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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 3.7x - 4.1x | 3.9x |
| Selected Fwd Revenue Multiple | 3.5x - 3.9x | 3.7x |
| Fair Value | $62.94 - $71.64 | $67.29 |
| Upside | -24.0% - -13.5% | -18.8% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Assertio Holdings, Inc. | ASRT | NasdaqCM:ASRT |
| ANI Pharmaceuticals, Inc. | ANIP | NasdaqGM:ANIP |
| Amphastar Pharmaceuticals, Inc. | AMPH | NasdaqGS:AMPH |
| Supernus Pharmaceuticals, Inc. | SUPN | NasdaqGM:SUPN |
| Coherus BioSciences, Inc. | CHRS | NasdaqGM:CHRS |
| Prestige Consumer Healthcare Inc. | PBH | NYSE:PBH |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| ASRT | ANIP | AMPH | SUPN | CHRS | PBH | |||
| NasdaqCM:ASRT | NasdaqGM:ANIP | NasdaqGS:AMPH | NasdaqGM:SUPN | NasdaqGM:CHRS | NYSE:PBH | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | -11.5% | 24.4% | 17.8% | 11.0% | -5.6% | 2.9% | ||
| 3Y CAGR | 4.0% | 41.7% | 18.7% | 4.5% | -6.5% | 6.1% | ||
| Latest Twelve Months | -17.8% | 26.2% | 13.6% | 8.9% | 3.8% | -1.4% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 4.9% | -1.2% | 18.1% | 15.5% | -49.3% | 30.7% | ||
| Prior Fiscal Year | 16.4% | 10.2% | 31.0% | 2.2% | -75.1% | 30.8% | ||
| Latest Fiscal Year | -16.6% | 2.4% | 28.1% | 9.3% | -35.3% | 30.4% | ||
| Latest Twelve Months | -16.6% | 2.4% | 28.1% | 9.3% | -35.3% | 29.6% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 0.00x | 3.05x | 2.32x | 2.13x | 0.99x | 4.54x | ||
| EV / LTM EBIT | 0.0x | 128.3x | 8.3x | 22.9x | -2.8x | 15.4x | ||
| Price / LTM Sales | 0.48x | 2.23x | 1.73x | 2.76x | 0.34x | 3.67x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.00x | 2.13x | 3.05x | |||||
| Historical EV / LTM Revenue | 3.73x | 3.97x | 4.19x | |||||
| Selected EV / LTM Revenue | 3.69x | 3.88x | 4.08x | |||||
| (x) LTM Revenue | 1,118 | 1,118 | 1,118 | |||||
| (=) Implied Enterprise Value | 4,127 | 4,344 | 4,561 | |||||
| (-) Non-shareholder Claims * | (976) | (976) | (976) | |||||
| (=) Equity Value | 3,150 | 3,368 | 3,585 | |||||
| (/) Shares Outstanding | 49.5 | 49.5 | 49.5 | |||||
| Implied Value Range | 63.60 | 67.98 | 72.37 | |||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 63.60 | 67.98 | 72.37 | 82.85 | ||||
| Upside / (Downside) | -23.2% | -17.9% | -12.7% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | ASRT | ANIP | AMPH | SUPN | CHRS | PBH | |
| Enterprise Value | 0 | 1,871 | 1,686 | 1,408 | 263 | 5,080 | |
| (+) Cash & Short Term Investments | 100 | 151 | 222 | 454 | 126 | 51 | |
| (+) Investments & Other | 0 | 5 | 11 | 0 | 0 | 0 | |
| (-) Debt | (40) | (631) | (651) | (34) | (299) | (1,027) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | (25) | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 60 | 1,371 | 1,268 | 1,827 | 91 | 4,104 | |
| (/) Shares Outstanding | 95.8 | 20.3 | 47.7 | 55.8 | 115.9 | 49.5 | |
| Implied Stock Price | 0.63 | 67.52 | 26.61 | 32.74 | 0.78 | 82.85 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 0.63 | 67.52 | 26.61 | 32.74 | 0.78 | 82.85 | |
| 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 | |