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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 2.8x - 3.1x | 3.0x |
| Selected Fwd EBITDA Multiple | -28.3x - -31.3x | -29.8x |
| Fair Value | $0.16 - $0.15 | $0.16 |
| Upside | 104.4% - 87.2% | 95.8% |
| Benchmarks | Ticker | Full Ticker |
| Boston Scientific Corporation | BSX | NYSE:BSX |
| Intuitive Surgical, Inc. | ISRG | NasdaqGS:ISRG |
| Medtronic plc | 2M6 | XTRA:2M6 |
| MicroPort Scientific Corporation | 853 | SEHK:853 |
| Meihua International Medical Technologies Co., Ltd. | MHUA | NasdaqGM:MHUA |
| Broncus Holding Corporation | BRNH.F | OTCPK:BRNH.F |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| BSX | ISRG | 2M6 | 853 | MHUA | BRNH.F | ||
| NYSE:BSX | NasdaqGS:ISRG | XTRA:2M6 | SEHK:853 | NasdaqGM:MHUA | OTCPK:BRNH.F | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 8.5% | 12.4% | -0.7% | NM- | -5.2% | NM- | |
| 3Y CAGR | 13.6% | 9.9% | 3.4% | NM- | -14.2% | NM- | |
| Latest Twelve Months | 18.2% | 30.3% | 4.4% | 84.6% | -15.5% | 21.4% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 24.6% | 32.8% | 27.7% | -26.3% | 21.2% | -362.4% | |
| Prior Fiscal Year | 25.4% | 30.4% | 27.1% | -31.0% | 15.6% | -324.8% | |
| Latest Fiscal Year | 25.5% | 33.8% | 28.0% | -4.4% | 15.6% | -303.3% | |
| Latest Twelve Months | 25.5% | 33.8% | 28.3% | -4.4% | 12.7% | -282.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 9.43x | 20.06x | 3.95x | 2.87x | 0.04x | -9.88x | |
| EV / LTM EBITDA | 37.0x | 59.3x | 14.0x | -65.4x | 0.3x | 3.5x | |
| EV / LTM EBIT | 52.6x | 70.7x | 19.5x | -21.3x | 0.3x | 3.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -65.4x | 14.0x | 59.3x | ||||
| Historical EV / LTM EBITDA | -22.8x | 1.6x | 3.6x | ||||
| Selected EV / LTM EBITDA | 2.8x | 3.0x | 3.1x | ||||
| (x) LTM EBITDA | (25) | (25) | (25) | ||||
| (=) Implied Enterprise Value | (69) | (73) | (77) | ||||
| (-) Non-shareholder Claims * | 155 | 155 | 155 | ||||
| (=) Equity Value | 85 | 82 | 78 | ||||
| (/) Shares Outstanding | 525.9 | 525.9 | 525.9 | ||||
| Implied Value Range | 0.16 | 0.16 | 0.15 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 0.16 | 0.16 | 0.15 | 0.08 | |||
| Upside / (Downside) | 102.7% | 94.0% | 85.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | BSX | ISRG | 2M6 | 853 | MHUA | BRNH.F | |
| Enterprise Value | 157,452 | 167,539 | 130,439 | 2,963 | (5) | (113) | |
| (+) Cash & Short Term Investments | 414 | 4,013 | 7,922 | 828 | 18 | 148 | |
| (+) Investments & Other | 555 | 4,904 | 1,262 | 393 | 9 | 9 | |
| (-) Debt | (11,228) | (146) | (26,607) | (1,685) | (12) | (2) | |
| (-) Other Liabilities | (233) | (96) | (228) | (541) | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 146,960 | 176,214 | 112,788 | 1,957 | 11 | 42 | |
| (/) Shares Outstanding | 1,479.1 | 358.3 | 1,282.5 | 1,847.4 | 31.9 | 525.9 | |
| Implied Stock Price | 99.36 | 491.84 | 87.94 | 1.06 | 0.33 | 0.08 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.08 | 0.13 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 99.36 | 491.84 | 81.24 | 8.24 | 0.33 | 0.08 | |
| Trading Currency | USD | USD | EUR | HKD | USD | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.08 | 0.13 | 1.00 | 1.00 | |