Agilent Technologies, Inc. (A)

Industry: Medical - Diagnostics & Research Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
DHR	2	Danaher Corporatio	24,268	37.50	36.90	21.37	20.55	31.78	25.17
0QNO.L	3	Lonza Group AG	17,336	30.36	21.83	12.02	8.64	17.57	13.17
IQV	4	IQVIA Holdings Inc	15,904	25.20	16.94	13.31	11.89	20.66	16.33
SHL.AX	5	Sonic Healthcare L	12,270	12.59	11.77	5.99	5.16	2.85	2.78
ESF.VI	6	Eurofins Scientifi	12,203	21.20	21.20	7.66	7.66	5.39	9.29
DGX	7	Quest Diagnostics	10,850	22.03	22.60	12.77	12.56	17.68	17.85
IDHC.L	8	Integrated Diagnos	9,048	9.06	7.63	4.99	4.14	5.49	4.96
A	9	Agilent Technologi	6,948	31.79	28.22	23.43	21.62	24.26	25.99
603259.SS	10	WuXi AppTec Co., L	5,887	14.18	10.09	9.76	6.93	8.03	6.90
SYNH	11	Syneos Health, Inc	5,419	61.34	61.34	14.50	14.37	42.53	24.71
ILMN	12	Illumina, Inc.	4,287	20.39	19.99	12.25	11.75	17.16	19.07
IDXX	13	IDEXX Laboratories	4,167	49.81	43.08	35.28	30.68	36.09	33.84
CRL	14	Charles River Labo	4,024	-	-	19.32	20.43	18.64	87.76
WAT	15	Waters Corporation	3,106	26.76	25.45	17.61	16.47	23.93	21.06
EXAS	16	Exact Sciences Cor	3,082	-	-	-	-	-	-
SYAB.DE	17	Synlab AG	3,071	27.70	27.70	7.78	7.78	17.44	27.50

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	22.03	21.20	12.13	10.20	17.50	17.09
Full Range Median Multiple	25.20	21.83	12.51	11.82	17.62	18.46
Industry Multiple	27.55	25.12	13.90	12.79	18.95	22.17
Market Implied Multiple	30.33	26.93	22.39	20.66	23.18	24.84
Company (A) Multiple	31.79	28.22	23.43	21.62	24.26	25.99
(*) Net Income / EBITDA / Revenue	1,303	1,468	1,835	1,988	1,772	1,654
Winsorized Enterprise Value	N/A	N/A	22,264	20,276	31,014	28,262
Full Range Median Enterprise Value	N/A	N/A	22,948	23,500	31,229	30,524
(-) Net Debt	1,565	1,565	1,565	1,565	1,565	1,565
Winsorized Equity Value	28,702	31,105	20,699	18,711	29,449	26,697
Full Range Median Equity Value	32,832	32,038	21,383	21,935	29,664	28,959
(/) Shares Outstanding	283	283	283	283	283	283
Winsorized Fair Value	$101.42	$109.91	$73.14	$66.12	$104.06	$94.34
Full Range Median Fair Value	$116.01	$113.21	$75.56	$77.51	$104.82	$102.33
Current Price	$139.64	$139.64	$139.64	$139.64	$139.64	$139.64
Upside / Downside	-27.37%	-21.29%	-47.62%	-52.65%	-25.48%	-32.44%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$70.99	$76.94	$51.20	$46.28	$72.84	$66.04
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy