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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 9.7x - 10.7x | 10.2x |
| Selected Fwd EBIT Multiple | 7.9x - 8.7x | 8.3x |
| Fair Value | ₪59.89 - ₪71.17 | ₪65.53 |
| Upside | -7.8% - 9.5% | 0.8% |
| Benchmarks | Ticker | Full Ticker |
| Amneal Pharmaceuticals, Inc. | AMRX | NasdaqGS:AMRX |
| Supernus Pharmaceuticals, Inc. | SUPN | NasdaqGM:SUPN |
| Collegium Pharmaceutical, Inc. | COLL | NasdaqGS:COLL |
| Axsome Therapeutics, Inc. | AXSM | NasdaqGM:AXSM |
| Indivior PLC | INDV | NasdaqGS:INDV |
| Teva Pharmaceutical Industries Limited | TEVA | TASE:TEVA |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| AMRX | SUPN | COLL | AXSM | INDV | TEVA | ||
| NasdaqGS:AMRX | NasdaqGM:SUPN | NasdaqGS:COLL | NasdaqGM:AXSM | NasdaqGS:INDV | TASE:TEVA | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | -16.2% | NM- | NM- | 7.6% | 4.4% | |
| 3Y CAGR | 17.2% | -8.3% | 107.9% | NM- | 16.0% | 3.1% | |
| Latest Twelve Months | 18.1% | 941.7% | -13.1% | 2.4% | 7.5% | 2.4% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 9.7% | 14.0% | 21.4% | -275.3% | 19.5% | 18.8% | |
| Prior Fiscal Year | 11.3% | 2.2% | 33.6% | -67.6% | 23.8% | 20.1% | |
| Latest Fiscal Year | 12.5% | 9.3% | 31.6% | -65.5% | 24.6% | 20.4% | |
| Latest Twelve Months | 12.9% | 8.8% | 25.8% | -55.4% | 24.4% | 20.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.74x | 2.01x | 2.55x | 12.07x | 1.15x | 2.18x | |
| EV / LTM EBITDA | 8.1x | 9.7x | 4.7x | -22.6x | 4.4x | 8.1x | |
| EV / LTM EBIT | 13.5x | 22.9x | 9.9x | -21.8x | 4.7x | 10.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -21.8x | 9.9x | 22.9x | ||||
| Historical EV / LTM EBIT | 10.2x | 11.6x | 12.3x | ||||
| Selected EV / LTM EBIT | 9.7x | 10.2x | 10.7x | ||||
| (x) LTM EBIT | 3,421 | 3,421 | 3,421 | ||||
| (=) Implied Enterprise Value | 33,073 | 34,814 | 36,554 | ||||
| (-) Non-shareholder Claims * | (15,249) | (15,249) | (15,249) | ||||
| (=) Equity Value | 17,824 | 19,565 | 21,305 | ||||
| (/) Shares Outstanding | 1,147.0 | 1,147.0 | 1,147.0 | ||||
| Implied Value Range | 15.54 | 17.06 | 18.58 | ||||
| FX Rate: USD/ILS | 0.3 | 0.3 | 0.3 | Market Price | |||
| Implied Value Range (Trading Cur) | 55.18 | 60.57 | 65.96 | 64.99 | |||
| Upside / (Downside) | -15.1% | -6.8% | 1.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | AMRX | SUPN | COLL | AXSM | INDV | TEVA | |
| Enterprise Value | 4,904 | 1,335 | 1,644 | 5,270 | 1,340 | 36,241 | |
| (+) Cash & Short Term Investments | 62 | 464 | 198 | 301 | 373 | 1,697 | |
| (+) Investments & Other | 24 | 0 | 0 | 0 | 27 | 0 | |
| (-) Debt | (2,580) | (32) | (966) | (211) | (370) | (16,939) | |
| (-) Other Liabilities | (72) | 0 | 0 | 0 | 0 | (7) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 2,338 | 1,766 | 876 | 5,360 | 1,370 | 20,992 | |
| (/) Shares Outstanding | 313.4 | 56.0 | 32.1 | 49.2 | 124.8 | 1,147.0 | |
| Implied Stock Price | 7.46 | 31.54 | 27.27 | 108.86 | 10.98 | 18.30 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.28 | |
| Implied Stock Price (Trading Cur) | 7.46 | 31.54 | 27.27 | 108.86 | 10.98 | 64.99 | |
| Trading Currency | USD | USD | USD | USD | USD | ILS | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.28 | |