becton, dickinson & co. covering analyst: kristina [email protected]
TRANSCRIPT
Becton, Dickinson & Co.
Medical devices Instrument systems Reagents
Revenue Segments
BD Medical BD Diagnostics BD Biosciences
Geographic Exposure
United States Europe Asia Pacific Latin America
Acquisitions
KIESTRA Lab Lab automation solutions
Sirigen Group Molecular Diagnostics
Surgical And Medical Instrument Sector
Demand Drivers: Demographics Medical discoveries
Mature & Emerging markets
Downside Catalysts
Reduced research funding Growth in the U.S. & European markets Medical device tax
Upside Catalysts
Innovative product launches Increase in earnings per share Intensive share buyback
Comparable Analysis
Multiple Implied Price WeightEV/Revenue $89.78 15.00%EV/Gross Profit $84.57 15.00%EV/EBIT $76.70 25.00%EV/EBITDA $82.66 25.00%EV/(EBITDA-Capex) $51.74 0.00%Market Cap/Net Income = P/E $71.47 20.00%
Price Target $80.29Current Price 77.76Undervalued 3.25%
DCF Analysis
Implied Price 117.72Current Price 77.76Undervalued 51.39%
Recommendation: Hold
Forward Comparable Analysis 50% $80.29DCF Analysis 50% $117.72Current Price $77.76Implied Price $99.00
Undervalued 21.46%
Final Implied Price
Questions
Recommendation: Hold
Diversified product portfolio Strategic acquisitions Growth in emerging markets