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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 31.9x - 35.2x | 33.6x |
| Selected Fwd EBIT Multiple | 20.9x - 23.1x | 22.0x |
| Fair Value | €620.58 - €689.28 | €654.93 |
| Upside | -4.2% - 6.4% | 1.1% |
| Benchmarks | Ticker | Full Ticker |
| Endo Inc. | NDOI | OTCPK:NDOI |
| ANI Pharmaceuticals, Inc. | ANIP | NasdaqGM:ANIP |
| Indivior PLC | INDV | NasdaqGS:INDV |
| Axsome Therapeutics, Inc. | AXSM | NasdaqGM:AXSM |
| Supernus Pharmaceuticals, Inc. | SUPN | NasdaqGM:SUPN |
| Eli Lilly and Company | LLY | XTRA:LLY |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| NDOI | ANIP | INDV | AXSM | SUPN | LLY | ||
| OTCPK:NDOI | NasdaqGM:ANIP | NasdaqGS:INDV | NasdaqGM:AXSM | NasdaqGM:SUPN | XTRA:LLY | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | -2.3% | 7.6% | NM- | -16.2% | 23.9% | |
| 3Y CAGR | NM- | NM- | 16.0% | NM- | -8.3% | 28.4% | |
| Latest Twelve Months | -213.4% | -72.3% | 7.5% | 2.4% | 941.7% | 70.9% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 17.3% | -1.3% | 19.5% | -275.3% | 14.0% | 31.3% | |
| Prior Fiscal Year | 19.2% | 10.2% | 23.8% | -67.6% | 2.2% | 31.6% | |
| Latest Fiscal Year | -18.5% | 2.4% | 24.6% | -65.5% | 9.3% | 38.9% | |
| Latest Twelve Months | -22.7% | 2.2% | 24.4% | -55.4% | 8.8% | 41.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.13x | 2.53x | 1.16x | 11.60x | 2.00x | 14.38x | |
| EV / LTM EBITDA | -46.5x | 18.9x | 4.4x | -21.7x | 9.6x | 32.0x | |
| EV / LTM EBIT | -9.4x | 117.3x | 4.8x | -21.0x | 22.8x | 34.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -21.0x | 4.8x | 117.3x | ||||
| Historical EV / LTM EBIT | 26.2x | 40.6x | 55.2x | ||||
| Selected EV / LTM EBIT | 31.9x | 33.6x | 35.2x | ||||
| (x) LTM EBIT | 20,175 | 20,175 | 20,175 | ||||
| (=) Implied Enterprise Value | 643,387 | 677,249 | 711,112 | ||||
| (-) Non-shareholder Claims * | (32,177) | (32,177) | (32,177) | ||||
| (=) Equity Value | 611,210 | 645,072 | 678,934 | ||||
| (/) Shares Outstanding | 897.7 | 897.7 | 897.7 | ||||
| Implied Value Range | 680.83 | 718.55 | 756.27 | ||||
| FX Rate: USD/EUR | 1.1 | 1.1 | 1.1 | Market Price | |||
| Implied Value Range (Trading Cur) | 609.62 | 643.39 | 677.17 | 647.90 | |||
| Upside / (Downside) | -5.9% | -0.7% | 4.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | NDOI | ANIP | INDV | AXSM | SUPN | LLY | |
| Enterprise Value | 3,686 | 1,708 | 1,346 | 5,015 | 1,335 | 681,767 | |
| (+) Cash & Short Term Investments | 370 | 155 | 373 | 301 | 464 | 3,222 | |
| (+) Investments & Other | 0 | 0 | 27 | 0 | 0 | 3,287 | |
| (-) Debt | (2,421) | (630) | (370) | (211) | (32) | (38,604) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | 0 | (82) | |
| (-) Preferred Stock | 0 | (25) | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,635 | 1,208 | 1,376 | 5,104 | 1,766 | 649,590 | |
| (/) Shares Outstanding | 76.3 | 20.0 | 124.8 | 49.2 | 56.0 | 897.7 | |
| Implied Stock Price | 21.43 | 60.37 | 11.03 | 103.67 | 31.54 | 723.59 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.12 | |
| Implied Stock Price (Trading Cur) | 21.43 | 60.37 | 11.03 | 103.67 | 31.54 | 647.90 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.12 | |