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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 1.4x - 1.5x | 1.4x |
| Selected Fwd Revenue Multiple | 1.4x - 1.5x | 1.4x |
| Fair Value | $9.97 - $11.98 | $10.97 |
| Upside | 23.5% - 48.4% | 36.0% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Merck KGaA | MRK | XTRA:MRK |
| UCB SA | UNC | DB:UNC |
| Sanofi | SNW | XTRA:SNW |
| Vetoquinol SA | 8JM | DB:8JM |
| Ipsen S.A. | I7G | DB:I7G |
| Bayer Aktiengesellschaft | BAYR.Y | OTCPK:BAYR.Y |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| MRK | UNC | SNW | 8JM | I7G | BAYR.Y | |||
| XTRA:MRK | DB:UNC | XTRA:SNW | DB:8JM | DB:I7G | OTCPK:BAYR.Y | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 5.5% | 4.6% | 3.3% | 6.4% | 5.8% | 1.4% | ||
| 3Y CAGR | 2.4% | 2.1% | 4.2% | 1.1% | 9.2% | 1.9% | ||
| Latest Twelve Months | 1.7% | 25.6% | 15.7% | -0.9% | 9.5% | -2.0% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 19.9% | 15.6% | 21.4% | 14.7% | 27.9% | 15.6% | ||
| Prior Fiscal Year | 17.6% | 11.2% | 19.8% | 14.7% | 23.3% | 16.4% | ||
| Latest Fiscal Year | 19.3% | 13.8% | 20.0% | 14.2% | 23.5% | 11.7% | ||
| Latest Twelve Months | 20.1% | 17.8% | 20.5% | 15.0% | 27.3% | 10.9% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 2.53x | 5.82x | 2.12x | 1.45x | 2.37x | 1.24x | ||
| EV / LTM EBIT | 12.6x | 32.8x | 10.3x | 9.7x | 8.7x | 11.3x | ||
| Price / LTM Sales | 2.21x | 5.63x | 2.11x | 1.76x | 2.53x | 0.58x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 1.45x | 2.37x | 5.82x | |||||
| Historical EV / LTM Revenue | 1.09x | 1.61x | 1.81x | |||||
| Selected EV / LTM Revenue | 1.37x | 1.44x | 1.51x | |||||
| (x) LTM Revenue | 46,174 | 46,174 | 46,174 | |||||
| (=) Implied Enterprise Value | 63,266 | 66,596 | 69,926 | |||||
| (-) Non-shareholder Claims * | (30,177) | (30,177) | (30,177) | |||||
| (=) Equity Value | 33,089 | 36,419 | 39,749 | |||||
| (/) Shares Outstanding | 3,896.7 | 3,896.7 | 3,896.7 | |||||
| Implied Value Range | 8.49 | 9.35 | 10.20 | |||||
| FX Rate: EUR/USD | 0.8 | 0.8 | 0.8 | Market Price | ||||
| Implied Value Range (Trading Cur) | 10.00 | 11.00 | 12.01 | 8.07 | ||||
| Upside / (Downside) | 23.9% | 36.3% | 48.8% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | MRK | UNC | SNW | 8JM | I7G | BAYR.Y | |
| Enterprise Value | 53,669 | 39,755 | 96,963 | 769 | 8,964 | 56,887 | |
| (+) Cash & Short Term Investments | 1,573 | 1,611 | 15,359 | 182 | 1,447 | 5,495 | |
| (+) Investments & Other | 1,034 | 290 | 6,995 | 1 | 120 | 2,885 | |
| (-) Debt | (9,402) | (2,878) | (22,285) | (18) | (962) | (38,427) | |
| (-) Other Liabilities | (70) | 0 | (271) | (0) | (1) | (130) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 46,804 | 38,778 | 96,761 | 934 | 9,568 | 26,710 | |
| (/) Shares Outstanding | 434.8 | 190.0 | 1,216.8 | 11.8 | 82.3 | 3,896.7 | |
| Implied Stock Price | 107.65 | 204.10 | 79.52 | 79.20 | 116.20 | 6.85 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.85 | |
| Implied Stock Price (Trading Cur) | 107.65 | 204.10 | 79.52 | 79.20 | 116.20 | 8.07 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.85 | |