SRI Surgical Express acquired by Synergy Health: fairness opinion
Announced June 6, 2012 · Merger ·
SC 14D9 filed June 13, 2012
Enterprise value
$38.5M
EV / LTM EBITDA
7.6x
EBITDA $5.1M · 4% margin
EV / LTM revenue
0.33x
revenue $117M
DCF discount rate
13.6%–14.6%
Deal terms
Consideration—
Price per share—
Premium—
Premium basis—
StructureMerger
Termination fee—
Reverse termination fee—
Go-shopNone
Outside date—
FilingSC 14D9 · EDGAR index
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Management projections
| Projection year | Year 1 | Year 2 | Year 3 | CAGR |
|---|---|---|---|---|
| Revenue | $121M | $126M | $131M | 3.8% |
| Revenue growth | 3.9% | 3.9% | 3.8% | |
| EBITDA | $5.3M | $5.4M | $5.6M | 2.8% |
| EBITDA growth | 4.9% | 1.9% | 3.7% | |
| EBITDA margin | 4% | 4% | 4% | |
| Implied EV / EBITDA | 7.3x | 7.1x | 6.9x |
Year-1 growth is against LTM at announcement ($117M revenue, $5.1M EBITDA); later years are year over year.
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