Fairness opinions › Bankers
Stifel: healthcare fairness opinions
2 opinions in healthcare transactions, 2014-2016 — 2 to the target board. Each links to the filing and the full summary of analyses.
Opinions
2
2014-2016
Typical DCF discount rate
11.0%–14.0%
median of low / high · n=2
Terminal method
exit multiple 2
Median disclosed fee
$6.5M
n=2
Deals
| Announced | Target | Acquirer | Segment | EV | EV/EBITDA | EV/Rev | DCF rate |
|---|---|---|---|---|---|---|---|
| 2016-05-02 | Symmetry Surgical | Roundtable Healthcare Partners | Medical Devices and Supplies | $129M | 12.6x | 1.44x | 13.0%–17.0% |
| 2014-08-04 | Symmetry Medical OEMS Business | Tecomet | Medical Devices and Supplies | $450M | 8.5x | 1.42x | 9.0%–11.0% |
Segments: Medical Devices and Supplies (2)
Discount rates Stifel has used
| Deal | Discount rate | Terminal | Growth / exit | Implied per share |
|---|---|---|---|---|
| Symmetry Surgical 2016 | 13.0%–17.0% | exit multiple | 10.5x–12.5x | $12.47–$15.81 |
| Symmetry Medical OEMS Business 2014 | 9.0%–11.0% | exit multiple | — | $4.79–$7.49 |
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.