Looks like there`s been an error while trying to load this page.
Our team has been notified but please contact us using the email support widget if the problem persists.
| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 0.2x - 0.2x | 0.2x |
| Selected Fwd EBIT Multiple | 1.2x - 1.4x | 1.3x |
| Fair Value | $14.29 - $14.09 | $14.19 |
| Upside | 39.3% - 37.4% | 38.3% |
| Benchmarks | Ticker | Full Ticker |
| Dyadic International, Inc. | DYAI | NasdaqCM:DYAI |
| Cardiff Oncology, Inc. | CRDF | NasdaqCM:CRDF |
| Geron Corporation | GERN | NasdaqGS:GERN |
| Trevena, Inc. | TRVN | OTCPK:TRVN |
| Arcturus Therapeutics Holdings Inc. | ARCT | NasdaqGM:ARCT |
| iTeos Therapeutics, Inc. | ITOS | NasdaqGM:ITOS |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| DYAI | CRDF | GERN | TRVN | ARCT | ITOS | ||
| NasdaqCM:DYAI | NasdaqCM:CRDF | NasdaqGS:GERN | OTCPK:TRVN | NasdaqGM:ARCT | NasdaqGM:ITOS | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | NM- | NM- | NM- | NM- | NM- | |
| 3Y CAGR | NM- | NM- | NM- | NM- | NM- | NM- | |
| Latest Twelve Months | 30.5% | -17.6% | 36.0% | 6.9% | 33.5% | 11.5% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | -420.4% | -8004.2% | -23737.0% | -15325.1% | -548.0% | -195.2% | |
| Prior Fiscal Year | -282.6% | -9305.7% | -81832.9% | 13486.8% | -46.9% | -1171.7% | |
| Latest Fiscal Year | -168.2% | -7123.1% | -225.6% | -1129.2% | -62.8% | -448.0% | |
| Latest Twelve Months | -161.9% | -8875.6% | -115.5% | -5880.0% | -57.1% | -428.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 7.65x | 370.54x | 4.19x | 45.78x | 1.34x | -3.50x | |
| EV / LTM EBITDA | NA | -4.2x | -3.6x | -0.8x | -2.5x | 0.8x | |
| EV / LTM EBIT | -4.7x | -4.2x | -3.6x | -0.8x | -2.4x | 0.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -4.7x | -3.6x | -0.8x | ||||
| Historical EV / LTM EBIT | -22.5x | 1.4x | 45.5x | ||||
| Selected EV / LTM EBIT | 0.2x | 0.2x | 0.2x | ||||
| (x) LTM EBIT | (150) | (150) | (150) | ||||
| (=) Implied Enterprise Value | (24) | (25) | (27) | ||||
| (-) Non-shareholder Claims * | 619 | 619 | 619 | ||||
| (=) Equity Value | 595 | 594 | 593 | ||||
| (/) Shares Outstanding | 38.3 | 38.3 | 38.3 | ||||
| Implied Value Range | 15.55 | 15.51 | 15.48 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 15.55 | 15.51 | 15.48 | 10.26 | |||
| Upside / (Downside) | 51.5% | 51.2% | 50.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | DYAI | CRDF | GERN | TRVN | ARCT | ITOS | |
| Enterprise Value | 27 | 218 | 488 | 25 | 193 | (227) | |
| (+) Cash & Short Term Investments | 7 | 80 | 397 | 13 | 217 | 520 | |
| (+) Investments & Other | 0 | 0 | 59 | 0 | 0 | 104 | |
| (-) Debt | (5) | (1) | (122) | (38) | (43) | (5) | |
| (-) 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 | 29 | 296 | 822 | 1 | 367 | 393 | |
| (/) Shares Outstanding | 30.1 | 66.5 | 636.9 | 1.0 | 27.1 | 38.3 | |
| Implied Stock Price | 0.98 | 4.45 | 1.29 | 0.91 | 13.54 | 10.26 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 0.98 | 4.45 | 1.29 | 0.91 | 13.54 | 10.26 | |
| 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 | |