Company Valuation: West Pharmaceutical Services, Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 34,744 17,424 26,053 23,723 19,795 26,506 - -
Change - -49.85% 49.53% -8.95% -16.56% 33.9% - -
Enterprise Value (EV) 1 34,744 16,738 25,406 23,441 19,206 26,002 25,532 25,164
Change - -51.82% 51.78% -7.74% -18.07% 35.39% -1.81% -1.44%
P/E 54.1x 30.4x 44.7x 49x 40.5x 43.9x 38.2x 34.1x
PBR 14.9x 6.5x 8.98x 8.83x 5.95x 8.39x 7.4x 6.59x
PEG - -2.8x 23.04x -3.2x 27.09x 1.7x 2.5x 2.9x
Capitalization / Revenue 12.3x 6.04x 8.83x 8.2x 6.44x 7.86x 7.39x 6.88x
EV / Revenue 12.3x 5.8x 8.61x 8.1x 6.25x 7.71x 7.12x 6.53x
EV / EBITDA 39.3x 19x 30.7x 32.2x 24.2x 27.6x 24.5x 21.7x
EV / EBIT 45.6x 22x 36.8x 40.9x 30.9x 34.3x 30.1x 26.4x
EV / FCF 105x 38.1x 61.3x 84.8x 41x 60.4x 45x 34.7x
FCF Yield 0.95% 2.63% 1.63% 1.18% 2.44% 1.66% 2.22% 2.88%
Dividend per Share 2 0.69 0.74 0.78 0.82 0.85 0.9025 0.9729 1.118
Rate of return 0.15% 0.31% 0.22% 0.25% 0.31% 0.24% 0.26% 0.3%
EPS 2 8.67 7.73 7.88 6.69 6.79 8.575 9.865 11.04
Distribution rate 7.96% 9.57% 9.9% 12.3% 12.5% 10.5% 9.86% 10.1%
Net sales 1 2,832 2,887 2,950 2,893 3,074 3,374 3,587 3,855
EBITDA 1 884.7 882.6 827.9 728.2 793.8 940.6 1,041 1,159
EBIT 1 762.4 762 690.6 572.8 622.4 757.9 847.9 951.8
Net income 1 661.8 585.9 593.4 492.7 493.7 617.4 702.6 781.8
Net Debt 1 - -685.4 -647.1 -282 -588.5 -503.3 -973.5 -1,342
Reference price 2 469.01 235.35 352.12 327.56 275.14 376.63 376.63 376.63
Nbr of stocks (in thousands) 74,080 74,033 73,990 72,422 71,943 70,376 - -
Announcement Date 17/02/22 16/02/23 15/02/24 13/02/25 12/02/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
43.92x7.71x27.64x0.24% 2.65TCr
28.6x3.96x15.29x2.55% 17TCr
18.42x3.39x12.12x3.23% 11TCr
16.84x0.2x12.36x0.77% 5.87TCr
28.32x6.98x18.05x1.41% 4.93TCr
35.07x3.4x11.63x2.16% 4.96TCr
34.73x6.11x19.17x-.--% 3.27TCr
45.88x1.3x12.04x0.21% 3.07TCr
55.7x7.4x23.8x0.38% 2.39TCr
17.65x2.7x9.67x1.62% 2.13TCr
Average 32.51x 4.31x 16.18x 1.26% 5.79TCr
Weighted average by Cap. 28.66x 3.92x 15.06x 1.87%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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