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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 21.4x - 23.7x | 22.5x |
| Selected Fwd EBITDA Multiple | 7.5x - 8.2x | 7.9x |
| Fair Value | $31.97 - $36.23 | $34.10 |
| Upside | -22.7% - -12.4% | -17.5% |
| 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 EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| NOVN | PFE | 7XP | PIG | VTRS | SDZX.F | ||
| SWX:NOVN | DB:PFE | DB:7XP | DB:PIG | WBAG:VTRS | OTCPK:SDZX.F | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 9.3% | 11.0% | -15.8% | 3.9% | 6.6% | NM- | |
| 3Y CAGR | 9.7% | -10.1% | -5.9% | -6.7% | -6.6% | -26.4% | |
| Latest Twelve Months | 17.9% | 24.2% | 7.3% | 14.6% | -7.2% | -7.6% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 36.0% | 34.6% | 31.7% | 14.2% | 31.0% | 11.8% | |
| Prior Fiscal Year | 37.5% | 31.5% | 26.3% | 13.9% | 31.3% | 8.0% | |
| Latest Fiscal Year | 39.9% | 36.7% | 27.6% | 17.0% | 30.4% | 7.1% | |
| Latest Twelve Months | 39.9% | 36.7% | 27.6% | 17.0% | 30.4% | 7.1% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 4.29x | 2.76x | 1.83x | 1.57x | 1.51x | 1.96x | |
| EV / LTM EBITDA | 10.7x | 7.5x | 6.6x | 9.2x | 5.0x | 27.7x | |
| EV / LTM EBIT | 13.6x | 10.7x | 7.9x | 16.4x | 12.6x | 66.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 5.0x | 7.5x | 10.7x | ||||
| Historical EV / LTM EBITDA | 17.0x | 22.3x | 27.7x | ||||
| Selected EV / LTM EBITDA | 21.4x | 22.5x | 23.7x | ||||
| (x) LTM EBITDA | 734 | 734 | 734 | ||||
| (=) Implied Enterprise Value | 15,722 | 16,549 | 17,377 | ||||
| (-) Non-shareholder Claims * | (3,655) | (3,655) | (3,655) | ||||
| (=) Equity Value | 12,067 | 12,894 | 13,722 | ||||
| (/) Shares Outstanding | 430.7 | 430.7 | 430.7 | ||||
| Implied Value Range | 28.02 | 29.94 | 31.86 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 28.02 | 29.94 | 31.86 | 41.36 | |||
| Upside / (Downside) | -32.3% | -27.6% | -23.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | NOVN | PFE | 7XP | PIG | VTRS | SDZX.F | |
| Enterprise Value | 219,618 | 176,629 | 11,709 | 6,795 | 22,440 | 21,467 | |
| (+) Cash & Short Term Investments | 13,351 | 20,477 | 675 | 559 | 1,090 | 1,191 | |
| (+) Investments & Other | 1,128 | 2,107 | 0 | 67 | 0 | 24 | |
| (-) Debt | (31,401) | (67,418) | (9,036) | (3,822) | (14,306) | (4,869) | |
| (-) Other Liabilities | (80) | (294) | 0 | 0 | 0 | (1) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 202,616 | 131,501 | 3,348 | 3,599 | 9,224 | 17,812 | |
| (/) Shares Outstanding | 1,897.6 | 5,671.5 | 258.0 | 136.5 | 1,193.7 | 430.7 | |
| Implied Stock Price | 106.78 | 23.19 | 12.98 | 26.38 | 7.73 | 41.36 | |
| FX Conversion Rate to Trading Currency | 1.16 | 1.10 | 1.10 | 1.10 | 1.10 | 1.00 | |
| Implied Stock Price (Trading Cur) | 92.03 | 21.16 | 11.85 | 24.07 | 7.05 | 41.36 | |
| Trading Currency | CHF | EUR | EUR | EUR | EUR | USD | |
| FX Rate to Reporting Currency | 1.16 | 1.10 | 1.10 | 1.10 | 1.10 | 1.00 | |