Financials West Pharmaceutical Services, Inc.

Equities

WST

US9553061055

Medical Equipment, Supplies & Distribution

Market Closed - Nyse 04:00:01 2024-04-26 pm EDT 5-day change 1st Jan Change
360.4 USD -2.10% Intraday chart for West Pharmaceutical Services, Inc. -3.12% +2.36%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 11,123 20,944 34,744 17,424 26,053 26,255 - -
Enterprise Value (EV) 1 11,123 20,944 34,744 16,738 25,406 25,638 24,985 24,910
P/E ratio 46.8 x 62 x 54.1 x 30.4 x 44.7 x 47.2 x 40.3 x 36.8 x
Yield 0.41% 0.23% 0.15% 0.31% 0.22% 0.27% 0.31% 0.41%
Capitalization / Revenue 6.05 x 9.76 x 12.3 x 6.04 x 8.83 x 8.72 x 8 x 7.42 x
EV / Revenue 6.05 x 9.76 x 12.3 x 5.8 x 8.61 x 8.52 x 7.61 x 7.04 x
EV / EBITDA 27.8 x 39.8 x 39.3 x 19 x 30.7 x 30.6 x 25.3 x 22.8 x
EV / FCF 46.2 x 70.3 x 105 x 38.1 x 61.3 x 64.7 x 46.4 x 36.5 x
FCF Yield 2.16% 1.42% 0.95% 2.63% 1.63% 1.55% 2.16% 2.74%
Price to Book 7.08 x 11.3 x 14.9 x 6.5 x 8.98 x 8.59 x 7.67 x 6.82 x
Nbr of stocks (in thousands) 73,991 73,927 74,080 74,033 73,990 72,843 - -
Reference price 2 150.3 283.3 469.0 235.4 352.1 360.4 360.4 360.4
Announcement Date 2/13/20 2/18/21 2/17/22 2/16/23 2/15/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 1,840 2,147 2,832 2,887 2,950 3,011 3,282 3,538
EBITDA 1 399.8 526.1 884.7 882.6 827.9 839 988.7 1,091
EBIT 1 296.4 417 762.4 762 690.6 681 823.1 910.9
Operating Margin 16.11% 19.42% 26.92% 26.4% 23.41% 22.62% 25.08% 25.75%
Earnings before Tax (EBT) 1 291.8 401.3 748.9 679.9 698 691.5 819.9 908.2
Net income 1 241.7 346.2 661.8 585.9 593.4 567.2 673.3 739.6
Net margin 13.14% 16.13% 23.37% 20.3% 20.12% 18.84% 20.51% 20.91%
EPS 2 3.210 4.570 8.670 7.730 7.880 7.629 8.935 9.798
Free Cash Flow 1 240.8 298.1 330.6 439.4 414.5 396.1 538.6 682.4
FCF margin 13.09% 13.89% 11.68% 15.22% 14.05% 13.16% 16.41% 19.29%
FCF Conversion (EBITDA) 60.23% 56.66% 37.37% 49.78% 50.07% 47.21% 54.48% 62.53%
FCF Conversion (Net income) 99.63% 86.11% 49.95% 75% 69.85% 69.83% 79.99% 92.27%
Dividend per Share 2 0.6100 0.6600 0.6900 0.7400 0.7800 0.9871 1.102 1.472
Announcement Date 2/13/20 2/18/21 2/17/22 2/16/23 2/15/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2
Net sales 1 730.8 720 771.3 686.9 708.7 716.6 753.8 747.4 732 695.4 728.7 784 802.6 769.3 802.5
EBITDA 1 223.6 219.5 257.1 216.2 189.8 196.5 215.5 216.5 195.8 158.6 194.7 234.1 249.8 199.6 242.3
EBIT 1 189.2 189.9 227 186.4 158.7 164.9 185 180.8 159.9 123 154 195.2 210.9 160.9 199.8
Operating Margin 25.89% 26.38% 29.43% 27.14% 22.39% 23.01% 24.54% 24.19% 21.84% 17.69% 21.13% 24.89% 26.28% 20.91% 24.89%
Earnings before Tax (EBT) 1 181.9 187.8 227.2 136.2 128.7 157.9 184.9 187 168.2 127.4 152.9 195.6 215 162.6 201.6
Net income 1 147.7 173.8 188.5 120.6 103 140 155.1 161.3 137 115.3 125.7 155.9 169.8 149.5 183.8
Net margin 20.21% 24.14% 24.44% 17.56% 14.53% 19.54% 20.58% 21.58% 18.72% 16.58% 17.25% 19.88% 21.16% 19.43% 22.9%
EPS 2 1.930 2.290 2.480 1.590 1.360 1.850 2.060 2.140 1.830 1.550 1.684 2.112 2.297 1.747 2.150
Dividend per Share 2 0.1800 0.1800 0.1800 0.1800 0.1900 0.1900 0.1900 0.1900 0.2000 - 0.2691 0.2690 0.2740 0.4224 0.4223
Announcement Date 2/17/22 4/28/22 7/28/22 10/27/22 2/16/23 4/27/23 7/27/23 10/26/23 2/15/24 4/25/24 - - - - -
1USD in Million2USD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - - - - - -
Net Cash position 1 - - - 685 647 617 1,270 1,345
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 241 298 331 439 415 396 539 682
ROE (net income / shareholders' equity) 16.3% 20.2% 31.6% 25.9% 21.9% 18.7% 19.1% 18.8%
ROA (Net income/ Total Assets) 11.2% 13.5% 21.7% 18.8% 16.4% 13.7% 14.9% 15.1%
Assets 1 2,160 2,568 3,054 3,124 3,629 4,139 4,514 4,902
Book Value Per Share 2 21.20 25.10 31.50 36.20 39.20 42.00 47.00 52.90
Cash Flow per Share 2 4.870 6.230 7.650 9.550 10.30 9.170 11.00 12.40
Capex 1 126 174 253 285 362 338 297 286
Capex / Sales 6.87% 8.12% 8.95% 9.86% 12.27% 11.24% 9.06% 8.09%
Announcement Date 2/13/20 2/18/21 2/17/22 2/16/23 2/15/24 - - -
1USD in Million2USD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Trading Rating
Investor Rating
ESG Refinitiv
A-
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
10
Last Close Price
360.4 USD
Average target price
391.6 USD
Spread / Average Target
+8.66%
Consensus
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