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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | -18.5x - -20.5x | -19.5x |
| Selected Fwd EBITDA Multiple | 344.6x - 380.9x | 362.8x |
| Fair Value | $1.01 - $1.34 | $1.17 |
| Upside | -54.3% - -39.4% | -46.8% |
| Benchmarks | Ticker | Full Ticker |
| Qiagen N.V. | QGEN | NYSE:QGEN |
| Thermo Fisher Scientific Inc. | TMO | NYSE:TMO |
| Genscript Biotech Corporation | GNNS.F | OTCPK:GNNS.F |
| Reflect Scientific, Inc. | RSCF | OTCPK:RSCF |
| Pharma-Bio Serv, Inc. | PBSV | OTCPK:PBSV |
| Maravai LifeSciences Holdings, Inc. | MRVI | NasdaqGS:MRVI |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| QGEN | TMO | GNNS.F | RSCF | PBSV | MRVI | ||
| NYSE:QGEN | NYSE:TMO | OTCPK:GNNS.F | OTCPK:RSCF | OTCPK:PBSV | NasdaqGS:MRVI | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 7.0% | 10.8% | NM- | NM- | NM- | NM- | |
| 3Y CAGR | -6.7% | -5.9% | NM- | NM- | NM- | NM- | |
| Latest Twelve Months | 9.9% | 0.1% | 119.6% | NM | -335.0% | -253.0% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 34.4% | 28.3% | -49.1% | 6.6% | -0.8% | 42.1% | |
| Prior Fiscal Year | 32.5% | 25.2% | -42.7% | NA | 6.9% | 5.5% | |
| Latest Fiscal Year | 35.5% | 25.2% | 11.8% | NA | -13.3% | -9.4% | |
| Latest Twelve Months | 35.5% | 25.2% | 11.8% | NA | -9.5% | -9.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 4.51x | 5.02x | 5.91x | 2.00x | -0.25x | 2.40x | |
| EV / LTM EBITDA | 12.7x | 19.9x | 49.9x | NA | 2.6x | -25.6x | |
| EV / LTM EBIT | 17.9x | 28.0x | 378.8x | -55.2x | 2.6x | -8.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 2.6x | 16.3x | 49.9x | ||||
| Historical EV / LTM EBITDA | -25.6x | 7.0x | 12.8x | ||||
| Selected EV / LTM EBITDA | -18.5x | -19.5x | -20.5x | ||||
| (x) LTM EBITDA | (24) | (24) | (24) | ||||
| (=) Implied Enterprise Value | 450 | 474 | 497 | ||||
| (-) Non-shareholder Claims * | (305) | (305) | (305) | ||||
| (=) Equity Value | 145 | 169 | 192 | ||||
| (/) Shares Outstanding | 143.7 | 143.7 | 143.7 | ||||
| Implied Value Range | 1.01 | 1.17 | 1.34 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 1.01 | 1.17 | 1.34 | 2.21 | |||
| Upside / (Downside) | -54.3% | -46.8% | -39.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | QGEN | TMO | GNNS.F | RSCF | PBSV | MRVI | |
| Enterprise Value | 8,916 | 214,636 | 444 | 3 | (1) | 622 | |
| (+) Cash & Short Term Investments | 1,153 | 5,570 | 621 | 1 | 12 | 324 | |
| (+) Investments & Other | 0 | 438 | 3,790 | 0 | 0 | 0 | |
| (-) Debt | (1,392) | (32,832) | (724) | (0) | (0) | (377) | |
| (-) Other Liabilities | 0 | (87) | (2) | 0 | 0 | (252) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 8,677 | 187,725 | 4,129 | 4 | 11 | 317 | |
| (/) Shares Outstanding | 216.1 | 377.3 | 2,750.6 | 85.7 | 22.9 | 143.7 | |
| Implied Stock Price | 40.15 | 497.60 | 1.50 | 0.05 | 0.50 | 2.21 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 40.15 | 497.60 | 1.50 | 0.05 | 0.50 | 2.21 | |
| 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 | |