Financials DENTSPLY SIRONA Inc.

Equities

XRAY

US24906P1093

Medical Equipment, Supplies & Distribution

Market Closed - Nasdaq Other stock markets 04:30:01 2024-05-06 pm EDT			5-day change	1st Jan Change
28.25 ^USD	-0.14%		-7.95%	-20.62%

May. 03	Evercore ISI Adjusts Dentsply Sirona Price Target to $35 From $40, Maintains Outperform Rating	MT
May. 03	UBS Adjusts Price Target on Dentsply Sirona to $37 From $38, Maintains Buy Rating	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	12,586	11,444	12,196	6,843	7,540	5,866	-	-
Enterprise Value (EV) ¹	13,617	13,283	13,952	8,422	9,324	7,498	7,628	7,532
P/E ratio	48.4 x	-138 x	29.2 x	-7.22 x	-57.4 x	26.6 x	18.7 x	14.9 x
Yield	0.66%	0.76%	0.77%	1.57%	1.57%	2.17%	2.34%	2.43%
Capitalization / Revenue	3.12 x	3.42 x	2.87 x	1.74 x	1.9 x	1.49 x	1.44 x	1.39 x
EV / Revenue	3.38 x	3.97 x	3.28 x	2.15 x	2.35 x	1.9 x	1.87 x	1.78 x
EV / EBITDA	15.6 x	19.6 x	14 x	10.9 x	13.5 x	10.5 x	9.49 x	8.59 x
EV / FCF	26.7 x	24.2 x	27.1 x	22.9 x	40.9 x	31.4 x	15.6 x	21.2 x
FCF Yield	3.74%	4.13%	3.69%	4.37%	2.45%	3.19%	6.43%	4.73%
Price to Book	2.46 x	2.31 x	2.41 x	1.8 x	2.29 x	1.89 x	1.82 x	1.76 x
Nbr of stocks (in thousands)	222,414	218,555	218,607	214,912	211,860	207,631	-	-
Reference price ²	56.59	52.36	55.79	31.84	35.59	28.25	28.25	28.25
Announcement Date	3/2/20	3/1/21	2/28/22	2/28/23	2/29/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	4,029	3,342	4,251	3,922	3,965	3,938	4,084	4,233
EBITDA ¹	875.3	679	995	776	691	715.8	804	876.8
EBIT ¹	742.1	537	871	657	571	578.7	665.9	734.8
Operating Margin	18.42%	16.07%	20.49%	16.75%	14.4%	14.69%	16.3%	17.36%
Earnings before Tax (EBT) ¹	345.4	-60	559	-1,055	-175	250.2	406.2	508.8
Net income ¹	262.9	-83	421	-950	-132	203.1	281.6	354.1
Net margin	6.52%	-2.48%	9.9%	-24.22%	-3.33%	5.16%	6.89%	8.36%
EPS ²	1.170	-0.3800	1.910	-4.410	-0.6200	1.064	1.508	1.895
Free Cash Flow ¹	509.9	548	515	368	228	239	490.5	356
FCF margin	12.66%	16.4%	12.11%	9.38%	5.75%	6.07%	12.01%	8.41%
FCF Conversion (EBITDA)	58.25%	80.71%	51.76%	47.42%	33%	33.39%	61.01%	40.6%
FCF Conversion (Net income)	193.95%	-	122.33%	-	-	117.66%	174.19%	100.54%
Dividend per Share ²	0.3750	0.4000	0.4300	0.5000	0.5600	0.6129	0.6605	0.6867
Announcement Date	3/2/20	3/1/21	2/28/22	2/28/23	2/29/24	-	-	-

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	1,088	965	1,023	947	983	978	1,028	947	1,012	953	996.4	957.7	1,031	982.6	1,029
EBITDA ¹	247	185	210	166	183	161	184	170	173	160	178	177.7	198	187.4	203.2
EBIT ¹	217	153	180	139	154	133	160	135	143	120	144.8	146.4	165.4	150.1	165.9
Operating Margin	19.94%	15.85%	17.6%	14.68%	15.67%	13.6%	15.56%	14.26%	14.13%	12.59%	14.53%	15.28%	16.05%	15.28%	16.13%
Earnings before Tax (EBT) ¹	138	83	91	-1,241	8	-28	46	-250	57	31	73.88	87.26	97.16	70.7	88.27
Net income ¹	102	65	73	-1,077	-15	-19	86	-266	67	18	51.27	62.16	68.01	55.33	69.13
Net margin	9.38%	6.74%	7.14%	-113.73%	-1.53%	-1.94%	8.37%	-28.09%	6.62%	1.89%	5.15%	6.49%	6.6%	5.63%	6.72%
EPS ²	0.4700	0.3000	0.3400	-5.010	-0.0700	-0.0900	0.4000	-1.250	0.3200	0.0900	0.3057	0.3286	0.3929	0.3240	0.4040
Dividend per Share ²	0.1100	0.1250	0.1250	0.1250	0.1250	0.1400	0.1400	0.1250	0.1400	0.1600	0.5600	0.5600	0.5600	0.1600	0.1600
Announcement Date	2/28/22	5/10/22	11/7/22	11/14/22	2/28/23	5/3/23	8/2/23	11/2/23	2/29/24	5/2/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	1,031	1,839	1,756	1,579	1,784	1,633	1,763	1,666
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.177 x	2.708 x	1.765 x	2.035 x	2.582 x	2.281 x	2.192 x	1.9 x
Free Cash Flow ¹	510	548	515	368	228	239	491	356
ROE (net income / shareholders' equity)	10.8%	7.83%	12.6%	10.3%	11%	12.9%	15.6%	17.7%
ROA (Net income/ Total Assets)	6.36%	4.39%	6.8%	5.35%	5.18%	3.95%	5.11%	5.6%
Assets ¹	4,132	-1,890	6,192	-17,741	-2,547	5,145	5,508	6,323
Book Value Per Share ²	23.00	22.70	23.20	17.70	15.50	15.00	15.50	16.00
Cash Flow per Share ²	2.820	2.900	2.980	2.400	1.780	2.430	2.840	-
Capex ¹	123	87	142	149	149	182	171	171
Capex / Sales	3.05%	2.6%	3.34%	3.8%	3.76%	4.63%	4.18%	4.04%
Announcement Date	3/2/20	3/1/21	2/28/22	2/28/23	2/29/24	-	-	-

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 DENTSPLY SIRONA Inc.

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

28.25 USD

Average target price

33.82 USD

Spread / Average Target

+19.72%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Medical Equipment, Supplies & Distribution

	1st Jan change	Capi.
DENTSPLY SIRONA INC.	-20.62%	5.87B
ABBOTT LABORATORIES	-4.02%	184B
MEDTRONIC PLC	-0.75%	108B
BECTON, DICKINSON AND COMPANY	-2.97%	67.82B
DEXCOM, INC.	+4.48%	51.05B
CENCORA, INC.	+9.09%	44.67B
HOYA CORPORATION	+3.49%	41.78B
METTLER-TOLEDO INTERNATIONAL, INC.	+3.12%	26.78B
WEST PHARMACEUTICAL SERVICES, INC.	+4.10%	26.59B
TERUMO CORPORATION	+16.03%	25.86B

Other Medical Equipment, Supplies & Distribution