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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM P/E Multiple | 37.0x - 40.9x | 39.0x |
| Selected Fwd P/E Multiple | 15.8x - 17.5x | 16.7x |
| Fair Value | £2.51 - £2.77 | £2.64 |
| Upside | 1.3% - 11.9% | 6.6% |
| Benchmarks | - | Full Ticker |
| Smith & Nephew plc | - | LSE:SN. |
| Becton, Dickinson and Company | - | LSE:0R19 |
| Baxter International Inc. | - | LSE:0QK8 |
| Stryker Corporation | - | LSE:0R2S |
| Zimmer Biomet Holdings, Inc. | - | NYSE:ZBH |
| ConvaTec Group PLC | - | LSE:CTEC |
| - | - | - |
| Select Price / LTM EPS Ratio | ||||||||
| Benchmark Companies | ||||||||
| SN. | 0R19 | 0QK8 | 0R2S | ZBH | CTEC | |||
| LSE:SN. | LSE:0R19 | LSE:0QK8 | LSE:0R2S | NYSE:ZBH | LSE:CTEC | |||
| Historical Net Income Growth | ||||||||
| 5Y CAGR | -7.2% | 9.5% | NM- | 7.5% | -4.4% | 81.0% | ||
| 3Y CAGR | -7.7% | 4.0% | NM- | 14.5% | 26.6% | 17.4% | ||
| Latest Twelve Months | 56.7% | 36.5% | -293.7% | -5.4% | -11.7% | 46.2% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 7.5% | 8.3% | 4.3% | 13.1% | 7.0% | 5.0% | ||
| Prior Fiscal Year | 4.7% | 7.6% | 1.7% | 15.4% | 13.8% | 6.1% | ||
| Latest Fiscal Year | 7.1% | 8.4% | -3.2% | 13.2% | 11.8% | 8.3% | ||
| Latest Twelve Months | 7.1% | 8.4% | -3.2% | 13.2% | 11.8% | 8.3% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 10.5x | 13.8x | 13.8x | 23.9x | 10.2x | 14.8x | ||
| Price / LTM Sales | 1.9x | 2.8x | 1.3x | 5.9x | 2.7x | 2.9x | ||
| LTM P/E Ratio | 27.0x | 33.5x | -42.4x | 44.7x | 22.5x | 34.7x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/E Ratio | -42.4x | 27.0x | 44.7x | |||||
| Historical LTM P/E Ratio | 34.7x | 63.3x | 80.3x | |||||
| Selected P/E Multiple | 37.0x | 39.0x | 40.9x | |||||
| (x) LTM Net Income | 191 | 191 | 191 | |||||
| (=) Equity Value | 7,053 | 7,424 | 7,796 | |||||
| (/) Shares Outstanding | 2,044.3 | 2,044.3 | 2,044.3 | |||||
| Implied Value Range | 3.45 | 3.63 | 3.81 | |||||
| FX Rate: USD/GBP | 1.3 | 1.3 | 1.3 | Market Price | ||||
| Implied Value Range (Trading Cur) | 2.64 | 2.78 | 2.92 | 2.48 | ||||
| Upside / (Downside) | 6.6% | 12.2% | 17.8% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | SN. | 0R19 | 0QK8 | 0R2S | ZBH | CTEC | |
| Value of Common Equity | 11,133 | 57,832 | 14,363 | 134,466 | 20,374 | 6,618 | |
| (/) Shares Outstanding | 873.5 | 287.1 | 512.9 | 381.7 | 199.1 | 2,044.3 | |
| Implied Stock Price | 12.74 | 201.41 | 28.00 | 352.29 | 102.35 | 3.24 | |
| FX Conversion Rate to Trading Currency | 1.31 | 1.00 | 1.00 | 1.00 | 1.00 | 1.31 | |
| Implied Stock Price (Trading Cur) | 9.75 | 201.41 | 28.00 | 352.29 | 102.35 | 2.48 | |
| Trading Currency | GBP | USD | USD | USD | USD | GBP | |
| FX Rate to Reporting Currency | 1.31 | 1.00 | 1.00 | 1.00 | 1.00 | 1.31 | |