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 23,926 - -
Change - -49.85% 49.53% -8.95% -16.56% 20.87% - -
Enterprise Value (EV) 1 34,744 16,738 25,406 23,441 19,206 23,422 22,887 22,467
Change - -51.82% 51.78% -7.74% -18.07% 21.95% -2.29% -1.83%
P/E 54.1x 30.4x 44.7x 49x 40.5x 39.6x 34.5x 30.8x
PBR 14.9x 6.5x 8.98x 8.83x 5.95x 7.64x 6.67x 5.9x
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 7.09x 6.67x 6.21x
EV / Revenue 12.3x 5.8x 8.61x 8.1x 6.25x 6.94x 6.38x 5.83x
EV / EBITDA 39.3x 19x 30.7x 32.2x 24.2x 24.9x 22x 19.4x
EV / EBIT 45.6x 22x 36.8x 40.9x 30.9x 30.9x 27x 23.6x
EV / FCF 105x 38.1x 61.3x 84.8x 41x 54.4x 40.3x 31x
FCF Yield 0.95% 2.63% 1.63% 1.18% 2.44% 1.84% 2.48% 3.23%
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% 0.27% 0.29% 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 2 469.01 235.35 352.12 327.56 275.14 339.97 339.97 339.97
Nbr of stocks (in thousands) 74,080 74,033 73,990 72,422 71,943 70,376 - -
Announcement Date 2/17/22 A 2/16/23 A 2/15/24 A 2/13/25 A 2/12/26 A - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
39.65x6.94x24.91x0.27% 23.93B
31.08x4.2x16.15x2.37% 187B
19.92x3.63x12.95x3.01% 120B
18.12x0.21x13.19x0.72% 63.15B
29.59x7.29x18.82x1.35% 51.75B
35.6x3.43x11.76x2.12% 50.32B
35.23x6.2x19.45x-.--% 33.17B
47.24x1.35x12.52x0.2% 32.1B
18.12x2.89x10.23x1.53% 22.99B
48.53x6.56x21.1x0.44% 21.52B
Average 32.31x 4.27x 16.11x 1.2% 60.68B
Weighted average by Cap. 29.31x 3.97x 15.36x 1.79%

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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