West Pharma Starts 2019 Ahead of Expectations; Raising FVE
Wide-moat West Pharmaceutical Services reported a strong start to its year with organic revenue expanding 11%, led by its high-value product portfolio that expanded nearly 20% on a reported basis, by our math. We'll probably bump up our $100 fair value estimate by a mid-single-digit percentage as we tweak our model to account for this better-than-expected growth. However, with the stock currently trading at over 40 times our 2019 adjusted earnings estimate, we have a hard time strongly recommend...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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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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