Antibe Therapeutics Inc(Pre-Merger) ATBPF

Market Cap to Ebitda for ATE Citagenix

[nozzpack]

The 2021 multiple of  EV  to Ebitda for drug pharmaceuticals 14.5 times.

As Citagenix has no debt, Market cap= EV

Ebitda in 2020 was  $3.0 million.

However, revenues in Q1 of 2020 was just $1.2 million due to Covid lockdowns.

The remaining three quarters were solidly $2.8 m in sales per quarter.

Adjusting those 3 quarters for a full year and annual sales would have been close to $11,5 million and Ebitda of about $3.6 m.

So, using $3.6 million times 14.5  which equals Approx $47 million  market cap or about $0,90 per share.

Average the two peer based estimates and Citagenix is worth about $1.00 per share

https://www.statista.com/statistics/1030072/enterprise-value-to-ebitda-in-the-health-and-pharmaceuticals-sector-in-united-states/

[CalgaryATE]

Out of curiosity, what happens to your valuation of Citagenix if you switch the industry it is in from pharmaceuticals to dental supplies?

[MrMugsy]

Bingo Calgary ! And a small dental supply business to boot. Don't get me wrong - I'd love to get more per share. I just know what ATE was shooting for back in 2019 in a discussion at the AGM and I wouldn't expect anything greater than 1x sales. If we get more - I'll be very happy - won't see me complain.

[nozzpack]

For  the dental supply sector , the current valuation multiples are 4.4 times revenues and 15.2 times Ebitda. These are hardly different than those which I referenced for the drug sales sector which Citagenix overlaps to some degree https://www.brocair.com/pdfs/Dental%20Products%20Market%20Analysis%202019%20April.pdf Personal opinions are useless for equity  valuations. Stop

[Scotchnoice]

3 million EBIDTA in FY21?... I see a net loss before tax of 600k coming after a long history of losses over 1mmilion per year. Citagenix has been loosing millions since ATE took controle of this company. Citagenix is not a pharma and doesnt' manufacture anything, only purchaising products from various manufacturers and selling them to end users or distributors. Their model is pretty simple