Intrinsic value of West Pharmaceutical Services - WST

Previous Close

$120.10

  Intrinsic Value

$53.45

stock screener

  Rating & Target

str. sell

-55%

Previous close

$120.10

 
Intrinsic value

$53.45

 
Up/down potential

-55%

 
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

Revenue (in 0001), $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 8.8

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  12.60
  11.84
  11.16
  10.54
  9.99
  9.49
  9.04
  8.64
  8.27
  7.94
  7.65
  7.38
  7.15
  6.93
  6.74
  6.56
  6.41
  6.27
  6.14
  6.03
  5.92
  5.83
  5.75
  5.67
  5.61
  5.55
  5.49
  5.44
  5.40
  5.36
Revenue, $m
  1,801
  2,014
  2,238
  2,474
  2,721
  2,980
  3,249
  3,530
  3,822
  4,125
  4,441
  4,769
  5,109
  5,464
  5,832
  6,215
  6,613
  7,027
  7,459
  7,908
  8,377
  8,865
  9,375
  9,907
  10,462
  11,042
  11,649
  12,283
  12,946
  13,639
Variable operating expenses, $m
  1,158
  1,294
  1,436
  1,586
  1,744
  1,908
  2,079
  2,257
  2,443
  2,636
  2,824
  3,032
  3,249
  3,474
  3,708
  3,952
  4,205
  4,469
  4,743
  5,029
  5,327
  5,638
  5,962
  6,300
  6,653
  7,022
  7,408
  7,811
  8,232
  8,673
Fixed operating expenses, $m
  355
  362
  370
  379
  387
  395
  404
  413
  422
  431
  441
  451
  460
  471
  481
  492
  502
  513
  525
  536
  548
  560
  572
  585
  598
  611
  624
  638
  652
  667
Total operating expenses, $m
  1,513
  1,656
  1,806
  1,965
  2,131
  2,303
  2,483
  2,670
  2,865
  3,067
  3,265
  3,483
  3,709
  3,945
  4,189
  4,444
  4,707
  4,982
  5,268
  5,565
  5,875
  6,198
  6,534
  6,885
  7,251
  7,633
  8,032
  8,449
  8,884
  9,340
Operating income, $m
  288
  358
  432
  509
  591
  677
  766
  859
  956
  1,058
  1,176
  1,286
  1,400
  1,519
  1,642
  1,771
  1,905
  2,045
  2,191
  2,343
  2,502
  2,668
  2,841
  3,022
  3,211
  3,409
  3,617
  3,834
  4,061
  4,299
EBITDA, $m
  402
  484
  570
  661
  757
  857
  962
  1,071
  1,184
  1,302
  1,426
  1,554
  1,687
  1,826
  1,970
  2,121
  2,277
  2,440
  2,610
  2,788
  2,973
  3,166
  3,368
  3,579
  3,800
  4,030
  4,272
  4,524
  4,789
  5,066
Interest expense (income), $m
  9
  11
  15
  19
  23
  28
  33
  38
  43
  49
  54
  60
  67
  73
  80
  87
  94
  102
  109
  118
  126
  135
  144
  154
  164
  174
  185
  197
  209
  221
  234
Earnings before tax, $m
  277
  343
  413
  486
  563
  644
  728
  816
  908
  1,003
  1,116
  1,219
  1,327
  1,439
  1,556
  1,677
  1,804
  1,936
  2,073
  2,217
  2,367
  2,524
  2,687
  2,858
  3,037
  3,224
  3,420
  3,625
  3,840
  4,065
Tax expense, $m
  75
  93
  111
  131
  152
  174
  197
  220
  245
  271
  301
  329
  358
  388
  420
  453
  487
  523
  560
  599
  639
  681
  726
  772
  820
  871
  923
  979
  1,037
  1,098
Net income, $m
  202
  251
  301
  355
  411
  470
  531
  596
  663
  732
  814
  890
  969
  1,050
  1,136
  1,224
  1,317
  1,413
  1,514
  1,618
  1,728
  1,842
  1,962
  2,086
  2,217
  2,354
  2,497
  2,646
  2,803
  2,968

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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
Total assets, $m
  2,099
  2,347
  2,609
  2,884
  3,172
  3,473
  3,787
  4,114
  4,454
  4,808
  5,176
  5,558
  5,955
  6,368
  6,797
  7,243
  7,707
  8,190
  8,693
  9,217
  9,763
  10,333
  10,927
  11,546
  12,194
  12,870
  13,577
  14,316
  15,088
  15,897
Adjusted assets (=assets-cash), $m
  2,099
  2,347
  2,609
  2,884
  3,172
  3,473
  3,787
  4,114
  4,454
  4,808
  5,176
  5,558
  5,955
  6,368
  6,797
  7,243
  7,707
  8,190
  8,693
  9,217
  9,763
  10,333
  10,927
  11,546
  12,194
  12,870
  13,577
  14,316
  15,088
  15,897
Revenue / Adjusted assets
  0.858
  0.858
  0.858
  0.858
  0.858
  0.858
  0.858
  0.858
  0.858
  0.858
  0.858
  0.858
  0.858
  0.858
  0.858
  0.858
  0.858
  0.858
  0.858
  0.858
  0.858
  0.858
  0.858
  0.858
  0.858
  0.858
  0.858
  0.858
  0.858
  0.858
Average production assets, $m
  992
  1,110
  1,233
  1,363
  1,500
  1,642
  1,790
  1,945
  2,106
  2,273
  2,447
  2,628
  2,815
  3,010
  3,213
  3,424
  3,644
  3,872
  4,110
  4,357
  4,616
  4,885
  5,166
  5,459
  5,765
  6,084
  6,418
  6,768
  7,133
  7,515
Working capital, $m
  257
  288
  320
  354
  389
  426
  465
  505
  546
  590
  635
  682
  731
  781
  834
  889
  946
  1,005
  1,067
  1,131
  1,198
  1,268
  1,341
  1,417
  1,496
  1,579
  1,666
  1,756
  1,851
  1,950
Total debt, $m
  271
  349
  431
  517
  607
  701
  799
  902
  1,008
  1,119
  1,234
  1,354
  1,478
  1,607
  1,742
  1,881
  2,026
  2,178
  2,335
  2,499
  2,670
  2,848
  3,034
  3,228
  3,431
  3,642
  3,864
  4,095
  4,337
  4,590
Total liabilities, $m
  657
  735
  817
  903
  993
  1,087
  1,185
  1,288
  1,394
  1,505
  1,620
  1,740
  1,864
  1,993
  2,127
  2,267
  2,412
  2,564
  2,721
  2,885
  3,056
  3,234
  3,420
  3,614
  3,817
  4,028
  4,250
  4,481
  4,723
  4,976
Total equity, $m
  1,442
  1,612
  1,792
  1,981
  2,179
  2,386
  2,601
  2,826
  3,060
  3,303
  3,556
  3,818
  4,091
  4,375
  4,669
  4,976
  5,295
  5,627
  5,972
  6,332
  6,707
  7,098
  7,507
  7,932
  8,377
  8,842
  9,327
  9,835
  10,366
  10,921
Total liabilities and equity, $m
  2,099
  2,347
  2,609
  2,884
  3,172
  3,473
  3,786
  4,114
  4,454
  4,808
  5,176
  5,558
  5,955
  6,368
  6,796
  7,243
  7,707
  8,191
  8,693
  9,217
  9,763
  10,332
  10,927
  11,546
  12,194
  12,870
  13,577
  14,316
  15,089
  15,897
Debt-to-equity ratio
  0.190
  0.220
  0.240
  0.260
  0.280
  0.290
  0.310
  0.320
  0.330
  0.340
  0.350
  0.350
  0.360
  0.370
  0.370
  0.380
  0.380
  0.390
  0.390
  0.390
  0.400
  0.400
  0.400
  0.410
  0.410
  0.410
  0.410
  0.420
  0.420
  0.420
Adjusted equity ratio
  0.687
  0.687
  0.687
  0.687
  0.687
  0.687
  0.687
  0.687
  0.687
  0.687
  0.687
  0.687
  0.687
  0.687
  0.687
  0.687
  0.687
  0.687
  0.687
  0.687
  0.687
  0.687
  0.687
  0.687
  0.687
  0.687
  0.687
  0.687
  0.687
  0.687

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  202
  251
  301
  355
  411
  470
  531
  596
  663
  732
  814
  890
  969
  1,050
  1,136
  1,224
  1,317
  1,413
  1,514
  1,618
  1,728
  1,842
  1,962
  2,086
  2,217
  2,354
  2,497
  2,646
  2,803
  2,968
Depreciation, amort., depletion, $m
  114
  126
  139
  152
  166
  180
  196
  211
  228
  245
  250
  268
  287
  307
  328
  349
  372
  395
  419
  445
  471
  498
  527
  557
  588
  621
  655
  691
  728
  767
Funds from operations, $m
  317
  377
  440
  507
  577
  650
  727
  807
  890
  977
  1,064
  1,158
  1,256
  1,358
  1,463
  1,574
  1,689
  1,808
  1,933
  2,063
  2,199
  2,341
  2,489
  2,643
  2,805
  2,975
  3,152
  3,337
  3,531
  3,734
Change in working capital, $m
  29
  30
  32
  34
  35
  37
  39
  40
  42
  43
  45
  47
  49
  51
  53
  55
  57
  59
  62
  64
  67
  70
  73
  76
  79
  83
  87
  91
  95
  99
Cash from operations, $m
  288
  346
  408
  473
  542
  613
  689
  767
  849
  934
  1,019
  1,111
  1,207
  1,307
  1,411
  1,519
  1,632
  1,749
  1,871
  1,999
  2,132
  2,271
  2,416
  2,567
  2,726
  2,892
  3,065
  3,246
  3,436
  3,635
Maintenance CAPEX, $m
  -90
  -101
  -113
  -126
  -139
  -153
  -168
  -183
  -198
  -215
  -232
  -250
  -268
  -287
  -307
  -328
  -349
  -372
  -395
  -419
  -445
  -471
  -498
  -527
  -557
  -588
  -621
  -655
  -691
  -728
New CAPEX, $m
  -112
  -117
  -124
  -130
  -136
  -142
  -148
  -155
  -161
  -167
  -174
  -181
  -188
  -195
  -203
  -211
  -219
  -228
  -238
  -248
  -258
  -269
  -281
  -293
  -306
  -320
  -334
  -349
  -365
  -382
Cash from investing activities, $m
  -202
  -218
  -237
  -256
  -275
  -295
  -316
  -338
  -359
  -382
  -406
  -431
  -456
  -482
  -510
  -539
  -568
  -600
  -633
  -667
  -703
  -740
  -779
  -820
  -863
  -908
  -955
  -1,004
  -1,056
  -1,110
Free cash flow, $m
  86
  128
  171
  217
  266
  318
  373
  430
  489
  552
  613
  681
  751
  824
  901
  980
  1,063
  1,149
  1,238
  1,332
  1,429
  1,531
  1,637
  1,747
  1,863
  1,984
  2,110
  2,242
  2,380
  2,525
Issuance/(repayment) of debt, $m
  74
  78
  82
  86
  90
  94
  98
  102
  107
  111
  115
  120
  124
  129
  134
  140
  145
  151
  157
  164
  171
  178
  186
  194
  203
  212
  221
  231
  242
  253
Issuance/(repurchase) of shares, $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 from financing (excl. dividends), $m  
  74
  78
  82
  86
  90
  94
  98
  102
  107
  111
  115
  120
  124
  129
  134
  140
  145
  151
  157
  164
  171
  178
  186
  194
  203
  212
  221
  231
  242
  253
Total cash flow (excl. dividends), $m
  160
  205
  253
  303
  357
  412
  471
  532
  596
  662
  728
  800
  875
  954
  1,035
  1,120
  1,208
  1,300
  1,396
  1,496
  1,600
  1,709
  1,823
  1,941
  2,065
  2,195
  2,331
  2,473
  2,622
  2,778
Retained Cash Flow (-), $m
  -162
  -171
  -180
  -189
  -198
  -207
  -216
  -225
  -234
  -243
  -253
  -263
  -273
  -284
  -295
  -307
  -319
  -332
  -346
  -360
  -375
  -391
  -408
  -426
  -445
  -465
  -486
  -508
  -531
  -555
Prev. year cash balance distribution, $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 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
  -1
  35
  73
  115
  159
  206
  255
  307
  362
  419
  476
  538
  603
  670
  740
  813
  889
  968
  1,050
  1,136
  1,225
  1,318
  1,414
  1,515
  1,621
  1,731
  1,846
  1,966
  2,091
  2,223
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
  -1
  32
  64
  94
  123
  149
  172
  192
  208
  220
  226
  229
  229
  225
  217
  207
  193
  178
  162
  144
  127
  109
  93
  77
  63
  50
  40
  30
  23
  17
Current shareholders' claim on cash, %
  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 61
Price to Sales 5.8
Price to Book 7.9
Price to Tangible Book
Price to Cash Flow 40.1
Price to Free Cash Flow 179.2
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 $1599.1 million for the last fiscal year's total revenue generated by West Pharmaceutical Services. The default revenue input number comes from 0001 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 12.6% 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 64.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $347 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 5.4% 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 55.1%.

Life of production assets of 9.8 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 14.3%. 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 - $1279.9 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 73.5 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 $8.8 billion.

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COMPANY NEWS

▶ West Pharmaceutical: 2Q Earnings Snapshot   [06:24AM  Associated Press]
▶ West Appoints Bernard Birkett to Chief Financial Officer   [Jun-21-18 06:00AM  PR Newswire]
▶ West Pharmaceutical: 1Q Earnings Snapshot   [07:09AM  Associated Press]
▶ West Announces First-Quarter 2018 Results   [06:00AM  PR Newswire]
▶ West to Host First-Quarter 2018 Conference Call   [Apr-12-18 06:00AM  PR Newswire]
▶ West Pharmaceutical beats 4Q profit forecasts   [06:17AM  Associated Press]
▶ 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]

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