biote Corp. (BTMD)

Industry: Medical - Care Facilities Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
PSQ.AX	131	Pacific Smiles Gro	248	25.03	27.53	4.58	3.96	8.82	5.09
1518.HK	132	New Century Health	237	8.16	9.55	0.60	0.55	-	0.92
2522.HK	133	Jiangxi Rimag Grou	231	-	-	15.60	15.60	31.24	497.16
ENE.WA	134	Centrum Medyczne E	220	35.60	35.60	7.49	7.10	315.30	25.69
TALK	135	Talkspace, Inc.	215	109.58	109.58	57.89	57.89	48.38	-
M-CHAI.BK	136	Mahachai Hospital	206	26.69	29.15	7.88	6.16	27.61	20.46
DR.TO	137	Medical Facilities	202	2.98	2.47	3.54	4.12	5.39	5.57
BTMD	138	biote Corp.	196	3.26	3.26	1.62	1.62	2.27	2.39
SKR.BK	139	Sikarin Public Com	194	21.28	18.09	9.82	8.64	13.30	13.90
0722.HK	140	UMP Healthcare Hol	190	5.20	5.35	1.66	1.53	0.52	0.41
6059.T	141	UCHIYAMA HOLDINGS	189	3.05	3.05	5.07	5.07	8.24	14.80
PRINC.BK	142	Principal Capital	187	26.13	26.13	31.46	25.41	-	-
RAINBOW.BO	143	Rainbow Children's	173	54.26	54.26	29.15	29.15	32.20	29.64
9229.T	144	Sunwels Co.,Ltd.	172	-	-	100.10	100.10	-	-
CMR.BK	145	Chiang Mai Ram Med	166	55.92	64.21	9.62	9.35	31.62	21.79
KOVAI.BO	146	Kovai Medical Cent	163	29.36	24.28	15.88	13.34	21.83	18.31

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	25.03	24.28	7.88	7.10	17.57	14.35
Full Range Median Multiple	26.13	26.13	9.62	8.64	24.72	16.55
Industry Multiple	31.02	31.48	20.02	19.20	45.37	54.48
Market Implied Multiple	2.52	2.52	1.16	1.16	1.63	1.71
Company (BTMD) Multiple	3.26	3.26	1.62	1.62	2.27	2.39
(*) Net Income / EBITDA / Revenue	29	29	46	46	33	31
Winsorized Enterprise Value	N/A	N/A	365	329	581	452
Full Range Median Enterprise Value	N/A	N/A	446	400	817	521
(-) Net Debt	-19	-19	-19	-19	-19	-19
Winsorized Equity Value	721	699	384	348	600	471
Full Range Median Equity Value	752	752	464	419	836	540
(/) Shares Outstanding	31	31	31	31	31	31
Winsorized Fair Value	$23.00	$22.31	$12.26	$11.09	$19.14	$15.02
Full Range Median Fair Value	$24.01	$24.01	$14.82	$13.37	$26.69	$17.23
Current Price	$2.32	$2.32	$2.32	$2.32	$2.32	$2.32
Upside / Downside	891.36%	861.84%	428.34%	378.14%	725.04%	547.36%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$16.10	$15.62	$8.58	$7.76	$13.40	$10.51
Buy / Don't Buy	BUY	BUY	BUY	BUY	BUY	BUY