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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | -27.1x - -29.9x | -28.5x |
| Selected Fwd EBIT Multiple | 20.4x - 22.5x | 21.4x |
| Fair Value | $3.50 - $3.84 | $3.67 |
| Upside | -30.5% - -23.8% | -27.1% |
| Benchmarks | Ticker | Full Ticker |
| Ironwood Pharmaceuticals, Inc. | IRWD | NasdaqGS:IRWD |
| Akebia Therapeutics, Inc. | AKBA | NasdaqCM:AKBA |
| Tonix Pharmaceuticals Holding Corp. | TNXP | NasdaqCM:TNXP |
| Biogen Inc. | BIIB | NasdaqGS:BIIB |
| Cytokinetics, Incorporated | CYTK | NasdaqGS:CYTK |
| Ardelyx, Inc. | ARDX | NasdaqGM:ARDX |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| IRWD | AKBA | TNXP | BIIB | CYTK | ARDX | ||
| NasdaqGS:IRWD | NasdaqCM:AKBA | NasdaqCM:TNXP | NasdaqGS:BIIB | NasdaqGS:CYTK | NasdaqGM:ARDX | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | -4.5% | NM- | NM- | -20.4% | NM- | NM- | |
| 3Y CAGR | -25.1% | NM- | NM- | -12.2% | NM- | NM- | |
| Latest Twelve Months | -50.2% | -3.8% | 34.3% | 23.4% | -8.1% | 55.8% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 46.7% | -48.0% | -1320.9% | 29.7% | -3535.2% | -859.3% | |
| Prior Fiscal Year | 44.2% | -22.9% | -1523.9% | 19.1% | -6589.7% | -50.8% | |
| Latest Fiscal Year | 27.7% | -28.8% | -770.2% | 24.0% | -2902.7% | -8.4% | |
| Latest Twelve Months | 27.7% | -28.8% | -770.2% | 24.0% | -2902.7% | -8.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.12x | 3.69x | 9.35x | 2.56x | 263.53x | 3.39x | |
| EV / LTM EBITDA | 7.5x | -67.8x | -1.3x | 8.3x | -9.2x | -43.7x | |
| EV / LTM EBIT | 7.6x | -12.8x | -1.2x | 10.7x | -9.1x | -40.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -12.8x | -1.2x | 10.7x | ||||
| Historical EV / LTM EBIT | -57.1x | -5.5x | -0.3x | ||||
| Selected EV / LTM EBIT | -27.1x | -28.5x | -29.9x | ||||
| (x) LTM EBIT | (28) | (28) | (28) | ||||
| (=) Implied Enterprise Value | 757 | 797 | 837 | ||||
| (-) Non-shareholder Claims * | 71 | 71 | 71 | ||||
| (=) Equity Value | 828 | 868 | 908 | ||||
| (/) Shares Outstanding | 238.4 | 238.4 | 238.4 | ||||
| Implied Value Range | 3.47 | 3.64 | 3.81 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 3.47 | 3.64 | 3.81 | 5.04 | |||
| Upside / (Downside) | -31.1% | -27.7% | -24.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | IRWD | AKBA | TNXP | BIIB | CYTK | ARDX | |
| Enterprise Value | 745 | 590 | 94 | 24,766 | 4,868 | 1,130 | |
| (+) Cash & Short Term Investments | 89 | 52 | 99 | 2,375 | 1,076 | 250 | |
| (+) Investments & Other | 0 | 0 | 0 | 424 | 145 | 0 | |
| (-) Debt | (599) | (189) | (8) | (6,717) | (923) | (179) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 234 | 454 | 185 | 20,848 | 5,166 | 1,201 | |
| (/) Shares Outstanding | 160.0 | 236.2 | 6.4 | 146.4 | 118.4 | 238.4 | |
| Implied Stock Price | 1.46 | 1.92 | 28.76 | 142.43 | 43.63 | 5.04 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 1.46 | 1.92 | 28.76 | 142.43 | 43.63 | 5.04 | |
| 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 | |