Intrinsic value of West Pharmaceutical Services - WST

Previous Close

$100.61

  Intrinsic Value

$49.05

stock screener

  Rating & Target

str. sell

-51%

Previous close

$100.61

 
Intrinsic value

$49.05

 
Up/down potential

-51%

 
Rating

str. sell

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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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
  5.60
  5.54
  5.49
  5.44
  5.39
  5.35
  5.32
  5.29
  5.26
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
  5.07
  5.06
  5.05
  5.05
  5.04
  5.04
  5.03
  5.03
  5.03
Revenue, $m
  1,509
  1,594
  1,682
  1,774
  1,871
  1,971
  2,077
  2,187
  2,303
  2,424
  2,551
  2,684
  2,823
  2,969
  3,122
  3,282
  3,451
  3,627
  3,812
  4,006
  4,210
  4,423
  4,647
  4,882
  5,129
  5,388
  5,660
  5,945
  6,244
  6,558
  6,888
Variable operating expenses, $m
 
  599
  631
  665
  701
  738
  777
  818
  861
  905
  952
  991
  1,042
  1,096
  1,153
  1,212
  1,274
  1,339
  1,407
  1,479
  1,554
  1,633
  1,716
  1,802
  1,893
  1,989
  2,089
  2,195
  2,305
  2,421
  2,543
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
  1,381
  1,433
  1,487
  1,543
  1,601
  1,662
  1,725
  1,791
  1,858
  1,929
  1,992
  2,068
  2,148
  2,231
  2,317
  2,407
  2,500
  2,597
  2,699
  2,804
  2,915
  3,030
  3,148
  3,273
  3,404
  3,539
  3,681
  3,828
  3,982
  4,143
Operating income, $m
  197
  213
  249
  287
  327
  370
  415
  463
  513
  566
  622
  692
  755
  821
  891
  966
  1,044
  1,127
  1,215
  1,307
  1,405
  1,509
  1,618
  1,733
  1,855
  1,984
  2,120
  2,264
  2,416
  2,576
  2,745
EBITDA, $m
  288
  308
  349
  392
  437
  485
  536
  590
  646
  706
  769
  835
  905
  979
  1,058
  1,141
  1,228
  1,320
  1,418
  1,521
  1,630
  1,744
  1,866
  1,994
  2,129
  2,271
  2,422
  2,581
  2,748
  2,925
  3,112
Interest expense (income), $m
  9
  8
  9
  10
  12
  13
  14
  16
  17
  19
  21
  22
  24
  26
  28
  30
  32
  35
  37
  40
  42
  45
  48
  51
  55
  58
  62
  65
  69
  73
  78
Earnings before tax, $m
  190
  205
  240
  277
  316
  357
  401
  447
  496
  547
  602
  670
  731
  795
  863
  935
  1,012
  1,092
  1,177
  1,268
  1,363
  1,463
  1,570
  1,682
  1,801
  1,926
  2,059
  2,199
  2,346
  2,502
  2,667
Tax expense, $m
  55
  55
  65
  75
  85
  96
  108
  121
  134
  148
  162
  181
  197
  215
  233
  253
  273
  295
  318
  342
  368
  395
  424
  454
  486
  520
  556
  594
  634
  676
  720
Net income, $m
  144
  150
  175
  202
  231
  261
  293
  326
  362
  399
  439
  489
  533
  580
  630
  683
  738
  797
  860
  925
  995
  1,068
  1,146
  1,228
  1,315
  1,406
  1,503
  1,605
  1,713
  1,827
  1,947

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
  1,598
  1,687
  1,779
  1,876
  1,977
  2,083
  2,194
  2,310
  2,431
  2,559
  2,692
  2,832
  2,978
  3,131
  3,292
  3,461
  3,638
  3,823
  4,018
  4,222
  4,436
  4,661
  4,897
  5,144
  5,404
  5,677
  5,963
  6,263
  6,578
  6,909
Adjusted assets (=assets-cash), $m
  1,514
  1,598
  1,687
  1,779
  1,876
  1,977
  2,083
  2,194
  2,310
  2,431
  2,559
  2,692
  2,832
  2,978
  3,131
  3,292
  3,461
  3,638
  3,823
  4,018
  4,222
  4,436
  4,661
  4,897
  5,144
  5,404
  5,677
  5,963
  6,263
  6,578
  6,909
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
  824
  869
  917
  967
  1,019
  1,074
  1,131
  1,191
  1,253
  1,319
  1,388
  1,460
  1,535
  1,614
  1,697
  1,784
  1,875
  1,971
  2,071
  2,176
  2,287
  2,403
  2,524
  2,652
  2,786
  2,926
  3,073
  3,228
  3,391
  3,561
Working capital, $m
  401
  212
  224
  236
  249
  262
  276
  291
  306
  322
  339
  357
  375
  395
  415
  437
  459
  482
  507
  533
  560
  588
  618
  649
  682
  717
  753
  791
  830
  872
  916
Total debt, $m
  229
  260
  295
  331
  369
  409
  451
  494
  540
  588
  638
  691
  746
  803
  864
  927
  994
  1,063
  1,136
  1,213
  1,294
  1,378
  1,467
  1,559
  1,657
  1,759
  1,867
  1,979
  2,098
  2,222
  2,352
Total liabilities, $m
  599
  630
  665
  701
  739
  779
  821
  864
  910
  958
  1,008
  1,061
  1,116
  1,173
  1,234
  1,297
  1,364
  1,433
  1,506
  1,583
  1,664
  1,748
  1,837
  1,929
  2,027
  2,129
  2,237
  2,349
  2,468
  2,592
  2,722
Total equity, $m
  1,118
  969
  1,022
  1,078
  1,137
  1,198
  1,262
  1,330
  1,400
  1,473
  1,551
  1,631
  1,716
  1,805
  1,898
  1,995
  2,097
  2,205
  2,317
  2,435
  2,559
  2,688
  2,825
  2,968
  3,118
  3,275
  3,440
  3,613
  3,795
  3,986
  4,187
Total liabilities and equity, $m
  1,717
  1,599
  1,687
  1,779
  1,876
  1,977
  2,083
  2,194
  2,310
  2,431
  2,559
  2,692
  2,832
  2,978
  3,132
  3,292
  3,461
  3,638
  3,823
  4,018
  4,223
  4,436
  4,662
  4,897
  5,145
  5,404
  5,677
  5,962
  6,263
  6,578
  6,909
Debt-to-equity ratio
  0.205
  0.270
  0.290
  0.310
  0.320
  0.340
  0.360
  0.370
  0.390
  0.400
  0.410
  0.420
  0.430
  0.450
  0.460
  0.460
  0.470
  0.480
  0.490
  0.500
  0.510
  0.510
  0.520
  0.530
  0.530
  0.540
  0.540
  0.550
  0.550
  0.560
  0.560
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
  150
  175
  202
  231
  261
  293
  326
  362
  399
  439
  489
  533
  580
  630
  683
  738
  797
  860
  925
  995
  1,068
  1,146
  1,228
  1,315
  1,406
  1,503
  1,605
  1,713
  1,827
  1,947
Depreciation, amort., depletion, $m
  91
  95
  100
  105
  110
  115
  121
  127
  133
  140
  146
  143
  150
  158
  166
  175
  184
  193
  203
  214
  224
  236
  248
  260
  273
  287
  302
  317
  333
  350
  367
Funds from operations, $m
  160
  245
  275
  307
  341
  376
  414
  453
  495
  539
  585
  632
  684
  739
  797
  858
  922
  991
  1,063
  1,139
  1,219
  1,304
  1,394
  1,488
  1,588
  1,693
  1,805
  1,922
  2,046
  2,176
  2,314
Change in working capital, $m
  -59
  11
  12
  12
  13
  13
  14
  15
  15
  16
  17
  18
  19
  19
  20
  21
  22
  23
  25
  26
  27
  28
  30
  31
  33
  34
  36
  38
  40
  42
  44
Cash from operations, $m
  219
  234
  263
  295
  328
  363
  399
  438
  479
  523
  569
  614
  665
  719
  776
  836
  900
  967
  1,038
  1,113
  1,192
  1,276
  1,364
  1,457
  1,555
  1,659
  1,768
  1,884
  2,006
  2,134
  2,270
Maintenance CAPEX, $m
  0
  -80
  -85
  -90
  -95
  -100
  -105
  -111
  -117
  -123
  -129
  -136
  -143
  -150
  -158
  -166
  -175
  -184
  -193
  -203
  -214
  -224
  -236
  -248
  -260
  -273
  -287
  -302
  -317
  -333
  -350
New CAPEX, $m
  -170
  -43
  -46
  -48
  -50
  -52
  -55
  -57
  -60
  -63
  -66
  -69
  -72
  -75
  -79
  -83
  -87
  -91
  -96
  -100
  -105
  -110
  -116
  -122
  -128
  -134
  -140
  -147
  -155
  -162
  -170
Cash from investing activities, $m
  -176
  -123
  -131
  -138
  -145
  -152
  -160
  -168
  -177
  -186
  -195
  -205
  -215
  -225
  -237
  -249
  -262
  -275
  -289
  -303
  -319
  -334
  -352
  -370
  -388
  -407
  -427
  -449
  -472
  -495
  -520
Free cash flow, $m
  43
  110
  133
  157
  183
  211
  240
  271
  303
  337
  374
  410
  450
  493
  539
  587
  638
  692
  749
  810
  873
  941
  1,012
  1,088
  1,167
  1,252
  1,341
  1,435
  1,534
  1,639
  1,750
Issuance/(repayment) of debt, $m
  -70
  33
  35
  36
  38
  40
  42
  44
  46
  48
  50
  53
  55
  58
  60
  63
  66
  70
  73
  77
  80
  84
  89
  93
  97
  102
  107
  113
  118
  124
  130
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
  33
  35
  36
  38
  40
  42
  44
  46
  48
  50
  53
  55
  58
  60
  63
  66
  70
  73
  77
  80
  84
  89
  93
  97
  102
  107
  113
  118
  124
  130
Total cash flow (excl. dividends), $m
  -36
  142
  168
  194
  221
  251
  282
  314
  349
  385
  424
  462
  505
  551
  599
  651
  705
  762
  822
  886
  954
  1,025
  1,101
  1,181
  1,265
  1,354
  1,448
  1,548
  1,653
  1,763
  1,880
Retained Cash Flow (-), $m
  -94
  -52
  -54
  -56
  -59
  -61
  -64
  -67
  -70
  -74
  -77
  -81
  -85
  -89
  -93
  -97
  -102
  -107
  -112
  -118
  -124
  -130
  -136
  -143
  -150
  -157
  -165
  -173
  -182
  -191
  -200
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
 
  292
  114
  138
  163
  189
  217
  247
  278
  312
  347
  381
  421
  462
  506
  553
  602
  655
  710
  768
  830
  895
  965
  1,038
  1,115
  1,197
  1,283
  1,374
  1,471
  1,572
  1,680
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
 
  280
  104
  120
  134
  147
  158
  167
  174
  179
  182
  181
  179
  176
  170
  162
  153
  142
  131
  118
  105
  93
  80
  68
  57
  47
  37
  29
  23
  17
  13
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. is a manufacturer of packaging components and delivery systems for injectable drugs and healthcare products. The Company's products include vial containment solutions, prefillable systems, self-injection platforms, cartridge systems and components, reconstitution and transfer systems, intradermal delivery solutions, specialty components, and contract manufacturing and analytical services. The Company's segments include Proprietary Products and Contract-Manufactured Products. The Proprietary Products segment develops commercial and operational strategies across its global network, with specific emphasis on product offerings to biologic, generic and pharmaceutical drug customers. The Contract-Manufactured Products segment serves as an integrated business focused on the design, manufacture and automated assembly of various devices, primarily for pharmaceutical, diagnostic and medical device customers.

FINANCIAL RATIOS  of  West Pharmaceutical Services (WST)

Valuation Ratios
P/E Ratio 51.1
Price to Sales 4.9
Price to Book 6.6
Price to Tangible Book
Price to Cash Flow 33.6
Price to Free Cash Flow 150.1
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 5.6% 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 74.491 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 $7.5 billion.

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COMPANY NEWS

▶ West Announces Upcoming Investor Conference   [Nov-15-17 07:00AM  PR Newswire]
▶ West Pharmaceutical tops Street 3Q forecasts   [Oct-26-17 08:28AM  Associated Press]
▶ West Announces Third-Quarter 2017 Results   [07:10AM  PR Newswire]
▶ West to Host Third-Quarter 2017 Conference Call   [Oct-12-17 07:00AM  PR Newswire]
▶ West Announces Fall Investor Conference Schedule   [Aug-25-17 07:00AM  PR Newswire]
▶ 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]
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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