Ann: Merger Proposal Update, page-20

Yes, exactly.

We'll use Edwards as an example of what multiple of revenue the US market values a rapidly growing med tech company which operates in a duopoly....

In 2021, Edwards had sales of 5,232,500 000 (five billion, two hundred and thirty two million, five hundred thousand US$)

Edwards current market cap is $67.26 Billion.

67.26/5.2325 = 12.85

So they're trading on almost 13x revenue or sales.

Now, I'm not saying that I'd buy Edwards at that price, I wouldn't. I think they're grossly overvalued. Although this is just to illustrate how the US market values such companies.