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 24,006 - -
Change - -49.85% 49.53% -8.95% -16.56% 21.28% - -
Enterprise Value (EV) 1 34,744 16,738 25,406 23,441 19,206 23,503 22,967 22,547
Change - -51.82% 51.78% -7.74% -18.07% 22.37% -2.28% -1.83%
P/E 54.1x 30.4x 44.7x 49x 40.5x 39.8x 34.6x 30.9x
PBR 14.9x 6.5x 8.98x 8.83x 5.95x 7.67x 6.69x 5.92x
PEG - -2.8x 23.04x -3.2x 27.09x 1.5x 2.3x 2.6x
Capitalization / Revenue 12.3x 6.04x 8.83x 8.2x 6.44x 7.11x 6.69x 6.23x
EV / Revenue 12.3x 5.8x 8.61x 8.1x 6.25x 6.96x 6.4x 5.85x
EV / EBITDA 39.3x 19x 30.7x 32.2x 24.2x 25x 22.1x 19.5x
EV / EBIT 45.6x 22x 36.8x 40.9x 30.9x 31x 27.1x 23.7x
EV / FCF 105x 38.1x 61.3x 84.8x 41x 54.6x 40.5x 31.1x
FCF Yield 0.95% 2.63% 1.63% 1.18% 2.44% 1.83% 2.47% 3.22%
Dividend per Share 2 0.69 0.74 0.78 0.82 0.85 0.9025 0.9729 1.121
Rate of return 0.15% 0.31% 0.22% 0.25% 0.31% 0.26% 0.29% 0.33%
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% 10.2%
Net sales 1 2,832 2,887 2,950 2,893 3,074 3,375 3,587 3,854
EBITDA 1 884.7 882.6 827.9 728.2 793.8 940.4 1,041 1,159
EBIT 1 762.4 762 690.6 572.8 622.4 757.5 848.4 952.3
Net income 1 661.8 585.9 593.4 492.7 493.7 614.5 701.2 778
Net Debt 1 - -685.4 -647.1 -282 -588.5 -503.3 -1,039 -1,458
Reference price 2 469.01 235.35 352.12 327.56 275.14 341.11 341.11 341.11
Nbr of stocks (in thousands) 74,080 74,033 73,990 72,422 71,943 70,376 - -
Announcement Date 2/17/22 2/16/23 2/15/24 2/13/25 2/12/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
39.35x6.89x24.72x0.27% 23.75B
32.26x4.34x16.7x2.29% 195B
20.54x3.56x12.55x3.26% 117B
17.63x0.2x12.88x0.74% 61.45B
36.52x3.5x12x2.07% 51.62B
29.92x7.37x19.04x1.34% 51.03B
36.41x6.41x20.12x-.--% 34.27B
46.31x1.31x12.01x0.16% 30.95B
19.61x3.03x11.04x1.46% 23.41B
25.18x3.79x13.32x1.14% 22.79B
Average 30.37x 4.04x 15.44x 1.27% 61.07B
Weighted average by Cap. 29.18x 3.95x 15.24x 1.83%

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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