Fairness opinions › Segments
Physician Groups fairness opinions
17 public-company healthcare transactions in Physician Groups, 2010-2023, each with the banker's fairness opinion from the SEC filing: the DCF discount rate and terminal assumptions, the selected companies and precedent transactions, and the deal terms.
Valuation benchmarks
EV / LTM EBITDA
9.5x / 11.2x / 12.9x
Q1 / median / Q3 · n=15
EV / LTM revenue
1.15x / 1.63x / 3.50x
Q1 / median / Q3 · n=17
DCF discount rate (midpoint)
9.0% / 10.0% / 12.0%
Q1 / median / Q3 · n=17
Physician Groups transactions with a fairness opinion, 2010-2023. Multiples are enterprise value over the last-twelve-months figure disclosed in the filing; the discount rate is the midpoint of the range the banker used in its DCF.
Bankers most often engaged in Physician Groups
Goldman Sachs (5) · Evercore (4) · Morgan Stanley (2) · Centerview Partners (1) · Deutsche Bank (1) · Lazard (1) · The Benchmark (1) · J.P. Morgan (1)
All Physician Groups transactions
| Announced | Target | Acquirer | EV | EV/EBITDA | EV/Rev | DCF rate | Fairness opinion |
|---|---|---|---|---|---|---|---|
| 2023-02-08 | Oak Street Health | CVS Health | $11B | — | 4.90x | 11.3%–13.5% | Centerview Partners |
| 2022-09-05 | Signify Health | CVS Health | $7.3B | 33.0x | 8.60x | 9.5%–11.5% | Goldman Sachs, Deutsche Bank |
| 2022-07-21 | 1Life Healthcare / One Medical | Amazon | $3.9B | — | 3.58x | 12.9%–14.0% | Morgan Stanley |
| 2022-04-06 | Tivity Health | Stone Point Capital | $2.0B | 12.1x | 3.41x | 10.0%–11.0% | Lazard |
| 2021-11-23 | Nutex Health | Clinigence Health | $1.6B | 10.0x | 4.40x | 9.5%–13.8% | The Benchmark |
| 2018-06-11 | Envision Healthcare Holdings | KKR | $9.9B | 10.0x | 1.16x | 8.0%–9.0% | J.P. Morgan, Evercore, Guggenheim Securities |
| 2016-12-22 | Network Medical Management | Apollo Medical Holdings | $345M | 9.5x | 1.13x | 14.0%–16.0% | BofA Securities, Vantage Point Advisors |
| 2016-10-31 | Team Health Holdings | Blackstone | $5.9B | 11.5x | 1.27x | 7.5%–8.5% | Goldman Sachs |
| 2016-08-29 | USMD Holdings | WellMed Medical Management | $255M | 15.5x | 0.72x | 9.4%–10.4% | Jefferies |
| 2016-06-15 | Envision Healthcare Holdings | AmSurg | $8.2B | 11.2x | 1.23x | 6.5%–7.5% | Evercore |
| 2016-04-27 | ExamWorks Group | Leonard Green & Partners | $2.0B | 11.5x | 2.05x | 7.0%–8.0% | Evercore, Goldman Sachs |
| 2015-08-04 | IPC Healthcare | TeamHealth | $1.6B | 22.5x | 2.14x | 6.5%–7.5% | Credit Suisse, Evercore |
| 2012-11-05 | Metropolitan Health Networks | Humana | $851M | 8.2x | 1.09x | 10.5%–12.0% | Barclays |
| 2011-06-27 | Continucare | Metropolitan Health Networks | $416M | 9.2x | 1.25x | 11.5%–12.5% | UBS, Barrington Research, Morgan Joseph TriArtisan |
| 2011-02-14 | Emergency Medical Services | Clayton, Dubilier & Rice | $3.2B | 10.2x | 1.12x | 9.5%–10.5% | Goldman Sachs |
| 2010-09-27 | Nighthawk Radiology Holdings | Virtual Radiologic | $207M | 12.9x | 1.63x | 9.0%–10.5% | Morgan Stanley |
| 2010-05-17 | Virtual Radiologic | Providence Equity Partners | $294M | 9.5x | 2.19x | 9.0%–11.0% | Goldman Sachs |
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.