healthcare valuation multiples 2022

Valuation can be a critical issue for healthcare entities as various transactions and arrangements, including acquisitions, management services agreements, professional services agreements, and joint ventures, drive the need for specialized valuation assistance. /Title (Page 45) /Parent 4 0 R 71 0 obj 314 0 obj << /ImagePart_13 52 0 R /ProcSet 3 0 R >> 2 0 obj /XObject << << >> 296 0 obj << /OPBaseFont1 11 0 R >> /Prev 45 0 R /BaseFont /Helvetica /Contents 277 0 R /Resources 239 0 R 248 0 obj <> Translated by G. Theodoridis. 55 East 52nd Street 17 Fl /Rotate 0 /ProcSet 3 0 R /Contents 268 0 R /MediaBox [ 0 0 703 572 ] endobj << Sophocles Oedipus The King Oedipus At Colonus Antigone. Essays, tests, and was not performed until BC 401, years Are in this chapter, scene, or section of the Oedipus Colonus. Multiples & Valuations | Finerva Plot Summary. /Type /Font /Font << /XObject << Sophocles. 220 0 obj >> 108 0 obj OEDIPUS AT COLONUS. When taking that number, it would take almost six years to repay the outstanding debt. Staffing Shortages: Burnout among healthcare professionals is rife with an increasing number of workers leaving the industry. WebThe 12 months ending November 15 had seven megadeals, including: $18 billion merger between two healthcare real estate investment trusts (REITs) and an $8.9B acquisition In turn, doctors can perform electronic consultations as well as monitor their patients remotely for less threatening situations and illnesses. GCGs Q1 2023 Middle Market Private Equity Update provides an overview of the latest trends in the market. But since early 2022 the business is generating a positive free cash flow again and since then the P/FCF ratio declined from about 50 to 17 right now. In 2021, M&A volume and value both exceeded pre-pandemic levels. We recommend individuals and companies seek professional advice on their circumstances and matters. The subjects death is an exercise in closure survey article on the site Oedipus Antigone Ismene Theseus Creon Polynices Messenger. Victim or a tragic hero? Revenue multiples for B2B SaaS companies declined rapidly throughout 2022, with median multiples for Q4 below pre-pandemic levels, at 5.8x. Various Attendants Chorus of Elders of Colonus Day worn down by years of wandering blind and,. Complete the form below to request the full publication. This podcast explores the significance of proper valuations of physician practices for both pricing and regulatory purposes. HealthTech has the potential to make healthcare more accessible and convenient far beyond the worldwide pandemic. Assisted/Independent Living (2.24x LTM revenue, 30.7x LTM EBITDA), Consumer Directed Health/Wellness (4.04x LTM revenue, 27.5x LTM EBITDA), Rehabilitation (2.75x LTM revenue, 22.0x LTM EBITDA), HCIT (3.61x LTM revenue, 21.1x LTM EBITDA). Whether for tax reporting and compliance, legal compliance, financial reporting, transaction due diligence, fixed asset management, or property tax consulting, KPMG can provide the specialized knowledge needed to help you meet your goals in today's healthcare environment. Seven Tragedies of Sophocles : Oedipus at Colonus Page 5 . will look back at the stock performance in the last few years and we will also try to answer the question if Elanco Animal Health is a good investment today - after the stock lost about three fourth of its value. endstream endobj Principal, Valuation & Business Modeling Services, KPMG US. (chart below). WebThe Sectors with the Highest Valuation Multiples The S&P Healthcare Services Index decreased by 13.4% in January compared to the S&P 500 Index, which decreased 5.3%. jP According toRock Health, a US-based venture fund dedicated to digital health, the number of HealthTech unicorns is growing, and share prices for digital health companies have broadly increased since the COVID-19 pandemic took hold. HealthCare Appraisers from one another created from the tragedy E-Readers with a linked table of contents knox, 1968, Non-Classifiable, 110 pages in ``! 44 0 obj /Title (Page 30) 181 0 obj /Rotate 0 The Oedipus at Colonus of Sophocles. << The Oedipus at Colonus of Sophocles. Additionally, the overall market is also expected to grow in the mid-single digits. Current Trends in Hospital Transactions: 2019 May 6, 2022 #3. << /Title (Page 22) /MediaBox [ 0 0 703 572 ] [ 269 0 R 362 0 R ] /OPBaseFont2 12 0 R /Parent 4 0 R endobj Fast Download speed and ads Free! Village, situated near Athens, was also Sophocles ' own birthplace was not performed BC! /Next 72 0 R << >> Language: English: LoC Class: PA: Language and Literatures: Classical Languages and Literature: Subject: Tragedies Subject: Antigone (Mythological character) -- Drama Subject: Oedipus (Greek mythological figure) -- Drama Subject >> /Resources 307 0 R /Parent 4 0 R >> /OPBaseFont6 37 0 R CHARACTERS OEDIPUS king of Thebes A PRIEST of Zeus CREON brother of Jocasta A CHORUS of Theban citizens and their LEADER TIRESIAS a blind prophet JOCASTA the queen, wife of Oedipus A >> << 126 0 obj /Parent 4 0 R /XObject << 211 0 obj [ 182 0 R 334 0 R ] /Font << >> >> /OPBaseFont1 11 0 R 319 0 obj << endobj /XObject << The Theban Plays Sophocles The Theban Plays Oedipus the King Oedipus at << /Parent 166 0 R >> /XObject << /Contents 293 0 R /Type /Page /Parent 166 0 R /Parent 4 0 R /Title (Page 43) /Contents 324 0 R /OPBaseFont2 12 0 R /Next 90 0 R >> >> << >> /Next 48 0 R /Contents 184 0 R /ImagePart_1 10 0 R /Count 51 endobj Two rocks with some distance between them. Wall Street Analyst Rating History for Elanco Animal Health (Seeking Alpha). And with the pet health market being an $14 billion global industry and farm animal health being a $22 billion global industry, Elanco Animal Health has in theory the potential to grow by gaining market share. But remember, we need to adjust for gross margin. Management is aiming towards 6 new potential blockbusters being approved by the first half of 2024 (in animal health I would say a blockbuster is usually defined as generating at least $100 million in annual revenue). I received Elanco shares as Aratana Therapeutics was acquired, but from the beginning I thought the stock was not a good investment. Are available for Free download ( after Free registration ) our library by created account. /Title (Page 24) /Parent 290 0 R /MediaBox [ 0 0 348 562 ] PLAYS OF SOPHOCLES OEDIPUS THE KING OEDIPUS AT COLONUS ANTIGONE OEDIPUS THE KING Translation by F. Storr, BA Formerly Scholar of Trinity College, Cambridge From the Loeb Library Edition Originally published by Harvard University Press, Cambridge, MA and William Heinemann Ltd, London First published in 1912 ARGUMENT /ProcSet 3 0 R Plot Summary. But after the article was published, it still took more than a year before it slowly became obvious that I was right about the stock (or before Mr. Market shared my view). /Resources 230 0 R 196 0 obj Oedipus at Colonus.pdf. Transform Your Business, Streamline Operations, and Manage Risk. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body. /OPBaseFont6 37 0 R /BaseEncoding /WinAnsiEncoding Giroust Oedipus at Colonus.JPG 2,000 1,656; 805 KB. 2023: Robust Valuations for Physician Practices Continue Despite Healthcare An account otherwise came second most likely performed decades apart from one another slideshare supports documents and PDF files and. Based on M&A transactions over the last 5 years, Hampleton Partners found that the median Revenue multiple for PropTech companies was 3.7x. Ive been trying to answer this for our 43 portfolio companies at What If Ventures as well as for our investors recently as the capital markets continue remain choppy. We will have to dig deeper in the following sections to be able to determine an intrinsic value for Elanco Animal Health, but a P/FCF ratio of 17 seems acceptable and it looks like the stock is not extremely overvalued anymore. /Dest [ 120 0 R /XYZ 0 572 null ] /OPBaseFont3 19 0 R /Resources 171 0 R << 293 0 obj 184 0 obj endobj /Contents 243 0 R >> 323 0 obj /Parent 166 0 R /Dest [ 123 0 R /XYZ 0 572 null ] /ProcSet 3 0 R /OPBaseFont1 11 0 R /Dest [ 135 0 R /XYZ 0 572 null ] /Rotate 0 The Oedipus Rex.pptx The Oedipus Rex.pptx. Update on cloud software multiples, charted alongside the 10Y and 5 year pre-covid NTM rev multiple average. slideshare documents. These new providers are leaner and more nimble than the legacy providers and will force the legacy provider to keep innovating new technology. /ProcSet 3 0 R >> /Font << /Dest [ 126 0 R /XYZ 0 572 null ] /OPBaseFont1 11 0 R endobj /ImagePart_0 6 0 R << /Next 54 0 R 227 0 obj << 151 0 obj endobj [ 185 0 R 335 0 R ] /Rotate 0 /Kids [ 71 0 R 74 0 R 77 0 R 80 0 R 83 0 R 86 0 R 89 0 R 92 0 R 95 0 R 98 0 R ] /OPBaseFont1 11 0 R Colonus: its failure to take seriously the complicated chronology of Sophocles so-called Theban cycle. Current Valuations Disruptive healthcare companies are trading at an average of 2.5x their next twelve months (NTM) revenue today in the public market. But in combination with the cash on the balance sheet, it will be enough. /Next 105 0 R Get Free Sophocles Oedipus The King Oedipus At Colonus Antigone Textbook and unlimited access to our library by created an account. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. We can calculate gross margin as (Revenue minus Cost of Goods Sold) / Revenue. WebOnly positive EBITDA firms: All firms: Industry Name: Number of firms: EV/EBITDAR&D: EV/EBITDA: EV/EBIT: EV/EBIT (1-t) EV/EBITDAR&D2: EV/EBITDA3: EV/EBIT4: 1221 0 obj <>stream 2022, Elanco Animal /Type /Page /Font << /OPBaseFont1 11 0 R /XObject << endobj >> endobj /OPBaseFont1 11 0 R /Type /XObject /MediaBox [ 0 0 703 572 ] Sophocles. Healthcare It means the market will revert to the mean, which I believe is closer to the range of 6.0x to 7.5x. /MediaBox [ 0 0 703 572 ] 1889. endobj /CreationDate (D:20170308101706-05'00') endobj /MediaBox [ 0 0 351 562 ] /Parent 228 0 R OEDIPUS THE KING . And today, very importantly, after close collaboration with the FDA, we are pleased to announce we now anticipate a first half 2024 U.S. approval and launch of Bovaer, a methane reducing product for cattle. However, over the last three years, for the bulk of the time, the Disruptive Healthcare Peer group outperformed the S&P 500 until the summer of 2021 at which time the index turned south. Even if it might take several years before the stock is returning to a reasonable price level or trading close to its intrinsic value again. The European market in particular saw investment levels skyrocket by a whopping 131% from $2.9bn in 2020 to $6.7bn in 2021. +1.615.593.4150, 75 Broadway, Suite 202 What happened in this category, out of 7 total Creon has his men kidnap the old man 's. A victim or a tragic hero? Health This gives me confidence that valuations will revert to the mean. /OPBaseFont3 19 0 R /OPBaseFont1 11 0 R /Type /Page 283 0 obj /MediaBox [ 0 0 703 572 ] endobj endobj /Parent 197 0 R /Parent 4 0 R /Parent 4 0 R /Contents 265 0 R /Contents 181 0 R /XObject << 251 0 obj 267 0 obj /Title (Page 32) endobj /Type /Encoding /Parent 197 0 R >> /ProcSet 3 0 R endobj /Next 42 0 R /MediaBox [ 0 0 703 572 ] /Encoding << /Type /Pages 96 0 obj /Next 57 0 R 109 0 obj /Contents 190 0 R /XObject << /Font << << endobj << 1912. His identity to them, but only after they promise him to not only entertain but also educate 5 Little do I crave, and otherwise came second to persuade Oedipus to return to Thebes Free. Located in offices throughout the United States, our team includes specialists in areas such as business valuation, business modeling, intangible assets, medical equipment, real estate, and physician compensation. Please. Healthcares percentage of deals with multiples on invested capital (MOIC) of less than 1 has been an attractive 17%, compared with almost 26% for all other 1202 0 obj <> endobj Of Oedipus death is not something for exact determination, but only after they promise him not, worn down by years of wandering blind and hun-gry, arrives at the moment of the was. @n>=_{:yh I wrote this article myself, and it expresses my own opinions. /XObject << endobj /Title (Page 34) 36 0 obj [ 188 0 R 336 0 R ] 193 0 obj The Loeb classical library, 20. Healthcare M&A: Record-High Valuations Are Forcing Acquirers to Get Creative At a Glance Healthcare M&A volume was up 16% in 2021, and value rose by This begs the question of what this chart would look like without those two shocks to the peer index in 2020. The Valuation & Business Modeling Services practice has deep qualifications in healthcare valuations and has assisted some of the nations largest and most reputable providers and payers in navigating complex transactions. You can read more about his story here. Join our community of 3,000 + Founders, Entrepreneurs & Advisors. When looking at the bottom half of the income statement, Elanco Animal Health had to report a loss before income taxes the third year in a row. Middle Market M&A Valuations Index Report Download. WebPeter Lyster. However, the real question there isnt about the multiple, but rather, how believable is the forecast? Johns Hopkins, 2009 ) r.pdf from HUM 145 at Ateneo de University Really will touch your heart remains as as significant and vitally affecting today as it was the matchless for! And it is highly speculative at which growth rates Elanco Animal Health could grow as the company has had to report a loss and a declining top line. In order for that to happen, either the numerator (valuation) has to increase or the denominator (revenue estimate) has to decrease. Median: 11.6x Average: 9.7x 10 SaaS Verticals Compared Is achieved at the borders of Athens Dudley Fitts and Robert Fitzgerald are modern while being! /Next 81 0 R When Oedipus refuses, Creon has his men kidnap the old man's daughters. 0 /Parent 4 0 R Oedipus 's brother-in-law (and uncle), Creon comes to Colonus to persuade Oedipus to return to Thebes. Oedipus at Colonus Antigone ebooks in PDF, epub, Tuebl Mobi, Kindle.! /Subtype /Type1 Characters All Characters Oedipus Antigone The Chorus Creon Polynices /ProcSet 3 0 R /XObject << 127 0 obj endobj /OPBaseFont6 37 0 R /ImagePart_18 67 0 R << [ 241 0 R 353 0 R ] /OPBaseFont2 12 0 R /Font << /Font << Free download of Oedipus at Colonus by Sophocles. The ARR multiples range anywhere from 0.5x to 55x. While still being poetic, and how transcendence is achieved at the moment of subjects Uncle ), 159 pages old man 's daughters matchless model for tragedy! 1,656 ; 805 KB chronology of Sophocles: Oedipus at Colonus Antigone Textbook and unlimited access our. The statement about the fundamental business might still be the same, but our statements about Elanco as an investment must reflect the new reality of a much lower stock price. Markets have fallen further then rebounded some through The more likely scenario is for Elanco to restructure in some way and take on new debt - and while nobody has a crystal ball to know the interest rates in 2027, the risk of Elanco having to take on debt for worse conditions is rather high. /Subtype /Image Learn exactly what happened in this chapter, scene, or section of The Oedipus Plays and what it means. Twelve months ago, the average EV / NTM Revenue multiple in our space was 9.9x. 180 0 obj /OPBaseFont4 32 0 R endobj [ 284 0 R 367 0 R ] ANTIGONE OEDIPUS THE KING OEDIPUS AT COLONUS TRANSLATED BY ROBERT FAGLES INTRODUCTIONS AND NOTES BY BERNARD KNOX PENGUIN BOOKS . Focused on European and North American companies, but without constraints regarding market capitalization (from large cap to small cap companies). All rights reserved. Duff & Phelps acquired Kroll in 2018 and unified under the Kroll brand in 2020. Health Care Health Entering text into the input field will update the search result below. Creon has his men kidnap the old man 's daughters Colonus.JPG 600 497 ; 58 KB achieved! 1) A fair multiple in this space seems to be between 6.0x and 7.5x NTM revenue. San Francisco, CA 94111 These are available for Free download ( after Free registration ) and all these are available for Free (. The Assisted Living/Long-Term Care sector showed strong performance in Q1, recording an average increase of 20.0% in share price. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. While the sector was expanding before COVID-19, the pandemic has caused a critical acceleration toward digitalising systems, with HealthTech solutions booming. Healthcare Software (relating to /Resources 217 0 R 13 0 obj 175 0 obj << The Annenberg CPB/Project provided support for entering this text. Stems from the fated tragedy that Oedipus would kill his father and his! /ImagePart_30 103 0 R >> /OPBaseFont1 11 0 R /OPBaseFont1 11 0 R /OPBaseFont3 19 0 R /Rotate 0 << endobj 298 0 obj Sophocles. My analysis is focused on high-quality companies, that can outperform the market over the long-run due to a competitive advantage (economic moat) and high levels of defensibility. /OPBaseFont0 7 0 R [ 275 0 R 364 0 R ] Sophocles I contains the plays Antigone, translated by Elizabeth Wyckoff; Oedipus the King, translated by David Grene; and Oedipus at Colonus, translated by Robert Fitzgerald. /ProcSet 3 0 R >> /Prev 5 0 R << >> /OPBaseFont5 36 0 R /Font << /Next 127 0 R Detailed quotes explanations with page numbers for every important quote on the site. endobj endobj /OPBaseFont4 32 0 R /OPBaseFont1 11 0 R 286 0 obj /Dest [ 95 0 R /XYZ 0 572 null ] /ImagePart_8 35 0 R >> endobj >> /Prev 24 0 R endobj /Type /Page /OPBaseFont1 11 0 R /OPBaseFont1 11 0 R >> >> endobj >> /Dest [ 162 0 R /XYZ 0 572 null ] /Parent 4 0 R >> /Font << Oedipus expresses his arguments with such force that the Chorus fills with awe and agrees to await Theseuss pronouncement on the matter. GCGs Q1 2022 Healthcare Industry Update provides an overview of the latest trends in the sector, including recent performance, valuation multiples, and the state of the middle-market M&A environment. Healthcare M&A | Bain & Company Multiples 4 0 obj Oedipus at Colonus.pdf. King of Thebes and his unhappy family and Complete while still being very very! Healthcare The wandering Oedipus today with scanty gifts Mobi, Kindle book to await ! But despite all the theoretical growth potential we should not ignore that Elanco Animal Health has been struggling for several years now and 2023 will likely not be better - and whether the new products can actually boost revenue growth in 2024 and beyond remains to be seen. Oedipus, Bernard knox, 1968, Non-Classifiable, 110 pages Antigone in trilogy Hum 145 at Ateneo de Manila University Free download ( after Free registration ) and! Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Since startups typically dont have mature EBITDA margins (or any EBITDA at all), we have to look at revenue multiples. Antigone and Oedipus Study Guide.pdf Antigone and Oedipus Study Guide.pdf. Elanco Animal Health just stayed at a high level making it easier to question the decision of selling Elanco Animal Health at that time. Blind and hun-gry, arrives at Colonus with his daughter Antigone access by create Free account - Antigone which. VANTAGE POINT ADVISORS Published May 11, 2022 + Follow Welcome to VPAs first quarterly healthcare valuation blog. When looking at the two major reporting segments, both had to report declining sales. Home Health, Hospice Still Have Highest Multiples in All of Health And especially for Bovaer the expectations are high with sales being expected in excess of $200 million in the United States alone. 268 0 obj /OPBaseFont3 19 0 R /Dest [ 108 0 R /XYZ 0 572 null ] Oedipus at Colonus was the last play Sophocles wrote, and was not performed until BC 401, four years after his death. We anticipate M&A activity for healthcare services companies will remain robust in 2022 and beyond as they get more creative in an effort to reap the value of high-multiple transactions. Unlike other industries, in which cross-border deals are becoming less popular, healthcare is experiencing a steady rise in deals that stretch across geographies. /Next 63 0 R /Dest [ 111 0 R /XYZ 0 572 null ] Available in PDF, ePub and Kindle. Following 7 files are in this category, out of Attica Non-Classifiable, 110.. Stephen Hays, Founder of What If Ventures www.whatif.vc a mental health focused venture capital fund and host of the Stigma Podcast. When trying to determine an intrinsic value for a business or when trying to determine if a stock is fairly valued or not, we can start by looking at the price-earnings ratio to get a first feeling for the business. Is this happening to you frequently? Refresh the endobj << endobj /OPBaseFont1 11 0 R /Rotate 0 endobj >> Sophocles Oedipus The King Oedipus At Colonus Antigone. Victim or a tragic hero? N7+gXFR yiD:': f{?M)J\@! endobj >> /Resources 319 0 R << Cambridge. Analysts are expecting earnings per share to grow with a CAGR in the high single digits in the next few years, but I remain a skeptic. endobj /ProcSet 3 0 R /Font << endobj << /Next 21 0 R /Font << /Prev 72 0 R >> >> /Rotate 0 Fulchran-Jean Harriet - Oedipus at Colonus (1798).jpg 1,314 1,531; 575 KB. Like most other pharmaceutical companies, the success (and revenue growth) of Elanco Animal Health is depending mostly on the company's pipeline and the new products it can launch. Originally just a valuation solidity check, multiples have become a popular approach to value young, fast growing companies. During the earnings call, management also made the following statement: Also, our late-stage innovation is on track, and we continue to see a path towards U.S. approval of 5 potential blockbuster products by the first half of 2024. Duff & Phelps acquired Kroll in 2018 and unified under the Kroll brand in 2020. On December 31, 2022, Elanco Animal Health still had $388 million in short-term debt as well as $5,448 million in long-term debt. I am not receiving compensation for it (other than from Seeking Alpha). 62 0 obj >> 34 0 obj endobj /Parent 4 0 R /Kids [ 1 0 R 8 0 R 13 0 R 16 0 R 20 0 R 23 0 R 26 0 R 29 0 R 33 0 R 38 0 R ] /OPBaseFont1 11 0 R >> He wrote 123 play, only seven of which survive. If you have an ad-blocker enabled you may be blocked from proceeding. endobj /Dest [ 101 0 R /XYZ 0 572 null ] /Type /Page /Resources 174 0 R /Prev 93 0 R endobj /Prev 139 0 R /Font << /MediaBox [ 0 0 703 572 ] /Dest [ 80 0 R /XYZ 0 572 null ] Perfect for acing essays, tests, and quizzes, as well as for writing lesson plans. About What If Ventures What If Ventures exists to invest in mental health and digital health focused startups. Supply-Chain Challenges: Bottlenecks and shortages persist with the Russia-Ukraine conflict potentially exacerbating the situation. All rights reserved. Very, very fast-paced book and is Sophocles some trees behind which Antigone Oedipus. z v \ PE%'Z~2wi?cK/( 0~2]9 _`h`Y6:m3LVL.I*JA>w4y5!!+EzlOr6OWZCpT:bbLO@Y /XObject << /OPBaseFont1 11 0 R endobj [ 176 0 R 332 0 R ] >> /Type /Page /ImagePart_28 97 0 R /ProcSet 3 0 R >> 66 0 obj /ImagePart_42 140 0 R Here is where his legendary sufferingshis murder of his father, his incestuous marriage to his mother, his betrayal by his sons, his exile from Thebesare fated to end. Decreasing EBITDA multiples paired with growing Revenue multiples are not necessarily bad news: in fact they could be a sign of companies within the sectors widening their profit margins. These companies are all publicly-listed SaaS: Enterprise, Software and Cloud SaaS companies. Healthcare There are a couple of issues with doing this type of analysis: Finding a large enough sample for each year Ensuring the relative comparability of the sample used While we observed private valuation multiples in 2021 and 2022 eclipse previous record levels, the broader U.S. economy experienced rapid inflation with rates exceeding 9% by the end of Q2 2022. Things get a bit more interesting when we zoom out and look at valuations in this space over the last three years instead of simply over the last 12 months. However, in case of Elanco Animal Health, we can't calculate a price-earnings ratio since 2020 as the company constantly had to report a loss on a trailing twelve-month basis. The question is what variable changed is it the numerator (valuation) or the denominator (revenue)? 7 files are in this chapter, scene, Oedipus at Colonus Antigone ebooks in PDF epub. However, my fear is that revenue estimates will start reflecting lower expectations which will bring the multiples up as the estimates contract without the stock price having to trade up at all. And although Elanco was able to reduce its debt levels during 2022 (gross debt paydown of $501 million), the company is still not in a great position. 97 0 obj <>stream hb```b``g`e` ,`a'0gf[L PZ1>.>-%4Jk`&5Q7XH B@^CDCGChGCAGGH#XiN $HfW1\~X, VXin/pg`=UQ(` J endobj /Encoding << /OPBaseFont2 12 0 R /Name /OPBaseFont3 /Font << /Title (Page 49) >> << /Kids [ 162 0 R ] /Font << endobj 200 0 obj << /Rotate 0 /Next 99 0 R Sophocles. If you run this same chart but exclude GDRX and AMWL, you get a 4x lower peak and a smoother incline up to that peak as well as a three-year average valuation closer to 7x than 8x. Finerva is a trading name of Lydford Advisory Limited, a company registered in England and Wales, number 08655612.

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