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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 20,0x - 22,2x | 21,1x |
| Selected Fwd EBITDA Multiple | 17,1x - 18,9x | 18,0x |
| Fair Value | €150,88 - €169,09 | €159,99 |
| Upside | 5,6% - 18,3% | 11,9% |
| Benchmarks | Ticker | Full Ticker |
| Regeneron Pharmaceuticals, Inc. | REGN | NasdaqGS:REGN |
| Gilead Sciences, Inc. | GILD | NasdaqGS:GILD |
| BioMarin Pharmaceutical Inc. | BMRN | NasdaqGS:BMRN |
| Vertex Pharmaceuticals Incorporated | VRTX | NasdaqGS:VRTX |
| ADMA Biologics, Inc. | ADMA | NasdaqGM:ADMA |
| CSL Limited | CSJ | DB:CSJ |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| REGN | GILD | BMRN | VRTX | ADMA | CSJ | ||
| NasdaqGS:REGN | NasdaqGS:GILD | NasdaqGS:BMRN | NasdaqGS:VRTX | NasdaqGM:ADMA | DB:CSJ | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 13.8% | 4.6% | 332.0% | 29.5% | NM- | 10.4% | |
| 3Y CAGR | -20.7% | -1.3% | 170.4% | 5.9% | NM- | 10.2% | |
| Latest Twelve Months | 0.7% | 13.0% | 162.6% | 0.0% | 188.3% | 5.5% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 43.3% | 48.2% | 8.5% | 47.8% | -35.2% | 32.1% | |
| Prior Fiscal Year | 35.5% | 44.1% | 12.0% | 45.4% | 12.7% | 30.4% | |
| Latest Fiscal Year | 32.6% | 46.8% | 23.4% | 43.3% | 34.5% | 31.2% | |
| Latest Twelve Months | 31.7% | 47.8% | 27.3% | 41.3% | 34.8% | 31.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.01x | 5.25x | 3.33x | 9.76x | 8.72x | 6.18x | |
| EV / LTM EBITDA | 9.5x | 11.0x | 12.2x | 23.6x | 25.0x | 19.5x | |
| EV / LTM EBIT | 10.7x | 13.8x | 13.7x | 24.6x | 26.3x | 23.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 9.5x | 12.2x | 25.0x | ||||
| Historical EV / LTM EBITDA | 23.5x | 27.6x | 32.0x | ||||
| Selected EV / LTM EBITDA | 20.0x | 21.1x | 22.2x | ||||
| (x) LTM EBITDA | 4,824 | 4,824 | 4,824 | ||||
| (=) Implied Enterprise Value | 96,712 | 101,802 | 106,892 | ||||
| (-) Non-shareholder Claims * | (12,427) | (12,427) | (12,427) | ||||
| (=) Equity Value | 84,285 | 89,375 | 94,465 | ||||
| (/) Shares Outstanding | 484.2 | 484.2 | 484.2 | ||||
| Implied Value Range | 174.07 | 184.58 | 195.09 | ||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 149.78 | 158.83 | 167.87 | 142.92 | |||
| Upside / (Downside) | 4.8% | 11.1% | 17.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | REGN | GILD | BMRN | VRTX | ADMA | CSJ | |
| Enterprise Value | 42,016 | 150,091 | 9,810 | 108,305 | 4,004 | 92,850 | |
| (+) Cash & Short Term Investments | 8,349 | 8,711 | 1,272 | 6,201 | 72 | 1,524 | |
| (+) Investments & Other | 9,665 | 684 | 507 | 5,221 | 0 | 0 | |
| (-) Debt | (2,705) | (24,952) | (602) | (1,649) | (82) | (11,964) | |
| (-) Other Liabilities | 0 | 84 | 0 | 0 | 0 | (1,987) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 57,326 | 134,618 | 10,987 | 118,078 | 3,994 | 80,423 | |
| (/) Shares Outstanding | 105.7 | 1,243.9 | 191.8 | 256.8 | 238.7 | 484.2 | |
| Implied Stock Price | 542.52 | 108.22 | 57.29 | 459.81 | 16.73 | 166.09 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.16 | |
| Implied Stock Price (Trading Cur) | 542.52 | 108.22 | 57.29 | 459.81 | 16.73 | 142.92 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.16 | |