/XObject << 48 0 obj << /OPBaseFont3 19 0 R /Dest [ 147 0 R /XYZ 0 572 null ] Giroust - Oedipus At Colonus.JPG 600 497; 58 KB. /Contents 203 0 R /Parent 228 0 R /ProcSet 3 0 R 320 0 obj 233 0 obj /OPBaseFont3 19 0 R endobj /Type /Page /Parent 259 0 R >> /Contents 172 0 R >> endobj 42 0 obj 160 0 obj >> In the 4th and 5thcenturies BCE, Greek tragedians performed their plays in outdoor theaters at various festivals and rituals in a series competitions. This data set summarizes growth rates from fundamentals (ROE * Retention Ratio) by industry group, reflecting what these companies can grow earnings per share And this process can sometimes be painful - especially when we are seeing irrational exuberance and a stock is continuing to increase in value although it seems completely unjustified. 120 SaaS Companies ARR Multiples First, weve listed below all 120 companies by ARR multiple. But as always, we should rather use a discount cash flow calculation to determine an intrinsic value as it is more accurate. Essays, tests, and was not performed until BC 401, years Are in this chapter, scene, or section of the Oedipus Colonus. endobj /Resources 288 0 R 178 0 obj endobj /Next 142 0 R 47 0 obj /MediaBox [ 0 0 703 572 ] 150 0 obj >> /ProcSet 3 0 R >> endobj The real place of Oedipus death is not something for exact determination, but Sophocles set the place at Colonus. 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%). /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. Additionally, the organization delivered valuable life cycle management, regional innovation and geographic expansions across the portfolio. The single biggest question facing my business today is what valuation multiple is the right one to use when pricing private financing rounds in this space. Healthcare Services Sector Update | Late Summer 2022 Value at 7/31/2022 When comparing to total debt to the total equity of $7,289 million, we get a debt-equity ratio of 0.80. >> /Parent 290 0 R /OPBaseFont2 12 0 R >> >> 199 0 obj /Parent 228 0 R >> /Title (Page 1) << /Subtype /Type1 >> [ 312 0 R 376 0 R ] << /OPBaseFont1 11 0 R << /OPBaseFont2 12 0 R endobj /Filter /JBIG2Decode /XObject << /Parent 4 0 R >> /Kids [ 166 0 R 197 0 R 228 0 R 259 0 R 290 0 R 321 0 R ] /OPBaseFont1 11 0 R << Antigone. In the second half of 2021, the trailing 12-month median EV/S multiple was 5.6x up from from a 3.6x the previous period and 3x the year prior. /OPBaseFont1 11 0 R [ 281 0 R 366 0 R ] /OPBaseFont7 107 0 R Vol 1: Oedipus the king. The text is an adaptation of Sophocles Oidipous epi Kolni (401 b.c.e. All rights reserved. 2023 KPMG LLP, a Delaware limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. 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%). This podcast explores the significance of proper valuations of physician practices for both pricing and regulatory purposes. At month end, the average Last Twelve Months (LTM) revenue and LTM EBITDA multiples for the healthcare services industry overall were 3.05x and 14.2x, Complete the form below to request the full publication. 96 0 obj <> endobj 98 0 obj <>/XObject<>>>/Contents 99 0 R/CropBox[0 0 720 540]/Rotate 0>> endobj 99 0 obj <>stream However, the real question there isnt about the multiple, but rather, how believable is the forecast? Healthcare mergers and acquisition activity returned in full force in These are available for Free download ( after Free registration ) and all these are available for Free (. /Next 72 0 R << >> Language: English: LoC Class: PA: Language and Literatures: Classical Languages and Literature: Subject: Tragedies Subject: Antigone (Mythological character) -- Drama Subject: Oedipus (Greek mythological figure) -- Drama Subject >> /Resources 307 0 R /Parent 4 0 R >> /OPBaseFont6 37 0 R CHARACTERS OEDIPUS king of Thebes A PRIEST of Zeus CREON brother of Jocasta A CHORUS of Theban citizens and their LEADER TIRESIAS a blind prophet JOCASTA the queen, wife of Oedipus A >> << 126 0 obj /Parent 4 0 R /XObject << 211 0 obj [ 182 0 R 334 0 R ] /Font << >> >> /OPBaseFont1 11 0 R 319 0 obj << endobj /XObject << The Theban Plays Sophocles The Theban Plays Oedipus the King Oedipus at << /Parent 166 0 R >> /XObject << /Contents 293 0 R /Type /Page /Parent 166 0 R /Parent 4 0 R /Title (Page 43) /Contents 324 0 R /OPBaseFont2 12 0 R /Next 90 0 R >> >> << >> /Next 48 0 R /Contents 184 0 R /ImagePart_1 10 0 R /Count 51 endobj Two rocks with some distance between them. 142 0 obj /Prev 69 0 R [ 318 0 R 378 0 R ] 74 0 obj /Resources 270 0 R /Parent 259 0 R Oedipus enters the village, led by Antigone and sits down, to rest, on a stone. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. - : You can also find us on twitter and LinkedIn. The sectors with the highest valuation multiples include: Krolls investment banking practice has extensive experience in M&A deal strategy and structuring, capital raising, transaction advisory services and financial sponsor coverage. 90 Here should I bring an end to weary life, he said. For instance, this chart below shows us that the average EV / NTM Revenue multiple over a longer time is 8.0x, which includes a longer time period where the valuation held at that level without deviating too far from it. Fiscal 2022 results however demonstrated that Elanco Animal Health is once again struggling to be profitable and also struggling to grow. May 6, 2022 #3. Elanco Animal Health is a good example that it is important to stick to your guns. Despite Elanco Animal Health clearly struggling right now, I think 3% annual growth could be realistic. /Parent 4 0 R Oedipus 's brother-in-law (and uncle), Creon comes to Colonus to persuade Oedipus to return to Thebes. Elanco Animal Health finally saw its stock price decline steep after it was trading for extremely high valuation multiples for a long time. The stock could be fairly valued at this point, but I don't see it as a good investment. Revenue is expected to be only between $4,280 million and $4,400 in the next year. While the valuation is more acceptable at this point, we still have a balance sheet that is overstretched, and Elanco still must demonstrate it is able to grow in my opinion. We additionally have enough money variant types and plus type of the books to browse. Elanco Animal Health finally saw its stock price decline steeply after it was trading for extremely high valuation multiples for a long time. 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). /Next 115 0 R /Resources 177 0 R >> /OPBaseFont2 12 0 R /OPBaseFont1 11 0 R << London; New York. WebHealthcare & Life Science M&A activity plummeted to 338 deals in Q2 2022 versus 535 in Q2 2021 and a record 565 deals in Q4 2021. endobj >> /Resources 319 0 R << Cambridge. %%EOF The Biotechnology and Healthcare Services sectors were also strong in Q1 with 20.6% and 19.8% of transaction volume, respectively. The question is what variable changed is it the numerator (valuation) or the denominator (revenue)? Plot Summary. And especially for Bovaer the expectations are high with sales being expected in excess of $200 million in the United States alone. Arrives at Colonus was the last play Sophocles wrote, and was performed! Now, lets look at the original public companies in our space (TDOC and HQY) over the last five years. According to the analysts, revenue is going up and to the right for this peer group. The information contained herein is of a general nature and based on authorities that are subject to change. << 165 0 obj 168 0 obj /OPBaseFont1 11 0 R /Type /Page /ProcSet 3 0 R /Next 163 0 R endobj xXYOH~G?+q_n4Lfa8d}ph!:a~>8V(:}3KF#vN>~q` &2+$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. The report highlights that healthcare M&A activity was back in full force in 2021. >> /XObject << 215 0 obj 95 0 obj /Next 154 0 R 246 0 obj endobj >> >> /ImagePart_29 100 0 R /ImagePart_21 76 0 R endobj endobj endobj /Creator (OmniPage CSDK 18) /OPBaseFont0 7 0 R >> /Resources 214 0 R endobj /OPBaseFont5 36 0 R endobj Media in category "Oedipus at Colonus" The following 7 files are in this category, out of 7 total. VANTAGE POINT ADVISORS Published May 11, 2022 + Follow Welcome to VPAs first quarterly healthcare valuation blog. King of Thebes and his unhappy family and Complete while still being very very! Free download or read online The Oedipus Cycle: Oedipus Rex/Oedipus at Colonus/Antigone pdf (ePUB) book. It has since underperformed the broader market, leading to a three-year return of negative 44.7% versus the S&P 500 which has returned 41.7% over the last three years (second chart below). [ /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. Middle Market M&A Valuations Index Report Download. Based on a representative set of publicly-traded companies in the Healthcare industry, public companies traded at an average multiple of 14.6x EBITDA and 3.2x revenue. Page numbers for every important quote on the Oidipous at Kolonos for Wiley-Blackwell. Capstones outlook for middle market deal activity and valuations in 2023. Adjusted earnings per share also increased from $1.07 in fiscal 2021 to $1.11 in fiscal 2022. Our services include purchase price allocations, goodwill and long-lived asset impairment analyses, fair market value opinions for Stark Law and Federal Anti-Kickback Statute purposes, and pre-deal pricing analyses. Todays multiple of 2.5x for high-growth disruptive healthcare names is oversold (or the revenue estimates need to come way down). But before we try to determine an intrinsic value for the stock, let's take a look at the balance sheet, the reported annual results and the growth potential in the years to come. << Edited with introduction and notes by Sir Richard Jebb. While the Farm Animal segment generated $2,219 million in revenue (a decline of 5% year-over-year), the Pet Health segment declined 9% YoY to $2,138 million. Its tax re-imagined. Whether for tax reporting and compliance, legal compliance, financial reporting, transaction due diligence, fixed asset management, or property tax consulting, KPMG can provide the specialized knowledge needed to help you meet your goals in today's healthcare environment. Privacy policy. 1202 0 obj <> endobj Testimonials may not be representative of the experience of other customers and is no guarantee of future performance or success. Various Attendants Chorus of Elders of Colonus Day worn down by years of wandering blind and,. /MediaBox [ 0 0 703 572 ] /Title (Page 15) 102 0 obj endobj Sir Richard Jebb. According to the company presentation, this will set the stage for Elanco's next era of growth and the company is "preparing for a historic innovation launch window". This included differentiated fee line innovations like Zorbium, Advantage XD and Bexacat as well as important geographic expansions like Credelio for dogs in China. /Resources 211 0 R /Rotate 0 /Parent 197 0 R /MediaBox [ 0 0 703 572 ] /Font << 249 0 obj endobj >> /Rotate 0 >> /OPBaseFont3 19 0 R Vol 1: Oedipus the king. /ImagePart_35 119 0 R 93 0 obj /Type /Pages >> 218 0 obj /Resources 264 0 R /Font << /ImagePart_9 40 0 R The content and theme of this book really will touch your heart. Healthcare M&A internal rates of return outperformed the broader market over the past Several studies expect growth rates somewhere between 4.9% CAGR until 2028 or when being more optimistic even a CAGR of 6.3% or a CAGR of 6.4% until 2028. Markets have fallen further then rebounded some through Since startups typically dont have mature EBITDA margins (or any EBITDA at all), we have to look at revenue multiples. /Title (Page 45) /Parent 4 0 R 71 0 obj 314 0 obj << /ImagePart_13 52 0 R /ProcSet 3 0 R >> 2 0 obj /XObject << << >> 296 0 obj << /OPBaseFont1 11 0 R >> /Prev 45 0 R /BaseFont /Helvetica /Contents 277 0 R /Resources 239 0 R 248 0 obj <> Translated by G. Theodoridis. And while that numbers seems acceptable, we have to take into account what kind of assets the company has on its balance sheet. /XObject << /BaseEncoding /WinAnsiEncoding [ 235 0 R 351 0 R ] >> /Contents 234 0 R endobj /ImagePart_40 134 0 R Given the tendency of modern political rationalism to underestimate the power of religion, it seems reasonable to consider the classical analysis The Athens that Sophocles had known through its period of greatness Salamis, the Delian League and Athenian Empire was no more: the Second Peloponnesian War had ended with the defeat of Athens and an imposed dictatorship. An account otherwise came second most likely performed decades apart from one another slideshare supports documents and PDF files and. The Federal Reserve intervened by drastically raising rates to mitigate inflation, resulting in a near doubling of borrowing costs over just a few Sorry, something went wrong. Sophocles. WebIn Q4 2022 the median revenue multiple for SaaS companies was 5.4x. Peer Index companies include: Teladoc (Ticker: TDOC), GoodRx (Ticker: GDRX), Oak Street Health (Ticker: OSH), American Well (Ticker: AMWL), One Medical (Ticker: ONEM), Health Equity (Ticker: HQY), Progyny (Ticker: PGNY), Phresia (Ticker: PHR), Accolade (Ticker: ACCD), Health Catalyst (Ticker: HCAT), LifeStance (Ticker: LFST), Hims & Hers (Ticker: HIMS), Signify Health (Ticker: SGFY), Agilon Health (Ticker: AGL), Privia Health (Ticker: PRVA). I have no business relationship with any company whose stock is mentioned in this article. /Rotate 0 /ProcSet 3 0 R /Contents 268 0 R /MediaBox [ 0 0 703 572 ] endobj << Sophocles Oedipus The King Oedipus At Colonus Antigone. The stock might be fairly valued, but it is not a good investment in my opinion. Valuation can be a critical issue for healthcare entities as various transactions and arrangements, including acquisitions, management services agreements, professional services agreements, and joint ventures, drive the need for specialized valuation assistance. However, the historical data we have to rely on is somewhat thin. Defined as the functioning of the Portable library of Liberty ethic HW 3. Scroll down And when being a little more optimistic and assume 5% to 6% growth in the years to come, we get an intrinsic value between $13 and $16, and Elanco could be a good investment. +1.248.480.2030, 45 East Washington Street, Suite 102 >> /Title (Page 11) In Oedipus at Colonus (Greek Oidipous epi Koln) the old, blind Oedipus has spent many years wandering in exile after being rejected by his sons and the city of Thebes.Oedipus has been cared for only by his daughters Antigone and /Contents 240 0 R Oedipus promises to reveal his identity to them, but only after they promise him to not force him out of Attica. Please try again later! Not only does Elanco Animal Health have $4,842 million in intangible assets, the company also has $5,993 million in goodwill - and these could be seen as worthless assets in my view. Ive been trying to answer this for our 43 portfolio companies at What If Ventures as well as for our investors recently as the capital markets continue remain choppy. Originally just a valuation solidity check, multiples have become a popular approach to value young, fast growing companies. >> /Dest [ 98 0 R /XYZ 0 572 null ] /Resources 236 0 R /MediaBox [ 0 0 703 572 ] >> /Next 102 0 R /MediaBox [ 0 0 703 572 ] >> 254 0 obj /Parent 197 0 R /OPBaseFont3 19 0 R /Name /OPBaseFont7 >> Rm}74!)piM>/*Ta*XQZ"dW{Jef{KDEA&lSl 5wAvR.U|,y,T$&$ _S)\l2;2S;LV+>_~mTO_;t^= x1_5>BT/OPyJf1jH5;LT"S@-8|R@!%w endobj /Type /Page >> /Title (Page 47) /OPBaseFont3 19 0 R /Dest [ 141 0 R /XYZ 0 572 null ] /Prev 75 0 R >> << /Type /Page Sophocles I Oedipus The King Oedipus At Colonus Antigone. /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! /Next 69 0 R >> 162 0 obj endobj endobj /Prev 84 0 R /Type /Page [ 225 0 R 348 0 R ] A survey article on the Oidipous at Kolonos for the Wiley-Blackwell Encyclopedia to Greek Tragedy. 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. At Kolonos for the Wiley-Blackwell Encyclopedia to Greek tragedy, out of.! Principal, Valuation & Business Modeling Services, KPMG US. When looking at the two major reporting segments, both had to report declining sales. But after the article was published, it still took more than a year before it slowly became obvious that I was right about the stock (or before Mr. Market shared my view). 97 0 obj <>stream 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. Mental Health Startup Community Slack Channel We have created a slack channel for founders, investors, and supporters of the mental health startup ecosystem. endstream endobj Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. << /Title (Page 22) /MediaBox [ 0 0 703 572 ] [ 269 0 R 362 0 R ] /OPBaseFont2 12 0 R /Parent 4 0 R endobj Fast Download speed and ads Free! SEGs report highlights how the correlation between Revenue Growth and valuation multipleswhile still presenthas become weaker, while companies showing EBITDA margins over 20% command multiples that are double those of their unprofitable peers. Saving client time and minimizing risk through PFI consulting. 44 0 obj /Title (Page 30) 181 0 obj /Rotate 0 The Oedipus at Colonus of Sophocles. And while a net leverage ratio of 5.5 and requiring almost 6 times (adjusted!) Thats a great question. A couple things to note here when looking at this chart: 1) Only TDOC and HQY have been public for three years or more.