Evercore: healthcare fairness opinions
8 opinions in healthcare transactions, 2015-2022 — 5 to the target board, 1 to the acquirer, 2 to a special committee. Each links to the filing and the full summary of analyses.
Deals
| Announced | Target | Acquirer | Segment | EV | EV/EBITDA | EV/Rev | DCF rate |
|---|---|---|---|---|---|---|---|
| 2022-01-06 | Vocera Communications | StrykerCorp. | Digital / HealthTech | $2.6B | 52.3x | 9.35x | 8.0%–9.0% |
| 2021-08-19 | Inovalon Holdings | Nordic Capital / Insight Partners | Digital / HealthTech | $7.3B | 26.9x | 9.42x | 8.0%–9.0% |
| 2021-04-12 | Nuance Communications | Microsoft | Digital / HealthTech | $19B | 45.9x | 13.53x | 8.0%–9.0% |
| 2018-06-11 | Envision Healthcare Holdings | KKR | Physician Groups | $9.9B | 10.0x | 1.16x | 8.0%–9.0% |
| 2016-06-15 | AmSurg | Envision Healthcare Holdings | Specialty Outpatient Facilities | $7.1B | 12.0x | 2.29x | 6.3%–7.2% |
| 2016-06-15 | Envision Healthcare Holdings | AmSurg | Physician Groups | $8.2B | 11.2x | 1.23x | 6.5%–7.5% |
| 2016-04-27 | ExamWorks Group | Leonard Green & Partners | Physician Groups | $2.0B | 11.5x | 2.05x | 7.0%–8.0% |
| 2015-08-04 | IPC Healthcare | TeamHealth | Physician Groups | $1.6B | 22.5x | 2.14x | 6.5%–7.5% |
Segments: Physician Groups (4) · Digital / HealthTech (3) · Specialty Outpatient Facilities (1)
Discount rates Evercore has used
| Deal | Discount rate | Terminal | Growth / exit | Implied per share |
|---|---|---|---|---|
| Vocera Communications 2022 | 8.0%–9.0% | both | 5.0%–6.0% | $12.56–$89.66 |
| Inovalon Holdings 2021 | 8.0%–9.0% | perpetuity growth | 3.0%–4.0% | $33.83–$51.31 |
| Nuance Communications 2021 | 8.0%–9.0% | perpetuity growth | 4.0%–5.0% | $29.23–$48.14 |
| Envision Healthcare Holdings 2018 | 8.0%–9.0% | both | 1.0%–2.0% | $34.26–$80.16 |
| AmSurg 2016 | 6.3%–7.2% | both | 2.5%–3.0% | $93.15–$130.00 |
| Envision Healthcare Holdings 2016 | 6.5%–7.5% | both | 2.3%–2.8% | $39.98–$55.48 |
| ExamWorks Group 2016 | 7.0%–8.0% | perpetuity growth | 3.0%–4.0% | $25.31–$48.98 |
| IPC Healthcare 2015 | 8.5%–10.5% | exit multiple | 10.0x–12.0x | $55.03–$72.48 |
Peer companies Evercore selects most often
MEDNAX, Inc. (5) · Surgery Partners, Inc. (3) · Omnicell, Inc. (2) · R1 RCM Inc. (2) · Vocera Communications, Inc. (2) · NICE Ltd. (2) · PTC Inc. (2) · Cerence Inc. (2) · TeamHealth, Inc. (2) · Air Methods Corp. (2) · The Providence Service Corporation (2) · Surgical Care Affiliates, Inc. (2) · Envision Healthcare Holdings, Inc. (2) · Team Health Holdings, Inc. (2)
Precedent transactions Evercore cites most often
IPC Healthcare, Inc. / TeamHealth Holdings, Inc. (2) · Sheridan Healthcare, Inc. / AmSurg Corp. (2) · CHG Healthcare Services Inc. / Leonard Green & Partners LP / Ares Management LLC (2) · Sheridan Healthcare, Inc. / Hellman & Friedman LLC (2)