Fairness opinions › Bankers
Deutsche Bank: healthcare fairness opinions
2 opinions in healthcare transactions, 2010-2022 — 2 to the target board. Each links to the filing and the full summary of analyses.
Opinions
2
2010-2022
Typical DCF discount rate
11.8%–14.8%
median of low / high · n=2
Terminal method
perpetuity growth 1 · both 1
Median disclosed fee
$24.0M
n=2
Deals
| Announced | Target | Acquirer | Segment | EV | EV/EBITDA | EV/Rev | DCF rate |
|---|---|---|---|---|---|---|---|
| 2022-09-05 | Signify Health | CVS Health | Physician Groups | $7.3B | 33.0x | 8.60x | 9.5%–11.5% |
| 2010-08-17 | Osteotech | Medtronic | Medical Devices and Supplies | $123M | 11.8x | 1.26x | 14.0%–19.0% |
Segments: Physician Groups (1) · Medical Devices and Supplies (1)
Discount rates Deutsche Bank has used
| Deal | Discount rate | Terminal | Growth / exit | Implied per share |
|---|---|---|---|---|
| Signify Health 2022 | 9.6%–10.7% | perpetuity growth | 2.5%–3.5% | $23.96–$31.67 |
| Osteotech 2010 | 14.0%–19.0% | both | -1.0%–1.0% | $5.53–$8.07 |
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.