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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 16.7x - 18.4x | 17.6x |
| Selected Fwd EBITDA Multiple | 13.0x - 14.3x | 13.7x |
| Fair Value | $14.25 - $15.82 | $15.04 |
| Upside | 86.3% - 106.8% | 96.6% |
| Benchmarks | Ticker | Full Ticker |
| Stevanato Group S.p.A. | 87N | DB:87N |
| Sartorius Aktiengesellschaft | SRT | XTRA:SRT |
| Gerresheimer AG | GXI | XTRA:GXI |
| Fine Foods & Pharmaceuticals N.T.M. S.p.A. | 9S5 | DB:9S5 |
| Eurofins Scientific SE | ESF0 | XTRA:ESF0 |
| SCHOTT Pharma AG & Co. KGaA | SHTP.Y | OTCPK:SHTP.Y |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 87N | SRT | GXI | 9S5 | ESF0 | SHTP.Y | ||
| DB:87N | XTRA:SRT | XTRA:GXI | DB:9S5 | XTRA:ESF0 | OTCPK:SHTP.Y | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 18.5% | 9.1% | 8.2% | 11.6% | 11.4% | NM- | |
| 3Y CAGR | 3.8% | -13.1% | 9.9% | 16.6% | -7.9% | 18.2% | |
| Latest Twelve Months | 3.7% | 0.2% | 1.6% | 36.2% | 9.4% | 9.4% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 23.8% | 28.1% | 19.9% | 10.0% | 21.6% | 24.5% | |
| Prior Fiscal Year | 24.9% | 23.9% | 20.2% | 8.3% | 18.2% | 24.2% | |
| Latest Fiscal Year | 21.5% | 21.6% | 19.3% | 12.2% | 19.7% | 26.0% | |
| Latest Twelve Months | 22.3% | 22.5% | 18.9% | 13.6% | 20.0% | 25.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 4.76x | 4.87x | 1.70x | 1.04x | 2.13x | 3.90x | |
| EV / LTM EBITDA | 21.4x | 21.6x | 9.0x | 7.6x | 10.6x | 15.2x | |
| EV / LTM EBIT | 28.8x | 35.5x | 18.6x | 13.9x | 16.3x | 20.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 7.6x | 10.6x | 21.6x | ||||
| Historical EV / LTM EBITDA | 20.2x | 22.1x | 24.1x | ||||
| Selected EV / LTM EBITDA | 16.7x | 17.6x | 18.4x | ||||
| (x) LTM EBITDA | 250 | 250 | 250 | ||||
| (=) Implied Enterprise Value | 4,172 | 4,392 | 4,611 | ||||
| (-) Non-shareholder Claims * | (177) | (177) | (177) | ||||
| (=) Equity Value | 3,995 | 4,215 | 4,435 | ||||
| (/) Shares Outstanding | 327.4 | 327.4 | 327.4 | ||||
| Implied Value Range | 12.20 | 12.87 | 13.54 | ||||
| FX Rate: EUR/USD | 0.9 | 0.9 | 0.9 | Market Price | |||
| Implied Value Range (Trading Cur) | 14.26 | 15.04 | 15.83 | 7.65 | |||
| Upside / (Downside) | 86.4% | 96.6% | 106.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 87N | SRT | GXI | 9S5 | ESF0 | SHTP.Y | |
| Enterprise Value | 5,362 | 17,626 | 3,728 | 259 | 15,391 | 2,320 | |
| (+) Cash & Short Term Investments | 105 | 819 | 177 | 22 | 753 | 26 | |
| (+) Investments & Other | 0 | 87 | 19 | 0 | 109 | 93 | |
| (-) Debt | (417) | (4,655) | (2,326) | (74) | (4,114) | (293) | |
| (-) Other Liabilities | (0) | (1,136) | (26) | 0 | (36) | (2) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 5,050 | 12,741 | 1,573 | 207 | 12,104 | 2,144 | |
| (/) Shares Outstanding | 273.0 | 78.1 | 34.5 | 24.5 | 177.7 | 327.4 | |
| Implied Stock Price | 18.50 | 163.20 | 45.54 | 8.48 | 68.12 | 6.55 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.86 | |
| Implied Stock Price (Trading Cur) | 18.50 | 163.20 | 45.54 | 8.48 | 68.12 | 7.65 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.86 | |