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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | -2.4x - -2.6x | -2.5x |
Selected Fwd EBIT Multiple | -4.4x - -4.9x | -4.6x |
Fair Value | $9.14 - $9.62 | $9.38 |
Upside | 34.7% - 41.7% | 38.2% |
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 |
Day One Biopharmaceuticals, Inc. | DAWN | NasdaqGS:DAWN |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
DYAI | CRDF | GERN | TRVN | ARCT | DAWN | ||
NasdaqCM:DYAI | NasdaqCM:CRDF | NasdaqGS:GERN | OTCPK:TRVN | NasdaqGM:ARCT | NasdaqGS:DAWN | ||
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% | 13.7% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | -420.4% | -8004.2% | -23737.0% | -15325.1% | -548.0% | -998.1% | |
Prior Fiscal Year | -282.6% | -9305.7% | -81832.9% | 13486.8% | -46.9% | NA | |
Latest Fiscal Year | -168.2% | -7123.1% | -225.6% | -1129.2% | -62.8% | -161.8% | |
Latest Twelve Months | -161.9% | -8875.6% | -115.5% | -5880.0% | -57.1% | -118.3% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 7.73x | 327.48x | 4.36x | 45.79x | 1.39x | 1.35x | |
EV / LTM EBITDA | NA | -3.7x | -3.8x | -0.8x | -2.5x | -1.2x | |
EV / LTM EBIT | -4.8x | -3.7x | -3.8x | -0.8x | -2.4x | -1.1x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | -4.8x | -3.7x | -0.8x | ||||
Historical EV / LTM EBIT | -13.1x | -7.1x | -3.5x | ||||
Selected EV / LTM EBIT | -2.4x | -2.5x | -2.6x | ||||
(x) LTM EBIT | (192) | (192) | (192) | ||||
(=) Implied Enterprise Value | 450 | 474 | 498 | ||||
(-) Non-shareholder Claims * | 470 | 470 | 470 | ||||
(=) Equity Value | 920 | 944 | 968 | ||||
(/) Shares Outstanding | 101.4 | 101.4 | 101.4 | ||||
Implied Value Range | 9.08 | 9.32 | 9.55 | ||||
FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 9.08 | 9.32 | 9.55 | 6.79 | |||
Upside / (Downside) | 33.7% | 37.2% | 40.6% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | DYAI | CRDF | GERN | TRVN | ARCT | DAWN | |
Enterprise Value | 27 | 192 | 507 | 25 | 199 | 218 | |
(+) Cash & Short Term Investments | 7 | 80 | 397 | 13 | 217 | 473 | |
(+) Investments & Other | 0 | 0 | 59 | 0 | 0 | 0 | |
(-) Debt | (5) | (1) | (122) | (38) | (43) | (3) | |
(-) 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 | 30 | 271 | 841 | 1 | 374 | 688 | |
(/) Shares Outstanding | 30.1 | 66.5 | 636.9 | 1.0 | 27.1 | 101.4 | |
Implied Stock Price | 0.99 | 4.07 | 1.32 | 0.94 | 13.78 | 6.79 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 0.99 | 4.07 | 1.32 | 0.94 | 13.78 | 6.79 | |
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 |