Thermo Fisher Scientific Inc. (TMO)

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	22.03	21.20	12.51	11.82	17.62	17.09
Full Range Median Multiple	25.20	21.83	13.04	12.22	18.16	18.46
Industry Multiple	27.86	25.16	15.02	13.77	19.43	22.06
Market Implied Multiple	35.60	33.54	23.61	22.14	34.43	31.79
Company (TMO) Multiple	26.71	25.17	18.46	17.31	26.91	24.85
(*) Net Income / EBITDA / Revenue	6,570	6,973	11,332	12,084	7,772	8,417
Winsorized Enterprise Value	N/A	N/A	141,718	142,806	136,969	143,846
Full Range Median Enterprise Value	N/A	N/A	147,723	147,694	141,132	155,359
(-) Net Debt	33,698	33,698	33,698	33,698	33,698	33,698
Winsorized Equity Value	144,723	147,795	108,020	109,108	103,271	110,148
Full Range Median Equity Value	165,544	152,225	114,025	113,996	107,434	121,661
(/) Shares Outstanding	378	378	378	378	378	378
Winsorized Fair Value	$382.86	$390.99	$285.77	$288.65	$273.20	$291.40
Full Range Median Fair Value	$437.95	$402.71	$301.65	$301.58	$284.22	$321.86
Current Price	$618.72	$618.72	$618.72	$618.72	$618.72	$618.72
Upside / Downside	-38.12%	-36.81%	-53.81%	-53.35%	-55.84%	-52.90%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$268.01	$273.70	$200.04	$202.05	$191.24	$203.98
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy