Fairness opinions › By year
Healthcare fairness opinions, 2014
9 public-company healthcare transactions announced in 2014 with a fairness opinion in the SEC filing.
2014 valuation benchmarks
EV / LTM EBITDA
9.1x / 13.0x / 16.2x
Q1 / median / Q3 · n=9
EV / LTM revenue
0.96x / 2.21x / 3.68x
Q1 / median / Q3 · n=9
DCF discount rate (midpoint)
9.0% / 10.0% / 14.0%
Q1 / median / Q3 · n=9
Transactions announced in 2014. 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 |
|---|---|---|---|---|---|---|---|---|
| 2014-11-03 | Covance | Laboratory Corporation of America | Pharmaceutical Services | $5.6B | 12.6x | 2.21x | 8.0%–10.0% | Goldman Sachs |
| 2014-10-09 | Gentiva Health Services | Kindred Healthcare Services | Home-Based Services | $1.8B | 9.7x | 0.92x | 9.5%–11.5% | Barclays |
| 2014-10-05 | CareFusion | Becton Dickinson | Medical Devices and Supplies | $13B | 13.0x | 3.14x | 8.0%–9.0% | Perella Weinberg Partners |
| 2014-08-27 | Corgenix Medical | Orgentec Diagnostika | Diagnostics / Life Sciences | $16.0M | 8.4x | 1.00x | 15.0%–20.0% | Inverness Advisors |
| 2014-08-04 | Symmetry Medical OEMS Business | Tecomet | Medical Devices and Supplies | $450M | 8.5x | 1.42x | 9.0%–11.0% | Stifel |
| 2014-06-25 | Medical Action Industries | Owens & Minor | Medical Devices and Supplies | $207M | 13.8x | 0.68x | 17.7% | Canaccord Genuity |
| 2014-06-15 | Covidien | Medtronic | Medical Devices and Supplies | $56B | 17.5x | 4.94x | 8.0%–9.0% | Goldman Sachs, Perella Weinberg Partners |
| 2014-02-03 | ArthroCare | Smith & Nephew | Medical Devices and Supplies | $1.5B | 16.1x | 3.82x | 9.1%–11.1% | Piper Sandler |
| 2014-01-30 | Accelrys | Dassault Systèmes SA | Digital / HealthTech | $750M | 16.3x | 3.55x | 8.3%–9.4% | Morgan Stanley |