Fairness opinions › Bankers
Leerink Partners: healthcare fairness opinions
3 opinions in healthcare transactions, 2010-2022 — 3 to the target board. Each links to the filing and the full summary of analyses.
Opinions
3
2010-2022
Typical DCF discount rate
11.8%–13.8%
median of low / high · n=3
Terminal method
exit multiple 2 · perpetuity growth 1
Median disclosed fee
$20.0M
n=2
Deals
| Announced | Target | Acquirer | Segment | EV | EV/EBITDA | EV/Rev | DCF rate |
|---|---|---|---|---|---|---|---|
| 2022-03-29 | LHC Group | UnitedHealth Group | Home-Based Services | $6.1B | 20.8x | 2.26x | 8.5%–9.5% |
| 2017-02-14 | Cynosure | Hologic | Medical Devices and Supplies | $1.7B | 21.6x | 3.34x | 14.0%–16.0% |
| 2010-06-14 | Somanetics | Covidien | Medical Devices and Supplies | $250M | 20.5x | 4.39x | 11.8%–13.8% |
Segments: Medical Devices and Supplies (2) · Home-Based Services (1)
Discount rates Leerink Partners has used
| Deal | Discount rate | Terminal | Growth / exit | Implied per share |
|---|---|---|---|---|
| LHC Group 2022 | 8.5%–9.5% | perpetuity growth | 2.5%–3.5% | $102.50–$176.75 |
| Cynosure 2017 | 14.0%–16.0% | exit multiple | 11.0x–13.0x | $63.00–$76.00 |
| Somanetics 2010 | 11.8%–13.8% | exit multiple | 11.0x–13.0x | $14.69–$42.55 |
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.