Apr. 12 at 2:42 PM
Commercial-stage oncology focused bio 5 year revenue multiples v. DAWN. All market caps are per Yahoo Finance so DAWN valuations do not consider fully diluted shares, consistent with peers. We provide DAWN revenue multiples using analyst consensus, again consistent with DAWN's peers, and per DAWN mgmt/BOD.
$SNDX trades @ 0.61X 5-year analyst consensus. DAWN trades for 1.03X the same 5-year analyst consensus. Hence, if SNDX were acquired at the same 5-year multiple as DAWN, SNDX would trade @ 1.03X 5 year consensus. This is roughly 70% higher than where SNDX trades today.
SNDX revenues generated 96% gross margins in FY25 where DAWN's like margins were 89%. Does this mean SNDX should command a proportionally higher multiple?
We'd otherwise caution investors to expect peers on the attachment with smaller market caps to expect DAWN like M&A multiples.
$CORT updated analyst consensus are roughly 10% lower than per the attachment
This is not investment advice.
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