Fairness opinions › Bankers
Houlihan Lokey: healthcare fairness opinions
5 opinions in healthcare transactions, 2011-2026 — 1 to the target board, 1 to the acquirer, 3 to a special committee. Each links to the filing and the full summary of analyses.
Opinions
5
2011-2026
Typical DCF discount rate
13.5%–15.5%
median of low / high · n=5
Terminal method
exit multiple 4 · perpetuity growth 1
Median disclosed fee
$1.5M
n=4
Deals
| Announced | Target | Acquirer | Segment | EV | EV/EBITDA | EV/Rev | DCF rate |
|---|---|---|---|---|---|---|---|
| 2026-04-02 | Forian | Management-Led Consortium | Digital / HealthTech | $68.0M | 85.0x | 2.24x | 13.5%–16.5% |
| 2024-06-21 | ShareCare | Altaris | Digital / HealthTech | $419M | 18.9x | 1.00x | 11.5%–12.5% |
| 2018-01-05 | Connecture | Francisco Partners | Digital / HealthTech | $40.8M | — | 0.53x | 18.0%–22.0% |
| 2015-10-20 | Clarient | NeoGenomics | Diagnostics / Life Sciences | $248M | 14.4x | 1.83x | 8.0%–10.0% |
| 2011-09-22 | American Medical Alert | Tunstall Healthcare Group | Medical Devices and Supplies | $82.3M | 8.5x | 1.86x | 13.5%–15.5% |
Segments: Digital / HealthTech (3) · Diagnostics / Life Sciences (1) · Medical Devices and Supplies (1)
Discount rates Houlihan Lokey has used
| Deal | Discount rate | Terminal | Growth / exit | Implied per share |
|---|---|---|---|---|
| Forian 2026 | 13.5%–16.5% | exit multiple | 1.3x–2.0x | $1.77–$2.70 |
| ShareCare 2024 | 11.5%–12.5% | exit multiple | 6.0x–9.0x | $1.16–$1.75 |
| Connecture 2018 | 18.0%–22.0% | exit multiple | 1.3x–1.8x | $-1.02–$0.44 |
| Clarient 2015 | 8.0%–10.0% | exit multiple | 8.0x–12.0x | — |
| American Medical Alert 2011 | 13.5%–15.5% | perpetuity growth | 4.0%–5.0% | $6.25–$8.09 |
Peer companies Houlihan Lokey selects most often
Health Catalyst, Inc. (2)
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.