Intrinsic value of West Pharmaceutical Services - WST

Previous Close

$85.87

  Intrinsic Value

$62.37

stock screener

  Rating & Target

sell

-27%

  Value-price divergence*

+131%

Previous close

$85.87

 
Intrinsic value

$62.37

 
Up/down potential

-27%

 
Rating

sell

 
Value-price divergence*

+131%

*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 6.2

 

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
  7.20
  6.98
  6.78
  6.60
  6.44
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
  5.19
  5.18
  5.16
  5.14
  5.13
  5.12
  5.10
Revenue, $m
  1,509
  1,618
  1,731
  1,848
  1,970
  2,097
  2,229
  2,366
  2,510
  2,659
  2,815
  2,977
  3,146
  3,323
  3,508
  3,701
  3,903
  4,114
  4,335
  4,566
  4,807
  5,061
  5,326
  5,604
  5,895
  6,200
  6,520
  6,855
  7,207
  7,575
  7,962
Variable operating expenses, $m
 
  607
  649
  693
  738
  784
  833
  884
  937
  992
  1,049
  1,099
  1,162
  1,227
  1,295
  1,366
  1,441
  1,519
  1,600
  1,686
  1,775
  1,868
  1,966
  2,069
  2,176
  2,289
  2,407
  2,531
  2,660
  2,797
  2,939
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
  1,389
  1,451
  1,515
  1,580
  1,647
  1,718
  1,791
  1,867
  1,945
  2,026
  2,100
  2,188
  2,279
  2,373
  2,471
  2,574
  2,680
  2,790
  2,906
  3,025
  3,150
  3,280
  3,415
  3,556
  3,704
  3,857
  4,017
  4,183
  4,358
  4,539
Operating income, $m
  197
  228
  280
  334
  390
  449
  511
  576
  643
  714
  789
  877
  959
  1,045
  1,135
  1,230
  1,329
  1,434
  1,544
  1,660
  1,782
  1,911
  2,046
  2,189
  2,339
  2,497
  2,663
  2,838
  3,023
  3,217
  3,422
EBITDA, $m
  288
  322
  380
  440
  502
  568
  636
  708
  783
  862
  944
  1,031
  1,121
  1,216
  1,316
  1,421
  1,531
  1,647
  1,768
  1,896
  2,031
  2,173
  2,322
  2,478
  2,643
  2,817
  3,000
  3,193
  3,395
  3,609
  3,834
Interest expense (income), $m
  9
  8
  9
  11
  13
  14
  16
  18
  20
  22
  24
  26
  28
  31
  33
  36
  38
  41
  44
  47
  50
  54
  57
  61
  65
  69
  73
  77
  82
  87
  92
Earnings before tax, $m
  190
  220
  270
  323
  378
  435
  495
  558
  623
  692
  765
  851
  930
  1,014
  1,102
  1,194
  1,291
  1,393
  1,500
  1,613
  1,732
  1,857
  1,989
  2,128
  2,274
  2,428
  2,590
  2,761
  2,941
  3,130
  3,330
Tax expense, $m
  55
  59
  73
  87
  102
  117
  134
  151
  168
  187
  206
  230
  251
  274
  297
  322
  349
  376
  405
  436
  468
  501
  537
  575
  614
  656
  699
  745
  794
  845
  899
Net income, $m
  144
  161
  197
  236
  276
  317
  361
  407
  455
  505
  558
  621
  679
  740
  804
  872
  942
  1,017
  1,095
  1,178
  1,265
  1,356
  1,452
  1,553
  1,660
  1,772
  1,891
  2,015
  2,147
  2,285
  2,431

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
  1,623
  1,736
  1,853
  1,976
  2,103
  2,236
  2,374
  2,517
  2,667
  2,823
  2,986
  3,156
  3,333
  3,518
  3,712
  3,915
  4,126
  4,348
  4,579
  4,822
  5,076
  5,342
  5,621
  5,913
  6,219
  6,539
  6,876
  7,228
  7,598
  7,986
Adjusted assets (=assets-cash), $m
  1,514
  1,623
  1,736
  1,853
  1,976
  2,103
  2,236
  2,374
  2,517
  2,667
  2,823
  2,986
  3,156
  3,333
  3,518
  3,712
  3,915
  4,126
  4,348
  4,579
  4,822
  5,076
  5,342
  5,621
  5,913
  6,219
  6,539
  6,876
  7,228
  7,598
  7,986
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
  836
  895
  955
  1,018
  1,084
  1,152
  1,223
  1,298
  1,375
  1,455
  1,539
  1,627
  1,718
  1,814
  1,913
  2,018
  2,127
  2,241
  2,360
  2,485
  2,616
  2,754
  2,897
  3,048
  3,205
  3,371
  3,544
  3,726
  3,916
  4,116
Working capital, $m
  401
  215
  230
  246
  262
  279
  296
  315
  334
  354
  374
  396
  418
  442
  467
  492
  519
  547
  577
  607
  639
  673
  708
  745
  784
  825
  867
  912
  958
  1,007
  1,059
Total debt, $m
  229
  269
  314
  360
  408
  459
  511
  565
  622
  681
  742
  806
  873
  943
  1,016
  1,093
  1,172
  1,256
  1,343
  1,434
  1,530
  1,630
  1,735
  1,845
  1,960
  2,080
  2,207
  2,339
  2,478
  2,624
  2,776
Total liabilities, $m
  599
  639
  684
  730
  778
  829
  881
  935
  992
  1,051
  1,112
  1,176
  1,243
  1,313
  1,386
  1,463
  1,542
  1,626
  1,713
  1,804
  1,900
  2,000
  2,105
  2,215
  2,330
  2,450
  2,577
  2,709
  2,848
  2,994
  3,146
Total equity, $m
  1,118
  983
  1,052
  1,123
  1,197
  1,275
  1,355
  1,438
  1,525
  1,616
  1,711
  1,809
  1,912
  2,020
  2,132
  2,250
  2,372
  2,500
  2,635
  2,775
  2,922
  3,076
  3,237
  3,406
  3,583
  3,768
  3,963
  4,167
  4,380
  4,604
  4,839
Total liabilities and equity, $m
  1,717
  1,622
  1,736
  1,853
  1,975
  2,104
  2,236
  2,373
  2,517
  2,667
  2,823
  2,985
  3,155
  3,333
  3,518
  3,713
  3,914
  4,126
  4,348
  4,579
  4,822
  5,076
  5,342
  5,621
  5,913
  6,218
  6,540
  6,876
  7,228
  7,598
  7,985
Debt-to-equity ratio
  0.205
  0.270
  0.300
  0.320
  0.340
  0.360
  0.380
  0.390
  0.410
  0.420
  0.430
  0.450
  0.460
  0.470
  0.480
  0.490
  0.490
  0.500
  0.510
  0.520
  0.520
  0.530
  0.540
  0.540
  0.550
  0.550
  0.560
  0.560
  0.570
  0.570
  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
  161
  197
  236
  276
  317
  361
  407
  455
  505
  558
  621
  679
  740
  804
  872
  942
  1,017
  1,095
  1,178
  1,265
  1,356
  1,452
  1,553
  1,660
  1,772
  1,891
  2,015
  2,147
  2,285
  2,431
Depreciation, amort., depletion, $m
  91
  94
  100
  106
  112
  119
  126
  133
  140
  148
  156
  154
  163
  172
  181
  191
  202
  213
  224
  236
  249
  262
  275
  290
  305
  321
  337
  354
  373
  392
  412
Funds from operations, $m
  160
  255
  297
  341
  388
  436
  487
  540
  595
  653
  714
  775
  842
  912
  986
  1,063
  1,144
  1,230
  1,319
  1,414
  1,513
  1,618
  1,727
  1,843
  1,965
  2,093
  2,228
  2,370
  2,519
  2,677
  2,843
Change in working capital, $m
  -59
  14
  15
  16
  16
  17
  18
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  28
  29
  31
  32
  34
  35
  37
  39
  41
  43
  45
  47
  49
  51
Cash from operations, $m
  219
  240
  282
  326
  372
  419
  469
  521
  576
  633
  693
  753
  819
  888
  961
  1,037
  1,117
  1,202
  1,290
  1,383
  1,481
  1,584
  1,692
  1,806
  1,926
  2,052
  2,185
  2,325
  2,473
  2,628
  2,791
Maintenance CAPEX, $m
  0
  -78
  -84
  -89
  -96
  -102
  -108
  -115
  -122
  -130
  -137
  -146
  -154
  -163
  -172
  -181
  -191
  -202
  -213
  -224
  -236
  -249
  -262
  -275
  -290
  -305
  -321
  -337
  -354
  -373
  -392
New CAPEX, $m
  -170
  -56
  -58
  -61
  -63
  -66
  -68
  -71
  -74
  -77
  -80
  -84
  -88
  -91
  -96
  -100
  -104
  -109
  -114
  -119
  -125
  -131
  -137
  -144
  -151
  -158
  -165
  -173
  -182
  -191
  -200
Cash from investing activities, $m
  -176
  -134
  -142
  -150
  -159
  -168
  -176
  -186
  -196
  -207
  -217
  -230
  -242
  -254
  -268
  -281
  -295
  -311
  -327
  -343
  -361
  -380
  -399
  -419
  -441
  -463
  -486
  -510
  -536
  -564
  -592
Free cash flow, $m
  43
  106
  140
  176
  213
  252
  293
  335
  380
  426
  475
  524
  578
  634
  694
  756
  822
  891
  963
  1,040
  1,120
  1,204
  1,293
  1,387
  1,486
  1,590
  1,699
  1,815
  1,937
  2,065
  2,200
Issuance/(repayment) of debt, $m
  -70
  42
  45
  46
  48
  50
  52
  54
  57
  59
  61
  64
  67
  70
  73
  76
  80
  83
  87
  91
  96
  100
  105
  110
  115
  121
  126
  132
  139
  146
  153
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
  42
  45
  46
  48
  50
  52
  54
  57
  59
  61
  64
  67
  70
  73
  76
  80
  83
  87
  91
  96
  100
  105
  110
  115
  121
  126
  132
  139
  146
  153
Total cash flow (excl. dividends), $m
  -36
  149
  185
  222
  261
  302
  345
  389
  436
  485
  537
  588
  645
  704
  767
  832
  901
  974
  1,050
  1,131
  1,215
  1,304
  1,398
  1,497
  1,601
  1,710
  1,826
  1,947
  2,075
  2,210
  2,353
Retained Cash Flow (-), $m
  -94
  -66
  -69
  -71
  -74
  -77
  -80
  -84
  -87
  -91
  -95
  -99
  -103
  -108
  -112
  -117
  -123
  -128
  -134
  -140
  -147
  -154
  -161
  -169
  -177
  -185
  -194
  -204
  -214
  -224
  -235
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
 
  283
  116
  151
  187
  225
  264
  306
  349
  395
  442
  489
  542
  597
  654
  715
  779
  846
  916
  990
  1,068
  1,151
  1,237
  1,328
  1,424
  1,525
  1,631
  1,744
  1,862
  1,986
  2,118
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
 
  272
  106
  131
  154
  174
  192
  207
  218
  227
  232
  232
  231
  227
  220
  210
  198
  184
  169
  152
  136
  119
  103
  87
  73
  59
  48
  37
  29
  22
  16
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 43.6
Price to Sales 4.2
Price to Book 5.6
Price to Tangible Book
Price to Cash Flow 28.7
Price to Free Cash Flow 128.1
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 7.2% 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 10 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 72.122 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 $6.2 billion.

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COMPANY NEWS

▶ West Pharmaceutical misses Street 2Q forecasts   [Jul-27-17 02:56PM  Associated Press]
▶ West Announces Increase to Quarterly Dividend   [Jul-20-17 06:00AM  PR Newswire]
▶ West Elects New Director to the Board   [Jun-01-17 08:00AM  PR Newswire]
▶ Why West Pharmaceutical Services Is Rising Today   [Apr-27-17 04:04PM  Motley Fool]
▶ West Pharmaceutical tops Street 1Q forecasts   [08:08AM  Associated Press]
▶ West Announces First-Quarter 2017 Results   [07:00AM  PR Newswire]
▶ 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]
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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