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User 13134422

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  • The private-equity owners of Biomet - which include Blackstone (BX), KKR (KKR) and Goldman Sachs' (GS) P-E fund - are reportedly considering an IPO for the artificial hip and knee maker six years after taking it private for $11.4B. Since then, annual revenues have increased to $3B from $2.1B and EBITDA to $946M from $587M, while debt has fallen to $5.9B from $6.3B. Given that rival Stryker is valued at around 8.5X EBITDA, Biomet's theoretical value could be $8B, meaning that the P-E firms are set to make a loss. [View news story]
    That seems strange. BX and partners paid 19x Ebida in 07, but
    with today's lower interest rates and Biomet's 40% increase in Ebida the company is worth much less.
    Strange, but we'll see if somebody madean arithmetic mistake??

    Chuck Greenberg
    Jul 1 01:40 PM | Likes Like |Link to Comment
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