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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 13.1x - 14.5x | 13.8x |
| Selected Fwd EBITDA Multiple | 9.7x - 10.7x | 10.2x |
| Fair Value | €190.77 - €217.18 | €203.98 |
| Upside | -17.1% - -5.6% | -11.3% |
| Benchmarks | Ticker | Full Ticker |
| Quest Diagnostics Incorporated | DGX | NYSE:DGX |
| Cryo-Cell International, Inc. | CCEL | NYSEAM:CCEL |
| Guardant Health, Inc. | GH | NasdaqGS:GH |
| OPKO Health, Inc. | OPK | NasdaqGS:OPK |
| Precipio, Inc. | PRPO | NasdaqCM:PRPO |
| Labcorp Holdings Inc. | N6B | DB:N6B |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| DGX | CCEL | GH | OPK | PRPO | N6B | ||
| NYSE:DGX | NYSEAM:CCEL | NasdaqGS:GH | NasdaqGS:OPK | NasdaqCM:PRPO | DB:N6B | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 5.1% | -1.0% | NM- | NM- | NM- | -1.8% | |
| 3Y CAGR | -12.1% | 1.6% | NM- | NM- | NM- | -22.6% | |
| Latest Twelve Months | 15.1% | 671.8% | -9.1% | -4.5% | 71.1% | 10.0% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 22.1% | 14.6% | -85.7% | -7.5% | -79.7% | 19.1% | |
| Prior Fiscal Year | 19.3% | 3.7% | -77.7% | -6.1% | -41.5% | 13.3% | |
| Latest Fiscal Year | 19.3% | 14.0% | -54.3% | -24.6% | -15.8% | 13.1% | |
| Latest Twelve Months | 19.6% | 15.0% | -50.6% | -26.0% | -5.9% | 13.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.53x | 1.46x | 9.79x | 1.80x | 1.16x | 2.11x | |
| EV / LTM EBITDA | 12.9x | 9.7x | -19.4x | -6.9x | -19.8x | 15.6x | |
| EV / LTM EBIT | 17.6x | 12.2x | -17.6x | -4.5x | -9.4x | 23.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -19.8x | -6.9x | 12.9x | ||||
| Historical EV / LTM EBITDA | 7.6x | 10.1x | 15.2x | ||||
| Selected EV / LTM EBITDA | 13.1x | 13.8x | 14.5x | ||||
| (x) LTM EBITDA | 1,823 | 1,823 | 1,823 | ||||
| (=) Implied Enterprise Value | 23,857 | 25,113 | 26,368 | ||||
| (-) Non-shareholder Claims * | (5,812) | (5,812) | (5,812) | ||||
| (=) Equity Value | 18,045 | 19,300 | 20,556 | ||||
| (/) Shares Outstanding | 83.1 | 83.1 | 83.1 | ||||
| Implied Value Range | 217.14 | 232.25 | 247.36 | ||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 186.63 | 199.62 | 212.61 | 230.00 | |||
| Upside / (Downside) | -18.9% | -13.2% | -7.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | DGX | CCEL | GH | OPK | PRPO | N6B | |
| Enterprise Value | 26,475 | 47 | 8,099 | 1,195 | 25 | 28,050 | |
| (+) Cash & Short Term Investments | 319 | 4 | 523 | 267 | 1 | 647 | |
| (+) Investments & Other | 153 | 0 | 16 | 13 | 0 | 160 | |
| (-) Debt | (6,384) | (16) | (1,334) | (396) | (3) | (6,603) | |
| (-) Other Liabilities | (118) | 0 | 0 | 0 | 0 | (17) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 20,445 | 35 | 7,304 | 1,080 | 23 | 22,237 | |
| (/) Shares Outstanding | 111.8 | 8.1 | 124.7 | 793.8 | 1.6 | 83.1 | |
| Implied Stock Price | 182.83 | 4.37 | 58.57 | 1.36 | 14.30 | 267.60 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.16 | |
| Implied Stock Price (Trading Cur) | 182.83 | 4.37 | 58.57 | 1.36 | 14.30 | 230.00 | |
| 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 | |