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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 13.7x - 15.1x | 14.4x |
| Selected Fwd EBIT Multiple | 8.6x - 9.6x | 9.1x |
| Fair Value | €92.28 - €102.63 | €97.46 |
| Upside | 2.1% - 13.5% | 7.8% |
| Benchmarks | Ticker | Full Ticker |
| Ipsen S.A. | IPN | ENXTPA:IPN |
| Merck KGaA | MRK | DB:MRK |
| Pfizer Inc. | PFE | DB:PFE |
| Genomma Lab Internacional, S.A.B. de C.V. | GEKA | DB:GEKA |
| Novartis AG | NOVN | SWX:NOVN |
| Sanofi | SAN | ENXTPA:SAN |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| IPN | MRK | PFE | GEKA | NOVN | SAN | ||
| ENXTPA:IPN | DB:MRK | DB:PFE | DB:GEKA | SWX:NOVN | ENXTPA:SAN | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 3.7% | 9.9% | 14.9% | 11.3% | 12.4% | 5.5% | |
| 3Y CAGR | -1.8% | -1.7% | -15.4% | 9.2% | 14.2% | 1.2% | |
| Latest Twelve Months | 8.8% | 10.4% | 30.4% | 22.2% | 29.1% | 9.2% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 28.2% | 19.5% | 25.3% | 19.7% | 25.9% | 21.2% | |
| Prior Fiscal Year | 23.3% | 17.6% | 21.0% | 19.8% | 27.1% | 19.8% | |
| Latest Fiscal Year | 23.5% | 19.3% | 25.7% | 21.4% | 31.6% | 20.0% | |
| Latest Twelve Months | 23.5% | 19.3% | 25.7% | 21.4% | 31.6% | 20.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.03x | 2.67x | 2.67x | 1.40x | 4.40x | 2.65x | |
| EV / LTM EBITDA | 6.1x | 9.8x | 7.3x | 6.0x | 11.0x | 10.1x | |
| EV / LTM EBIT | 8.7x | 13.8x | 10.4x | 6.5x | 13.9x | 13.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 6.5x | 10.4x | 13.9x | ||||
| Historical EV / LTM EBIT | 12.0x | 13.2x | 14.5x | ||||
| Selected EV / LTM EBIT | 13.7x | 14.4x | 15.1x | ||||
| (x) LTM EBIT | 8,869 | 8,869 | 8,869 | ||||
| (=) Implied Enterprise Value | 121,291 | 127,675 | 134,059 | ||||
| (-) Non-shareholder Claims * | (7,448) | (7,448) | (7,448) | ||||
| (=) Equity Value | 113,843 | 120,227 | 126,611 | ||||
| (/) Shares Outstanding | 1,224.0 | 1,224.0 | 1,224.0 | ||||
| Implied Value Range | 93.01 | 98.22 | 103.44 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 93.01 | 98.22 | 103.44 | 90.39 | |||
| Upside / (Downside) | 2.9% | 8.7% | 14.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | IPN | MRK | PFE | GEKA | NOVN | SAN | |
| Enterprise Value | 7,454 | 57,641 | 169,278 | 25,323 | 226,243 | 118,089 | |
| (+) Cash & Short Term Investments | 679 | 3,075 | 20,477 | 2,290 | 13,351 | 7,556 | |
| (+) Investments & Other | 175 | 964 | 2,107 | 0 | 1,128 | 3,259 | |
| (-) Debt | (516) | (10,301) | (67,418) | (6,488) | (31,401) | (17,913) | |
| (-) Other Liabilities | (0) | (75) | (294) | 0 | (80) | (350) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 7,793 | 51,304 | 124,150 | 21,125 | 209,241 | 110,641 | |
| (/) Shares Outstanding | 82.2 | 434.8 | 5,671.5 | 977.8 | 1,897.6 | 1,224.0 | |
| Implied Stock Price | 94.80 | 118.00 | 21.89 | 21.61 | 110.27 | 90.39 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.14 | 22.51 | 1.22 | 1.00 | |
| Implied Stock Price (Trading Cur) | 94.80 | 118.00 | 19.27 | 0.96 | 90.46 | 90.39 | |
| Trading Currency | EUR | EUR | EUR | EUR | CHF | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.14 | 22.51 | 1.22 | 1.00 | |