Intrinsic value of West Pharmaceutical Services - WST

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$81.90

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$81.90

 
Intrinsic value

$53.83

 
Up/down potential

-34%

 
Rating

sell

 
Value-price divergence* premium content

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*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of WST stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 6.0

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  7.79
  6.10
  5.99
  5.89
  5.80
  5.72
  5.65
  5.58
  5.53
  5.47
  5.43
  5.38
  5.35
  5.31
  5.28
  5.25
  5.23
  5.20
  5.18
  5.17
  5.15
  5.13
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
  5.06
  5.06
  5.05
Revenue, $m
  1,509
  1,601
  1,697
  1,797
  1,901
  2,010
  2,124
  2,242
  2,366
  2,496
  2,631
  2,773
  2,921
  3,076
  3,238
  3,408
  3,586
  3,773
  3,969
  4,174
  4,389
  4,614
  4,850
  5,098
  5,358
  5,630
  5,916
  6,216
  6,531
  6,861
  7,208
Variable operating expenses, $m
 
  601
  637
  674
  712
  752
  794
  838
  884
  932
  982
  1,024
  1,078
  1,136
  1,195
  1,258
  1,324
  1,393
  1,465
  1,541
  1,620
  1,703
  1,791
  1,882
  1,978
  2,079
  2,184
  2,295
  2,411
  2,533
  2,661
Fixed operating expenses, $m
 
  782
  802
  822
  842
  863
  885
  907
  930
  953
  977
  1,001
  1,026
  1,052
  1,078
  1,105
  1,133
  1,161
  1,190
  1,220
  1,250
  1,282
  1,314
  1,346
  1,380
  1,415
  1,450
  1,486
  1,523
  1,561
  1,600
Total operating expenses, $m
  1,312
  1,383
  1,439
  1,496
  1,554
  1,615
  1,679
  1,745
  1,814
  1,885
  1,959
  2,025
  2,104
  2,188
  2,273
  2,363
  2,457
  2,554
  2,655
  2,761
  2,870
  2,985
  3,105
  3,228
  3,358
  3,494
  3,634
  3,781
  3,934
  4,094
  4,261
Operating income, $m
  197
  218
  259
  302
  347
  394
  444
  497
  553
  611
  673
  748
  816
  889
  965
  1,045
  1,130
  1,219
  1,314
  1,413
  1,518
  1,629
  1,746
  1,869
  2,000
  2,137
  2,282
  2,435
  2,597
  2,767
  2,947
EBITDA, $m
  288
  313
  359
  408
  458
  512
  568
  627
  689
  754
  823
  896
  972
  1,052
  1,137
  1,227
  1,321
  1,420
  1,525
  1,636
  1,752
  1,875
  2,004
  2,141
  2,285
  2,437
  2,598
  2,767
  2,945
  3,133
  3,331
Interest expense (income), $m
  9
  8
  9
  11
  12
  13
  15
  16
  18
  20
  22
  23
  25
  27
  30
  32
  34
  37
  39
  42
  45
  48
  51
  54
  58
  61
  65
  69
  73
  77
  82
Earnings before tax, $m
  190
  210
  249
  291
  335
  381
  430
  481
  535
  591
  651
  724
  791
  861
  935
  1,013
  1,096
  1,183
  1,274
  1,371
  1,473
  1,581
  1,695
  1,815
  1,942
  2,076
  2,217
  2,366
  2,524
  2,690
  2,865
Tax expense, $m
  55
  57
  67
  79
  90
  103
  116
  130
  144
  160
  176
  196
  214
  232
  252
  274
  296
  319
  344
  370
  398
  427
  458
  490
  524
  561
  599
  639
  681
  726
  773
Net income, $m
  144
  153
  182
  212
  244
  278
  314
  351
  390
  432
  475
  529
  577
  629
  683
  740
  800
  863
  930
  1,001
  1,076
  1,154
  1,237
  1,325
  1,418
  1,515
  1,619
  1,727
  1,842
  1,963
  2,091

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  203
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  1,717
  1,606
  1,702
  1,802
  1,907
  2,016
  2,130
  2,249
  2,373
  2,503
  2,639
  2,781
  2,930
  3,085
  3,248
  3,419
  3,597
  3,784
  3,981
  4,186
  4,402
  4,628
  4,865
  5,113
  5,374
  5,647
  5,934
  6,235
  6,551
  6,882
  7,230
Adjusted assets (=assets-cash), $m
  1,514
  1,606
  1,702
  1,802
  1,907
  2,016
  2,130
  2,249
  2,373
  2,503
  2,639
  2,781
  2,930
  3,085
  3,248
  3,419
  3,597
  3,784
  3,981
  4,186
  4,402
  4,628
  4,865
  5,113
  5,374
  5,647
  5,934
  6,235
  6,551
  6,882
  7,230
Revenue / Adjusted assets
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
Average production assets, $m
  781
  828
  877
  929
  983
  1,039
  1,098
  1,159
  1,223
  1,290
  1,360
  1,433
  1,510
  1,590
  1,674
  1,762
  1,854
  1,951
  2,052
  2,158
  2,269
  2,385
  2,507
  2,636
  2,770
  2,911
  3,059
  3,214
  3,377
  3,547
  3,727
Working capital, $m
  401
  213
  226
  239
  253
  267
  282
  298
  315
  332
  350
  369
  388
  409
  431
  453
  477
  502
  528
  555
  584
  614
  645
  678
  713
  749
  787
  827
  869
  913
  959
Total debt, $m
  229
  263
  301
  340
  381
  424
  469
  516
  565
  616
  670
  726
  784
  846
  910
  977
  1,047
  1,121
  1,198
  1,279
  1,364
  1,453
  1,547
  1,645
  1,747
  1,855
  1,968
  2,087
  2,211
  2,342
  2,478
Total liabilities, $m
  599
  633
  671
  710
  751
  794
  839
  886
  935
  986
  1,040
  1,096
  1,154
  1,216
  1,280
  1,347
  1,417
  1,491
  1,568
  1,649
  1,734
  1,823
  1,917
  2,015
  2,117
  2,225
  2,338
  2,457
  2,581
  2,712
  2,848
Total equity, $m
  1,118
  973
  1,031
  1,092
  1,156
  1,222
  1,291
  1,363
  1,438
  1,517
  1,599
  1,685
  1,775
  1,870
  1,968
  2,072
  2,180
  2,293
  2,412
  2,537
  2,667
  2,804
  2,948
  3,099
  3,257
  3,422
  3,596
  3,778
  3,970
  4,170
  4,381
Total liabilities and equity, $m
  1,717
  1,606
  1,702
  1,802
  1,907
  2,016
  2,130
  2,249
  2,373
  2,503
  2,639
  2,781
  2,929
  3,086
  3,248
  3,419
  3,597
  3,784
  3,980
  4,186
  4,401
  4,627
  4,865
  5,114
  5,374
  5,647
  5,934
  6,235
  6,551
  6,882
  7,229
Debt-to-equity ratio
  0.205
  0.270
  0.290
  0.310
  0.330
  0.350
  0.360
  0.380
  0.390
  0.410
  0.420
  0.430
  0.440
  0.450
  0.460
  0.470
  0.480
  0.490
  0.500
  0.500
  0.510
  0.520
  0.520
  0.530
  0.540
  0.540
  0.550
  0.550
  0.560
  0.560
  0.570
Adjusted equity ratio
  0.604
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  144
  153
  182
  212
  244
  278
  314
  351
  390
  432
  475
  529
  577
  629
  683
  740
  800
  863
  930
  1,001
  1,076
  1,154
  1,237
  1,325
  1,418
  1,515
  1,619
  1,727
  1,842
  1,963
  2,091
Depreciation, amort., depletion, $m
  91
  96
  101
  106
  112
  117
  123
  130
  136
  143
  151
  148
  156
  164
  173
  182
  191
  201
  212
  222
  234
  246
  259
  272
  286
  300
  315
  331
  348
  366
  384
Funds from operations, $m
  160
  249
  283
  319
  356
  396
  437
  481
  527
  575
  626
  677
  733
  793
  855
  921
  991
  1,064
  1,142
  1,223
  1,309
  1,400
  1,496
  1,597
  1,703
  1,816
  1,934
  2,059
  2,190
  2,329
  2,475
Change in working capital, $m
  -59
  12
  13
  13
  14
  14
  15
  16
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  29
  30
  31
  33
  35
  36
  38
  40
  42
  44
  46
Cash from operations, $m
  219
  258
  270
  305
  342
  381
  422
  465
  510
  558
  608
  658
  713
  772
  834
  899
  967
  1,040
  1,116
  1,196
  1,281
  1,370
  1,465
  1,564
  1,669
  1,779
  1,896
  2,019
  2,148
  2,285
  2,429
Maintenance CAPEX, $m
  0
  -80
  -85
  -90
  -96
  -101
  -107
  -113
  -120
  -126
  -133
  -140
  -148
  -156
  -164
  -173
  -182
  -191
  -201
  -212
  -222
  -234
  -246
  -259
  -272
  -286
  -300
  -315
  -331
  -348
  -366
New CAPEX, $m
  -170
  -47
  -50
  -52
  -54
  -56
  -59
  -61
  -64
  -67
  -70
  -73
  -77
  -80
  -84
  -88
  -92
  -96
  -101
  -106
  -111
  -116
  -122
  -128
  -134
  -141
  -148
  -155
  -163
  -171
  -179
Cash from investing activities, $m
  -176
  -127
  -135
  -142
  -150
  -157
  -166
  -174
  -184
  -193
  -203
  -213
  -225
  -236
  -248
  -261
  -274
  -287
  -302
  -318
  -333
  -350
  -368
  -387
  -406
  -427
  -448
  -470
  -494
  -519
  -545
Free cash flow, $m
  43
  130
  135
  163
  193
  224
  256
  290
  327
  365
  405
  444
  489
  536
  586
  638
  693
  752
  814
  879
  947
  1,020
  1,096
  1,177
  1,263
  1,353
  1,448
  1,548
  1,654
  1,766
  1,884
Issuance/(repayment) of debt, $m
  -70
  36
  38
  40
  41
  43
  45
  47
  49
  51
  54
  56
  59
  61
  64
  67
  70
  74
  77
  81
  85
  89
  93
  98
  103
  108
  113
  119
  124
  131
  137
Issuance/(repurchase) of shares, $m
  -26
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -78
  36
  38
  40
  41
  43
  45
  47
  49
  51
  54
  56
  59
  61
  64
  67
  70
  74
  77
  81
  85
  89
  93
  98
  103
  108
  113
  119
  124
  131
  137
Total cash flow (excl. dividends), $m
  -36
  166
  173
  203
  234
  267
  301
  337
  376
  416
  458
  500
  548
  597
  650
  705
  764
  826
  891
  960
  1,032
  1,109
  1,190
  1,275
  1,365
  1,461
  1,561
  1,667
  1,779
  1,897
  2,021
Retained Cash Flow (-), $m
  -94
  -56
  -58
  -61
  -63
  -66
  -69
  -72
  -75
  -79
  -82
  -86
  -90
  -94
  -99
  -103
  -108
  -113
  -119
  -125
  -131
  -137
  -144
  -151
  -158
  -166
  -174
  -182
  -191
  -201
  -211
Prev. year cash balance distribution, $m
 
  201
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  311
  115
  142
  170
  200
  232
  265
  300
  337
  376
  414
  457
  503
  551
  602
  656
  712
  772
  835
  902
  972
  1,046
  1,125
  1,207
  1,295
  1,387
  1,485
  1,587
  1,696
  1,811
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  298
  105
  123
  140
  155
  168
  179
  188
  194
  197
  197
  195
  191
  185
  177
  167
  155
  142
  129
  115
  101
  87
  74
  61
  50
  40
  32
  25
  19
  14
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

West Pharmaceutical Services, Inc. develops, manufactures, and sells packaging and delivery systems in the United States, Germany, France, Other European countries, and internationally. The company’s Packaging Systems segment offers primary packaging components and systems for injectable drug delivery, including stoppers and seals for vials; closures and other components used in syringe; intravenous and blood collection systems; and pre-fillable syringe components. This segment also provides contract analytical laboratory services for testing and evaluating primary drug-packaging components with the contained drug formulation; and specialized testing for complete drug delivery systems. Its Delivery Systems segment offers safety and administration systems, and multi-component systems for drug containment and administration. This segment’s products include Daikyo CZ insert needle syringe systems; SmartDose electronic wearable injectors; ConfiDose auto-injectors and SelfDose self-injection systems; and sterile devices for the preparation and administration of drug products comprising MixJect transfer devices, the Mix2Vial needleless reconstitution systems, the Vial2Bag systems, and vial adapters. It also provides contract-manufacturing and assembly solutions, which include technologies, such as multi-component molding, in-mold labeling, ultrasonic welding, and clean room molding and device assembly used to manufacture customer-owned components and devices for use in surgical, diagnostic, ophthalmic, other drug delivery systems, and consumer products. The company offers its components and systems for the packaging and delivery of injectable drugs; and for the pharmaceutical, healthcare, and consumer products industries. It distribute its products through its sales force and distribution network, as well as contract sales agents and regional distributors. West Pharmaceutical Services, Inc. was founded in 1923 and is headquartered in Exton, Pennsylvania.

FINANCIAL RATIOS  of  West Pharmaceutical Services (WST)

Valuation Ratios
P/E Ratio 41.6
Price to Sales 4
Price to Book 5.4
Price to Tangible Book
Price to Cash Flow 27.3
Price to Free Cash Flow 122.2
Growth Rates
Sales Growth Rate 7.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 28.8%
Cap. Spend. - 3 Yr. Gr. Rate 1.7%
Financial Strength
Quick Ratio 102
Current Ratio 0.2
LT Debt to Equity 20.3%
Total Debt to Equity 20.5%
Interest Coverage 22
Management Effectiveness
Return On Assets 8.8%
Ret/ On Assets - 3 Yr. Avg. 7.8%
Return On Total Capital 10.8%
Ret/ On T. Cap. - 3 Yr. Avg. 9.3%
Return On Equity 13.4%
Return On Equity - 3 Yr. Avg. 12.3%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 33.2%
Gross Margin - 3 Yr. Avg. 32.4%
EBITDA Margin 19.2%
EBITDA Margin - 3 Yr. Avg. 18.1%
Operating Margin 13.1%
Oper. Margin - 3 Yr. Avg. 11.7%
Pre-Tax Margin 12.6%
Pre-Tax Margin - 3 Yr. Avg. 10.9%
Net Profit Margin 9.5%
Net Profit Margin - 3 Yr. Avg. 8.4%
Effective Tax Rate 28.9%
Eff/ Tax Rate - 3 Yr. Avg. 26.4%
Payout Ratio 25%

WST stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the WST stock intrinsic value calculation we used $1509 million for the last fiscal year's total revenue generated by West Pharmaceutical Services. The default revenue input number comes from 2016 income statement of West Pharmaceutical Services. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our WST stock valuation model: a) initial revenue growth rate of 6.1% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for WST is calculated based on our internal credit rating of West Pharmaceutical Services, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of West Pharmaceutical Services.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of WST stock the variable cost ratio is equal to 37.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $763 million in the base year in the intrinsic value calculation for WST stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for West Pharmaceutical Services.

Corporate tax rate of 27% is the nominal tax rate for West Pharmaceutical Services. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the WST stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for WST are equal to 51.7%.

Life of production assets of 9.7 years is the average useful life of capital assets used in West Pharmaceutical Services operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for WST is equal to 13.3%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $1118 million for West Pharmaceutical Services - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 73.03 million for West Pharmaceutical Services is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of West Pharmaceutical Services at the current share price and the inputted number of shares is $6.0 billion.


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COMPANY NEWS

▶ West to Host First-Quarter 2017 Conference Call   [Apr-13-17 08:00AM  PR Newswire]
▶ West Pharmaceutical misses Street 4Q forecasts   [07:30AM  Associated Press]
▶ West to Present at J.P. Morgan Healthcare Conference   [Dec-28-16 08:00AM  PR Newswire]
▶ Hedge Funds Are Selling West Pharmaceutical Services Inc. (WST)   [Dec-08-16 05:44AM  at Insider Monkey]
▶ Do Hedge Funds Love SS&C Technologies Holdings, Inc. (SSNC)?   [Nov-26-16 07:08AM  at Insider Monkey]
▶ West Announces Third Quarter 2016 Results   [07:00AM  PR Newswire]
▶ West to Host Third Quarter 2016 Conference Call   [Oct-13-16 07:00AM  PR Newswire]
▶ West to Host Second Quarter 2016 Conference Call   [Jul-14-16 08:30AM  PR Newswire]
▶ West Announces Quarterly Dividend   [Jul-05-16 04:30PM  PR Newswire]
▶ West to Present at Investor Conference in June   [Jun-01-16 08:00AM  PR Newswire]
▶ West Announces First Quarter 2016 Results   [07:00AM  PR Newswire]
▶ Chester County firm invests in Israeli microneedle developer   [Apr-25-16 12:40PM  at American City Business Journals]
▶ West to Host First Quarter 2016 Conference Call   [Apr-14-16 08:00AM  PR Newswire]
▶ 5 Reasons West Pharmaceutical Services Should Be Shorted (WST)   [Mar-14-16 12:43AM  at Investopedia]
▶ West Announces Quarterly Dividend   [07:00AM  PR Newswire]
▶ West Appoints Eric Resnick to Chief Technology Officer   [Mar-01-16 07:00AM  PR Newswire]
Stock chart of WST Financial statements of WST
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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