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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 69.0x - 76.2x | 72.6x |
Selected Fwd EBIT Multiple | 10.0x - 11.0x | 10.5x |
Fair Value | $42.98 - $48.40 | $45.69 |
Upside | -23.9% - -14.3% | -19.1% |
Benchmarks | Ticker | Full Ticker |
Novartis AG | NOVN | SWX:NOVN |
Pfizer Inc. | PFE | DB:PFE |
Organon & Co. | 7XP | DB:7XP |
Perrigo Company plc | PIG | DB:PIG |
Viatris Inc. | VTRS | WBAG:VTRS |
Sandoz Group AG | SDZX.F | OTCPK:SDZX.F |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
NOVN | PFE | 7XP | PIG | VTRS | SDZX.F | ||
SWX:NOVN | DB:PFE | DB:7XP | DB:PIG | WBAG:VTRS | OTCPK:SDZX.F | ||
Historical EBIT Growth | |||||||
5Y CAGR | 12.4% | 14.9% | -17.3% | 14.0% | 4.5% | NM- | |
3Y CAGR | 14.2% | -15.4% | -8.2% | -11.6% | 17.3% | -39.6% | |
Latest Twelve Months | 27.3% | 58.8% | -1.5% | 83.9% | -25.3% | -18.1% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 26.2% | 26.3% | 28.1% | 6.4% | 13.2% | 7.3% | |
Prior Fiscal Year | 27.1% | 21.0% | 22.5% | 6.2% | 14.0% | 3.8% | |
Latest Fiscal Year | 31.6% | 25.7% | 23.2% | 9.5% | 12.0% | 3.0% | |
Latest Twelve Months | 33.4% | 26.3% | 22.4% | 11.0% | 10.7% | 3.0% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 4.93x | 3.00x | 1.74x | 1.66x | 1.60x | 2.74x | |
EV / LTM EBITDA | 11.9x | 8.0x | 6.4x | 9.0x | 5.4x | 38.8x | |
EV / LTM EBIT | 14.8x | 11.4x | 7.8x | 15.0x | 15.0x | 92.8x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | 7.8x | 14.8x | 15.0x | ||||
Historical EV / LTM EBIT | 27.5x | 60.1x | 92.8x | ||||
Selected EV / LTM EBIT | 69.0x | 72.6x | 76.2x | ||||
(x) LTM EBIT | 307 | 307 | 307 | ||||
(=) Implied Enterprise Value | 21,172 | 22,286 | 23,400 | ||||
(-) Non-shareholder Claims * | (3,655) | (3,655) | (3,655) | ||||
(=) Equity Value | 17,517 | 18,631 | 19,745 | ||||
(/) Shares Outstanding | 430.7 | 430.7 | 430.7 | ||||
Implied Value Range | 40.67 | 43.26 | 45.84 | ||||
FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 40.67 | 43.26 | 45.84 | 56.48 | |||
Upside / (Downside) | -28.0% | -23.4% | -18.8% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | NOVN | PFE | 7XP | PIG | VTRS | SDZX.F | |
Enterprise Value | 257,484 | 183,418 | 10,897 | 7,081 | 22,892 | 27,983 | |
(+) Cash & Short Term Investments | 7,137 | 17,319 | 547 | 410 | 1,002 | 1,191 | |
(+) Investments & Other | 1,409 | 1,917 | 0 | 63 | 1,234 | 24 | |
(-) Debt | (31,270) | (62,397) | (8,956) | (3,835) | (14,459) | (4,869) | |
(-) Other Liabilities | (83) | (299) | 0 | 0 | 0 | (1) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 234,677 | 139,958 | 2,488 | 3,719 | 10,669 | 24,328 | |
(/) Shares Outstanding | 1,959.3 | 5,685.4 | 260.0 | 137.5 | 1,173.7 | 430.7 | |
Implied Stock Price | 119.78 | 24.62 | 9.57 | 27.05 | 9.09 | 56.48 | |
FX Conversion Rate to Trading Currency | 1.25 | 1.16 | 1.16 | 1.16 | 1.16 | 1.00 | |
Implied Stock Price (Trading Cur) | 96.06 | 21.22 | 8.25 | 23.32 | 7.84 | 56.48 | |
Trading Currency | CHF | EUR | EUR | EUR | EUR | USD | |
FX Rate to Reporting Currency | 1.25 | 1.16 | 1.16 | 1.16 | 1.16 | 1.00 |