Financials Thermo Fisher Scientific Berne S.E.

Equities

TFS

US8835561023

Advanced Medical Equipment & Technology

Delayed Berne S.E. Other stock markets 09:30:02 02/04/2024 pm IST			5-day change	1st Jan Change
514.5 ^CHF	-0.35%		-0.35%	+19.58%

24/05	Declaration of Voting Results by Thermo Fisher Scientific Inc	CI
22/05	Thermo Fisher Scientific Keeps Quarterly Dividend of $0.39 a Share, Payable July 15 to Shareholders of Record on June 14	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,30,270	1,84,605	2,62,925	2,16,998	2,05,083	2,18,559	-	-
Enterprise Value (EV) ¹	1,45,623	1,96,015	2,93,318	2,42,962	2,31,923	2,42,051	2,37,697	2,32,276
P/E ratio	35.4 x	29.2 x	34.3 x	31.2 x	34.4 x	36 x	30.8 x	26.4 x
Yield	0.23%	0.19%	0.16%	0.22%	0.26%	0.26%	0.28%	0.31%
Capitalization / Revenue	5.1 x	5.73 x	6.71 x	4.83 x	4.79 x	5.08 x	4.74 x	4.42 x
EV / Revenue	5.7 x	6.08 x	7.48 x	5.41 x	5.41 x	5.63 x	5.16 x	4.69 x
EV / EBITDA	22.3 x	19.2 x	22.6 x	20.3 x	21.3 x	22.4 x	20 x	17.8 x
EV / FCF	36 x	28.8 x	41.8 x	35 x	33.5 x	33.9 x	30.1 x	27 x
FCF Yield	2.78%	3.48%	2.39%	2.85%	2.99%	2.95%	3.32%	3.71%
Price to Book	4.38 x	5.39 x	6.45 x	4.89 x	4.39 x	4.45 x	4.26 x	3.64 x
Nbr of stocks (in thousands)	4,00,991	3,96,335	3,94,048	3,94,048	3,86,372	3,81,716	-	-
Reference price ²	324.9	465.8	667.2	550.7	530.8	572.6	572.6	572.6
Announcement Date	30/01/20	01/02/21	02/02/22	01/02/23	31/01/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	25,542	32,218	39,211	44,915	42,857	43,023	46,099	49,501
EBITDA ¹	6,537	10,214	12,969	11,971	10,878	10,806	11,858	13,057
EBIT ¹	5,973	9,556	12,138	10,985	9,810	9,726	10,726	11,741
Operating Margin	23.39%	29.66%	30.96%	24.46%	22.89%	22.61%	23.27%	23.72%
Earnings before Tax (EBT) ¹	4,070	7,225	8,841	7,835	6,298	7,249	7,907	9,404
Net income ¹	3,696	6,375	7,725	6,950	5,995	6,146	6,971	8,044
Net margin	14.47%	19.79%	19.7%	15.47%	13.99%	14.29%	15.12%	16.25%
EPS ²	9.170	15.96	19.46	17.63	15.45	15.92	18.57	21.70
Free Cash Flow ¹	4,047	6,815	7,020	6,935	6,927	7,148	7,902	8,612
FCF margin	15.84%	21.15%	17.9%	15.44%	16.16%	16.61%	17.14%	17.4%
FCF Conversion (EBITDA)	61.91%	66.72%	54.13%	57.93%	63.68%	66.15%	66.64%	65.96%
FCF Conversion (Net income)	109.5%	106.9%	90.87%	99.78%	115.55%	116.3%	113.35%	107.06%
Dividend per Share ²	0.7600	0.8800	1.040	1.200	1.400	1.494	1.628	1.802
Announcement Date	30/01/20	01/02/21	02/02/22	01/02/23	31/01/24	-	-	-

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	10,702	11,818	10,970	10,677	11,450	10,710	10,687	10,574	10,886	10,345	10,521	10,728	11,377	11,119	11,334
EBITDA ¹	3,378	3,700	2,841	2,614	2,816	2,583	2,640	2,829	2,826	2,564	2,550	2,704	2,945	2,789	2,846
EBIT ¹	3,161	3,450	2,605	2,370	2,560	2,330	2,370	2,560	2,550	2,278	2,304	2,453	2,696	2,521	2,590
Operating Margin	29.54%	29.19%	23.75%	22.2%	22.36%	21.76%	22.18%	24.21%	23.42%	22.02%	21.9%	22.87%	23.69%	22.68%	22.85%
Earnings before Tax (EBT) ¹	1,862	2,540	1,917	1,601	1,777	1,363	1,430	1,765	1,740	1,589	1,606	1,759	1,910	1,696	1,782
Net income ¹	1,658	2,215	1,664	1,495	1,576	1,289	1,361	1,715	1,630	1,328	1,441	1,565	1,755	1,574	1,654
Net margin	15.49%	18.74%	15.17%	14%	13.76%	12.04%	12.74%	16.22%	14.97%	12.84%	13.7%	14.59%	15.42%	14.15%	14.59%
EPS ²	4.170	5.610	4.220	3.790	4.010	3.320	3.510	4.420	4.200	3.460	3.727	4.043	4.517	4.260	4.480
Dividend per Share ²	0.2600	0.3000	0.3000	0.3000	0.3000	0.3500	0.3500	0.3500	0.3500	-	0.3870	0.3871	0.3871	0.3955	0.4215
Announcement Date	02/02/22	28/04/22	28/07/22	26/10/22	01/02/23	26/04/23	26/07/23	25/10/23	31/01/24	24/04/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	15,353	11,410	30,393	25,964	26,840	23,492	19,138	13,716
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.349 x	1.117 x	2.344 x	2.169 x	2.467 x	2.174 x	1.614 x	1.051 x
Free Cash Flow ¹	4,047	6,815	7,020	6,935	6,927	7,148	7,902	8,612
ROE (net income / shareholders' equity)	17.4%	24.3%	26.5%	21.6%	18.4%	17.2%	18.2%	17.6%
ROA (Net income/ Total Assets)	8.7%	12.3%	9.43%	9.52%	8.54%	8.2%	9.09%	9.87%
Assets ¹	42,502	52,009	81,921	73,003	70,200	75,001	76,703	81,525
Book Value Per Share ²	74.20	86.50	103.0	113.0	121.0	129.0	134.0	157.0
Cash Flow per Share ²	12.30	20.80	24.00	23.20	21.70	21.60	27.70	30.60
Capex ¹	926	1,474	2,523	2,243	1,479	1,494	1,629	1,717
Capex / Sales	3.63%	4.58%	6.43%	4.99%	3.45%	3.47%	3.53%	3.47%
Announcement Date	30/01/20	01/02/21	02/02/22	01/02/23	31/01/24	-	-	-

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

Ratings for Thermo Fisher Scientific

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

572.6 USD

Average target price

627.5 USD

Spread / Average Target

+9.59%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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EDWARDS LIFESCIENCES CORPORATION	+14.15%	52.45B
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AGILENT TECHNOLOGIES, INC.	+6.60%	43.43B
GE HEALTHCARE TECHNOLOGIES INC.	+1.85%	35.95B
RESMED, INC.	+20.43%	30.43B

Other Advanced Medical Equipment & Technology