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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 20.1x - 22.2x | 21.1x |
| Selected Fwd EBIT Multiple | 14.8x - 16.3x | 15.5x |
| Fair Value | £14.56 - £16.34 | £15.45 |
| Upside | 9.2% - 22.6% | 15.9% |
| Benchmarks | Ticker | Full Ticker |
| ConvaTec Group PLC | CTEC | LSE:CTEC |
| Stryker Corporation | 0R2S | LSE:0R2S |
| Medtronic plc | 0Y6X | LSE:0Y6X |
| Alcon Inc. | 0A0D | LSE:0A0D |
| CONMED Corporation | CNMD | NYSE:CNMD |
| Smith & Nephew plc | SN. | LSE:SN. |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| CTEC | 0R2S | 0Y6X | 0A0D | CNMD | SN. | ||
| LSE:CTEC | LSE:0R2S | LSE:0Y6X | LSE:0A0D | NYSE:CNMD | LSE:SN. | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 10.3% | 7.8% | 4.4% | 70.5% | 10.9% | -2.0% | |
| 3Y CAGR | 14.9% | 10.7% | -2.2% | 18.7% | 13.2% | 7.6% | |
| Latest Twelve Months | 26.6% | 19.9% | 3.6% | 4.3% | 2.8% | 24.3% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 12.9% | 20.7% | 19.2% | 8.6% | 9.9% | 13.4% | |
| Prior Fiscal Year | 13.7% | 20.1% | 19.7% | 11.5% | 10.2% | 13.4% | |
| Latest Fiscal Year | 15.3% | 21.9% | 19.1% | 13.8% | 12.2% | 15.2% | |
| Latest Twelve Months | 16.2% | 22.2% | 19.3% | 12.9% | 11.2% | 16.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.21x | 6.55x | 4.18x | 4.00x | 1.74x | 3.09x | |
| EV / LTM EBITDA | 13.5x | 24.4x | 15.1x | 17.1x | 10.5x | 12.8x | |
| EV / LTM EBIT | 19.9x | 29.5x | 21.6x | 31.1x | 15.5x | 18.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 15.5x | 21.6x | 31.1x | ||||
| Historical EV / LTM EBIT | 16.5x | 20.8x | 41.6x | ||||
| Selected EV / LTM EBIT | 20.1x | 21.1x | 22.2x | ||||
| (x) LTM EBIT | 987 | 987 | 987 | ||||
| (=) Implied Enterprise Value | 19,797 | 20,839 | 21,881 | ||||
| (-) Non-shareholder Claims * | (2,742) | (2,742) | (2,742) | ||||
| (=) Equity Value | 17,055 | 18,097 | 19,139 | ||||
| (/) Shares Outstanding | 862.0 | 862.0 | 862.0 | ||||
| Implied Value Range | 19.79 | 21.00 | 22.20 | ||||
| FX Rate: USD/GBP | 1.3 | 1.3 | 1.3 | Market Price | |||
| Implied Value Range (Trading Cur) | 14.68 | 15.58 | 16.47 | 13.33 | |||
| Upside / (Downside) | 10.1% | 16.8% | 23.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | CTEC | 0R2S | 0Y6X | 0A0D | CNMD | SN. | |
| Enterprise Value | 7,594 | 150,127 | 138,711 | 40,395 | 2,308 | 18,235 | |
| (+) Cash & Short Term Investments | 96 | 2,464 | 8,121 | 1,410 | 34 | 676 | |
| (+) Investments & Other | 16 | 0 | 884 | 580 | 0 | 36 | |
| (-) Debt | (1,340) | (17,128) | (28,609) | (5,261) | (882) | (3,454) | |
| (-) Other Liabilities | 0 | 0 | (240) | (16) | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 6,366 | 135,463 | 118,867 | 37,108 | 1,460 | 15,493 | |
| (/) Shares Outstanding | 2,016.5 | 382.3 | 1,282.7 | 494.4 | 31.0 | 862.0 | |
| Implied Stock Price | 3.16 | 354.33 | 92.67 | 75.06 | 47.16 | 17.97 | |
| FX Conversion Rate to Trading Currency | 1.35 | 1.00 | 1.00 | 1.25 | 1.00 | 1.35 | |
| Implied Stock Price (Trading Cur) | 2.34 | 354.33 | 92.67 | 59.82 | 47.16 | 13.33 | |
| Trading Currency | GBP | USD | USD | CHF | USD | GBP | |
| FX Rate to Reporting Currency | 1.35 | 1.00 | 1.00 | 1.25 | 1.00 | 1.35 | |