Alcon will be listed on the SIX Swiss Exchange and the NYSE on 9 April 2019. All Novartis shareholders will get one Alcon share for the five Novartis shares held. We broadly value Alcon at $45-49 per share or $9-9.8 per Novartis share, implying a market cap of $22-24bn, using various valuation methodologies. The DCF-based valuation leads us to a price of $45 per share. From a profitability perspective, considering the growth state that Alcon is in, we have used 2021 as the base value. Using a
