Coppersmith Presentation to Alere Inc Stockholders
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COPPERSMITH
▪ We believe that Alere is significantly undervalued due to its poor operating performance, strategic configuration and capital
allocation (as of 6/28/13)
> Valuation multiples of publicly traded comparable companies 20 are significantly higher:
Alere is Undervalued
ALR
Peers
ALR Discount
Value at Peers Multiple
Premium to Price
ALR
Deals
ALR Discount
Comparable M&A transactions 20 are higher still:
Value at Deals Multiple
Premium to Price
EV/EBITDA
2013
9.7x
13.5x
-28.2%
$51.84
111.6%
LTM
10.0x
14.9x
-32.8%
2014
9.1x
11.7x
-22.0%
EV/EBITDA
$54.80
123.7%
$44.79 $50.33
82.8%
105.4%
2013
11.2x
23.0x
-51.3%
Forward
9.7x
13.6x
-28.3%
LTM
12.2x
30.0x
-59.3%
P/E
P/E
2014
9.6x
19.8x
-51.7%
$50.70
106.9%
Forward
11.2x
28.9x
-61.3%
$52.01 $60.23 $63.23
112.3%
145.8%
158.1%View entire presentation