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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 12.7x - 14.1x | 13.4x |
| Selected Fwd EBIT Multiple | 10.4x - 11.5x | 11.0x |
| Fair Value | $9.99 - $13.01 | $11.50 |
| Upside | -4.4% - 24.5% | 10.0% |
| Benchmarks | Ticker | Full Ticker |
| BioMarin Pharmaceutical Inc. | BM8 | DB:BM8 |
| ADMA Biologics, Inc. | ADMA | NasdaqGM:ADMA |
| Biogen Inc. | IDP | DB:IDP |
| Kamada Ltd. | KMDA | TASE:KMDA |
| Biotest Aktiengesellschaft | BIO | DB:BIO |
| Grifols, S.A. | GIFL.F | OTCPK:GIFL.F |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| BM8 | ADMA | IDP | KMDA | BIO | GIFL.F | ||
| DB:BM8 | NasdaqGM:ADMA | DB:IDP | TASE:KMDA | DB:BIO | OTCPK:GIFL.F | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | NM- | -20.4% | -2.5% | NM- | 3.3% | |
| 3Y CAGR | NM- | NM- | -12.2% | 163.3% | NM- | 32.9% | |
| Latest Twelve Months | 254.5% | 223.0% | 18.8% | 72.3% | -93.3% | 71.9% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 3.5% | -40.5% | 28.4% | 7.9% | 2.5% | 14.0% | |
| Prior Fiscal Year | 7.7% | 9.5% | 19.1% | 7.1% | 17.0% | 14.6% | |
| Latest Fiscal Year | 20.0% | 32.6% | 24.0% | 12.5% | 12.0% | 18.3% | |
| Latest Twelve Months | 24.3% | 33.1% | 24.2% | 14.2% | 1.9% | 18.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.38x | 10.33x | 2.31x | 1.95x | 3.26x | 2.31x | |
| EV / LTM EBITDA | 12.3x | 29.7x | 7.4x | 8.9x | 44.3x | 10.2x | |
| EV / LTM EBIT | 13.9x | 31.2x | 9.5x | 13.7x | 172.6x | 12.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 9.5x | 13.9x | 172.6x | ||||
| Historical EV / LTM EBIT | 17.2x | 21.9x | 31.3x | ||||
| Selected EV / LTM EBIT | 12.7x | 13.4x | 14.1x | ||||
| (x) LTM EBIT | 1,371 | 1,371 | 1,371 | ||||
| (=) Implied Enterprise Value | 17,447 | 18,365 | 19,283 | ||||
| (-) Non-shareholder Claims * | (11,181) | (11,181) | (11,181) | ||||
| (=) Equity Value | 6,266 | 7,185 | 8,103 | ||||
| (/) Shares Outstanding | 680.4 | 680.4 | 680.4 | ||||
| Implied Value Range | 9.21 | 10.56 | 11.91 | ||||
| FX Rate: EUR/USD | 0.9 | 0.9 | 0.9 | Market Price | |||
| Implied Value Range (Trading Cur) | 10.46 | 11.99 | 13.52 | 10.45 | |||
| Upside / (Downside) | 0.0% | 14.7% | 29.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | BM8 | ADMA | IDP | KMDA | BIO | GIFL.F | |
| Enterprise Value | 10,010 | 4,747 | 22,976 | 327 | 2,020 | 17,445 | |
| (+) Cash & Short Term Investments | 1,272 | 72 | 2,598 | 76 | 42 | 1,006 | |
| (+) Investments & Other | 507 | 0 | 394 | 0 | 2 | 515 | |
| (-) Debt | (602) | (82) | (6,621) | (11) | (669) | (10,047) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | 0 | (2,654) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 11,187 | 4,736 | 19,347 | 392 | 1,395 | 6,265 | |
| (/) Shares Outstanding | 191.8 | 238.7 | 146.5 | 57.5 | 32.9 | 680.4 | |
| Implied Stock Price | 58.33 | 19.84 | 132.04 | 6.82 | 42.40 | 9.21 | |
| FX Conversion Rate to Trading Currency | 1.14 | 1.00 | 1.14 | 0.28 | 1.00 | 0.88 | |
| Implied Stock Price (Trading Cur) | 51.38 | 19.84 | 116.30 | 23.96 | 42.40 | 10.45 | |
| Trading Currency | EUR | USD | EUR | ILS | EUR | USD | |
| FX Rate to Reporting Currency | 1.14 | 1.00 | 1.14 | 0.28 | 1.00 | 0.88 | |