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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 23.0x - 25.5x | 24.3x |
| Selected Fwd EBIT Multiple | 10.8x - 11.9x | 11.3x |
| Fair Value | $18.29 - $21.27 | $19.78 |
| Upside | 17.5% - 36.6% | 27.0% |
| Benchmarks | Ticker | Full Ticker |
| Envista Holdings Corporation | NVST | NYSE:NVST |
| ZimVie Inc. | ZIMV | NasdaqGS:ZIMV |
| Align Technology, Inc. | ALGN | NasdaqGS:ALGN |
| Sonendo, Inc. | SONX | OTCPK:SONX |
| Solventum Corporation | SOLV | NYSE:SOLV |
| DENTSPLY SIRONA Inc. | XRAY | NasdaqGS:XRAY |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| NVST | ZIMV | ALGN | SONX | SOLV | XRAY | ||
| NYSE:NVST | NasdaqGS:ZIMV | NasdaqGS:ALGN | OTCPK:SONX | NYSE:SOLV | NasdaqGS:XRAY | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | -8.8% | NM- | 5.6% | NM- | NM- | -13.9% | |
| 3Y CAGR | -25.1% | NM- | -11.6% | NM- | -16.5% | -29.2% | |
| Latest Twelve Months | -52.2% | 81.3% | 2.8% | 51.8% | -35.3% | -23.2% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 11.8% | -1.8% | 18.6% | -135.8% | 19.3% | 9.7% | |
| Prior Fiscal Year | 12.8% | -2.5% | 17.0% | -139.7% | 20.6% | 7.3% | |
| Latest Fiscal Year | 6.2% | -0.5% | 16.9% | -123.3% | 13.2% | 5.9% | |
| Latest Twelve Months | 6.2% | -0.5% | 16.9% | -72.3% | 13.2% | 5.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.39x | 1.07x | 2.90x | 0.07x | 2.47x | 1.34x | |
| EV / LTM EBITDA | 12.5x | 15.0x | 14.1x | -0.1x | 12.4x | 8.9x | |
| EV / LTM EBIT | 22.3x | -229.5x | 17.2x | -0.1x | 18.7x | 23.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -229.5x | 17.2x | 22.3x | ||||
| Historical EV / LTM EBIT | 18.3x | 23.0x | 52.1x | ||||
| Selected EV / LTM EBIT | 23.0x | 24.3x | 25.5x | ||||
| (x) LTM EBIT | 222 | 222 | 222 | ||||
| (=) Implied Enterprise Value | 5,117 | 5,386 | 5,655 | ||||
| (-) Non-shareholder Claims * | (1,997) | (1,997) | (1,997) | ||||
| (=) Equity Value | 3,120 | 3,389 | 3,658 | ||||
| (/) Shares Outstanding | 199.0 | 199.0 | 199.0 | ||||
| Implied Value Range | 15.68 | 17.03 | 18.38 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 15.68 | 17.03 | 18.38 | 15.57 | |||
| Upside / (Downside) | 0.7% | 9.4% | 18.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | NVST | ZIMV | ALGN | SONX | SOLV | XRAY | |
| Enterprise Value | 3,483 | 456 | 11,587 | 2 | 20,384 | 5,095 | |
| (+) Cash & Short Term Investments | 1,069 | 75 | 1,044 | 17 | 762 | 302 | |
| (+) Investments & Other | 0 | 26 | 0 | 1 | 0 | 0 | |
| (-) Debt | (1,548) | (233) | (119) | (19) | (8,183) | (2,298) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | 0 | (1) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 3,005 | 325 | 12,512 | 1 | 12,963 | 3,098 | |
| (/) Shares Outstanding | 172.2 | 27.7 | 73.6 | 0.4 | 173.0 | 199.0 | |
| Implied Stock Price | 17.45 | 11.73 | 170.00 | 1.70 | 74.93 | 15.57 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 17.45 | 11.73 | 170.00 | 1.70 | 74.93 | 15.57 | |
| 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 | |