Coppersmith Presentation to Alere Inc Stockholders
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Appendix: Trading & Transaction Comparables
(US$ in millions)
Company
Meridian Bioscience
PerkinElmer
QIAGEN
Quidel
Trinity Biotech
Alere Inc
(US$ in millions)
Announced
Price
(6/28/13)
$21.50
32.50
19.91
25.53
16.85
$24.50
Target
04/30/12 Gen-Probe
07/05/11 Immucor
05/19/11 Phadia
02/07/11 Beckman Coulter
07/25/07 Dade Behring
05/10/07 Biosite
Source: Bloomberg and public filings.
Market Enterprise
Value Value
$906
3,679
4,807
889
388
$1,993
Hologic
TPG Capital
Acquiror
Thermo Fisher
Danaher
Siemens
Inverness
Median
Mean
$868
4,579
5,193
850
315
Median
Mean
$6,130
Ent. Value/
CY13E CY14E
CY13E CY14E EBITDA EBITDA CY13E
Ent. /
Revenue
4.5x
2.1x
4.0x
4.6x
3.5x
4.0x
3.7x
2.1x
Ent.
Value
3,669.8
1,670.4
3,500.0
6,784.1
7,119.0
1,717.6
4.1x
2.0x
3.7x
4.2x
3.1x
3.7x
3.4x
2.0x
LTM
13.2x
11.8x
11.5x
17.6x
13.7x
13.2x
13.5x
EV /Revenue
6.3 x
5.0 x
6.7 x
1.9 x
4.0 x
5.5 x
5.3 x
4.9 x
9.7x
11.6x
10.5×
10.5×
14.9x
11.1x
11.1x
11.7x
9.1x
Forward
5.7 x
4.8 x
NA
1.7 x
3.7 x
5.3 x
1.8 x
4.2 x
20.9x
23.0x
24.0x
15.8x
18.2x
36.2x
20.9x
LTM
11.2x
19.5 x
11.1 x
16.6 x
10.8 x
15.7 x
15.8 x
P/E
EV/EBITDA
Forward
15.7 x
14.9 x
CY13E
EBITDA
CY14E Margin
COPPERSMITH
20.7x 34.2%
13.7x 17.9%
16.4x 34.5%
30.9x
26.3%
17.4x 25.7%
17.4x 26.3%
19.8x
9.6x
15.7 x
10.8 x
ΝΑ
10.5 x
14.7 x
16.1 x
14.7 x
13.6 x
21.4%
28.3%
27.7% 29.3%
LTM
35.2 x
21.4 x
ΝΑ
21.4 x
42.8 x
29.0 x
CY14E
EBITDA
Margin
29.0 X
30.0 x
35.4%
19.2%
35.6%
28.0%
28.3%
P/E
21.9%
Forward
32.3 x
22.7 x
ΝΑ
20.9 x
39.7 x
29.0 x
29.0 x
28.9 xView entire presentation