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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 32.5x - 35.9x | 34.2x |
| Selected Fwd EBITDA Multiple | 21.4x - 23.7x | 22.6x |
| Fair Value | CHF 99.45 - CHF 110.76 | CHF 105.11 |
| Upside | -31.9% - -24.2% | -28.1% |
| Benchmarks | Ticker | Full Ticker |
| Regeneron Pharmaceuticals, Inc. | RGO | DB:RGO |
| Harmony Biosciences Holdings, Inc. | HRMY | NasdaqGM:HRMY |
| Evolus, Inc. | EVL | DB:EVL |
| Tarsus Pharmaceuticals, Inc. | TARS | NasdaqGS:TARS |
| Bio Essence Corporation | BIOE | OTCPK:BIOE |
| Galderma Group AG | GALD | SWX:GALD |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| RGO | HRMY | EVL | TARS | BIOE | GALD | ||
| DB:RGO | NasdaqGM:HRMY | DB:EVL | NasdaqGS:TARS | OTCPK:BIOE | SWX:GALD | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 13.8% | NM- | NM- | NM- | NM- | NM- | |
| 3Y CAGR | -20.7% | 26.4% | NM- | NM- | NM- | 16.2% | |
| Latest Twelve Months | -1.8% | 21.3% | -42.8% | 37.9% | 32.6% | 14.8% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 42.8% | 30.0% | -41.5% | -256.0% | -77.0% | 19.4% | |
| Prior Fiscal Year | 35.5% | 37.2% | -15.3% | -815.5% | NA | 19.9% | |
| Latest Fiscal Year | 32.6% | 30.1% | -8.2% | -65.2% | -141.5% | 20.1% | |
| Latest Twelve Months | 31.4% | 31.8% | -12.7% | -32.6% | -50.7% | 21.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.23x | 1.37x | 1.79x | 8.73x | 10.73x | 9.77x | |
| EV / LTM EBITDA | 10.3x | 4.3x | -14.2x | -26.8x | -21.1x | 46.5x | |
| EV / LTM EBIT | 11.6x | 4.8x | -12.2x | -26.3x | -21.1x | 61.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -26.8x | -14.2x | 10.3x | ||||
| Historical EV / LTM EBITDA | 32.7x | 32.7x | 32.7x | ||||
| Selected EV / LTM EBITDA | 32.5x | 34.2x | 35.9x | ||||
| (x) LTM EBITDA | 984 | 984 | 984 | ||||
| (=) Implied Enterprise Value | 31,972 | 33,655 | 35,338 | ||||
| (-) Non-shareholder Claims * | (2,387) | (2,387) | (2,387) | ||||
| (=) Equity Value | 29,585 | 31,268 | 32,951 | ||||
| (/) Shares Outstanding | 237.4 | 237.4 | 237.4 | ||||
| Implied Value Range | 124.62 | 131.71 | 138.80 | ||||
| FX Rate: USD/CHF | 1.3 | 1.3 | 1.3 | Market Price | |||
| Implied Value Range (Trading Cur) | 99.55 | 105.21 | 110.87 | 146.10 | |||
| Upside / (Downside) | -31.9% | -28.0% | -24.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | RGO | HRMY | EVL | TARS | BIOE | GALD | |
| Enterprise Value | 45,961 | 1,057 | 504 | 2,577 | 6 | 45,807 | |
| (+) Cash & Short Term Investments | 7,470 | 565 | 62 | 381 | 0 | 458 | |
| (+) Investments & Other | 10,467 | 107 | 0 | 3 | 0 | 3 | |
| (-) Debt | (2,705) | (173) | (155) | (72) | (3) | (2,848) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 61,193 | 1,556 | 411 | 2,888 | 3 | 43,420 | |
| (/) Shares Outstanding | 103.7 | 57.5 | 64.7 | 42.2 | 38.0 | 237.4 | |
| Implied Stock Price | 590.17 | 27.05 | 6.35 | 68.42 | 0.09 | 182.89 | |
| FX Conversion Rate to Trading Currency | 1.16 | 1.00 | 1.16 | 1.00 | 1.00 | 1.25 | |
| Implied Stock Price (Trading Cur) | 506.60 | 27.05 | 5.45 | 68.42 | 0.09 | 146.10 | |
| Trading Currency | EUR | USD | EUR | USD | USD | CHF | |
| FX Rate to Reporting Currency | 1.16 | 1.00 | 1.16 | 1.00 | 1.00 | 1.25 | |