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Metrics | Range | Conclusion |
---|---|---|
Selected LTM P/E Multiple | 19.3x - 21.3x | 20.3x |
Selected Fwd P/E Multiple | 14.7x - 16.2x | 15.4x |
Fair Value | €38.45 - €42.50 | €40.47 |
Upside | 11.3% - 23.0% | 17.1% |
Benchmarks | - | Full Ticker |
PharmaSGP Holding SE | - | XTRA:PSG |
Merck KGaA | - | XTRA:MRK |
Bayer Aktiengesellschaft | - | XTRA:BAYN |
Orion Oyj | - | DB:OFK |
Krka, d. d. | - | DB:KN8 |
Dermapharm Holding SE | - | XTRA:DMP |
- | - | - |
Select Price / LTM EPS Ratio | ||||||||
Benchmark Companies | ||||||||
PSG | MRK | BAYN | OFK | KN8 | DMP | |||
XTRA:PSG | XTRA:MRK | XTRA:BAYN | DB:OFK | DB:KN8 | XTRA:DMP | |||
Historical Net Income Growth | ||||||||
5Y CAGR | 3.2% | 16.5% | NM- | 10.5% | 7.8% | 8.1% | ||
3Y CAGR | 22.3% | -3.1% | NM- | 19.4% | 4.9% | -18.4% | ||
Latest Twelve Months | 8.8% | 3.5% | -4.3% | 60.2% | 26.7% | 83.0% | ||
Historical Net Income Profit Margin | ||||||||
5 Year Average Margin | 16.3% | 13.6% | -4.3% | 20.7% | 19.3% | 12.0% | ||
Prior Fiscal Year | 16.2% | 13.5% | -6.2% | 18.2% | 17.4% | 5.4% | ||
Latest Fiscal Year | 16.4% | 13.1% | -5.5% | 21.4% | 18.7% | 9.5% | ||
Latest Twelve Months | 16.1% | 13.2% | -7.0% | 21.9% | 21.1% | 8.6% | ||
Current Trading Multiples | ||||||||
EV / LTM EBITDA | 10.0x | 9.2x | 6.9x | 21.2x | 10.4x | 11.0x | ||
Price / LTM Sales | 2.7x | 2.2x | 0.6x | 5.9x | 3.1x | 1.5x | ||
LTM P/E Ratio | 16.8x | 16.9x | -8.3x | 26.8x | 14.9x | 17.9x | ||
Low | Mid | High | ||||||
Benchmark LTM P/E Ratio | -8.3x | 16.8x | 26.8x | |||||
Historical LTM P/E Ratio | 11.5x | 24.0x | 38.3x | |||||
Selected P/E Multiple | 19.3x | 20.3x | 21.3x | |||||
(x) LTM Net Income | 104 | 104 | 104 | |||||
(=) Equity Value | 2,000 | 2,105 | 2,211 | |||||
(/) Shares Outstanding | 53.8 | 53.8 | 53.8 | |||||
Implied Value Range | 37.15 | 39.10 | 41.06 | |||||
FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | ||||
Implied Value Range (Trading Cur) | 37.15 | 39.10 | 41.06 | 34.55 | ||||
Upside / (Downside) | 7.5% | 13.2% | 18.8% |
Equity Value | |||||||
Benchmark Companies | |||||||
(in millions) | PSG | MRK | BAYN | OFK | KN8 | DMP | |
Value of Common Equity | 332 | 47,826 | 26,835 | 9,328 | 6,147 | 1,860 | |
(/) Shares Outstanding | 11.5 | 434.8 | 982.4 | 140.7 | 30.6 | 53.8 | |
Implied Stock Price | 28.80 | 110.00 | 27.32 | 66.30 | 201.00 | 34.55 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 28.80 | 110.00 | 27.32 | 66.30 | 201.00 | 34.55 | |
Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |