Becton, Dickinson and Company (BDX)

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
BDX	1	Becton, Dickinson	21,839	31.97	28.07	14.52	13.67	25.82	25.00
0A0D.L	2	Alcon Inc.	12,478	36.19	36.19	19.00	17.14	23.68	15.67
BAX	3	Baxter Internation	11,023	-	-	19.17	21.50	-	-
ISRG	4	Intuitive Surgical	9,612	58.06	47.93	43.75	35.68	51.56	45.51
4543.T	5	Terumo Corporation	6,825	27.58	24.43	13.56	12.10	18.05	16.24
AVTR	6	Avantor, Inc.	6,575	-	-	18.79	19.75	-	54.64
0QMV.L	7	Straumann Holding	6,345	24.80	19.58	10.99	8.20	12.60	12.52
7733.T	8	Olympus Corporatio	6,225	17.23	14.04	9.00	8.22	38.06	10.90
CTEC.L	9	ConvaTec Group Plc	6,094	22.00	22.00	8.88	8.76	13.09	14.87
7741.T	10	HOYA Corporation	5,733	33.48	29.29	19.84	17.51	23.73	21.44
RMD	11	ResMed Inc.	5,257	27.88	24.00	19.94	17.49	22.15	19.66
SRT3.DE	12	Sartorius AG	4,130	80.75	82.20	19.13	17.44	29.69	28.56
HOLX	13	Hologic, Inc.	4,100	26.64	30.51	14.47	15.45	16.48	23.86
0I3I.L	14	The Cooper Compani	4,093	36.94	33.74	15.93	14.28	28.92	20.33
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

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	26.64	24.00	14.47	14.28	18.05	16.45
Full Range Median Multiple	27.58	24.43	15.93	15.45	22.15	18.16
Industry Multiple	32.24	29.83	16.48	15.12	23.05	21.83
Market Implied Multiple	35.38	31.06	15.67	14.76	27.87	26.98
Company (BDX) Multiple	31.97	28.07	14.52	13.67	25.82	25.00
(*) Net Income / EBITDA / Revenue	1,678	1,911	4,957	5,265	2,788	2,879
Winsorized Enterprise Value	N/A	N/A	71,741	75,206	50,325	47,360
Full Range Median Enterprise Value	N/A	N/A	78,981	81,322	61,743	52,290
(-) Net Debt	18,330	18,330	18,330	18,330	18,330	18,330
Winsorized Equity Value	44,699	45,882	53,411	56,876	31,995	29,030
Full Range Median Equity Value	46,275	46,702	60,651	62,992	43,413	33,960
(/) Shares Outstanding	287	287	287	287	287	287
Winsorized Fair Value	$155.96	$160.08	$186.35	$198.44	$111.63	$101.29
Full Range Median Fair Value	$161.45	$162.94	$211.61	$219.78	$151.47	$118.49
Current Price	$207.11	$207.11	$207.11	$207.11	$207.11	$207.11
Upside / Downside	-24.70%	-22.71%	-10.02%	-4.18%	-46.10%	-51.10%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$109.17	$112.06	$130.45	$138.91	$78.14	$70.90
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy