Fairness opinions › Bankers
Raymond James: healthcare fairness opinions
3 opinions in healthcare transactions, 2020-2024 — 3 to the target board. Each links to the filing and the full summary of analyses.
Opinions
3
2020-2024
Typical DCF discount rate
10.0%–13.0%
median of low / high · n=3
Terminal method
perpetuity growth 2 · exit multiple 1
Median disclosed fee
—
n=0
Deals
| Announced | Target | Acquirer | Segment | EV | EV/EBITDA | EV/Rev | DCF rate |
|---|---|---|---|---|---|---|---|
| 2024-02-28 | Societal CDMO | CoreRx | Pharmaceutical Services | $144M | 11.4x | 1.71x | 14.5%–16.5% |
| 2022-07-12 | Sharps Compliance | Aurora Capital Partners | Outsourced Services | $173M | 25.2x | 2.36x | 9.0%–13.0% |
| 2020-12-18 | BioTelemetry | Philips | Outsourced Services | $2.8B | 23.7x | 6.26x | 10.0%–12.0% |
Segments: Outsourced Services (2) · Pharmaceutical Services (1)
Discount rates Raymond James has used
| Deal | Discount rate | Terminal | Growth / exit | Implied per share |
|---|---|---|---|---|
| Societal CDMO 2024 | 14.5%–16.5% | perpetuity growth | 2.0%–4.0% | $0.44–$0.78 |
| Sharps Compliance 2022 | 9.0%–13.0% | exit multiple | 8.0x–12.0x | $6.10–$9.46 |
| BioTelemetry 2020 | 10.0%–12.0% | perpetuity growth | 3.0%–5.0% | $41.01–$72.33 |
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.