Company Valuation: Merrimack Pharmaceuticals

Data adjusted to current consolidation scope
Fiscal Period: December 2018 2019 2020 2021 2022 2023
Market Cap 1 51.5 42.09 92.19 52.43 153.7 192
Change - -18.27% 119.01% -43.12% 193.09% 24.96%
Enterprise Value (EV) 1 -4.902 25.51 78.15 38.23 134.2 173.2
Change - 620.48% 206.32% -51.08% 251.13% 29%
P/E -1.27x -2.43x -30.4x -21.4x -100x -162x
PBR 0.88x 2.43x 5.76x 3.7x 8.46x 10.3x
PEG - 0x 0.4x 1.1x 2.7x 5.9x
Capitalization / Revenue - - - - - -
EV / Revenue - - - - - -
EV / EBITDA 0.08x -1.26x -28.1x - - -
EV / EBIT 0.08x -1.14x -15.6x -14.6x -61.7x -79.6x
EV / FCF 0.12x -1.57x -46.9x 52.8x -185x -153x
FCF Yield 856% -63.5% -2.13% 1.89% -0.54% -0.65%
Dividend per Share 2 - - - - - -
Rate of return - - - - - -
EPS 2 -3.036 -1.298 -0.2263 -0.1831 -0.1142 -0.0826
Distribution rate - - - - - -
Net sales - - - - - -
EBITDA 1 -60.2 -20.24 -2.784 - - -
EBIT 1 -64.28 -22.47 -5.012 -2.616 -2.174 -2.176
Net income 1 -40.51 -17.33 -3.028 -2.455 -1.544 -1.181
Net Debt 1 -56.4 -16.58 -14.04 -14.2 -19.44 -18.88
Reference price 2 3.86 3.15 6.89 3.91 11.46 13.41
Nbr of stocks (in thousands) 13,343 13,363 13,380 13,410 13,410 14,321
Announcement Date 3/6/19 3/12/20 3/10/21 3/9/22 3/9/23 3/7/24
1USD in Million2USD
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 224M
34.06x5.97x18.46x0.97% 48.5B
-22.99x334.06x-20.92x-.--% 38.97B
48.09x4.84x31.06x-.--% 35.43B
24.54x2.74x11.83x-.--% 33.65B
26.5x7.78x19.53x0.43% 26.58B
31.4x5.06x23.02x-.--% 15.18B
23.86x2.05x9.01x1.1% 13.89B
23.55x1.88x11.39x-.--% 12.76B
Average 23.62x 45.55x 12.92x 0.31% 25.02B
Weighted average by Cap. 22.66x 61.82x 12.08x 0.33%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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