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 24,120 - -
Change - -49.85% 49.53% -8.95% -16.56% 21.85% - -
Enterprise Value (EV) 1 34,744 16,738 25,406 23,441 19,206 23,617 23,081 22,661
Change - -51.82% 51.78% -7.74% -18.07% 22.96% -2.27% -1.82%
P/E 54.1x 30.4x 44.7x 49x 40.5x 40x 34.7x 31x
PBR 14.9x 6.5x 8.98x 8.83x 5.95x 7.7x 6.72x 5.95x
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 7.15x 6.72x 6.26x
EV / Revenue 12.3x 5.8x 8.61x 8.1x 6.25x 7x 6.43x 5.88x
EV / EBITDA 39.3x 19x 30.7x 32.2x 24.2x 25.1x 22.2x 19.6x
EV / EBIT 45.6x 22x 36.8x 40.9x 30.9x 31.2x 27.2x 23.8x
EV / FCF 105x 38.1x 61.3x 84.8x 41x 54.8x 40.7x 31.3x
FCF Yield 0.95% 2.63% 1.63% 1.18% 2.44% 1.82% 2.46% 3.2%
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% 0.28% 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 2 469.01 235.35 352.12 327.56 275.14 342.73 342.73 342.73
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.($)
31.21x4.22x16.21x2.36% 188B
19.69x3.59x12.84x3.05% 119B
18.47x0.21x13.42x0.71% 64.35B
29.98x7.39x19.09x1.33% 52.59B
36.16x3.47x11.9x2.09% 51.11B
35.96x6.33x19.86x-.--% 33.85B
47.24x1.35x12.52x0.2% 32.1B
39.97x7x25.11x0.26% 24.12B
18.39x2.93x10.38x1.5% 23.39B
Average 30.78x 4.06x 15.70x 1.28% 65.44B
Weighted average by Cap. 28.80x 3.90x 15.25x 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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