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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 43.2x - 47.7x | 45.4x |
| Selected Fwd EBIT Multiple | 17.7x - 19.6x | 18.7x |
| Fair Value | kr46.80 - kr52.52 | kr49.66 |
| Upside | 30.9% - 46.9% | 38.9% |
| Benchmarks | Ticker | Full Ticker |
| Lipidor AB (publ) | LIPI | OM:LIPI |
| Klaria Pharma Holding AB (publ.) | KLAR | OM:KLAR |
| ODI Pharma AB (publ) | ODI | NGM:ODI |
| IRLAB Therapeutics AB (publ) | IRLAB A | OM:IRLABA |
| Enorama Pharma AB (publ) | ERMA | OM:ERMA |
| Swedencare AB (publ) | SECARE | OM:SECARE |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| LIPI | KLAR | ODI | IRLAB A | ERMA | SECARE | ||
| OM:LIPI | OM:KLAR | NGM:ODI | OM:IRLABA | OM:ERMA | OM:SECARE | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | NM- | NM- | NM- | NM- | 41.9% | |
| 3Y CAGR | NM- | NM- | NM- | NM- | NM- | 28.5% | |
| Latest Twelve Months | 8.0% | -112.6% | 19.5% | 58.3% | -13.8% | -7.6% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | -6439.0% | -851.0% | 949.0% | 10282.0% | -989.5% | 11.7% | |
| Prior Fiscal Year | -17763.2% | NA | -4884.2% | -3171.7% | -3079.8% | 8.0% | |
| Latest Fiscal Year | -243.1% | -1388.2% | 1.9% | -79.4% | -301.9% | 8.4% | |
| Latest Twelve Months | -243.1% | -1388.2% | -13.9% | -79.4% | -301.9% | 7.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 35.83x | 73.79x | 1.66x | 3.81x | 11.72x | 2.79x | |
| EV / LTM EBITDA | -15.0x | -8.3x | -12.0x | -5.1x | -3.9x | 15.1x | |
| EV / LTM EBIT | -14.7x | -5.3x | -12.0x | -4.8x | -3.9x | 36.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -14.7x | -5.3x | -3.9x | ||||
| Historical EV / LTM EBIT | 38.4x | 69.8x | 305.6x | ||||
| Selected EV / LTM EBIT | 43.2x | 45.4x | 47.7x | ||||
| (x) LTM EBIT | 198 | 198 | 198 | ||||
| (=) Implied Enterprise Value | 8,561 | 9,012 | 9,462 | ||||
| (-) Non-shareholder Claims * | (1,211) | (1,211) | (1,211) | ||||
| (=) Equity Value | 7,350 | 7,801 | 8,251 | ||||
| (/) Shares Outstanding | 159.8 | 159.8 | 159.8 | ||||
| Implied Value Range | 45.98 | 48.80 | 51.62 | ||||
| FX Rate: SEK/SEK | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 45.98 | 48.80 | 51.62 | 35.75 | |||
| Upside / (Downside) | 28.6% | 36.5% | 44.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | LIPI | KLAR | ODI | IRLAB A | ERMA | SECARE | |
| Enterprise Value | 211 | 166 | 36 | 360 | 185 | 6,925 | |
| (+) Cash & Short Term Investments | 10 | 1 | 5 | 67 | 2 | 527 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 0 | 1 | |
| (-) Debt | 0 | 0 | 0 | (60) | 0 | (1,739) | |
| (-) 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 | 222 | 166 | 41 | 367 | 187 | 5,714 | |
| (/) Shares Outstanding | 813.4 | 144.8 | 15.9 | 51.9 | 60.5 | 159.8 | |
| Implied Stock Price | 0.27 | 1.15 | 2.58 | 7.07 | 3.09 | 35.75 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 0.27 | 1.15 | 2.58 | 7.07 | 3.09 | 35.75 | |
| Trading Currency | SEK | SEK | SEK | SEK | SEK | SEK | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |