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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | -16.6x - -18.4x | -17.5x |
| Selected Fwd EBITDA Multiple | 45.9x - 50.8x | 48.3x |
| Fair Value | €8.61 - €9.61 | €9.11 |
| Upside | -42.8% - -36.2% | -39.5% |
| Benchmarks | Ticker | Full Ticker |
| Teva Pharmaceutical Industries Limited | TEV | DB:TEV |
| Indivior PLC | 2IVB | DB:2IVB |
| Luye Pharma Group Ltd. | LUP | DB:LUP |
| Dr. Reddy's Laboratories Limited | RDDA | DB:RDDA |
| Eli Lilly and Company | LLY | SWX:LLY |
| MedinCell S.A. | MEDCL | ENXTPA:MEDCL |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| TEV | 2IVB | LUP | RDDA | LLY | MEDCL | ||
| DB:TEV | DB:2IVB | DB:LUP | DB:RDDA | SWX:LLY | ENXTPA:MEDCL | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 0.0% | 8.1% | -1.3% | 17.0% | 21.7% | NM- | |
| 3Y CAGR | 0.2% | 16.7% | 27.8% | 24.3% | 25.2% | NM- | |
| Latest Twelve Months | -0.2% | 9.2% | 21.8% | 16.0% | 64.5% | 7.7% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 27.0% | 21.2% | 24.8% | 25.4% | 36.3% | -222.5% | |
| Prior Fiscal Year | 27.3% | 25.3% | 25.3% | 28.3% | 36.1% | -168.8% | |
| Latest Fiscal Year | 26.8% | 26.6% | 31.2% | 28.1% | 42.8% | -167.8% | |
| Latest Twelve Months | 26.8% | 26.4% | 31.2% | 28.1% | 44.9% | -142.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.16x | 1.17x | 1.59x | 3.07x | 14.56x | 40.45x | |
| EV / LTM EBITDA | 8.1x | 4.4x | 5.1x | 10.9x | 32.4x | -28.4x | |
| EV / LTM EBIT | 10.5x | 4.8x | 8.5x | 13.4x | 35.4x | -27.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 4.4x | 8.1x | 32.4x | ||||
| Historical EV / LTM EBITDA | -16.5x | -12.1x | -7.9x | ||||
| Selected EV / LTM EBITDA | -16.6x | -17.5x | -18.4x | ||||
| (x) LTM EBITDA | (19) | (19) | (19) | ||||
| (=) Implied Enterprise Value | 312 | 329 | 345 | ||||
| (-) Non-shareholder Claims * | (28) | (28) | (28) | ||||
| (=) Equity Value | 285 | 301 | 318 | ||||
| (/) Shares Outstanding | 33.1 | 33.1 | 33.1 | ||||
| Implied Value Range | 8.62 | 9.11 | 9.61 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 8.62 | 9.11 | 9.61 | 15.05 | |||
| Upside / (Downside) | -42.8% | -39.4% | -36.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | TEV | 2IVB | LUP | RDDA | LLY | MEDCL | |
| Enterprise Value | 35,465 | 1,380 | 9,657 | 984,938 | 641,696 | 525 | |
| (+) Cash & Short Term Investments | 1,697 | 373 | 6,503 | 57,908 | 3,222 | 39 | |
| (+) Investments & Other | 0 | 27 | 2,492 | 15,202 | 3,287 | 3 | |
| (-) Debt | (16,939) | (370) | (10,321) | (46,766) | (38,604) | (69) | |
| (-) Other Liabilities | (7) | 0 | (1,599) | (3,778) | (82) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 20,216 | 1,410 | 6,733 | 1,007,504 | 609,519 | 498 | |
| (/) Shares Outstanding | 1,147.0 | 124.8 | 3,761.7 | 833.2 | 897.7 | 33.1 | |
| Implied Stock Price | 17.63 | 11.30 | 1.79 | 1,209.27 | 678.95 | 15.05 | |
| FX Conversion Rate to Trading Currency | 1.12 | 1.12 | 8.06 | 95.22 | 1.19 | 1.00 | |
| Implied Stock Price (Trading Cur) | 15.75 | 10.10 | 0.22 | 12.70 | 570.00 | 15.05 | |
| Trading Currency | EUR | EUR | EUR | EUR | CHF | EUR | |
| FX Rate to Reporting Currency | 1.12 | 1.12 | 8.06 | 95.22 | 1.19 | 1.00 | |