But is it art?

In an effort to justify the Qiagen offer this graphic was created

Our expert considers it appropriate to value a share in Cellestis using comparable transactions because

there is an adequate number of publicly listed companies with operations sufficiently similar to those of Cellestis to permit meaningful analysis of the comparable companies’ operating margins and earnings multiples observed from share trading and comparable transactions.

Our expert chose a number of companies that;

..are considerably larger than Cellestis
..have a significantly broader range of products and operations.
..face a number of different risks and opportunities compared to Cellestis
..are domiciled in the USA.
..with operations.. differ significantly from those of Cellestis.
..has a significantly more diversified product range than Cellestis
..have a more mature product portfolio than Cellestis

Just about different in every way. Our expert readily concedes

there are no listed companies that are highly comparable to Cellestis

however this was not seen as being a barrier to their creation of comparisons.