Fortress Biotech, Inc. (FBIO)

Industry: Biotechnology 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
PANACEABIO.BO	288	Panacea Biotec Lim	67	-	-	79.46	100.31	-	-
TNGX	289	Tango Therapeutics	67	-	-	-	-	9.97	-
688075.SS	290	Assure Tech (Hangz	66	40.91	47.79	36.17	40.09	-	61.43
ENTA	291	Enanta Pharmaceuti	65	-	-	-	-	-	-
2487.HK	292	Cutia Therapeutics	64	-	-	-	-	-	-
2183.T	293	Linical Co., Ltd.	63	-	-	-	-	-	-
9688.HK	294	Zai Lab Limited	63	-	-	-	-	-	-
FBIO	295	Fortress Biotech,	62	25.28	25.28	-	-	-	-
FERMENTA.BO	296	Fermenta Biotech L	62	8.11	6.64	6.01	5.12	11.71	6.98
PLX	297	Protalix BioTherap	62	32.63	32.63	19.22	16.42	20.01	21.40
688068.SS	298	Beijing Hotgen Bio	62	-	-	-	-	-	-
ADGI	299	Adagio Therapeutic	62	9.83	9.83	9.01	9.01	-	9.85
TRDA	300	Entrada Therapeuti	62	-	-	-	-	-	-
MRUS	301	Merus N.V.	60	-	-	-	-	-	-
VERV	302	Verve Therapeutics	60	-	-	-	-	-	-
CDXC	303	ChromaDex Corporat	60	23.98	23.98	20.62	20.62	25.30	22.20

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	16.90	16.90	14.12	12.72	11.71	15.62
Full Range Median Multiple	23.98	23.98	19.92	18.52	15.86	21.40
Industry Multiple	23.09	24.17	28.42	31.93	16.75	24.37
Market Implied Multiple	25.42	25.42	-	-	-	-
Company (FBIO) Multiple	25.28	25.28	-	-	-	-
(*) Net Income / EBITDA / Revenue	4	4	-39	-39	-27	-93
Winsorized Enterprise Value	N/A	N/A	-547	-493	-319	-1,452
Full Range Median Enterprise Value	N/A	N/A	-772	-718	-432	-1,989
(-) Net Debt	-18	-18	-18	-18	-18	-18
Winsorized Equity Value	67	67	-529	-475	-301	-1,434
Full Range Median Equity Value	96	96	-754	-700	-414	-1,971
(/) Shares Outstanding	27	27	27	27	27	27
Winsorized Fair Value	$2.47	$2.47	$-19.43	$-17.44	$-11.06	$-52.64
Full Range Median Fair Value	$3.51	$3.51	$-27.69	$-25.69	$-15.20	$-72.34
Current Price	$3.72	$3.72	$3.72	$3.72	$3.72	$3.72
Upside / Downside	-33.50%	-33.50%	-622.36%	-568.74%	-397.21%	-1,515.13%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$1.73	$1.73	$-13.60	$-12.21	$-7.74	$-36.85
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy