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 | -19.0x - -21.0x | -20.0x |
| Selected Fwd EBIT Multiple | -109.1x - -120.6x | -114.9x |
| Fair Value | $8.97 - $10.24 | $9.61 |
| Upside | -35.8% - -26.7% | -31.2% |
| Benchmarks | Ticker | Full Ticker |
| Bioventus Inc. | BVS | NasdaqGS:BVS |
| SI-BONE, Inc. | SIBN | NasdaqGM:SIBN |
| Globus Medical, Inc. | GMED | NYSE:GMED |
| Orthofix Medical Inc. | OFIX | NasdaqGS:OFIX |
| ZimVie Inc. | ZIMV | NasdaqGS:ZIMV |
| Alphatec Holdings, Inc. | ATEC | NasdaqGS:ATEC |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| BVS | SIBN | GMED | OFIX | ZIMV | ATEC | ||
| NasdaqGS:BVS | NasdaqGM:SIBN | NYSE:GMED | NasdaqGS:OFIX | NasdaqGS:ZIMV | NasdaqGS:ATEC | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 4.6% | NM- | 20.1% | NM- | NM- | NM- | |
| 3Y CAGR | 23.7% | NM- | 31.3% | NM- | NM- | NM- | |
| Latest Twelve Months | 68.6% | 39.7% | 32.1% | -3.2% | 193.3% | 32.9% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 2.6% | -42.8% | 19.1% | -7.0% | -1.5% | -32.0% | |
| Prior Fiscal Year | 0.4% | -33.8% | 17.4% | -14.2% | -2.5% | -30.7% | |
| Latest Fiscal Year | 7.0% | -21.1% | 17.5% | -8.2% | -0.5% | -20.1% | |
| Latest Twelve Months | 7.7% | -14.9% | 17.7% | -10.1% | 1.4% | -13.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.45x | 2.73x | 2.98x | 0.87x | 1.57x | 3.69x | |
| EV / LTM EBITDA | 13.2x | -22.3x | 10.6x | 44.1x | 17.0x | -167.9x | |
| EV / LTM EBIT | 18.7x | -18.3x | 16.9x | -8.6x | 110.6x | -26.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -18.3x | 16.9x | 110.6x | ||||
| Historical EV / LTM EBIT | -28.5x | -14.3x | -12.8x | ||||
| Selected EV / LTM EBIT | -19.0x | -20.0x | -21.0x | ||||
| (x) LTM EBIT | (95) | (95) | (95) | ||||
| (=) Implied Enterprise Value | 1,799 | 1,894 | 1,989 | ||||
| (-) Non-shareholder Claims * | (453) | (453) | (453) | ||||
| (=) Equity Value | 1,346 | 1,441 | 1,535 | ||||
| (/) Shares Outstanding | 148.0 | 148.0 | 148.0 | ||||
| Implied Value Range | 9.10 | 9.74 | 10.38 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 9.10 | 9.74 | 10.38 | 13.97 | |||
| Upside / (Downside) | -34.9% | -30.3% | -25.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | BVS | SIBN | GMED | OFIX | ZIMV | ATEC | |
| Enterprise Value | 815 | 507 | 7,814 | 705 | 698 | 2,521 | |
| (+) Cash & Short Term Investments | 33 | 146 | 229 | 66 | 70 | 157 | |
| (+) Investments & Other | 2 | 0 | 0 | 0 | 0 | 0 | |
| (-) Debt | (361) | (37) | (121) | (205) | (235) | (587) | |
| (-) Other Liabilities | (40) | 0 | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | (24) | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 449 | 616 | 7,922 | 566 | 534 | 2,067 | |
| (/) Shares Outstanding | 66.9 | 43.1 | 135.1 | 39.5 | 28.2 | 148.0 | |
| Implied Stock Price | 6.71 | 14.27 | 58.66 | 14.34 | 18.92 | 13.97 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 6.71 | 14.27 | 58.66 | 14.34 | 18.92 | 13.97 | |
| 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 | |