BofA Securities: healthcare fairness opinions
14 opinions in healthcare transactions, 2011-2026 — 12 to the target board, 2 to the acquirer. Each links to the filing and the full summary of analyses.
Deals
| Announced | Target | Acquirer | Segment | EV | EV/EBITDA | EV/Rev | DCF rate |
|---|---|---|---|---|---|---|---|
| 2026-05-06 | Cross Country Healthcare | Knox Lane | Outsourced Services | $437M | 16.3x | 0.41x | 9.0%–11.0% |
| 2025-09-22 | Premier | Patient Square Capital | Outsourced Services | $2.6B | 10.9x | 2.68x | 8.5%–10.5% |
| 2025-02-06 | Nevro | Globus Medical | Medical Devices and Supplies | $250M | — | 0.61x | 12.0%–14.8% |
| 2024-12-03 | Cross Country Healthcare | Aya Healthcare | Outsourced Services | $615M | 12.1x | 0.46x | 9.8%–11.8% |
| 2024-06-18 | Silk Road Medical | Boston Scientific | Medical Devices and Supplies | $1.2B | — | 5.47x | 11.7%–14.5% |
| 2024-06-03 | Stericycle | Waste Management | Outsourced Services | $7.2B | 15.1x | 2.63x | 8.5%–10.0% |
| 2021-09-02 | Hill-Rom Holdings | Baxter International | Medical Devices and Supplies | $12B | 17.6x | 3.89x | 7.0%–9.0% |
| 2021-02-24 | PRA Health Sciences | ICON | Pharmaceutical Services | $12B | 19.2x | 3.12x | 7.5%–10.0% |
| 2017-08-02 | PharMerica | KKR | Pharmacy / Infusion | $1.4B | 9.6x | 0.60x | 8.0%–9.0% |
| 2016-12-22 | Network Medical Management | Apollo Medical Holdings | Physician Groups | $345M | 9.5x | 1.13x | 14.0%–16.0% |
| 2016-12-22 | Apollo Medical Holdings | Network Medical Management | Managed Care | $85.5M | — | 1.49x | 14.0%–16.0% |
| 2016-06-07 | LDR Holding | Zimmer Biomet Holdings | Medical Devices and Supplies | $1.0B | — | 5.55x | 9.5%–11.5% |
| 2015-05-21 | Omnicare | CVS Health | Pharmacy / Infusion | $12B | 15.8x | 1.87x | 8.0%–9.5% |
| 2011-11-07 | American Dental Partners | JLL Partners | Professional Services | $398M | 8.1x | 1.36x | 11.5%–13.5% |
Segments: Outsourced Services (4) · Medical Devices and Supplies (4) · Pharmacy / Infusion (2) · Pharmaceutical Services (1) · Physician Groups (1) · Managed Care (1) · Professional Services (1)
Discount rates BofA Securities has used
| Deal | Discount rate | Terminal | Growth / exit | Implied per share |
|---|---|---|---|---|
| Cross Country Healthcare 2026 | 9.0%–11.0% | perpetuity growth | 3.0%–4.0% | $11.55–$16.30 |
| Premier 2025 | 9.0%–10.8% | perpetuity growth | 1.0%–2.0% | $26.90–$34.10 |
| Nevro 2025 | 12.0%–14.8% | perpetuity growth | 2.0%–3.0% | $4.65–$8.00 |
| Cross Country Healthcare 2024 | 9.8%–11.8% | perpetuity growth | 3.0%–4.0% | $12.05–$17.55 |
| Silk Road Medical 2024 | 11.7%–14.5% | perpetuity growth | 4.0%–5.0% | $15.45–$25.15 |
| Stericycle 2024 | 8.5%–10.0% | perpetuity growth | 3.0%–4.0% | $46.25–$76.00 |
| Hill-Rom Holdings 2021 | 7.0%–9.0% | exit multiple | 10.0x–15.0x | $130.50–$208.25 |
| PRA Health Sciences 2021 | 7.5%–10.0% | exit multiple | 13.0x–16.5x | $141.00–$193.00 |
| PharMerica 2017 | 7.5%–8.5% | exit multiple | 7.5x–9.5x | $24.40–$34.50 |
| Network Medical Management 2016 | 8.5%–9.5% | perpetuity growth | 3.0%–4.0% | $7.60–$9.20 |
| Apollo Medical Holdings 2016 | 17.5%–19.0% | perpetuity growth | 3.0%–4.0% | $7.60–$9.20 |
| LDR Holding 2016 | 9.5%–11.5% | exit multiple | 3.5x–4.5x | $30.17–$41.29 |
| American Dental Partners 2011 | 11.0%–13.0% | exit multiple | 5.0x–6.0x | $15.50–$21.00 |
Peer companies BofA Securities selects most often
Diplomat Pharmacy, Inc. (4) · McKesson Corporation (3) · AMN Healthcare Services, Inc. (2) · Cardinal Health, Inc. (2) · Owens & Minor, Inc. (2) · IQVIA Holdings Inc. (2) · Treace Medical Concepts, Inc. (2) · NuVasive, Inc. (2) · AmerisourceBergen Corporation (2) · DaVita Inc. (2) · Envision Healthcare Corporation (2) · MEDNAX Inc (2) · Team Health Holdings Inc. (2) · American Renal Associates LLC (2) · ExamWorks, Inc. (2)
Precedent transactions BofA Securities cites most often
Sage Products LLC / Stryker Corporation (3) · Soliant Health, Inc. / The Vistria Group, LP (2) · Medical Solutions L.L.C. / Centerbridge Partners, L.P. / Caisse de Dépôt et Placement du Québec (2) · Oxford Global Resources, LLC / H.I.G. Capital, LLC (2) · Soliant Health, Inc. / Olympus Partners, L.P. (2) · Advanced Medical Personnel Services, Inc. / AMN (2) · MedPartners HIM, LLC / AMN (2) · Professional Placement Resources, LLC / Medical Solutions L.L.C. (2) · Medical Solutions L.L.C. / TPG Growth LLC (2) · B. E. Smith, Inc. / AMN (2) · Nursefinders, Inc. / AMN (2)