Bio-Techne Corporation (TECH)

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
ALKS	31	Alkermes plc	1,786	14.62	14.62	10.11	6.09	12.37	12.29
PTCT	32	PTC Therapeutics,	1,779	6.41	6.41	4.99	4.99	377.43	5.87
300122.SZ	33	Chongqing Zhifei B	1,549	-	-	-	-	-	-
091990.KQ	34	Celltrion Healthca	1,502	232.86	308.39	53.86	52.12	47.95	54.65
0775.HK	35	CK Life Sciences I	1,397	-	-	35.45	41.82	15.30	11.04
031390.KQ	36	Green Cross Cell C	1,378	279.76	399.08	20.44	22.42	57.75	-
005257.KS	37	Green Cross Holdin	1,310	26.18	24.87	21.03	21.50	20.82	44.81
TECH	38	Bio-Techne Corpora	1,217	110.91	139.82	39.63	44.50	43.73	85.58
002252.SZ	39	Shanghai RAAS Bloo	1,129	24.10	21.77	23.00	20.89	25.86	19.60
TLX	40	Telix Pharmaceutic	1,095	82.15	82.15	37.79	37.79	89.16	47.72
BAVA.CO	41	Bavarian Nordic A/	1,083	7.45	5.64	5.07	4.00	3.52	5.10
ACAD	42	ACADIA Pharmaceuti	1,047	13.86	13.86	29.18	29.18	23.93	14.21
APLS	43	Apellis Pharmaceut	1,016	63.40	63.40	26.64	26.64	2.79	30.93
IONS	44	Ionis Pharmaceutic	967	-	-	-	-	-	-
ALK-B.CO	45	ALK-Abelló A/S	921	41.00	20.73	24.56	18.21	27.36	18.81
600161.SS	46	Beijing Tiantan Bi	909	28.67	24.82	15.22	13.29	29.77	14.46

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	25.14	21.25	21.03	20.89	23.93	14.33
Full Range Median Multiple	27.42	23.30	23.00	21.50	25.86	16.63
Industry Multiple	68.37	82.14	23.64	23.00	56.46	23.29
Market Implied Multiple	136.90	172.59	48.67	54.65	53.71	105.11
Company (TECH) Multiple	110.91	139.82	39.63	44.50	43.73	85.58
(*) Net Income / EBITDA / Revenue	78	62	224	200	203	104
Winsorized Enterprise Value	N/A	N/A	4,716	4,172	4,862	1,488
Full Range Median Enterprise Value	N/A	N/A	5,156	4,293	5,253	1,727
(-) Net Debt	236	236	236	236	236	236
Winsorized Equity Value	1,960	1,314	4,480	3,936	4,626	1,252
Full Range Median Equity Value	2,138	1,441	4,921	4,057	5,018	1,491
(/) Shares Outstanding	155	155	155	155	155	155
Winsorized Fair Value	$12.61	$8.45	$28.82	$25.32	$29.76	$8.05
Full Range Median Fair Value	$13.75	$9.27	$31.65	$26.10	$32.28	$9.59
Current Price	$68.67	$68.67	$68.67	$68.67	$68.67	$68.67
Upside / Downside	-81.64%	-87.69%	-58.04%	-63.13%	-56.67%	-88.27%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$8.83	$5.92	$20.17	$17.72	$20.83	$5.64
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy