NuVasive acquired by Globus Medical: fairness opinion
Announced February 9, 2023 · Merger ·
DEFM14A filed March 28, 2023
Enterprise value
$3.1B
EV / LTM EBITDA
10.6x
EBITDA $293M · 23% margin
EV / LTM revenue
2.46x
revenue $1.3B
DCF discount rate
7.5%–9.5%
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 | $1.3B | $1.4B | $1.5B | $1.5B | 5.2% |
| Revenue growth | 5.0% | 5.4% | 5.2% | 5.0% | |
| EBITDA | $313M | $331M | $353M | $381M | 6.8% |
| EBITDA growth | 6.8% | 5.8% | 6.6% | 7.9% | |
| EBITDA margin | 24% | 24% | 24% | 25% | |
| Implied EV / EBITDA | 9.9x | 9.4x | 8.8x | 8.1x |
Year-1 growth is against LTM at announcement ($1.3B revenue, $293M EBITDA); later years are year over year.
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