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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 33.9x - 37.5x | 35.7x |
| Selected Fwd EBITDA Multiple | 20.6x - 22.8x | 21.7x |
| Fair Value | CHF 92.25 - CHF 102.76 | CHF 97.51 |
| Upside | -25.7% - -17.2% | -21.4% |
| Benchmarks | Ticker | Full Ticker |
| Regeneron Pharmaceuticals, Inc. | RGO | DB:RGO |
| 4Front Ventures Corp. | FFNT.F | OTCPK:FFNT.F |
| Harmony Biosciences Holdings, Inc. | HRMY | NasdaqGM:HRMY |
| Evolus, Inc. | EVL | DB:EVL |
| Tarsus Pharmaceuticals, Inc. | TARS | NasdaqGS:TARS |
| Galderma Group AG | GALD | SWX:GALD |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| RGO | FFNT.F | HRMY | EVL | TARS | GALD | ||
| DB:RGO | OTCPK:FFNT.F | NasdaqGM:HRMY | DB:EVL | NasdaqGS:TARS | SWX:GALD | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 13.8% | NM- | NM- | NM- | NM- | NM- | |
| 3Y CAGR | -20.7% | NM- | 26.4% | NM- | NM- | 16.2% | |
| Latest Twelve Months | 0.7% | 19.1% | -4.0% | 0.9% | 30.4% | 8.9% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 43.3% | -26.0% | 24.1% | -48.3% | -269.1% | 18.8% | |
| Prior Fiscal Year | 35.5% | -2.2% | 37.2% | -15.3% | -815.5% | 19.9% | |
| Latest Fiscal Year | 32.6% | -15.5% | 30.1% | -8.2% | -65.2% | 20.1% | |
| Latest Twelve Months | 31.7% | -22.5% | 29.4% | -10.0% | -46.1% | 20.1% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.15x | 3.05x | 2.29x | 2.47x | 6.16x | 8.87x | |
| EV / LTM EBITDA | 9.9x | -13.6x | 7.8x | -24.7x | -13.3x | 44.2x | |
| EV / LTM EBIT | 11.2x | -10.4x | 8.7x | -20.6x | -13.2x | 58.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -24.7x | -13.3x | 9.9x | ||||
| Historical EV / LTM EBITDA | 44.2x | 44.2x | 44.2x | ||||
| Selected EV / LTM EBITDA | 33.9x | 35.7x | 37.5x | ||||
| (x) LTM EBITDA | 891 | 891 | 891 | ||||
| (=) Implied Enterprise Value | 30,201 | 31,791 | 33,380 | ||||
| (-) Non-shareholder Claims * | (2,301) | (2,301) | (2,301) | ||||
| (=) Equity Value | 27,900 | 29,490 | 31,079 | ||||
| (/) Shares Outstanding | 237.4 | 237.4 | 237.4 | ||||
| Implied Value Range | 117.52 | 124.22 | 130.91 | ||||
| FX Rate: USD/CHF | 1.3 | 1.3 | 1.3 | Market Price | |||
| Implied Value Range (Trading Cur) | 93.14 | 98.44 | 103.75 | 124.10 | |||
| Upside / (Downside) | -25.0% | -20.7% | -16.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | RGO | FFNT.F | HRMY | EVL | TARS | GALD | |
| Enterprise Value | 45,038 | 229 | 1,705 | 677 | 1,435 | 39,477 | |
| (+) Cash & Short Term Investments | 8,349 | 1 | 507 | 68 | 408 | 457 | |
| (+) Investments & Other | 9,665 | 0 | 103 | 0 | 3 | 1 | |
| (-) Debt | (2,705) | (230) | (177) | (130) | (72) | (2,759) | |
| (-) 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 | 60,348 | 0 | 2,137 | 615 | 1,774 | 37,176 | |
| (/) Shares Outstanding | 105.7 | 916.4 | 57.4 | 64.5 | 42.0 | 237.4 | |
| Implied Stock Price | 571.13 | 0.00 | 37.22 | 9.54 | 42.22 | 156.59 | |
| FX Conversion Rate to Trading Currency | 1.18 | 1.00 | 1.00 | 1.18 | 1.00 | 1.26 | |
| Implied Stock Price (Trading Cur) | 485.00 | 0.00 | 37.22 | 8.10 | 42.22 | 124.10 | |
| Trading Currency | EUR | USD | USD | EUR | USD | CHF | |
| FX Rate to Reporting Currency | 1.18 | 1.00 | 1.00 | 1.18 | 1.00 | 1.26 | |