West Pharmaceutical Services, Inc. (WST)

Industry: Medical - Instruments & Supplies 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
1066.HK	15	Shandong Weigao Gr	3,699	6.59	5.54	3.59	3.06	4.70	4.82
ATR	16	AptarGroup, Inc.	3,663	21.04	18.31	11.23	10.29	16.98	16.66
XRAY	17	DENTSPLY SIRONA In	3,624	-	-	-	-	23.72	-
BLCO	18	Bausch + Lomb Corp	3,609	-	-	19.60	19.60	26.26	113.38
DIM.PA	19	Sartorius Stedim B	3,401	89.40	91.63	30.28	27.43	43.42	46.82
TFX	20	Teleflex Incorpora	3,190	-	-	89.15	145.45	-	46.52
HRC	21	Hill-Rom Holdings,	3,019	40.13	34.95	21.23	20.27	24.15	26.39
WST	22	West Pharmaceutica	3,017	38.57	35.21	24.14	21.94	26.83	26.67
FIE.DE	23	Fielmann AG	2,835	23.61	24.01	8.98	9.11	12.83	10.93
QDEL	24	QuidelOrtho Corpor	2,716	-	-	-	-	-	-
GXI.DE	25	Gerresheimer AG	2,642	66.77	66.77	9.43	8.84	19.27	13.95
ANN.AX	26	Ansell Limited	2,416	16.17	17.65	6.59	6.59	9.65	10.87
0NJ5.L	27	Safilo Group S.p.A	2,355	7.80	7.61	2.45	2.53	2.04	5.63
ICUI	28	ICU Medical, Inc.	2,320	-	-	12.26	10.85	72.45	54.95
0O5H.IL	29	Elekta AB (publ)	1,889	63.50	85.69	11.72	12.27	14.80	28.96
3154.T	30	Medius Holdings Co	1,874	13.38	12.00	6.25	5.04	49.92	13.14

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	21.04	18.31	9.43	9.11	16.98	13.95
Full Range Median Multiple	22.32	21.16	11.23	10.29	19.27	16.66
Industry Multiple	34.84	36.42	17.90	21.64	24.63	30.23
Market Implied Multiple	38.20	34.87	23.91	21.72	26.56	26.40
Company (WST) Multiple	38.57	35.21	24.14	21.94	26.83	26.67
(*) Net Income / EBITDA / Revenue	492	539	772	850	695	699
Winsorized Enterprise Value	N/A	N/A	7,280	7,742	11,795	9,754
Full Range Median Enterprise Value	N/A	N/A	8,669	8,742	13,386	11,648
(-) Net Debt	-326	-326	-326	-326	-326	-326
Winsorized Equity Value	10,344	9,862	7,605	8,067	12,121	10,080
Full Range Median Equity Value	10,976	11,397	8,994	9,068	13,712	11,973
(/) Shares Outstanding	72	72	72	72	72	72
Winsorized Fair Value	$143.08	$136.41	$105.19	$111.58	$167.65	$139.42
Full Range Median Fair Value	$151.82	$157.63	$124.40	$125.42	$189.65	$165.60
Current Price	$259.79	$259.79	$259.79	$259.79	$259.79	$259.79
Upside / Downside	-44.93%	-47.49%	-59.51%	-57.05%	-35.47%	-46.34%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$100.15	$95.48	$73.63	$78.11	$117.35	$97.59
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy