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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 14,0x - 15,5x | 14,8x |
| Selected Fwd EBITDA Multiple | 13,8x - 15,3x | 14,5x |
| Fair Value | 34,62€ - 37,85€ | 36,23€ |
| Upside | -33,0% - -26,7% | -29,9% |
| Benchmarks | Ticker | Full Ticker |
| Bristol-Myers Squibb Company | BMY | NYSE:BMY |
| GSK plc | GLAX.F | OTCPK:GLAX.F |
| Johnson & Johnson | JNJ_KZ | KAS:JNJ_KZ |
| Roche Holding AG | RHHV.F | OTCPK:RHHV.F |
| Sanofi | SANOFI80 | SET:SANOFI80 |
| Chugai Pharmaceutical Co., Ltd. | CUP | DB:CUP |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| BMY | GLAX.F | JNJ_KZ | RHHV.F | SANOFI80 | CUP | ||
| NYSE:BMY | OTCPK:GLAX.F | KAS:JNJ_KZ | OTCPK:RHHV.F | SET:SANOFI80 | DB:CUP | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 20.0% | -4.2% | 1.2% | -1.9% | 2.9% | 19.3% | |
| 3Y CAGR | 0.1% | 2.3% | 2.0% | -2.3% | 1.2% | 8.2% | |
| Latest Twelve Months | 5.4% | -19.3% | -1.8% | 8.6% | 5.3% | 21.8% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 41.5% | 31.3% | 34.9% | 37.0% | 28.4% | 43.7% | |
| Prior Fiscal Year | 40.9% | 34.0% | 36.4% | 34.6% | 26.9% | 42.4% | |
| Latest Fiscal Year | 40.2% | 26.5% | 33.7% | 36.4% | 26.3% | 49.0% | |
| Latest Twelve Months | 40.2% | 26.5% | 33.7% | 36.4% | 26.3% | 49.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.86x | 2.05x | 4.37x | 3.70x | 2.68x | 9.12x | |
| EV / LTM EBITDA | 7.1x | 7.7x | 13.0x | 10.2x | 10.2x | 18.6x | |
| EV / LTM EBIT | 14.1x | 10.4x | 17.2x | 11.8x | 13.4x | 19.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 7.1x | 10.2x | 13.0x | ||||
| Historical EV / LTM EBITDA | 8.7x | 17.1x | 28.8x | ||||
| Selected EV / LTM EBITDA | 14.0x | 14.8x | 15.5x | ||||
| (x) LTM EBITDA | 573,668 | 573,668 | 573,668 | ||||
| (=) Implied Enterprise Value | 8,043,611 | 8,466,959 | 8,890,307 | ||||
| (-) Non-shareholder Claims * | 1,058,521 | 1,058,521 | 1,058,521 | ||||
| (=) Equity Value | 9,102,132 | 9,525,480 | 9,948,828 | ||||
| (/) Shares Outstanding | 1,645.6 | 1,645.6 | 1,645.6 | ||||
| Implied Value Range | 5,531.25 | 5,788.52 | 6,045.78 | ||||
| FX Rate: JPY/EUR | 161.9 | 161.9 | 161.9 | Market Price | |||
| Implied Value Range (Trading Cur) | 34.16 | 35.75 | 37.33 | 51.66 | |||
| Upside / (Downside) | -33.9% | -30.8% | -27.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | BMY | GLAX.F | JNJ_KZ | RHHV.F | SANOFI80 | CUP | |
| Enterprise Value | 138,566 | 63,648 | 388,092 | 226,833 | 7,559 | 12,707,578 | |
| (+) Cash & Short Term Investments | 10,859 | 4,326 | 24,522 | 17,333 | 7,556 | 996,345 | |
| (+) Investments & Other | 2,056 | 1,232 | 0 | 858 | 3,259 | 73,073 | |
| (-) Debt | (51,257) | (16,986) | (37,834) | (36,379) | (17,913) | (10,897) | |
| (-) Other Liabilities | (53) | 585 | 0 | (4,394) | (350) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 100,171 | 52,805 | 374,780 | 204,251 | 111 | 13,766,099 | |
| (/) Shares Outstanding | 2,034.8 | 4,051.9 | 2,409.8 | 795.4 | 1,224.0 | 1,645.6 | |
| Implied Stock Price | 49.23 | 13.03 | 155.52 | 256.79 | 0.09 | 8,365.49 | |
| FX Conversion Rate to Trading Currency | 1.00 | 0.75 | 1.00 | 0.82 | 0.03 | 161.93 | |
| Implied Stock Price (Trading Cur) | 49.23 | 17.30 | 155.52 | 313.62 | 3.44 | 51.66 | |
| Trading Currency | USD | USD | USD | USD | THB | EUR | |
| FX Rate to Reporting Currency | 1.00 | 0.75 | 1.00 | 0.82 | 0.03 | 161.93 | |