | 1.52 | 1.61 | 2.96 | |||
| Upside / (Downside) | -51.4% | -48.5% | -45.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | VIRP | VETO | ALK B | EVT | AB | EAPI | |
| Enterprise Value | 2,929 | 691 | 39,677 | 1,259 | 104 | 299 | |
| (+) Cash & Short Term Investments | 154 | 206 | 517 | 371 | 8 | 52 | |
| (+) Investments & Other | 6 | 2 | 0 | 46 | 0 | 0 | |
| (-) Debt | (313) | (21) | (800) | (479) | (18) | (68) | |
| (-) Other Liabilities | (0) | (0) | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 2,776 | 878 | 39,394 | 1,198 | 93 | 282 | |
| (/) Shares Outstanding | 8.4 | 11.8 | 221.2 | 177.6 | 69.8 | 95.2 | |
| Implied Stock Price | 331.50 | 74.40 | 178.10 | 6.75 | 1.34 | 2.96 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 331.50 | 74.40 | 178.10 | 6.75 | 1.34 | 2.96 | |
| Trading Currency | EUR | EUR | DKK | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |