Financials Thermo Fisher Scientific London S.E.

Equities

0R0H

US8835561023

Advanced Medical Equipment & Technology

Market Closed - London S.E. Other stock markets 11:11:47 2024-07-16 am EDT			5-day change	1st Jan Change
551 ^USD	+0.79%		+3.74%	+3.92%

Jul. 16	Orthofix Names Stephanie Walsh as Chief Human Resources Officer	CI
Jul. 11	Thermo Fisher Scientific Keeps Quarterly Cash Dividend at $0.39 Per Share, Payable Oct. 15 to Holders as of Sept. 13	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	130,270	184,605	262,925	216,998	205,083	212,013	-	-
Enterprise Value (EV) ¹	145,623	196,015	293,318	242,962	231,923	235,213	231,150	225,735
P/E ratio	35.4 x	29.2 x	34.3 x	31.2 x	34.4 x	34.7 x	29.9 x	25.6 x
Yield	0.23%	0.19%	0.16%	0.22%	0.26%	0.27%	0.29%	0.32%
Capitalization / Revenue	5.1 x	5.73 x	6.71 x	4.83 x	4.79 x	4.93 x	4.61 x	4.3 x
EV / Revenue	5.7 x	6.08 x	7.48 x	5.41 x	5.41 x	5.47 x	5.03 x	4.58 x
EV / EBITDA	22.3 x	19.2 x	22.6 x	20.3 x	21.3 x	21.7 x	19.5 x	17.4 x
EV / FCF	36 x	28.8 x	41.8 x	35 x	33.5 x	33.4 x	27.7 x	24.6 x
FCF Yield	2.78%	3.48%	2.39%	2.85%	2.99%	2.99%	3.61%	4.06%
Price to Book	4.38 x	5.39 x	6.45 x	4.89 x	4.39 x	4.28 x	3.98 x	3.53 x
Nbr of stocks (in thousands)	400,991	396,335	394,048	394,048	386,372	381,716	-	-
Reference price ²	324.9	465.8	667.2	550.7	530.8	555.4	555.4	555.4
Announcement Date	1/30/20	2/1/21	2/2/22	2/1/23	1/31/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	25,542	32,218	39,211	44,915	42,857	43,004	45,980	49,336
EBITDA ¹	6,537	10,214	12,969	11,971	10,878	10,818	11,839	12,994
EBIT ¹	5,973	9,556	12,138	10,985	9,810	9,716	10,695	11,684
Operating Margin	23.39%	29.66%	30.96%	24.46%	22.89%	22.59%	23.26%	23.68%
Earnings before Tax (EBT) ¹	4,070	7,225	8,841	7,835	6,298	7,000	7,937	9,408
Net income ¹	3,696	6,375	7,725	6,950	5,995	6,178	6,939	8,006
Net margin	14.47%	19.79%	19.7%	15.47%	13.99%	14.37%	15.09%	16.23%
EPS ²	9.170	15.96	19.46	17.63	15.45	16.02	18.60	21.71
Free Cash Flow ¹	4,047	6,815	7,020	6,935	6,927	7,044	8,354	9,163
FCF margin	15.84%	21.15%	17.9%	15.44%	16.16%	16.38%	18.17%	18.57%
FCF Conversion (EBITDA)	61.91%	66.72%	54.13%	57.93%	63.68%	65.12%	70.56%	70.52%
FCF Conversion (Net income)	109.5%	106.9%	90.87%	99.78%	115.55%	114.03%	120.4%	114.44%
Dividend per Share ²	0.7600	0.8800	1.040	1.200	1.400	1.492	1.621	1.792
Announcement Date	1/30/20	2/1/21	2/2/22	2/1/23	1/31/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	10,702	11,818	10,970	10,677	11,450	10,710	10,687	10,574	10,886	10,345	10,518	10,705	11,368	11,056	11,297
EBITDA ¹	3,378	3,700	2,841	2,614	2,816	2,583	2,640	2,829	2,826	2,564	2,557	2,705	2,944	2,794	2,842
EBIT ¹	3,161	3,450	2,605	2,370	2,560	2,330	2,370	2,560	2,550	2,278	2,306	2,451	2,685	2,509	2,577
Operating Margin	29.54%	29.19%	23.75%	22.2%	22.36%	21.76%	22.18%	24.21%	23.42%	22.02%	21.92%	22.89%	23.62%	22.7%	22.81%
Earnings before Tax (EBT) ¹	1,862	2,540	1,917	1,601	1,777	1,363	1,430	1,765	1,740	1,589	1,614	1,746	1,894	1,648	1,741
Net income ¹	1,658	2,215	1,664	1,495	1,576	1,289	1,361	1,715	1,630	1,328	1,423	1,555	1,704	1,452	1,535
Net margin	15.49%	18.74%	15.17%	14%	13.76%	12.04%	12.74%	16.22%	14.97%	12.84%	13.53%	14.52%	14.99%	13.13%	13.59%
EPS ²	4.170	5.610	4.220	3.790	4.010	3.320	3.510	4.420	4.200	3.460	3.732	4.033	4.503	4.205	4.435
Dividend per Share ²	0.2600	0.3000	0.3000	0.3000	0.3000	0.3500	0.3500	0.3500	0.3500	-	0.3861	0.3861	0.3862	0.3982	0.4030
Announcement Date	2/2/22	4/28/22	7/28/22	10/26/22	2/1/23	4/26/23	7/26/23	10/25/23	1/31/24	4/24/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	15,353	11,410	30,393	25,964	26,840	23,200	19,137	13,722
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.349 x	1.117 x	2.344 x	2.169 x	2.467 x	2.145 x	1.616 x	1.056 x
Free Cash Flow ¹	4,047	6,815	7,020	6,935	6,927	7,044	8,354	9,163
ROE (net income / shareholders' equity)	17.4%	24.3%	26.5%	21.6%	18.4%	17.1%	17.7%	17.6%
ROA (Net income/ Total Assets)	8.7%	12.3%	9.43%	9.52%	8.54%	7.59%	8.39%	8.7%
Assets ¹	42,502	52,009	81,921	73,003	70,200	81,356	82,750	92,028
Book Value Per Share ²	74.20	86.50	103.0	113.0	121.0	130.0	140.0	157.0
Cash Flow per Share ²	12.30	20.80	24.00	23.20	21.70	21.50	27.90	30.50
Capex ¹	926	1,474	2,523	2,243	1,479	1,493	1,633	1,725
Capex / Sales	3.63%	4.58%	6.43%	4.99%	3.45%	3.47%	3.55%	3.5%
Announcement Date	1/30/20	2/1/21	2/2/22	2/1/23	1/31/24	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Thermo Fisher Scientific

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

555.4 USD

Average target price

628.2 USD

Spread / Average Target

+13.10%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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