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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | -2.4x - -2.6x | -2.5x |
| Selected Fwd EBIT Multiple | -1.2x - -1.3x | -1.2x |
| Fair Value | $11.62 - $12.26 | $11.94 |
| Upside | 17.2% - 23.7% | 20.5% |
| Benchmarks | Ticker | Full Ticker |
| Solid Biosciences Inc. | SLDB | NasdaqGS:SLDB |
| PepGen Inc. | PEPG | NasdaqGS:PEPG |
| Moderna, Inc. | MRNA | NasdaqGS:MRNA |
| Alnylam Pharmaceuticals, Inc. | ALNY | NasdaqGS:ALNY |
| Sarepta Therapeutics, Inc. | SRPT | NasdaqGS:SRPT |
| Dyne Therapeutics, Inc. | DYN | NasdaqGS:DYN |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| SLDB | PEPG | MRNA | ALNY | SRPT | DYN | ||
| NasdaqGS:SLDB | NasdaqGS:PEPG | NasdaqGS:MRNA | NasdaqGS:ALNY | NasdaqGS:SRPT | NasdaqGS:DYN | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | NM- | NM- | NM- | NM- | NM- | |
| 3Y CAGR | NM- | NM- | NM- | NM- | NM- | NM- | |
| Latest Twelve Months | -24.4% | -15.3% | 6.9% | 37.3% | 181.4% | -42.0% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | -1062.7% | NA | -90.6% | -97.0% | -61.4% | NA | |
| Prior Fiscal Year | NA | NA | -61.9% | -15.4% | -21.5% | NA | |
| Latest Fiscal Year | NA | NA | -121.9% | -7.9% | 11.5% | NA | |
| Latest Twelve Months | NA | NA | -121.9% | -7.9% | 11.5% | NA | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | NA | NA | -0.41x | 13.65x | 2.95x | NA | |
| EV / LTM EBITDA | -1.1x | 0.5x | 0.4x | -255.4x | 21.9x | -1.5x | |
| EV / LTM EBIT | -1.1x | 0.5x | 0.3x | -173.5x | 25.7x | -1.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -173.5x | 0.3x | 25.7x | ||||
| Historical EV / LTM EBIT | -16.5x | -2.1x | -1.5x | ||||
| Selected EV / LTM EBIT | -2.4x | -2.5x | -2.6x | ||||
| (x) LTM EBIT | (344) | (344) | (344) | ||||
| (=) Implied Enterprise Value | 819 | 862 | 905 | ||||
| (-) Non-shareholder Claims * | 618 | 618 | 618 | ||||
| (=) Equity Value | 1,437 | 1,480 | 1,523 | ||||
| (/) Shares Outstanding | 113.1 | 113.1 | 113.1 | ||||
| Implied Value Range | 12.70 | 13.08 | 13.46 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 12.70 | 13.08 | 13.46 | 9.91 | |||
| Upside / (Downside) | 28.2% | 32.0% | 35.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | SLDB | PEPG | MRNA | ALNY | SRPT | DYN | |
| Enterprise Value | 141 | (49) | 1,166 | 30,698 | 5,606 | 503 | |
| (+) Cash & Short Term Investments | 149 | 120 | 7,025 | 2,695 | 1,355 | 642 | |
| (+) Investments & Other | 0 | 0 | 2,508 | 0 | 137 | 0 | |
| (-) Debt | (24) | (19) | (747) | (2,743) | (1,343) | (24) | |
| (-) 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 | 266 | 53 | 9,952 | 30,649 | 5,755 | 1,121 | |
| (/) Shares Outstanding | 77.5 | 32.7 | 386.6 | 129.5 | 97.0 | 113.1 | |
| Implied Stock Price | 3.43 | 1.62 | 25.74 | 236.75 | 59.31 | 9.91 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 3.43 | 1.62 | 25.74 | 236.75 | 59.31 | 9.91 | |
| 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 | |