Fairness opinions › Bankers

Wells Fargo Securities: healthcare fairness opinions

2 opinions in healthcare transactions, 2025-2026 — 2 to the target board. Each links to the filing and the full summary of analyses.

Opinions

2025-2026

Typical DCF discount rate

11.4%–13.0%

median of low / high · n=2

Terminal method

perpetuity growth 2

Median disclosed fee

$15.7M

n=2

Deals

Announced	Target	Acquirer	Segment	EV	EV/EBITDA	EV/Rev	DCF rate
2026-03-09	Talkspace	Universal Health Services	Digital / HealthTech	$835M	23.9x	2.85x	11.0%–13.0%
2025-03-24	LENSAR	Alcon	Medical Devices and Supplies	$356M	—	6.65x	11.8%–13.0%

Segments: Digital / HealthTech (1) · Medical Devices and Supplies (1)

Discount rates Wells Fargo Securities has used

Deal	Discount rate	Terminal	Growth / exit	Implied per share
Talkspace 2026	11.0%–13.0%	perpetuity growth	4.0%–5.0%	$3.89–$5.46
LENSAR 2025	11.8%–13.0%	perpetuity growth	3.0%–4.0%	$9.89–$12.53

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.

See the Valuation database →