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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 12.6x - 13.9x | 13.3x |
| Selected Fwd EBIT Multiple | 6.4x - 7.1x | 6.7x |
| Fair Value | $5.55 - $6.98 | $6.26 |
| Upside | -33.8% - -16.7% | -25.2% |
| Benchmarks | Ticker | Full Ticker |
| Supernus Pharmaceuticals, Inc. | SUPN | NasdaqGM:SUPN |
| Amphastar Pharmaceuticals, Inc. | AMPH | NasdaqGS:AMPH |
| TherapeuticsMD, Inc. | TXMD | NasdaqGS:TXMD |
| ANI Pharmaceuticals, Inc. | ANIP | NasdaqGM:ANIP |
| Indivior PLC | INDV | NasdaqGS:INDV |
| Amneal Pharmaceuticals, Inc. | AMRX | NasdaqGS:AMRX |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| SUPN | AMPH | TXMD | ANIP | INDV | AMRX | ||
| NasdaqGM:SUPN | NasdaqGS:AMPH | NasdaqGS:TXMD | NasdaqGM:ANIP | NasdaqGS:INDV | NasdaqGS:AMRX | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | -16.2% | NM- | NM- | -2.3% | 7.6% | NM- | |
| 3Y CAGR | -8.3% | 42.0% | NM- | NM- | 16.0% | 17.2% | |
| Latest Twelve Months | 357.8% | 2.9% | 59.0% | -70.5% | 12.3% | 28.4% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 15.5% | 18.1% | -297.9% | -1.2% | 19.8% | 9.3% | |
| Prior Fiscal Year | 2.2% | 31.0% | -654.6% | 10.2% | 23.8% | 11.3% | |
| Latest Fiscal Year | 9.3% | 28.1% | -198.3% | 2.4% | 24.6% | 12.5% | |
| Latest Twelve Months | 9.3% | 28.1% | -198.3% | 2.4% | 24.6% | 12.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.13x | 2.47x | 6.33x | 3.03x | 1.03x | 1.84x | |
| EV / LTM EBITDA | 9.9x | 7.0x | -3.7x | 22.6x | 3.9x | 8.8x | |
| EV / LTM EBIT | 23.0x | 8.8x | -3.2x | 127.5x | 4.2x | 14.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -3.2x | 8.8x | 127.5x | ||||
| Historical EV / LTM EBIT | 14.8x | 16.6x | 29.6x | ||||
| Selected EV / LTM EBIT | 12.6x | 13.3x | 13.9x | ||||
| (x) LTM EBIT | 348 | 348 | 348 | ||||
| (=) Implied Enterprise Value | 4,394 | 4,625 | 4,856 | ||||
| (-) Non-shareholder Claims * | (2,510) | (2,510) | (2,510) | ||||
| (=) Equity Value | 1,884 | 2,116 | 2,347 | ||||
| (/) Shares Outstanding | 310.0 | 310.0 | 310.0 | ||||
| Implied Value Range | 6.08 | 6.83 | 7.57 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 6.08 | 6.83 | 7.57 | 8.38 | |||
| Upside / (Downside) | -27.5% | -18.5% | -9.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | SUPN | AMPH | TXMD | ANIP | INDV | AMRX | |
| Enterprise Value | 1,409 | 1,799 | 11 | 1,859 | 1,215 | 5,107 | |
| (+) Cash & Short Term Investments | 454 | 222 | 5 | 151 | 320 | 112 | |
| (+) Investments & Other | 0 | 11 | 0 | 5 | 27 | 36 | |
| (-) Debt | (34) | (651) | (6) | (631) | (374) | (2,593) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | 0 | (65) | |
| (-) Preferred Stock | 0 | 0 | 0 | (25) | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,828 | 1,381 | 11 | 1,360 | 1,188 | 2,598 | |
| (/) Shares Outstanding | 55.8 | 47.7 | 11.5 | 20.3 | 124.7 | 310.0 | |
| Implied Stock Price | 32.75 | 28.99 | 0.93 | 66.95 | 9.53 | 8.38 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 32.75 | 28.99 | 0.93 | 66.95 | 9.53 | 8.38 | |
| 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 | |