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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | -2.2x - -2.4x | -2.3x |
| Selected Fwd EBIT Multiple | -2.4x - -2.6x | -2.5x |
| Fair Value | ₪16.26 - ₪18.42 | ₪17.34 |
| Upside | 2.5% - 16.1% | 9.3% |
| Benchmarks | Ticker | Full Ticker |
| Compugen Ltd. | CGEN | NasdaqCM:CGEN |
| Longeveron Inc. | LGVN | NasdaqCM:LGVN |
| MiMedx Group, Inc. | MDXG | NasdaqCM:MDXG |
| Lineage Cell Therapeutics, Inc. | LCTX | NYSEAM:LCTX |
| Kamada Ltd. | KMDA | NasdaqGS:KMDA |
| Pluri Inc. | PLUR | TASE:PLUR |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| CGEN | LGVN | MDXG | LCTX | KMDA | PLUR | ||
| NasdaqCM:CGEN | NasdaqCM:LGVN | NasdaqCM:MDXG | NYSEAM:LCTX | NasdaqGS:KMDA | TASE:PLUR | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | NM- | NM- | NM- | -2.5% | NM- | |
| 3Y CAGR | NM- | NM- | NM- | NM- | 163.3% | NM- | |
| Latest Twelve Months | -335.6% | 13.6% | -31.7% | -0.5% | 72.3% | 4.8% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | -527.2% | -1239.2% | 1.9% | -597.2% | 7.9% | -25892.0% | |
| Prior Fiscal Year | -38.8% | -2962.8% | 11.5% | -237.0% | 7.1% | -9493.4% | |
| Latest Fiscal Year | -53.4% | -690.7% | 17.0% | -226.1% | 12.5% | -6796.9% | |
| Latest Twelve Months | -89.5% | -791.6% | 11.9% | -223.1% | 14.2% | -2087.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.23x | -1.17x | 2.59x | 19.21x | 2.08x | 46.21x | |
| EV / LTM EBITDA | -2.6x | 0.2x | 17.5x | -8.9x | 9.6x | -2.2x | |
| EV / LTM EBIT | -2.5x | 0.1x | 21.8x | -8.6x | 14.6x | -2.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -8.6x | 0.1x | 21.8x | ||||
| Historical EV / LTM EBIT | -7.2x | -1.6x | -0.2x | ||||
| Selected EV / LTM EBIT | -2.2x | -2.3x | -2.4x | ||||
| (x) LTM EBIT | (22) | (22) | (22) | ||||
| (=) Implied Enterprise Value | 47 | 50 | 52 | ||||
| (-) Non-shareholder Claims * | (10) | (10) | (10) | ||||
| (=) Equity Value | 37 | 40 | 42 | ||||
| (/) Shares Outstanding | 7.9 | 7.9 | 7.9 | ||||
| Implied Value Range | 4.74 | 5.06 | 5.37 | ||||
| FX Rate: USD/ILS | 0.3 | 0.3 | 0.3 | Market Price | |||
| Implied Value Range (Trading Cur) | 16.19 | 17.27 | 18.35 | 15.86 | |||
| Upside / (Downside) | 2.1% | 8.9% | 15.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | CGEN | LGVN | MDXG | LCTX | KMDA | PLUR | |
| Enterprise Value | 49 | (3) | 941 | 184 | 358 | 46 | |
| (+) Cash & Short Term Investments | 94 | 14 | 119 | 48 | 76 | 26 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Debt | (3) | (1) | (18) | (2) | (11) | (31) | |
| (-) Other Liabilities | 0 | 0 | 0 | 1 | 0 | (5) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 140 | 10 | 1,042 | 231 | 423 | 37 | |
| (/) Shares Outstanding | 93.5 | 15.0 | 148.0 | 228.4 | 57.7 | 7.9 | |
| Implied Stock Price | 1.50 | 0.70 | 7.04 | 1.01 | 7.34 | 4.64 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.29 | |
| Implied Stock Price (Trading Cur) | 1.50 | 0.70 | 7.04 | 1.01 | 7.34 | 15.86 | |
| Trading Currency | USD | USD | USD | USD | USD | ILS | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.29 | |