Intricon acquired by Altaris: fairness opinion
Announced February 28, 2022 · Merger ·
DEFM14A filed April 25, 2022
Enterprise value
$236M
EV / LTM EBITDA
16.8x
EBITDA $14.0M · 10% margin
EV / LTM revenue
1.64x
revenue $144M
DCF discount rate
12.1%–14.1%
Deal terms
Consideration—
Price per share—
Premium—
Premium basis—
StructureMerger
Termination fee—
Reverse termination fee—
Go-shopNone
Outside date—
FilingDEFM14A · EDGAR index
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Management projections
| Projection year | Year 1 | Year 2 | Year 3 | Year 4 | CAGR |
|---|---|---|---|---|---|
| Revenue | $164M | $184M | $202M | $229M | 11.8% |
| Revenue growth | 13.9% | 12.2% | 9.8% | 13.4% | |
| EBITDA | $17.0M | $22.0M | $26.0M | $33.0M | 24.7% |
| EBITDA growth | 21.4% | 29.4% | 18.2% | 26.9% | |
| EBITDA margin | 10% | 12% | 13% | 14% | |
| Implied EV / EBITDA | 13.9x | 10.7x | 9.1x | 7.1x |
Year-1 growth is against LTM at announcement ($144M revenue, $14.0M EBITDA); later years are year over year.
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