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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 4.5x - 5.0x | 4.8x |
| Selected Fwd Revenue Multiple | 3.4x - 3.7x | 3.6x |
| Fair Value | $7.76 - $8.83 | $8.29 |
| Upside | 3.5% - 17.7% | 10.6% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Intellia Therapeutics, Inc. | NTLA | NasdaqGM:NTLA |
| BioMarin Pharmaceutical Inc. | BMRN | NasdaqGS:BMRN |
| Ionis Pharmaceuticals, Inc. | IONS | NasdaqGS:IONS |
| KalVista Pharmaceuticals, Inc. | KALV | NasdaqGM:KALV |
| CSL Limited | CMXH.F | OTCPK:CMXH.F |
| BioCryst Pharmaceuticals, Inc. | BCRX | NasdaqGS:BCRX |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| NTLA | BMRN | IONS | KALV | CMXH.F | BCRX | |||
| NasdaqGM:NTLA | NasdaqGS:BMRN | NasdaqGS:IONS | NasdaqGM:KALV | OTCPK:CMXH.F | NasdaqGS:BCRX | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 6.1% | 10.9% | -8.9% | NM- | 11.6% | 56.0% | ||
| 3Y CAGR | 20.5% | 15.6% | -4.5% | NM- | 12.8% | 42.1% | ||
| Latest Twelve Months | 59.6% | 18.0% | -10.5% | NM | 7.4% | 36.0% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | -759.8% | 2.2% | -29.9% | -747.3% | 28.1% | -158.8% | ||
| Prior Fiscal Year | -1420.5% | 7.7% | -42.4% | NA | 25.7% | -29.8% | ||
| Latest Fiscal Year | -923.1% | 20.0% | -67.4% | NA | 26.3% | -0.3% | ||
| Latest Twelve Months | -923.1% | 20.0% | -67.4% | NA | 26.3% | -0.3% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | -3.50x | 4.36x | 6.31x | NA | 5.76x | 4.63x | ||
| EV / LTM EBIT | 0.4x | 21.8x | -9.4x | -1.8x | 21.9x | -1632.3x | ||
| Price / LTM Sales | 12.72x | 4.73x | 6.80x | NA | 4.94x | 3.48x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | -3.50x | 5.06x | 6.31x | |||||
| Historical EV / LTM Revenue | 4.63x | 10.21x | 23.41x | |||||
| Selected EV / LTM Revenue | 4.52x | 4.76x | 5.00x | |||||
| (x) LTM Revenue | 451 | 451 | 451 | |||||
| (=) Implied Enterprise Value | 2,038 | 2,145 | 2,253 | |||||
| (-) Non-shareholder Claims * | (500) | (500) | (500) | |||||
| (=) Equity Value | 1,538 | 1,645 | 1,752 | |||||
| (/) Shares Outstanding | 209.0 | 209.0 | 209.0 | |||||
| Implied Value Range | 7.36 | 7.87 | 8.39 | |||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 7.36 | 7.87 | 8.39 | 7.50 | ||||
| Upside / (Downside) | -1.9% | 5.0% | 11.8% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | NTLA | BMRN | IONS | KALV | CMXH.F | BCRX | |
| Enterprise Value | 58 | 12,454 | 4,411 | 326 | 87,648 | 2,067 | |
| (+) Cash & Short Term Investments | 602 | 1,138 | 2,303 | 253 | 1,524 | 321 | |
| (+) Investments & Other | 287 | 528 | 41 | 0 | 0 | 20 | |
| (-) Debt | (210) | (634) | (1,959) | (6) | (11,964) | (841) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | (1,987) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 736 | 13,486 | 4,796 | 574 | 75,221 | 1,567 | |
| (/) Shares Outstanding | 103.5 | 190.8 | 159.0 | 49.7 | 484.2 | 209.0 | |
| Implied Stock Price | 7.11 | 70.69 | 30.17 | 11.54 | 155.35 | 7.50 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 7.11 | 70.69 | 30.17 | 11.54 | 155.35 | 7.50 | |
| 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 | |