Nidda/Stada - comment

We are not surprised that Bain and Cinven are eyeing a sale of Stada. A potential IPO was on the table before the conflict in Ukraine broke out. With the war dragging on, a sale may be easier than an IPO. With debt a lot more expensive, private equity buyers will be more conservative in what they will pay. The Russian business will not be sold, in our assessment. The €10bn price tag represents a 10.5x multiple on LTM Adjusted EBITDA, and M&A average multiples in the sector are around 12.5x. If we lift the Russian business out, adjusted EBITDA would be closer to €815m, which equates to a 12.3x multiple.

https://www.biospace.com/article/stada-ceo-confirms-buyout-rumors-sale-could-potentially-fetch-11b-/

Aengus McMahonNIDDA