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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | -23.3x - -25.7x | -24.5x |
| Selected Fwd EBIT Multiple | 16.7x - 18.5x | 17.6x |
| Fair Value | $1.13 - $1.52 | $1.33 |
| Upside | -44.6% - -25.8% | -35.2% |
| Benchmarks | Ticker | Full Ticker |
| Alnylam Pharmaceuticals, Inc. | ALNY | NasdaqGS:ALNY |
| Sanofi | SNYN.F | OTCPK:SNYN.F |
| Regeneron Pharmaceuticals, Inc. | REGN | NasdaqGS:REGN |
| Amarin Corporation plc | AMRN | NasdaqCM:AMRN |
| Amgen Inc. | AMGN | NasdaqGS:AMGN |
| Esperion Therapeutics, Inc. | ESPR | NasdaqGM:ESPR |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| ALNY | SNYN.F | REGN | AMRN | AMGN | ESPR | ||
| NasdaqGS:ALNY | OTCPK:SNYN.F | NasdaqGS:REGN | NasdaqCM:AMRN | NasdaqGS:AMGN | NasdaqGM:ESPR | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | 5.5% | 13.4% | NM- | -0.1% | NM- | |
| 3Y CAGR | NM- | 1.2% | -22.8% | NM- | 1.9% | NM- | |
| Latest Twelve Months | -275.5% | 27.2% | -3.4% | -91.2% | 10.8% | -816.4% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | -67.5% | 21.4% | 40.0% | -9.2% | 34.5% | -148.0% | |
| Prior Fiscal Year | -15.4% | 19.8% | 32.3% | -5.7% | 34.3% | -133.7% | |
| Latest Fiscal Year | -7.9% | 20.0% | 29.2% | -24.2% | 28.9% | 16.4% | |
| Latest Twelve Months | -7.3% | 20.5% | 27.8% | -23.3% | 30.8% | -13.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 23.85x | 2.27x | 3.19x | 0.16x | 5.79x | 3.45x | |
| EV / LTM EBITDA | -474.8x | 8.6x | 10.2x | -0.7x | 12.5x | -26.2x | |
| EV / LTM EBIT | -325.9x | 11.1x | 11.5x | -0.7x | 18.8x | -26.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -325.9x | 11.1x | 18.8x | ||||
| Historical EV / LTM EBIT | -8.1x | -4.2x | 51.6x | ||||
| Selected EV / LTM EBIT | -23.3x | -24.5x | -25.7x | ||||
| (x) LTM EBIT | (35) | (35) | (35) | ||||
| (=) Implied Enterprise Value | 824 | 868 | 911 | ||||
| (-) Non-shareholder Claims * | (512) | (512) | (512) | ||||
| (=) Equity Value | 312 | 356 | 399 | ||||
| (/) Shares Outstanding | 201.6 | 201.6 | 201.6 | ||||
| Implied Value Range | 1.55 | 1.76 | 1.98 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 1.55 | 1.76 | 1.98 | 2.05 | |||
| Upside / (Downside) | -24.4% | -13.9% | -3.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | ALNY | SNYN.F | REGN | AMRN | AMGN | ESPR | |
| Enterprise Value | 58,725 | 105,515 | 44,949 | 35 | 202,313 | 925 | |
| (+) Cash & Short Term Investments | 2,858 | 15,359 | 7,470 | 299 | 8,028 | 86 | |
| (+) Investments & Other | 0 | 6,995 | 10,467 | 0 | 5,471 | 0 | |
| (-) Debt | (2,740) | (22,285) | (2,705) | (10) | (56,204) | (598) | |
| (-) Other Liabilities | 0 | (271) | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 58,843 | 105,313 | 60,181 | 324 | 159,608 | 413 | |
| (/) Shares Outstanding | 131.1 | 1,219.5 | 103.7 | 20.7 | 538.4 | 201.6 | |
| Implied Stock Price | 448.91 | 86.36 | 580.41 | 15.65 | 296.47 | 2.05 | |
| FX Conversion Rate to Trading Currency | 1.00 | 0.85 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 448.91 | 101.05 | 580.41 | 15.65 | 296.47 | 2.05 | |
| Trading Currency | USD | USD | USD | USD | USD | USD | |
| FX Rate to Reporting Currency | 1.00 | 0.85 | 1.00 | 1.00 | 1.00 | 1.00 | |