Initiating Coverage of West Pharmaceutical Services With Wide-Moat and Stable Trend Ratings; FVE $98
We're initiating coverage of West Pharmaceutical Services, a Pennsylvania-based supplier of drug packaging components, with wide-moat and stable trend ratings. We estimate fair value for the enterprise at $98 per share, which puts shares in 3-star territory. Our valuation implies multiples of approximately 35 times and 19.5 times our estimates for 2018 adjusted earnings and EBITDA, respectively. While this appears to be a quite lofty valuation level, it's supported by the firm's sustainable mid-...West Pharmaceutical Services is a manufacturer in the design and production of containment and delivery systems for injectable drugs and healthcare products. The company's products include packaging, containment solutions, reconstitution and transfer systems, and drug delivery systems, as well as contract manufacturing, analytical lab services and integrated solutions. The company's segments are: Proprietary Products, which provides packaging, containment and drug delivery products, analytical lab services and integrated solutions; and Contract-Manufactured Products, which is focused on the design, manufacture, and automated assembly of devices, for pharmaceutical, diagnostic, and medical device customers.
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