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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBITDA Multiple | 27.6x - 30.5x | 29.1x |
Selected Fwd EBITDA Multiple | 2.3x - 2.5x | 2.4x |
Fair Value | 0.62$ - 0.78$ | 0.70$ |
Upside | 1.0% - 27.5% | 14.3% |
Benchmarks | Ticker | Full Ticker |
Bio-Rad Laboratories, Inc. | BIO.B | NYSE:BIO.B |
MaxCyte, Inc. | MXCT | NasdaqGS:MXCT |
Revvity, Inc. | RVTY | NYSE:RVTY |
Danaher Corporation | DHR | NYSE:DHR |
Thermo Fisher Scientific Inc. | TMO | NYSE:TMO |
Harvard Bioscience, Inc. | HBIO | NasdaqGM:HBIO |
- | - | - |
Select LTM EBITDA Multiple | |||||||
Benchmark Companies | |||||||
BIO.B | MXCT | RVTY | DHR | TMO | HBIO | ||
NYSE:BIO.B | NasdaqGS:MXCT | NYSE:RVTY | NYSE:DHR | NYSE:TMO | NasdaqGM:HBIO | ||
Historical EBITDA Growth | |||||||
5Y CAGR | 2.9% | NM- | 6.6% | 10.9% | 10.8% | -24.3% | |
3Y CAGR | -15.7% | NM- | -21.4% | -6.4% | -5.9% | -40.0% | |
Latest Twelve Months | -13.0% | -6.2% | 3.0% | -0.5% | 0.1% | -74.3% | |
Historical EBITDA Profit Margin | |||||||
5 Year Average Margin | 20.8% | -66.9% | 34.7% | 32.5% | 28.3% | 6.8% | |
Prior Fiscal Year | 18.1% | -106.9% | 29.6% | 31.6% | 25.2% | 8.5% | |
Latest Fiscal Year | 16.4% | -121.4% | 30.4% | 31.4% | 25.2% | 2.6% | |
Latest Twelve Months | 16.4% | -121.4% | 30.4% | 31.4% | 25.2% | 2.6% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 1.04x | 3.34x | 5.38x | 6.79x | 5.04x | 0.71x | |
EV / LTM EBITDA | 6.4x | -2.8x | 17.7x | 21.6x | 20.0x | 27.6x | |
EV / LTM EBIT | 9.9x | -2.5x | 36.2x | 31.5x | 28.1x | -14.3x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBITDA | -2.8x | 17.7x | 21.6x | ||||
Historical EV / LTM EBITDA | 25.7x | 27.6x | 58.7x | ||||
Selected EV / LTM EBITDA | 27.6x | 29.1x | 30.5x | ||||
(x) LTM EBITDA | 2 | 2 | 2 | ||||
(=) Implied Enterprise Value | 67 | 71 | 75 | ||||
(-) Non-shareholder Claims * | (40) | (40) | (40) | ||||
(=) Equity Value | 27 | 31 | 34 | ||||
(/) Shares Outstanding | 44.1 | 44.1 | 44.1 | ||||
Implied Value Range | 0.61 | 0.69 | 0.78 | ||||
FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 0.61 | 0.69 | 0.78 | 0.61 | |||
Upside / (Downside) | 0.7% | 13.9% | 27.1% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | BIO.B | MXCT | RVTY | DHR | TMO | HBIO | |
Enterprise Value | 3,278 | 117 | 14,757 | 162,198 | 215,602 | 67 | |
(+) Cash & Short Term Investments | 1,665 | 154 | 1,163 | 2,078 | 5,570 | 4 | |
(+) Investments & Other | 4,838 | 36 | 95 | 0 | 438 | 0 | |
(-) Debt | (1,375) | (18) | (3,326) | (17,146) | (32,832) | (44) | |
(-) Other Liabilities | 0 | 0 | 0 | (7) | (87) | 0 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 8,405 | 289 | 12,690 | 147,123 | 188,691 | 27 | |
(/) Shares Outstanding | 31.6 | 106.0 | 120.1 | 714.7 | 377.3 | 44.1 | |
Implied Stock Price | 265.82 | 2.73 | 105.62 | 205.85 | 500.16 | 0.61 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 265.82 | 2.73 | 105.62 | 205.85 | 500.16 | 0.61 | |
Trading Currency | USD | USD | USD | USD | USD | USD | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |