Fairness opinions › Bankers
Greenhill: healthcare fairness opinions
3 opinions in healthcare transactions, 2011-2017 — 2 to the target board, 1 to a special committee. Each links to the filing and the full summary of analyses.
Opinions
3
2011-2017
Typical DCF discount rate
11.5%–13.5%
median of low / high · n=3
Terminal method
exit multiple 3
Median disclosed fee
$6.3M
n=3
Deals
| Announced | Target | Acquirer | Segment | EV | EV/EBITDA | EV/Rev | DCF rate |
|---|---|---|---|---|---|---|---|
| 2017-01-10 | Derma Sciences | Integra Lifesciences | Medical Devices and Supplies | $248M | — | 3.03x | 13.0%–15.0% |
| 2012-08-20 | Coventry Health Care | Aetna | Managed Care | $8.7B | 8.9x | 0.61x | 7.5%–9.5% |
| 2011-11-07 | American Dental Partners | JLL Partners | Professional Services | $398M | 8.1x | 1.36x | 11.5%–13.5% |
Segments: Medical Devices and Supplies (1) · Managed Care (1) · Professional Services (1)
Discount rates Greenhill has used
| Deal | Discount rate | Terminal | Growth / exit | Implied per share |
|---|---|---|---|---|
| Derma Sciences 2017 | 13.0%–15.0% | exit multiple | 1.0x–1.5x | $3.70–$5.85 |
| Coventry Health Care 2012 | 7.5%–9.5% | exit multiple | 9.0x–11.0x | $37.00–$46.02 |
| American Dental Partners 2011 | 11.5%–13.5% | exit multiple | 5.5x–6.5x | $16.36–$21.94 |
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.