Rational Investing

	Total Market Capitalization of All Firms	$697,814 mm
	Average Market Capitalization	$29,076 mm
	Average Market to Model Ratio Weighted by Log of Market Cap	1.0
	Standard Deviation of MM Ratio	0.5
	Average Beta	1.1
	Average EV To Revenue	5.3
	Average EV To EBITDAM	19.9
	Average Price To Free Cash Flow	294.2

Ticker	Company Name	Market To Model	Market Cap ($ mm)	EV to Revenue	Price To FCF	EV/EBITDAM	% Growth	Beta	As Of
CSL.AX	CSL Ltd.	2.81	82,674	9.4	118.9	30	9	0.7	Dec 19
REGN	Regeneron Pharmaceuticals Inc	2.00	53,145	5.8	26.2	23.3	17	1.0	Dec 19
HALO	Halozyme Therapeutics Inc	1.86	2,361	11.0	-195.0	30	11	1.9	Dec 19
CBM	Cambrex Corp.	1.50	2,019	3.7	-15.0	12.2	18	2.0	Sep 19
GILD	Gilead Sciences Inc	1.33	99,448	5.5	13.1	14.7	5	0.7	Dec 19
GNS.L	Genus Plc	1.23	2,491	4.7	5557.2	30	14	0.7	Dec 19
QGEN	Qiagen Nv	1.06	9,296	7.1	47.5	25.3	2	0.7	Dec 19
IQV	IQVIA Holdings Inc	1.04	20,260	2.7	36.5	21.4	7	0.9	Dec 19
QIA.DE	Qiagen NV	1.01	10,048	7.4	47.6	25.1	4	0.7	Dec 19
CRL	Charles River Laboratories Hol	0.93	5,793	2.5	40.0	16.7	18	1.1	Dec 19
AMGN	Amgen Inc	0.91	125,288	6.6	13.9	13.3	1	0.9	Dec 19
ILMN	Illumina Inc.	0.91	38,734	10.4	39.3	28.5	8	0.9	Dec 19
ERF.PA	Eurofins Scientific SE	0.90	7,941	2.4	-28.1	22.2	28	0.9	Jun 19
GEN.CO	Genmab A/S	0.88	14,928	3.5	54.8	30	39	1.2	Sep 19
VRTX	Vertex Pharmaceuticals Inc.	0.84	61,036	10.4	25.7	19.3	43	1.3	Dec 19
LONN.SW	Lonza Group AG	0.74	30,597	5.2	55.3	41.9	10	1.0	Dec 19
BIIB	Biogen Idec	0.69	58,266	4.1	10.2	9.7	9	1.1	Dec 19
INCY	Incyte Corp.	0.64	16,853	7.0	24.8	20.2	12	0.9	Dec 19
ICLR	Icon Plc	0.62	7,063	2.4	17.2	15.2	9	0.8	Dec 19
UCB.BR	UCB SA	0.57	16,842	3.4	13.6	12.1	11	0.7	Dec 19
PRAH	PRA Health Sciences Inc	0.51	4,791	1.8	14.3	12.4	9	1.1	Dec 19
ALKS	Alkermes, Inc.	0.49	2,215	1.8	6.3	5.5	16	1.9	Dec 19
ALXN	Alexion Pharmaceuticals Inc	0.48	20,130	4.3	7.9	10.6	7	1.1	Dec 19
JAZZ	Jazz Pharmaceuticals plc	0.48	5,596	3.0	8.7	8.2	10	1.3	Dec 19