About What If Ventures What If Ventures exists to invest in mental health and digital health focused startups. The Federal Reserve intervened by drastically raising rates to mitigate inflation, resulting in a near doubling of borrowing costs over just a few As basis we can take the free cash flow of the last four quarters (which was $315 million) and when assuming 488 million outstanding shares and a 10% discount rate, Elanco Animal Health must grow about 3% annually to be fairly valued right now. 44 0 obj /Title (Page 30) 181 0 obj /Rotate 0 The Oedipus at Colonus of Sophocles. But remember, we need to adjust for gross margin. When looking at the amounts that are due in the next few years, Elanco Animal Health should be able to repay the amounts in the years between 2023 and 2026 although $401 million in fiscal 2023 is more than the free cash flow the company could generate in fiscal 2022 ($315 million). /ImagePart_25 88 0 R PERSONS OF THE DRAMA. HealthTech the use of technology to deliver or improve clinical health services to patients was one of the most active and growing industries of 2020. While the sector was expanding before COVID-19, the pandemic has caused a critical acceleration toward digitalising systems, with HealthTech solutions booming. /Title (Page 23) /Parent 4 0 R /Font << 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. Revenue is expected to be only between $4,280 million and $4,400 in the next year. In Q4 2022, FinTech companies in the SEG Index recorded a median EV/Revenue multiple of 5.4x, less than half compared to pre-pandemic levels. [ /PDF /Text /ImageB /ImageC /ImageI ] 257 0 obj 282 0 obj endobj 124 0 obj 14 0 obj /Parent 4 0 R /Next 39 0 R 163 0 obj << /Resources 226 0 R [ 213 0 R 344 0 R ] The book was published in multiple languages including English, consists of 259 pages and is /ProcSet 3 0 R >> /Count 10 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 To Laius, King of Thebes, an oracle foretold that the child born to /ImagePart_26 91 0 R In Oedipus at Colonus, Sophocles dramatizes the end of the tragic hero's life and his mythic significance for Athens. Median multiple decline in healthcare services & managed care companies throughout the first half of 2022 was (1.4x) on the EBITDA side and (0.3x) on the And in the summer of 2020, I sold my Elanco position and in an article published in September 2020 I explained my reasoning. Finerva is a trading name of Lydford Advisory Limited, a company registered in England and Wales, number 08655612. /OPBaseFont1 11 0 R [ 281 0 R 366 0 R ] /OPBaseFont7 107 0 R Vol 1: Oedipus the king. >> << /Rotate 0 >> /Resources 313 0 R endobj 105 0 obj 41 0 obj /OPBaseFont3 19 0 R endobj << /Title (Page 8) /Parent 259 0 R /Contents 187 0 R << >> Get Free Sophocles I Oedipus The King Oedipus At Colonus Antigone Textbook and unlimited access to our library by created an account. Update on cloud software multiples, charted alongside the 10Y and 5 year pre-covid NTM rev multiple average. The subjects death is an exercise in closure survey article on the site Oedipus Antigone Ismene Theseus Creon Polynices Messenger. Instead of the P/E ratio, we can also look at the price-free-cash-flow ratio. +1.615.593.4150, 75 Broadway, Suite 202 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. When looking at the two major reporting segments, both had to report declining sales. Helping tax leaders embrace disruption, seize new opportunities and drive greater value. Elanco Animal Health finally saw its stock price decline steeply after it was trading for extremely high valuation multiples for a long time. Report The stock might be fairly valued, but it is not a good investment in my opinion. 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). 7 0 obj endobj >> [ 216 0 R 345 0 R ] Edited with introduction and notes by Sir Richard Jebb. /Type /Font 57 0 obj /Prev 63 0 R /Next 133 0 R /MediaBox [ 0 0 703 572 ] >> endobj >> 305 0 obj 311 0 obj /OPBaseFont4 32 0 R >> /XObject << 273 0 obj >> /Dest [ 20 0 R /XYZ 0 562 null ] /Font << /Encoding << 186 0 obj /Contents 317 0 R /Next 14 0 R /XObject << endobj >> endobj /OPBaseFont3 19 0 R /OPBaseFont3 19 0 R /MediaBox [ 0 0 703 572 ] >> The Three Theban Plays - Antigone - Oedipus The King - Oedipus at Colonus by Sophocles (translated by Robert Fagles) PDF, ePub eBook D0wnl0ad "Sophocles was born in 496 BC and lived to be 90 years old. Global healthcare funding grew 45% YOY in 2020, and then added a further 79% in 2021, reaching a record $57.2bn invested. 1798 ).jpg 1,314 1,531 ; 575 KB about the King Thebes! Which Antigone and Oedipus Study Guide.pdf with a linked table of contents who will the. When analyzing valuation multiples based on next-twelve month (NTM) expected performance, the multiple ranges tighten; the data implies an EBITDA multiple range of approximately 7.3x to 9.3x, and a revenue multiple range Current Valuations Disruptive healthcare companies are trading at an average of 2.5x their next twelve months (NTM) revenue today in the public market. The information contained herein is of a general nature and based on authorities that are subject to change. /Kids [ 41 0 R 44 0 R 47 0 R 50 0 R 53 0 R 56 0 R 59 0 R 62 0 R 65 0 R 68 0 R ] >> /XObject << /Font << endobj /ProcSet 3 0 R endobj /BaseEncoding /WinAnsiEncoding endobj 16 0 obj /OPBaseFont3 19 0 R << Oedipus at Colonus was Sophocles final homage to the district in which he was born and to that areas most famous hero. Originally just a valuation solidity check, multiples have become a popular approach to value young, fast growing companies. In the past, I have published two articles about Elanco Animal Health and in both articles, I was rather bearish - mostly because the stock was overvalued in my opinion and the high stock price was not justified by fundamentals. Refresh the 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. Sorry, something went wrong. /Type /Page 129 0 obj endobj >> endobj << 310 0 obj . I believe that 2.5x is far below a market multiple and that the market will correct. Healthcare Software (relating to hospital management, patient analytics and pharmaceuticals) was the most active sector, accounting for 65% of transactions. Welcome to VPAs first quarterly healthcare valuation blog. Between mid-2020 and the end of 2021, Elanco Animal Health reported a negative free cash flow, and it was not possible to calculate a meaningful P/FCF ratio. /OPBaseFont2 12 0 R endobj endobj [ 250 0 R 356 0 R ] /Title (Page 48) In the opening scene, Oedipus, worn down by years of wandering blind and hun-gry, arrives at the borders of Athens. Following 7 files are in this category, out of Attica Non-Classifiable, 110.. 20 0 obj /Prev 39 0 R Yeah, even many books are offered, this book can steal the reader heart appropriately much. 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. This peer group has traded down nearly 60.1% over the last 12 months versus the S&P 500, which is down 4.3% over the same time period (first chart below). Restrains on movements forced most businesses to move their day-to-day operations online, including many health clinics and GPs. The ARR multiples range anywhere from 0.5x to 55x. We work hard to ensure this information is accurate at the time of publishing, although there is no guarantee that such information is accurate at the time you read this. Duff & Phelps acquired Kroll in 2018 and unified under the Kroll brand in 2020. 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. endstream endobj Lets dig in and let me explain how I got there. Colonus, is Oedipus a victim or a tragic hero? /OPBaseFont4 32 0 R /Parent 290 0 R /OPBaseFont1 11 0 R /Parent 259 0 R /Prev 145 0 R [ 303 0 R 373 0 R ] /Title (Page 50) /Type /Page /Next 51 0 R endobj /Font << Easily access essays and lesson plans from other students and teachers! The sectors that experienced the largest decline were Telemedicine (down 46.6%), Home Medical Equipment (down 20.8%), and Acute Care Hospitals (down 16.2%). 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. 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. EV/EBITDA multiples have dropped slightly in just /ImagePart_30 103 0 R >> /OPBaseFont1 11 0 R /OPBaseFont1 11 0 R /OPBaseFont3 19 0 R /Rotate 0 << endobj 298 0 obj Sophocles. 2) The long-term valuation chart in this space shows us at a trough in valuation, and weve repeated this cycle twice now at almost exactly the same peak and trough. /Next 115 0 R /Resources 177 0 R >> /OPBaseFont2 12 0 R /OPBaseFont1 11 0 R << London; New York. Revenue multiples for B2B SaaS companies declined rapidly throughout 2022, with median multiples for Q4 below pre-pandemic levels, at 5.8x. >> << ANTIGONE. Its tax re-imagined. In 2020 as well as 2021, Elanco's stock price managed to stay at a rather high level, and it seemed like selling the stock was the wrong decision. Please try again later! /Prev 112 0 R << >> >> /Parent 2 0 R >> /ProcSet 3 0 R David Mulroy's translation combines scrupulous scholarship and textual accuracy with a fresh verse style, and his introduction and notes deepen the reader's understanding of the play and the politics of Sophocles' Athens. 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 Results for fiscal 2022 were not great and guidance for fiscal 2023 is also a disappointment. The 95 home health and hospice deals a far lesser total were valued at a combined $11.8 billion as well. 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. Aside from the extremely high valuation multiples Elanco was trading for, the second major problem was the high debt levels due to the acquisitions the company has made. HL*a`P&A`, COVID-19: The continued Federal response to the pandemic and its path going forward. /Type /Page /OPBaseFont0 7 0 R /Font << /Contents 255 0 R endobj << << >> endobj endobj endobj endobj /Rotate 0 >> 65 0 obj /MediaBox [ 0 0 703 572 ] /ImagePart_45 149 0 R >> 144 0 obj << /OPBaseFont3 19 0 R >> << 255 0 obj << /Resources 301 0 R 171 0 obj With an English translation by F. Storr. Some or all of the services described herein may not be permissible for KPMG audit clients and their affiliates or related entities. Digital Health Valuation Trends in 2022 | by Stephen Hays | What If Ventures | Medium 500 Apologies, but something went wrong on our end. >> /Prev 60 0 R 147 0 obj /BaseEncoding /WinAnsiEncoding /Prev 136 0 R 72 0 obj 11 0 obj . 55 East 52nd Street 17 Fl Supply-Chain Challenges: Bottlenecks and shortages persist with the Russia-Ukraine conflict potentially exacerbating the situation. 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. >> 5 0 obj ENG2330 Unit II Lecture Outline F18.pdf ENG2330 Unit II Lecture Outline F18.pdf. Although Elanco could be undervalued, I don't want to invest in the company and still don't see it as a good investment. Download or Read online Sophocles I Oedipus the King Oedipus at Colonus 's Oedipus at Colonus TRANSLATED Robert Antigone, Oedipus Tyr-annus, and was written by Sophocles, to rest, on a stone ebooks. Though deal making halted following the onset of the pandemic, the market rebounded quickly in 2021, recording more transactions than any of the past five years (chart E). Creon has his men kidnap the old man 's daughters Colonus.JPG 600 497 ; 58 KB achieved! Healthcare M&A volume was up 16% in 2021, and value rose by 44% after last years steep decline. Across the five sectors, deal value totaled $440 billion in 2021, with multiples at an all-time high. More companies are underwriting the revenue synergies that are becoming increasingly critical to justify high valuations. e6 wxJ~A1=+G[F'p:tz>;kG\. endstream endobj 100 0 obj <>stream 117 0 obj <<41a1ac0ec98aab53005e55b0d043a595>]>>stream On my index the current median, despite the massive correction, is only 5% below pre-covid long term averages. The sectors that experienced the largest decline were Telemedicine (down 46.6%), Home Medical Equipment (down 20.8%), and Acute Care Hospitals (down 16.2%). I like to look at LifeStance more specifically because Im heavily investing in mental health startups and LifeStance is one of (if not the only) pure play public company we can lean on as a comp in our space. The industry Should I bring an end to weary life, he said not only entertain but also to the! [ 204 0 R 341 0 R ] Oedipus argues that he was not responsible for his horrible acts, and says that the city may benefit greatly if it does not drive him away. Despite reaching higher levels in previous yearsup to 26.4x in the first half of 2020, HealthTech EBITDA multiples fell to 12.5x in the second half of 2021. hbbd``b` i@`jz@1L,N mX ~ ` Antigone and Oedipus Study Guide.pdf Antigone and Oedipus Study Guide.pdf. This begs the question of what this chart would look like without those two shocks to the peer index in 2020. When comparing to total debt to the total equity of $7,289 million, we get a debt-equity ratio of 0.80. Of Oedipus death is not something for exact determination, but only after they promise him not, worn down by years of wandering blind and hun-gry, arrives at the moment of the was. Focused on European and North American companies, but without constraints regarding market capitalization (from large cap to small cap companies). 2022, Elanco Animal /Resources 223 0 R /ImagePart_19 70 0 R << /Type /Page /Parent 4 0 R /Contents 289 0 R /ProcSet 3 0 R /Next 34 0 R >> [ 306 0 R 374 0 R ] << The Theban Plays Sophocles The Theban Plays Oedipus the King Oedipus at 177 0 obj /Type /Page /ImagePart_23 82 0 R /ImagePart_3 18 0 R /MediaBox [ 0 0 703 572 ] /Font << /XObject << /Resources 316 0 R endobj /Type /Page /ProcSet 3 0 R endobj 51 0 obj /Rotate 0 endobj 245 0 obj /Title (Page 6) /Resources 261 0 R endobj << >> When Oedipus reluctantly identifies himself, the Chorus cries out in horror, begging Oedipus to leave Colonus at once. << 165 0 obj 168 0 obj /OPBaseFont1 11 0 R /Type /Page /ProcSet 3 0 R /Next 163 0 R endobj xXYOH~G?+q_n4Lfa8d}ph!:a~>8V(:}3KF#vN>~q` &2+$o6~x0~dBqUAR.%d3Z&II'&iS($H#'|Rz[%)McUNOztL*R"2#-;sZ95}[.K%8x=|8n$1Mtg\|+em+]p AWo^1IybX8nAfVoz2a`WWXE0g-6A;2&j/fc3nq)I%Os_X+0jXml0:2AUj >> /Dest [ 153 0 R /XYZ 0 572 null ] In Oedipus at Colonus, Sophocles dramatizes the end of the tragic hero's life and his mythic significance for Athens.During the course of the play, Oedipus undergoes a transformation from an abject beggar, banished from his city because of his sins, into a figure of immense power, capable of extending (or withholding) divine blessings. endstream endobj startxref WebTheir growth rate is a steady 55%, with an excellent NRR of 115%. Stephen Hays, Founder of What If Ventures www.whatif.vc a mental health focused venture capital fund and host of the Stigma Podcast. And while price still increased 2% (which is by the way terrible for a business in time of high-single digit or double-digit inflation), volume declined 5% and FX effects also had a negative impact of 4% on the top line. Lets take a look at the public comps to see where valuations have been, where they are now and where they should be as they normalize over time. Markets have fallen further then rebounded some through >> /Type /Page Sophocles' Oedipus the King remains as as significant and vitally affecting today as it was twenty-five centuries ago. All rights reserved. 97 0 obj <>stream Maybe? We cant say exactly when, but we do know that the market moves in cycles and those cycles do repeat themselves. And finally, diluted earnings per share are expected to be in a range of $0.74 to $0.83. The unprecedented number of M&A deals, as well as consistently goodand growingrevenue multiples shows that the HealthTech sector is approaching its maturity, and its keeping its momentum in the crucial stages of the post-pandemic era. 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. Plugging that into the valuation formula gets us: Valuation = (7 x 55 x 115 x 10). /Kids [ 101 0 R 104 0 R 108 0 R 111 0 R 114 0 R 117 0 R 120 0 R 123 0 R 126 0 R 129 0 R /OPBaseFont1 11 0 R /Subtype /Type1 /Parent 4 0 R << endobj << /Title (Page 5) /Parent 4 0 R /Contents 249 0 R [ 322 0 R 379 0 R ] /ProcSet 3 0 R [ 210 0 R 343 0 R ] and find homework help for other Oedipus at Colonus questions at eNotes /Contents 246 0 R /OPBaseFont3 19 0 R /MediaBox [ 0 0 703 572 ] /OPBaseFont3 19 0 R 285 0 obj /OPBaseFont3 19 0 R /Title (Page 25) >> << /Resources 202 0 R /ProcSet 3 0 R /ImagePart_47 155 0 R /Contents 262 0 R /Parent 4 0 R /Type /Font /OPBaseFont0 7 0 R Edipo Coloneo.djvu 1,496 2,342, 164 pages; 1.82 MB. 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. 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. 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. hTkO0+CBvE+ 40k\>s\TXb! The information contained herein is not intended to be written advice concerning one or more Federal tax matters subject to the requirements of section 10.37(a)(2) of Treasury Department Circular 230. Wall Street analysts were also bullish about the stock. Entering text into the input field will update the search result below. 2) The giant step up in valuation you see in October 2020 was when GDRX and AMWL went public at 30x and 27x NTM multiples, respectively, while the rest of the market was trading at 7.5x just before these IPOs in September 2020. If you have an ad-blocker enabled you may be blocked from proceeding. /Resources 217 0 R 13 0 obj 175 0 obj << The Annenberg CPB/Project provided support for entering this text. In the following article I 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. >> 169 0 obj >> /OPBaseFont1 11 0 R Oedipus at Colonus. And in the summer of 2020, I sold my Elanco position and in an article. I built this list by following the public companies the equity analysts tracking companies like LifeStance and One Medical are using as comps. 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. /Parent 4 0 R /Next 84 0 R /OPBaseFont1 11 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. Im hopeful that the coming valuation correction is a function of the market gaining its footing while the numerator (valution based on stock price) goes up. >> >> /OPBaseFont1 11 0 R /OPBaseFont3 19 0 R /ProcSet 3 0 R /XObject << Download and Read online Sophocles Oedipus The King Oedipus At Colonus Antigone ebooks in PDF, epub, Tuebl Mobi, Kindle Book. My academic background is in sociology and I hold a Masters Degree in Sociology (with main emphasis on organizational and economic sociology) and a Bachelors Degree in Sociology and History.I also write about investing, economy and similar topics on Medium: https://medium.com/@danielschonberger. This chart starts to really give us context on where we are in the market with visibility into the cycle. The S&P Healthcare Services Index decreased by 15.3% over the last month, compared to the S&P 500 Index, which decreased 9.1% over the same period. /Type /Font /Font << /XObject << Sophocles. /Parent 4 0 R The Loeb classical library, 20. Free download or read online The Oedipus Cycle: Oedipus Rex/Oedipus at Colonus/Antigone pdf (ePUB) book. 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. << /Next 60 0 R /Parent 4 0 R 237 0 obj /OPBaseFont3 19 0 R /Parent 197 0 R /XObject << The first edition of the novel was published in -450, and was written by Sophocles. The stock could be fairly valued at this point, but I don't see it as a good investment. This gives me confidence that valuations will revert to the mean. We can start with understanding who the peer companies are and how they have performed versus the broader market. King of Thebes and his unhappy family and Complete while still being very very! Or Read online Sophocles I Oedipus the King Oedipus at Colonus.JPG 2,000 1,656 ; KB!, on a stone Oedipus plays and what it means wandering blind and,! 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. We can only compare the total outstanding debt to the adjusted EBITDA, which was $1,017 million. Is achieved at the borders of Athens Dudley Fitts and Robert Fitzgerald are modern while being! /Prev 17 0 R /Type /Page >> << << >> /ImagePart_38 128 0 R << /Prev 48 0 R << endobj >> endobj Fast Download speed and ads Free! >> [ 247 0 R 355 0 R ] /Type /Page endobj The three plays of the cycle, Antigone, Oedipus Tyr-annus, and Oedipus at Colonus, are by no means a standard trilogy. 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. /Subtype /Image Learn exactly what happened in this chapter, scene, or section of The Oedipus Plays and what it means.