Fairness opinions › Bankers
Moelis & Company: healthcare fairness opinions
4 opinions in healthcare transactions, 2011-2024 — 3 to the target board, 1 to the acquirer. Each links to the filing and the full summary of analyses.
Opinions
4
2011-2024
Typical DCF discount rate
11.2%–14.3%
median of low / high · n=4
Terminal method
exit multiple 4
Median disclosed fee
$4.6M
n=4
Deals
| Announced | Target | Acquirer | Segment | EV | EV/EBITDA | EV/Rev | DCF rate |
|---|---|---|---|---|---|---|---|
| 2024-11-06 | Avid Bioservices | GHO Capital Partners / Ampersand Capital Partners | Pharmaceutical Services | $1.1B | — | 7.86x | 12.0%–17.0% |
| 2018-09-10 | Invuity | StrykerCorp. | Medical Devices and Supplies | $190M | — | 4.12x | 13.0%–17.5% |
| 2018-08-13 | Universal Hospital Services | Federal Street Acquisition | Distribution and Equipment Services | $1.7B | 11.9x | 3.23x | 8.5%–10.0% |
| 2011-03-28 | Rural/Metro | Warburg Pincus | Medical Transportation | $658M | 8.6x | 1.20x | 11.5%–12.5% |
Segments: Pharmaceutical Services (1) · Medical Devices and Supplies (1) · Distribution and Equipment Services (1) · Medical Transportation (1)
Discount rates Moelis & Company has used
| Deal | Discount rate | Terminal | Growth / exit | Implied per share |
|---|---|---|---|---|
| Avid Bioservices 2024 | 12.0%–17.0% | exit multiple | 17.0x–20.0x | $8.13–$11.89 |
| Invuity 2018 | 13.0%–17.5% | exit multiple | 11.0x–13.0x | $4.80–$7.05 |
| Universal Hospital Services 2018 | 8.5%–10.0% | exit multiple | 3.4%–5.6% | — |
| Rural/Metro 2011 | 10.5%–11.5% | exit multiple | 3.7%–5.6% | $15.67–$21.19 |
Precedent transactions Moelis & Company cites most often
SurgiQuest, Inc. / CONMED Corporation (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.