Fairness opinions › Bankers
Lazard Middle Market: healthcare fairness opinions
2 opinions in healthcare transactions, 2010-2012 — 2 to the target board. Each links to the filing and the full summary of analyses.
Opinions
2
2010-2012
Typical DCF discount rate
10.8%–12.8%
median of low / high · n=2
Terminal method
perpetuity growth 2
Median disclosed fee
$5.4M
n=1
Deals
| Announced | Target | Acquirer | Segment | EV | EV/EBITDA | EV/Rev | DCF rate |
|---|---|---|---|---|---|---|---|
| 2012-06-04 | MEDTOX Scientific | Laboratory Corporation of America | Diagnostics / Life Sciences | $241M | 12.7x | 2.03x | 10.0%–12.0% |
| 2010-05-06 | HealthTronics | Endo Health Solutions | Specialty Outpatient Facilities | $315M | 8.7x | 1.48x | 11.5%–13.5% |
Segments: Diagnostics / Life Sciences (1) · Specialty Outpatient Facilities (1)
Discount rates Lazard Middle Market has used
| Deal | Discount rate | Terminal | Growth / exit | Implied per share |
|---|---|---|---|---|
| MEDTOX Scientific 2012 | 10.0%–12.0% | perpetuity growth | 2.0%–4.0% | $19.87–$32.44 |
| HealthTronics 2010 | 11.5%–13.5% | perpetuity growth | 1.0%–3.0% | $4.30–$6.53 |
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.