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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 11.7x - 13.0x | 12.4x |
| Selected Fwd EBITDA Multiple | 8.0x - 8.9x | 8.5x |
| Fair Value | €41.69 - €47.72 | €44.70 |
| Upside | -3.4% - 10.5% | 3.5% |
| Benchmarks | Ticker | Full Ticker |
| Fresenius Medical Care AG | FME | XTRA:FME |
| M1 Kliniken AG | M12 | XTRA:M12 |
| RHÖN-KLINIKUM Aktiengesellschaft | RHK | XTRA:RHK |
| Clínica Baviera, S.A. | D9Z | DB:D9Z |
| Terveystalo Oyj | 4TS | DB:4TS |
| Fresenius SE & Co. KGaA | FRE | XTRA:FRE |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| FME | M12 | RHK | D9Z | 4TS | FRE | ||
| XTRA:FME | XTRA:M12 | XTRA:RHK | DB:D9Z | DB:4TS | XTRA:FRE | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -5.6% | 20.3% | 5.1% | 19.5% | 5.6% | -15.4% | |
| 3Y CAGR | -5.7% | 46.3% | 4.0% | 12.8% | 3.3% | -22.5% | |
| Latest Twelve Months | -0.9% | 89.3% | -0.5% | 15.1% | 27.2% | 44.5% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 14.3% | 5.9% | 5.6% | 28.7% | 11.5% | 13.6% | |
| Prior Fiscal Year | 12.2% | 3.7% | 5.9% | 29.3% | 9.8% | 8.5% | |
| Latest Fiscal Year | 12.1% | 5.7% | 5.7% | 28.8% | 12.8% | 11.9% | |
| Latest Twelve Months | 12.1% | 7.5% | 5.5% | 28.8% | 13.5% | 12.1% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.28x | 0.87x | 0.41x | 2.43x | 1.52x | 1.49x | |
| EV / LTM EBITDA | 10.5x | 11.6x | 7.5x | 8.5x | 11.3x | 12.4x | |
| EV / LTM EBIT | 16.0x | 13.2x | 17.1x | 11.6x | 15.5x | 17.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 7.5x | 10.5x | 11.6x | ||||
| Historical EV / LTM EBITDA | 9.0x | 12.9x | 18.7x | ||||
| Selected EV / LTM EBITDA | 11.7x | 12.4x | 13.0x | ||||
| (x) LTM EBITDA | 2,668 | 2,668 | 2,668 | ||||
| (=) Implied Enterprise Value | 31,305 | 32,953 | 34,601 | ||||
| (-) Non-shareholder Claims * | (8,759) | (8,759) | (8,759) | ||||
| (=) Equity Value | 22,546 | 24,194 | 25,842 | ||||
| (/) Shares Outstanding | 563.2 | 563.2 | 563.2 | ||||
| Implied Value Range | 40.03 | 42.96 | 45.88 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 40.03 | 42.96 | 45.88 | 43.18 | |||
| Upside / (Downside) | -7.3% | -0.5% | 6.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | FME | M12 | RHK | D9Z | 4TS | FRE | |
| Enterprise Value | 24,912 | 286 | 774 | 637 | 2,054 | 33,080 | |
| (+) Cash & Short Term Investments | 1,071 | 10 | 263 | 39 | 68 | 2,387 | |
| (+) Investments & Other | 667 | 3 | 14 | 2 | 1 | 3,147 | |
| (-) Debt | (10,841) | (21) | (150) | (59) | (565) | (13,630) | |
| (-) Other Liabilities | (1,132) | (27) | (30) | (1) | 0 | (663) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 14,677 | 250 | 870 | 617 | 1,558 | 24,321 | |
| (/) Shares Outstanding | 293.4 | 18.6 | 66.9 | 16.0 | 126.7 | 563.2 | |
| Implied Stock Price | 50.02 | 13.50 | 13.00 | 38.60 | 12.30 | 43.18 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 50.02 | 13.50 | 13.00 | 38.60 | 12.30 | 43.18 | |
| 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 | |