Quest Diagnostics Incorporated (DGX)

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
TMO	1	Thermo Fisher Scie	43,736	26.71	25.17	18.46	17.31	26.91	24.85
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	-	-	-	-	-	-

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	25.20	21.20	12.78	11.82	18.10	17.70
Full Range Median Multiple	26.71	21.83	13.90	13.13	19.65	20.07
Industry Multiple	28.22	25.36	15.42	14.11	20.09	22.56
Market Implied Multiple	21.90	22.47	12.71	12.50	17.60	17.77
Company (DGX) Multiple	22.03	22.60	12.77	12.56	17.68	17.85
(*) Net Income / EBITDA / Revenue	969	944	2,138	2,174	1,544	1,529
Winsorized Enterprise Value	N/A	N/A	27,314	25,686	27,953	27,069
Full Range Median Enterprise Value	N/A	N/A	29,722	28,530	30,341	30,688
(-) Net Debt	5,950	5,950	5,950	5,950	5,950	5,950
Winsorized Equity Value	24,416	20,017	21,364	19,736	22,003	21,119
Full Range Median Equity Value	25,882	20,617	23,772	22,580	24,391	24,738
(/) Shares Outstanding	112	112	112	112	112	112
Winsorized Fair Value	$218.00	$178.72	$190.75	$176.22	$196.46	$188.56
Full Range Median Fair Value	$231.09	$184.08	$212.25	$201.61	$217.78	$220.87
Current Price	$189.49	$189.49	$189.49	$189.49	$189.49	$189.49
Upside / Downside	15.05%	-5.68%	0.66%	-7.00%	3.68%	-0.49%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$152.60	$125.11	$133.52	$123.35	$137.52	$131.99
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy