Financials Thermo Fisher Scientific

Equities

TMO

US8835561023

Advanced Medical Equipment & Technology

Market Closed - Nyse Other stock markets 04:00:01 2024-04-26 pm EDT			5-day change	1st Jan Change
573.6 ^USD	+0.33%		+5.29%	+8.07%

Apr. 26	Redburn Atlantic Adjusts Price Target on Thermo Fisher Scientific to $620 From $615	MT
Apr. 25	Deutsche Bank Adjusts Price Target on Thermo Fisher Scientific to $610 From $600	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	218,951	-	-
Enterprise Value (EV) ¹	145,623	196,015	293,318	242,962	231,923	241,604	237,897	232,673
P/E ratio	35.4 x	29.2 x	34.3 x	31.2 x	34.4 x	35.2 x	30.2 x	25.6 x
Yield	0.23%	0.19%	0.16%	0.22%	-	0.26%	0.28%	0.31%
Capitalization / Revenue	5.1 x	5.73 x	6.71 x	4.83 x	4.79 x	5.09 x	4.75 x	4.42 x
EV / Revenue	5.7 x	6.08 x	7.48 x	5.41 x	5.41 x	5.61 x	5.16 x	4.7 x
EV / EBITDA	22.3 x	19.2 x	22.6 x	20.3 x	21.3 x	22.4 x	20.1 x	17.8 x
EV / FCF	36 x	28.8 x	41.8 x	35 x	33.5 x	33.7 x	29.9 x	26.7 x
FCF Yield	2.78%	3.48%	2.39%	2.85%	2.99%	2.96%	3.34%	3.75%
Price to Book	4.38 x	5.39 x	6.45 x	4.89 x	-	4.46 x	4.27 x	3.65 x
Nbr of stocks (in thousands)	400,991	396,335	394,048	394,048	386,372	381,714	-	-
Reference price ²	324.9	465.8	667.2	550.7	530.8	573.6	573.6	573.6
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	43,056	46,128	49,537
EBITDA ¹	6,537	10,214	12,969	11,971	10,878	10,787	11,860	13,050
EBIT ¹	5,973	9,556	12,138	10,985	9,810	9,711	10,714	11,739
Operating Margin	23.39%	29.66%	30.96%	24.46%	22.89%	22.56%	23.23%	23.7%
Earnings before Tax (EBT) ¹	4,070	7,225	8,841	7,835	6,298	8,987	8,354	10,345
Net income ¹	3,696	6,375	7,725	6,950	5,995	6,322	7,170	8,328
Net margin	14.47%	19.79%	19.7%	15.47%	13.99%	14.68%	15.54%	16.81%
EPS ²	9.170	15.96	19.46	17.63	15.45	16.30	18.96	22.37
Free Cash Flow ¹	4,047	6,815	7,020	6,935	6,927	7,160	7,955	8,730
FCF margin	15.84%	21.15%	17.9%	15.44%	16.16%	16.63%	17.25%	17.62%
FCF Conversion (EBITDA)	61.91%	66.72%	54.13%	57.93%	63.68%	66.38%	67.08%	66.9%
FCF Conversion (Net income)	109.5%	106.9%	90.87%	99.78%	115.55%	113.26%	110.96%	104.83%
Dividend per Share ²	0.7600	0.8800	1.040	1.200	-	1.475	1.616	1.787
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 Q3	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
Net sales ¹	9,330	10,702	11,818	10,970	10,677	11,450	10,710	10,687	10,574	10,886	10,345	10,514	10,733	11,397	11,063
EBITDA ¹	2,983	3,378	3,700	2,841	2,614	2,816	2,583	2,640	2,829	2,826	2,564	2,539	2,699	2,956	2,783
EBIT ¹	2,778	3,161	3,450	2,605	2,370	2,560	2,330	2,370	2,560	2,550	2,278	2,309	2,458	2,703	2,506
Operating Margin	29.77%	29.54%	29.19%	23.75%	22.2%	22.36%	21.76%	22.18%	24.21%	23.42%	22.02%	21.96%	22.9%	23.71%	22.65%
Earnings before Tax (EBT) ¹	2,173	1,862	2,540	1,917	1,601	1,777	1,363	1,430	1,765	1,740	1,589	1,574	1,719	1,962	1,666
Net income ¹	1,902	1,658	2,215	1,664	1,495	1,576	1,289	1,361	1,715	1,630	1,328	1,473	1,588	1,820	1,560
Net margin	20.39%	15.49%	18.74%	15.17%	14%	13.76%	12.04%	12.74%	16.22%	14.97%	12.84%	14.01%	14.8%	15.97%	14.1%
EPS ²	4.790	4.170	5.610	4.220	3.790	4.010	3.320	3.510	4.420	4.200	3.460	3.772	4.062	4.610	4.220
Dividend per Share ²	0.2600	0.2600	0.3000	0.3000	0.3000	0.3000	0.3500	0.3500	0.3500	-	0.3638	0.3870	0.3871	0.3871	0.3955
Announcement Date	10/27/21	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	22,653	18,946	13,722
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.349 x	1.117 x	2.344 x	2.169 x	2.467 x	2.1 x	1.598 x	1.051 x
Free Cash Flow ¹	4,047	6,815	7,020	6,935	6,927	7,160	7,955	8,730
ROE (net income / shareholders' equity)	17.4%	24.3%	26.5%	21.6%	18.4%	17.3%	18.1%	17.5%
ROA (Net income/ Total Assets)	8.7%	12.3%	9.43%	9.52%	8.54%	8.62%	9.44%	10.3%
Assets ¹	42,502	52,009	81,921	73,003	70,200	73,339	75,959	81,118
Book Value Per Share ²	74.20	86.50	103.0	113.0	-	129.0	134.0	157.0
Cash Flow per Share ²	12.30	20.80	24.00	23.20	21.70	21.10	28.60	31.00
Capex ¹	926	1,474	2,523	2,243	1,479	1,606	1,724	1,806
Capex / Sales	3.63%	4.58%	6.43%	4.99%	3.45%	3.73%	3.74%	3.64%
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

573.6 USD

Average target price

618.2 USD

Spread / Average Target

+7.78%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Advanced Medical Equipment & Technology

	1st Jan change	Capi.
THERMO FISHER SCIENTIFIC	+8.07%	219B
DANAHER CORPORATION	+6.59%	183B
INTUITIVE SURGICAL, INC.	+11.26%	133B
BOSTON SCIENTIFIC CORPORATION	+26.57%	108B
EDWARDS LIFESCIENCES CORPORATION	+13.35%	52.02B
SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO., LTD.	-0.62%	48.2B
AGILENT TECHNOLOGIES, INC.	-0.93%	40.37B
GE HEALTHCARE TECHNOLOGIES INC.	+11.54%	39.35B
RESMED, INC.	+26.76%	32.03B
ILLUMINA, INC.	-12.18%	19.47B

Other Advanced Medical Equipment & Technology