Fairness opinions › Bankers
RBC Capital Markets: healthcare fairness opinions
2 opinions in healthcare transactions, 2011-2013 — 1 to the target board, 1 to a special committee. Each links to the filing and the full summary of analyses.
Opinions
2
2011-2013
Typical DCF discount rate
10.3%–11.7%
median of low / high · n=2
Terminal method
both 1 · exit multiple 1
Median disclosed fee
$4.5M
n=1
Deals
| Announced | Target | Acquirer | Segment | EV | EV/EBITDA | EV/Rev | DCF rate |
|---|---|---|---|---|---|---|---|
| 2013-11-18 | Patheon | JLL Partners | Pharmaceutical Services | $2.6B | 12.7x | 2.27x | 9.0%–11.0% |
| 2011-03-28 | Rural/Metro | Warburg Pincus | Medical Transportation | $658M | 8.6x | 1.20x | 11.5%–12.5% |
Segments: Pharmaceutical Services (1) · Medical Transportation (1)
Discount rates RBC Capital Markets has used
| Deal | Discount rate | Terminal | Growth / exit | Implied per share |
|---|---|---|---|---|
| Patheon 2013 | 9.0%–11.0% | both | 2.0%–2.5% | $9.15–$13.88 |
| Rural/Metro 2011 | 11.5%–12.5% | exit multiple | 7.0x–8.0x | $16.28–$21.07 |
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.