Fairness opinions › By year
Healthcare fairness opinions, 2020
4 public-company healthcare transactions announced in 2020 with a fairness opinion in the SEC filing.
2020 valuation benchmarks
EV / LTM EBITDA
26.6x
median · n=4
EV / LTM revenue
5.72x
median · n=4
DCF discount rate (midpoint)
9.0%
median · n=4
Transactions announced in 2020. 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 |
|---|---|---|---|---|---|---|---|---|
| 2020-12-21 | HMS | Gainwell Technologies | Digital / HealthTech | $3.4B | 18.4x | 5.01x | 9.0%–10.0% | Barclays |
| 2020-12-18 | BioTelemetry | Philips | Outsourced Services | $2.8B | 23.7x | 6.26x | 10.0%–12.0% | Raymond James |
| 2020-08-05 | Livongo Health | Teladoc Health | Digital / HealthTech | $14B | 155.5x | 23.14x | 8.3%–10.2% | Lazard, Morgan Stanley |
| 2020-08-02 | Varian Medical Systems | Siemens Healthineers | Medical Devices and Supplies | $16B | 29.4x | 5.18x | 8.0%–9.0% | Goldman Sachs |