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 EBITDA Multiple | 13.4x - 14.9x | 14.2x |
| Selected Fwd EBITDA Multiple | 10.2x - 11.2x | 10.7x |
| Fair Value | $34.85 - $39.17 | $37.01 |
| Upside | 15.1% - 29.4% | 22.2% |
| Benchmarks | Ticker | Full Ticker |
| ConvaTec Group PLC | CTEC | LSE:CTEC |
| Medtronic plc | 0Y6X | LSE:0Y6X |
| Zimmer Biomet Holdings, Inc. | ZBH | NYSE:ZBH |
| CONMED Corporation | CNMD | NYSE:CNMD |
| STERIS plc | STE | NYSE:STE |
| Smith & Nephew plc | SNN | NYSE:SNN |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| CTEC | 0Y6X | ZBH | CNMD | STE | SNN | ||
| LSE:CTEC | LSE:0Y6X | NYSE:ZBH | NYSE:CNMD | NYSE:STE | NYSE:SNN | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 6.2% | 3.1% | 1.6% | 7.2% | 14.5% | -1.3% | |
| 3Y CAGR | 9.2% | -1.6% | 6.2% | 9.0% | 9.6% | 3.1% | |
| Latest Twelve Months | 12.6% | 0.8% | 2.9% | 8.0% | 8.0% | 13.5% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 21.0% | 27.7% | 31.6% | 16.1% | 26.2% | 21.8% | |
| Prior Fiscal Year | 21.9% | 27.9% | 33.2% | 15.9% | 26.4% | 21.2% | |
| Latest Fiscal Year | 23.1% | 27.2% | 33.7% | 17.6% | 26.8% | 23.0% | |
| Latest Twelve Months | 23.1% | 27.2% | 33.2% | 17.0% | 26.8% | 23.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.73x | 4.04x | 3.18x | 1.86x | 4.48x | 2.78x | |
| EV / LTM EBITDA | 16.2x | 14.9x | 9.6x | 10.9x | 16.7x | 12.1x | |
| EV / LTM EBIT | 24.4x | 21.1x | 15.9x | 16.0x | 24.8x | 18.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 9.6x | 14.9x | 16.7x | ||||
| Historical EV / LTM EBITDA | 11.7x | 12.5x | 21.0x | ||||
| Selected EV / LTM EBITDA | 13.4x | 14.2x | 14.9x | ||||
| (x) LTM EBITDA | 1,335 | 1,335 | 1,335 | ||||
| (=) Implied Enterprise Value | 17,948 | 18,893 | 19,838 | ||||
| (-) Non-shareholder Claims * | (2,686) | (2,686) | (2,686) | ||||
| (=) Equity Value | 15,262 | 16,207 | 17,152 | ||||
| (/) Shares Outstanding | 435.1 | 435.1 | 435.1 | ||||
| Implied Value Range | 35.08 | 37.25 | 39.42 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 35.08 | 37.25 | 39.42 | 30.28 | |||
| Upside / (Downside) | 15.9% | 23.0% | 30.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | CTEC | 0Y6X | ZBH | CNMD | STE | SNN | |
| Enterprise Value | 8,317 | 134,544 | 24,471 | 2,443 | 24,460 | 15,860 | |
| (+) Cash & Short Term Investments | 65 | 8,965 | 1,385 | 35 | 172 | 619 | |
| (+) Investments & Other | 17 | 984 | 34 | 0 | 14 | 16 | |
| (-) Debt | (1,202) | (29,626) | (7,325) | (892) | (2,203) | (3,321) | |
| (-) Other Liabilities | 0 | (232) | (9) | 0 | (12) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 7,196 | 114,635 | 18,556 | 1,586 | 22,432 | 13,174 | |
| (/) Shares Outstanding | 2,044.3 | 1,281.3 | 197.8 | 30.9 | 98.4 | 435.1 | |
| Implied Stock Price | 3.52 | 89.47 | 93.79 | 51.27 | 228.03 | 30.28 | |
| FX Conversion Rate to Trading Currency | 1.35 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 2.61 | 89.47 | 93.79 | 51.27 | 228.03 | 30.28 | |
| Trading Currency | GBP | USD | USD | USD | USD | USD | |
| FX Rate to Reporting Currency | 1.35 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |