Fairness opinions › By year
Healthcare fairness opinions, 2012
15 public-company healthcare transactions announced in 2012 with a fairness opinion in the SEC filing.
2012 valuation benchmarks
EV / LTM EBITDA
8.2x / 10.5x / 12.3x
Q1 / median / Q3 · n=15
EV / LTM revenue
0.61x / 2.03x / 2.29x
Q1 / median / Q3 · n=15
DCF discount rate (midpoint)
9.0% / 11.0% / 11.0%
Q1 / median / Q3 · n=15
Transactions announced in 2012. 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.
| Announced | Target | Acquirer | Segment | EV | EV/EBITDA | EV/Rev | DCF rate | Fairness opinion |
|---|---|---|---|---|---|---|---|---|
| 2012-12-04 | Young Innovations | Linden | Medical Devices and Supplies | $314M | 10.5x | 2.87x | 12.0%–13.0% | Robert W Baird |
| 2012-11-05 | Metropolitan Health Networks | Humana | Physician Groups | $851M | 8.2x | 1.09x | 10.5%–12.0% | Barclays |
| 2012-10-24 | PSS World Medical | McKesson | Distribution and Equipment Services | $1.9B | 10.6x | 0.84x | 8.0%–10.5% | Credit Suisse, Goldman Sachs |
| 2012-08-20 | Coventry Health Care | Aetna | Managed Care | $8.7B | 8.9x | 0.61x | 7.5%–9.5% | Greenhill |
| 2012-07-09 | AMERIGROUP | Wellpoint Healthcare Networks | Managed Care | $4.8B | 12.3x | 0.53x | 9.5%–11.5% | Goldman Sachs, Barclays |
| 2012-07-02 | Mmodal | One Equity Partners | Outsourced Services | $1.1B | 8.1x | 2.11x | 10.4%–11.4% | Macquarie Capital |
| 2012-07-02 | Lincare | Linde AG | Home-Based Services | $4.6B | 9.1x | 2.25x | 9.0%–10.0% | J.P. Morgan |
| 2012-06-11 | IntegraMed America | Sagard Capital Partners | Professional Services | $178M | 8.5x | 0.59x | 13.5%–14.5% | Jefferies |
| 2012-06-06 | SRI Surgical Express | Synergy Health | Outsourced Services | $38.5M | 7.6x | 0.33x | 13.6%–14.6% | |
| 2012-06-04 | MEDTOX Scientific | Laboratory Corporation of America | Diagnostics / Life Sciences | $241M | 12.7x | 2.03x | 10.0%–12.0% | Lazard Middle Market |
| 2012-05-02 | Kensey Nash | Royal DSM | Medical Devices and Supplies | $360M | 11.4x | 4.03x | 10.0%–12.0% | Jefferies |
| 2012-04-30 | Gen-Probe | Hologic | Diagnostics / Life Sciences | $3.8B | 16.1x | 5.85x | 7.2% | Morgan Stanley |
| 2012-04-18 | Catalyst Health Solutions | SXC Health Solutions | Managed Care | $4.7B | 19.1x | 0.72x | 8.0%–9.5% | Goldman Sachs, Barclays, J.P. Morgan |
| 2012-04-10 | eResearch Technology | Genstar Capital | Pharmaceutical Services | $423M | 7.7x | 2.13x | 11.0%–12.0% | J.P. Morgan |
| 2012-03-07 | Transcend Services | Nuance Communications | Outsourced Services | $332M | 10.8x | 2.29x | 10.0%–12.0% | Lazard |