Morningstar

Morningstar, Inc.

Equity Bottom-Up

Founded in 1923, West Pharmaceutical Services has spent the past 95 years building an impressive business that we think has been effective in constructing a wide economic moat. The success of the franchise has rested upon management's decision to focus on reinvesting behind the firm's core competency, namely, the manufacture of rubber-based components used in the packaging, storage, and administration of injectable therapeutics. Instead of utilizing the firm's balance sheet to acquire assets and…

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…

United States

West Pharmaceutical Services, Inc. applies value-added services to the process of bringing new drug therapies and healthcare products to global markets. The Company's technologies include the design and manufacture of packaging components, research and development of drug delivery systems, and contract laboratory services and other services.

West Pharmaceutical Services Inc (WST US)

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