Fairness opinions › Bankers
Citi: healthcare fairness opinions
3 opinions in healthcare transactions, 2010-2024 — 2 to the target board, 1 to the acquirer. Each links to the filing and the full summary of analyses.
Opinions
3
2010-2024
Typical DCF discount rate
8.7%–10.0%
median of low / high · n=2
Terminal method
exit multiple 2
Median disclosed fee
$63.0M
n=2
Deals
| Announced | Target | Acquirer | Segment | EV | EV/EBITDA | EV/Rev | DCF rate |
|---|---|---|---|---|---|---|---|
| 2024-02-05 | Catalent | Novo Holdings / Novo Nordisk | Pharmaceutical Services | $17B | 22.9x | 3.75x | 9.8%–10.9% |
| 2011-07-21 | Medco Health Solutions | Express Scripts Holding | Managed Care | $30B | 9.7x | 0.44x | 7.6%–9.1% |
| 2010-07-28 | HealthGrades | Vestar Capital Partners | Digital / HealthTech | $294M | 17.0x | 4.32x | 11.6%–13.3% |
Segments: Pharmaceutical Services (1) · Managed Care (1) · Digital / HealthTech (1)
Discount rates Citi has used
| Deal | Discount rate | Terminal | Growth / exit | Implied per share |
|---|---|---|---|---|
| Catalent 2024 | 9.8%–10.9% | exit multiple | 13.5x–17.5x | $43.55–$66.10 |
| Medco Health Solutions 2011 | 7.6%–9.1% | exit multiple | 10.4x–11.1x | $75.72–$84.20 |
3,000+ healthcare deal-level valuation multiples
The Valuation database includes financial details for more than 3,000 healthcare M&A transactions, private and public, with deal-level multiples, categorized by segment, type, and year.