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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | -11.9x - -13.2x | -12.6x |
| Selected Fwd EBIT Multiple | 6.3x - 7.0x | 6.7x |
| Fair Value | $6.92 - $7.49 | $7.20 |
| Upside | -35.1% - -29.8% | -32.4% |
| Benchmarks | Ticker | Full Ticker |
| Boston Scientific Corporation | BSX | NYSE:BSX |
| Merit Medical Systems, Inc. | MMSI | NasdaqGS:MMSI |
| AngioDynamics, Inc. | ANGO | NasdaqGS:ANGO |
| Medtronic plc | MDT | NYSE:MDT |
| Cutera, Inc. | CUTR.Q | OTCPK:CUTR.Q |
| Delcath Systems, Inc. | DCTH | NasdaqCM:DCTH |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| BSX | MMSI | ANGO | MDT | CUTR.Q | DCTH | ||
| NYSE:BSX | NasdaqGS:MMSI | NasdaqGS:ANGO | NYSE:MDT | OTCPK:CUTR.Q | NasdaqCM:DCTH | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 10.4% | 29.9% | NM- | -0.9% | NM- | NM- | |
| 3Y CAGR | 18.1% | 23.6% | NM- | 5.3% | NM- | NM- | |
| Latest Twelve Months | 24.2% | 22.3% | -5.0% | 6.2% | -48.4% | 67.5% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 15.4% | 8.6% | -7.9% | 19.0% | -25.7% | -1003.7% | |
| Prior Fiscal Year | 17.0% | 10.4% | -5.5% | 18.5% | -15.1% | -1849.0% | |
| Latest Fiscal Year | 17.9% | 11.7% | -13.0% | 19.8% | -67.8% | -33.4% | |
| Latest Twelve Months | 17.9% | 11.7% | -11.3% | 20.3% | -91.1% | -33.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 8.93x | 4.32x | 1.21x | 3.77x | 2.42x | 8.17x | |
| EV / LTM EBITDA | 35.0x | 22.4x | -45.1x | 13.3x | -2.8x | -24.8x | |
| EV / LTM EBIT | 49.8x | 36.8x | -10.7x | 18.6x | -2.7x | -24.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -10.7x | 18.6x | 49.8x | ||||
| Historical EV / LTM EBIT | -24.5x | -1.9x | -1.4x | ||||
| Selected EV / LTM EBIT | -11.9x | -12.6x | -13.2x | ||||
| (x) LTM EBIT | (12) | (12) | (12) | ||||
| (=) Implied Enterprise Value | 148 | 156 | 164 | ||||
| (-) Non-shareholder Claims * | 52 | 52 | 52 | ||||
| (=) Equity Value | 200 | 208 | 216 | ||||
| (/) Shares Outstanding | 33.4 | 33.4 | 33.4 | ||||
| Implied Value Range | 5.99 | 6.23 | 6.46 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 5.99 | 6.23 | 6.46 | 10.66 | |||
| Upside / (Downside) | -43.8% | -41.6% | -39.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | BSX | MMSI | ANGO | MDT | CUTR.Q | DCTH | |
| Enterprise Value | 149,037 | 5,832 | 343 | 123,974 | 376 | 304 | |
| (+) Cash & Short Term Investments | 414 | 377 | 45 | 7,922 | 58 | 53 | |
| (+) Investments & Other | 555 | 23 | 0 | 1,262 | 0 | 0 | |
| (-) Debt | (11,228) | (795) | (11) | (26,607) | (433) | (1) | |
| (-) Other Liabilities | (233) | 0 | 0 | (228) | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 138,545 | 5,437 | 377 | 106,323 | 0 | 356 | |
| (/) Shares Outstanding | 1,479.1 | 59.1 | 40.6 | 1,282.5 | 20.2 | 33.4 | |
| Implied Stock Price | 93.67 | 92.04 | 9.29 | 82.90 | 0.01 | 10.66 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 93.67 | 92.04 | 9.29 | 82.90 | 0.01 | 10.66 | |
| Trading Currency | USD | USD | USD | USD | USD | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |