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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Pb Multiple | 22.3x - 24.6x | 23.4x |
| Historical Pb Multiple | 5.2x - 361.3x | 14.0x |
| Fair Value | $29.89 - $33.04 | $31.47 |
| Upside | -21.7% - -13.4% | -17.5% |
| Benchmarks | - | Full Ticker |
| Ocular Therapeutix, Inc. | - | NasdaqGM:OCUL |
| Omeros Corporation | - | NasdaqGM:OMER |
| Bausch Health Companies Inc. | - | NYSE:BHC |
| 4Front Ventures Corp. | - | OTCPK:FFNT.F |
| Harmony Biosciences Holdings, Inc. | - | NasdaqGM:HRMY |
| Harrow, Inc. | - | NasdaqGM:HROW |
| Select Price / Book Ratio | ||||||||
| Benchmark Companies | ||||||||
| OCUL | OMER | BHC | FFNT.F | HRMY | HROW | |||
| NasdaqGM:OCUL | NasdaqGM:OMER | NYSE:BHC | OTCPK:FFNT.F | NasdaqGM:HRMY | NasdaqGM:HROW | |||
| Historical Net Income Growth | ||||||||
| 5Y CAGR | NM- | NM- | NM- | NM- | NM- | NM- | ||
| 3Y CAGR | NM- | NM- | NM- | NM- | 61.4% | NM- | ||
| Latest Twelve Months | -56.7% | 31.4% | 120.8% | 31.3% | 57.3% | 69.5% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | -275.0% | -134.6% | -6.3% | -170.4% | 15.2% | -13.5% | ||
| Prior Fiscal Year | -138.1% | NA | -6.8% | -19.8% | 22.1% | -18.7% | ||
| Latest Fiscal Year | -303.7% | NA | -0.5% | -45.9% | 20.4% | -8.8% | ||
| Latest Twelve Months | -382.5% | NA | 1.0% | -46.6% | 23.4% | -4.5% | ||
| Return on Equity | ||||||||
| 5 Year Average Margin | -221.4% | -1059.8% | -295.8% | -237.0% | 15.8% | -64.7% | ||
| Prior Fiscal Year | -127.6% | -408.3% | NM | -64.9% | 29.6% | -49.6% | ||
| Latest Twelve Months | -63.4% | NM | NM | NM | 27.6% | -18.9% | ||
| Next Fiscal Year | -149.2% | 52.9% | -237.7% | 82.7% | 32.5% | 38.6% | ||
| Two Fiscal Years Forward | 301.5% | 34.2% | 180.5% | -190.2% | 34.8% | 83.0% | ||
| Current Trading Multiples | ||||||||
| Price / LTM Sales | 37.2x | NA | 0.3x | 0.0x | 2.8x | 6.2x | ||
| Price / LTM EPS | -9.7x | -2.2x | 28.3x | -0.1x | 11.9x | -138.1x | ||
| Price / Book | 6.9x | -1.3x | -3.6x | -0.1x | 2.8x | 28.4x | ||
| Price / Fwd Book | 46.0x | -1.0x | 28.4x | 0.0x | 2.4x | 16.5x | ||
| Low | Mid | High | ||||||
| Benchmark P/B Ratio | -3.6x | -0.1x | 6.9x | |||||
| Historical P/B Ratio | 5.2x | 14.0x | 361.3x | |||||
| Selected P/B Multiple | 22.3x | 23.4x | 24.6x | |||||
| (x) Book Value | 50 | 50 | 50 | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | OCUL | OMER | BHC | FFNT.F | HRMY | HROW | |
| Value of Common Equity | 2,111 | 305 | 2,773 | 0 | 2,145 | 1,412 | |
| (/) Shares Outstanding | 174.0 | 68.1 | 369.8 | 916.4 | 57.5 | 37.0 | |
| Implied Stock Price | 12.13 | 4.48 | 7.50 | 0.00 | 37.29 | 38.16 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 12.13 | 4.48 | 7.50 | 0.00 | 37.29 | 38.16 | |
| 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 | |