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 | 7.3x - 8.1x | 7.7x |
| Selected Fwd EBITDA Multiple | 6.2x - 6.8x | 6.5x |
| Fair Value | $4.07 - $4.34 | $4.21 |
| Upside | -8.6% - -2.6% | -5.6% |
| Benchmarks | Ticker | Full Ticker |
| Bausch Health Companies Inc. | BHC | TSX:BHC |
| HLS Therapeutics Inc. | HLS | TSX:HLS |
| Teva Pharmaceutical Industries Limited | TEVA N | BMV:TEVAN |
| Novartis AG | NOVN N | BMV:NOVNN |
| Hypera S.A. | HYPE3 | BOVESPA:HYPE3 |
| Knight Therapeutics Inc. | KHTR.F | OTCPK:KHTR.F |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| BHC | HLS | TEVA N | NOVN N | HYPE3 | KHTR.F | ||
| TSX:BHC | TSX:HLS | BMV:TEVAN | BMV:NOVNN | BOVESPA:HYPE3 | OTCPK:KHTR.F | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -1.7% | -11.4% | 0.0% | 9.3% | 10.6% | NM- | |
| 3Y CAGR | -1.3% | -13.8% | 0.2% | 9.7% | -1.8% | 19.9% | |
| Latest Twelve Months | 4.4% | -16.6% | -0.2% | 18.7% | -56.5% | -6.1% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 35.8% | 34.3% | 27.0% | 36.2% | 30.0% | 12.1% | |
| Prior Fiscal Year | 32.9% | 34.1% | 27.3% | 37.5% | 33.6% | 16.2% | |
| Latest Fiscal Year | 32.6% | 26.5% | 26.8% | 39.9% | 26.6% | 15.1% | |
| Latest Twelve Months | 31.7% | 27.7% | 26.8% | 41.5% | 17.6% | 12.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.37x | 2.75x | 2.08x | 4.45x | 3.50x | 0.99x | |
| EV / LTM EBITDA | 7.5x | 9.9x | 7.8x | 10.7x | 19.9x | 7.9x | |
| EV / LTM EBIT | 12.5x | -24.3x | 10.1x | 13.4x | 23.0x | -459.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 7.5x | 9.9x | 19.9x | ||||
| Historical EV / LTM EBITDA | 5.4x | 8.9x | 19.6x | ||||
| Selected EV / LTM EBITDA | 7.3x | 7.7x | 8.1x | ||||
| (x) LTM EBITDA | 47 | 47 | 47 | ||||
| (=) Implied Enterprise Value | 342 | 360 | 378 | ||||
| (-) Non-shareholder Claims * | 214 | 214 | 214 | ||||
| (=) Equity Value | 556 | 574 | 592 | ||||
| (/) Shares Outstanding | 99.6 | 99.6 | 99.6 | ||||
| Implied Value Range | 5.58 | 5.76 | 5.95 | ||||
| FX Rate: CAD/USD | 1.4 | 1.4 | 1.4 | Market Price | |||
| Implied Value Range (Trading Cur) | 3.99 | 4.12 | 4.25 | 4.46 | |||
| Upside / (Downside) | -10.5% | -7.6% | -4.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | BHC | HLS | TEVA N | NOVN N | HYPE3 | KHTR.F | |
| Enterprise Value | 23,045 | 155 | 34,414 | 244,909 | 23,410 | 407 | |
| (+) Cash & Short Term Investments | 1,134 | 18 | 1,697 | 7,137 | 1,740 | 181 | |
| (+) Investments & Other | 0 | 0 | 0 | 1,409 | 142 | 88 | |
| (-) Debt | (21,510) | (64) | (16,939) | (31,270) | (9,543) | (54) | |
| (-) Other Liabilities | (943) | 0 | (7) | (83) | (4) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,726 | 109 | 19,165 | 222,102 | 15,744 | 621 | |
| (/) Shares Outstanding | 369.6 | 31.6 | 1,147.0 | 1,959.3 | 631.8 | 99.6 | |
| Implied Stock Price | 4.67 | 3.43 | 16.71 | 113.36 | 24.92 | 6.24 | |
| FX Conversion Rate to Trading Currency | 0.72 | 0.72 | 0.05 | 0.05 | 1.00 | 1.40 | |
| Implied Stock Price (Trading Cur) | 6.53 | 4.80 | 325.40 | 2,207.59 | 24.92 | 4.46 | |
| Trading Currency | CAD | CAD | MXN | MXN | BRL | USD | |
| FX Rate to Reporting Currency | 0.72 | 0.72 | 0.05 | 0.05 | 1.00 | 1.40 | |