Teleflex Incorporated

TFX

HealthcareMedical - Instruments & SuppliesNYSE

$129.72

Market Cap: $5.74B

Teleflex Incorporated (TFX) Valuation Summary

Updated Apr 21, 2026 22:14

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Growth Exit 5Y	$67.21 – $413.19	$133.32	+6.9%
Growth Exit 10Y	$62.94 – $341.86	$117.41	-5.9%
EBITDA Exit 5Y	$110.21 – $222.43	$161.81	+29.7%
EBITDA Exit 10Y	$83.65 – $185.55	$127.61	+2.3%
▸ Trading Multiples
P/E	—	N/A	—
EV/EBITDA	$39.48 – $249.43	$71.93	-42.3%
EV/Revenue	$80.06 – $489.81	$172.74	+38.5%
▸ PEG
PEG Fair Value	—	N/A	—
▸ Earnings Power Value
Earnings Power Value	$22.71 – $61.14	$38.00	-69.5%
▸ Dividend Discount
Dividend Discount	—	N/A	—

Valuation History

DCF Analysis

Fair Value

$133.32

Market Price

$129.72

Upside / Downside

+2.8%

Verdict

Undervalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Teleflex Incorporated's cash flows over 5 years with line-by-line expense modeling. Revenue is projected revenue growing from 14.8% to 5.4% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 55, DPO 40, DIO 162). At a 7.3% WACC with mid-year discounting, the terminal value (80% of enterprise value) is derived from the Gordon Growth Model on Year 6 FCFF at a 2.5% perpetual rate. After subtracting net debt, the equity value implies a fair price of $133.32 per share, suggesting TFX is fairly valued by 2.8% at the current price of $129.72.

FCFF Present Value Calculation

WACC

7.34%

3% – 20%

Terminal Growth

2.50%

0% – 6%

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	Terminal
Profit Before Tax	336	353	371	394	416	426
(−) Net Interest	67	70	74	79	83	85
(+) D&A	93	94	95	95	88	90
EBITDA	495	517	540	568	587	601

(−) Tax	0	0	0	0	0	0
(−) CapEx	80	84	88	94	99	101
(−) ΔWC	65	35	36	49	44	45
Free Cash Flow (FCFF)	350	399	415	425	444	455

Terminal Value						9,401
WACC / Discount Rate	7.3%
Long-term Growth Rate	2.5%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5
Present Value of FCF	338	359	348	332	323	6,596

Enterprise Value	8,295
Projection Period	1,699	20.5%
Terminal Value	6,596	79.5%

(−) Current Net Debt	2,332

Equity Value	5,963
(/) Outstanding Shares	45

Fair Price	$133.32

Sensitivity Analysis

WACC \ Terminal Growth Rate	1.5%	2.0%	2.5%	3.0%	3.5%
5.3%	$192	$222	$264	$322	$413
6.3%	$141	$159	$181	$211	$250
7.3%	$108	$120	$133	$150	$172
8.3%	$85	$92	$102	$113	$126
9.3%	$67	$73	$79	$87	$96

Current price: $129.72. Green = undervalued, Red = overvalued.

Fair Value

$117.41

Market Price

$129.72

Upside / Downside

-9.5%

Verdict

Overvalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Teleflex Incorporated's cash flows over 10 years with analyst estimates for the first 3–5 years, fading toward long-term GDP growth for the remaining years with line-by-line expense modeling. Revenue is projected revenue growing from 14.8% to 1.1% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 55, DPO 40, DIO 162). At a 7.3% WACC with mid-year discounting, the terminal value (59% of enterprise value) is derived from the Gordon Growth Model on Year 11 FCFF at a 2.5% perpetual rate. After subtracting net debt, the equity value implies a fair price of $117.41 per share, suggesting TFX is fairly valued by 9.5% at the current price of $129.72.

FCFF Present Value Calculation

WACC

7.34%

3% – 20%

Terminal Growth

2.50%

0% – 6%

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	Terminal
Profit Before Tax	336	353	371	394	416	389	372	362	360	364	373
(−) Net Interest	67	70	74	79	83	78	74	72	72	72	74
(+) D&A	93	94	95	95	88	89	91	92	92	90	92
EBITDA	495	517	540	568	587	556	537	526	523	526	539

(−) Tax	0	0	0	0	0	0	0	0	0	0	0
(−) CapEx	80	84	88	94	99	92	88	86	85	86	88
(−) ΔWC	65	35	36	49	44	-54	-36	-20	-5	8	8
Free Cash Flow (FCFF)	350	399	415	425	444	517	485	460	443	432	442

Terminal Value											9,131
WACC / Discount Rate	7.3%
Long-term Growth Rate	2.5%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5.5	6.5	7.5	8.5	9.5	5
Present Value of FCF	338	359	348	332	323	350	306	271	243	220	4,495

Enterprise Value	7,583
Projection Period	3,089	40.7%
Terminal Value	4,495	59.3%

(−) Current Net Debt	2,332

Equity Value	5,251
(/) Outstanding Shares	45

Fair Price	$117.41

Sensitivity Analysis

WACC \ Terminal Growth Rate	1.5%	2.0%	2.5%	3.0%	3.5%
5.3%	$176	$199	$230	$274	$342
6.3%	$130	$143	$159	$180	$208
7.3%	$100	$108	$117	$129	$144
8.3%	$79	$84	$90	$97	$106
9.3%	$63	$66	$70	$75	$81

Current price: $129.72. Green = undervalued, Red = overvalued.

Fair Value

$161.77

Market Price

$129.72

Upside / Downside

+24.7%

Verdict

Undervalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Teleflex Incorporated's cash flows over 5 years with line-by-line expense modeling. Revenue is projected revenue growing from 14.8% to 5.4% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 55, DPO 40, DIO 162). At a 7.3% WACC with mid-year discounting, the terminal value (82% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 18.6x to Year 6 EBITDA. After subtracting net debt, the equity value implies a fair price of $161.81 per share, suggesting TFX is undervalued by 24.7% at the current price of $129.72.

FCFF Present Value Calculation

WACC

7.34%

3% – 20%

EV/EBITDA Exit Multiple

18.65x

1x – 40x

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	Terminal
Profit Before Tax	336	353	371	394	416	426
(−) Net Interest	67	70	74	79	83	85
(+) D&A	93	94	95	95	88	90
EBITDA	495	517	540	568	587	601

(−) Tax	0	0	0	0	0	—
(−) CapEx	80	84	88	94	99	—
(−) ΔWC	65	35	36	49	44	—
Free Cash Flow (FCF)	350	399	415	425	444	—

Peers' EBITDA Multiple						18.6x
Terminal Value						11,214
WACC / Discount Rate	7.34%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5
Present Value of FCF	338	359	348	332	323	7,868

Enterprise Value	9,567
Projection Period	1,699	17.8%
Terminal Value	7,868	82.2%

(−) Current Net Debt	2,332
Equity Value	7,235
(÷) Outstanding Shares	45M
Fair Price	$162	+24.7%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	14.7x	16.7x	18.7x	20.7x	22.7x
5.3%	$140	$160	$181	$202	$222
6.3%	$132	$151	$171	$191	$211
7.3%	$124	$143	$162	$181	$200
8.3%	$117	$135	$153	$171	$189
9.3%	$110	$127	$145	$162	$179

Current price: $129.72. Green = undervalued, Red = overvalued.

Based on default parameters

Fair Value

$127.59

Market Price

$129.72

Upside / Downside

-1.6%

Verdict

Overvalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Teleflex Incorporated's cash flows over 10 years with analyst estimates for the first 3–5 years, fading toward long-term GDP growth for the remaining years with line-by-line expense modeling. Revenue is projected revenue growing from 14.8% to 1.1% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 55, DPO 40, DIO 162). At a 7.3% WACC with mid-year discounting, the terminal value (62% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 18.6x to Year 11 EBITDA. After subtracting net debt, the equity value implies a fair price of $127.61 per share, suggesting TFX is fairly valued by 1.6% at the current price of $129.72.

FCFF Present Value Calculation

WACC

7.34%

3% – 20%

EV/EBITDA Exit Multiple

18.65x

1x – 40x

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	Terminal
Profit Before Tax	336	353	371	394	416	389	372	362	360	364	373
(−) Net Interest	67	70	74	79	83	78	74	72	72	72	74
(+) D&A	93	94	95	95	88	89	91	92	92	90	92
EBITDA	495	517	540	568	587	556	537	526	523	526	539

(−) Tax	0	0	0	0	0	0	0	0	0	0	—
(−) CapEx	80	84	88	94	99	92	88	86	85	86	—
(−) ΔWC	65	35	36	49	44	-54	-36	-20	-5	8	—
Free Cash Flow (FCF)	350	399	415	425	444	517	485	460	443	432	—

Peers' EBITDA Multiple											18.6x
Terminal Value											10,056
WACC / Discount Rate	7.34%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5.5	6.5	7.5	8.5	9.5	5
Present Value of FCF	338	359	348	332	323	350	306	271	243	220	4,950

Enterprise Value	8,039
Projection Period	3,089	38.4%
Terminal Value	4,950	61.6%

(−) Current Net Debt	2,332
Equity Value	5,706
(÷) Outstanding Shares	45M
Fair Price	$128	-1.6%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	14.7x	16.7x	18.7x	20.7x	22.7x
5.3%	$128	$143	$157	$171	$186
6.3%	$115	$129	$142	$155	$168
7.3%	$104	$116	$128	$139	$151
8.3%	$93	$104	$115	$126	$137
9.3%	$84	$94	$103	$113	$123

Current price: $129.72. Green = undervalued, Red = overvalued.

Based on default parameters

Trading Multiples

Fair Value

$71.90

Market Price

$129.72

Upside / Downside

-44.6%

Verdict

Overvalued

Using the industry peer median EV/EBITDA multiple (trailing + forward), Teleflex Incorporated (TFX) has a fair value of $71.90 based on 7 comparable companies in the Medical - Instruments & Supplies industry.

EV/EBITDA Valuation — Medical - Instruments & Supplies

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/EBITDA	Forward EV/EBITDA
Teleflex IncorporatedTFX	5,802	26.9x	23.4x
Arrowhead Pharmaceuticals, Inc.ARWR	9,949	61.2x	—
Krystal Biotech, Inc.KRYS	7,970	44.6x	33.1x
PTC Therapeutics, Inc.PTCT	5,846	6.0x	10.8x
TG Therapeutics, Inc.TGTX	5,793	44.5x	30.5x
Bausch + Lomb CorporationBLCO	5,683	18.7x	18.7x
Alkermes plcALKS	5,586	13.7x	11.3x
Merit Medical Systems, Inc.MMSI	4,048	13.5x	12.7x
Industry Median		18.7x	15.7x
(*) EBITDA		303	347
= Enterprise Value		5,643	5,453
(-) Net Debt		2,332	2,332
Equity Value		3,311	3,121
(/) Outstanding shares		45	45
Fair Price		$74	$70

Selected Fair Value (avg of trailing + forward)

$71.90

-44.6%

Fair Value

$172.67

Market Price

$129.72

Upside / Downside

+33.1%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Teleflex Incorporated (TFX) has a fair value of $172.67 based on 7 comparable companies in the Medical - Instruments & Supplies industry.

EV/Revenue Valuation — Medical - Instruments & Supplies

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Teleflex IncorporatedTFX	5,802	4.1x	3.6x
Arrowhead Pharmaceuticals, Inc.ARWR	9,949	12.2x	22.2x
Krystal Biotech, Inc.KRYS	7,970	19.2x	14.3x
PTC Therapeutics, Inc.PTCT	5,846	3.1x	5.5x
TG Therapeutics, Inc.TGTX	5,793	9.7x	6.7x
Bausch + Lomb CorporationBLCO	5,683	2.1x	2.1x
Alkermes plcALKS	5,586	3.1x	2.5x
Merit Medical Systems, Inc.MMSI	4,048	3.0x	2.8x
Industry Median		3.1x	5.5x
(*) Revenue		1,993	2,287
= Enterprise Value		6,165	13,945
(-) Net Debt		2,332	2,332
Equity Value		3,832	11,612
(/) Outstanding shares		45	45
Fair Price		$86	$260

Selected Fair Value (avg of trailing + forward)

$172.67

+33.1%

Earnings Power Value

Fair Value

$38.00

Market Price

$129.72

Upside / Downside

-70.7%

Verdict

Overvalued

Using the Earnings Power Value framework with a WACC of 7.3% and normalized earnings of $296.1M, the company has a fair value of $38.00 per share. The EPV range is $22.71 – $61.14 based on WACC sensitivity (5.8% – 8.8%).

Currency: USD Millions

	Low	Selected	High
Normalized Earnings	296	296	296
(/) WACC	8.8%	7.3%	5.8%
Enterprise Value	3,348	4,032	5,067
(-) Net debt	2,332	2,332	2,332
Equity Value	1,016	1,700	2,735
(/) Outstanding shares	45	45	45
Fair Price	$22.71	$38.00	$61.14

Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.

Teleflex Incorporated (TFX) Valuation Summary

Updated Apr 21, 2026 22:14

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Growth Exit 5Y	$67.21 – $413.19	$133.32	+6.9%
Growth Exit 10Y	$62.94 – $341.86	$117.41	-5.9%
EBITDA Exit 5Y	$110.21 – $222.43	$161.81	+29.7%
EBITDA Exit 10Y	$83.65 – $185.55	$127.61	+2.3%
▸ Trading Multiples
P/E	—	N/A	—
EV/EBITDA	$39.48 – $249.43	$71.93	-42.3%
EV/Revenue	$80.06 – $489.81	$172.74	+38.5%
▸ PEG
PEG Fair Value	—	N/A	—
▸ Earnings Power Value
Earnings Power Value	$22.71 – $61.14	$38.00	-69.5%
▸ Dividend Discount
Dividend Discount	—	N/A	—

Valuation History

DCF Analysis

Fair Value

$133.32

Market Price

$129.72

Upside / Downside

+2.8%

Verdict

Undervalued

FCFF Present Value Calculation

WACC

7.34%

3% – 20%

Terminal Growth

2.50%

0% – 6%

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	Terminal
Profit Before Tax	336	353	371	394	416	426
(−) Net Interest	67	70	74	79	83	85
(+) D&A	93	94	95	95	88	90
EBITDA	495	517	540	568	587	601

(−) Tax	0	0	0	0	0	0
(−) CapEx	80	84	88	94	99	101
(−) ΔWC	65	35	36	49	44	45
Free Cash Flow (FCFF)	350	399	415	425	444	455

Terminal Value						9,401
WACC / Discount Rate	7.3%
Long-term Growth Rate	2.5%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5
Present Value of FCF	338	359	348	332	323	6,596

Enterprise Value	8,295
Projection Period	1,699	20.5%
Terminal Value	6,596	79.5%

(−) Current Net Debt	2,332

Equity Value	5,963
(/) Outstanding Shares	45

Fair Price	$133.32

Sensitivity Analysis

WACC \ Terminal Growth Rate	1.5%	2.0%	2.5%	3.0%	3.5%
5.3%	$192	$222	$264	$322	$413
6.3%	$141	$159	$181	$211	$250
7.3%	$108	$120	$133	$150	$172
8.3%	$85	$92	$102	$113	$126
9.3%	$67	$73	$79	$87	$96

Current price: $129.72. Green = undervalued, Red = overvalued.

Fair Value

$117.41

Market Price

$129.72

Upside / Downside

-9.5%

Verdict

Overvalued

FCFF Present Value Calculation

WACC

7.34%

3% – 20%

Terminal Growth

2.50%

0% – 6%

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	Terminal
Profit Before Tax	336	353	371	394	416	389	372	362	360	364	373
(−) Net Interest	67	70	74	79	83	78	74	72	72	72	74
(+) D&A	93	94	95	95	88	89	91	92	92	90	92
EBITDA	495	517	540	568	587	556	537	526	523	526	539

(−) Tax	0	0	0	0	0	0	0	0	0	0	0
(−) CapEx	80	84	88	94	99	92	88	86	85	86	88
(−) ΔWC	65	35	36	49	44	-54	-36	-20	-5	8	8
Free Cash Flow (FCFF)	350	399	415	425	444	517	485	460	443	432	442

Terminal Value											9,131
WACC / Discount Rate	7.3%
Long-term Growth Rate	2.5%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5.5	6.5	7.5	8.5	9.5	5
Present Value of FCF	338	359	348	332	323	350	306	271	243	220	4,495

Enterprise Value	7,583
Projection Period	3,089	40.7%
Terminal Value	4,495	59.3%

(−) Current Net Debt	2,332

Equity Value	5,251
(/) Outstanding Shares	45

Fair Price	$117.41

Sensitivity Analysis

WACC \ Terminal Growth Rate	1.5%	2.0%	2.5%	3.0%	3.5%
5.3%	$176	$199	$230	$274	$342
6.3%	$130	$143	$159	$180	$208
7.3%	$100	$108	$117	$129	$144
8.3%	$79	$84	$90	$97	$106
9.3%	$63	$66	$70	$75	$81

Current price: $129.72. Green = undervalued, Red = overvalued.

Fair Value

$161.77

Market Price

$129.72

Upside / Downside

+24.7%

Verdict

Undervalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Teleflex Incorporated's cash flows over 5 years with line-by-line expense modeling. Revenue is projected revenue growing from 14.8% to 5.4% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 55, DPO 40, DIO 162). At a 7.3% WACC with mid-year discounting, the terminal value (82% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 18.6x to Year 6 EBITDA. After subtracting net debt, the equity value implies a fair price of $161.81 per share, suggesting TFX is undervalued by 24.7% at the current price of $129.72.

FCFF Present Value Calculation

WACC

7.34%

3% – 20%

EV/EBITDA Exit Multiple

18.65x

1x – 40x

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	Terminal
Profit Before Tax	336	353	371	394	416	426
(−) Net Interest	67	70	74	79	83	85
(+) D&A	93	94	95	95	88	90
EBITDA	495	517	540	568	587	601

(−) Tax	0	0	0	0	0	—
(−) CapEx	80	84	88	94	99	—
(−) ΔWC	65	35	36	49	44	—
Free Cash Flow (FCF)	350	399	415	425	444	—

Peers' EBITDA Multiple						18.6x
Terminal Value						11,214
WACC / Discount Rate	7.34%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5
Present Value of FCF	338	359	348	332	323	7,868

Enterprise Value	9,567
Projection Period	1,699	17.8%
Terminal Value	7,868	82.2%

(−) Current Net Debt	2,332
Equity Value	7,235
(÷) Outstanding Shares	45M
Fair Price	$162	+24.7%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	14.7x	16.7x	18.7x	20.7x	22.7x
5.3%	$140	$160	$181	$202	$222
6.3%	$132	$151	$171	$191	$211
7.3%	$124	$143	$162	$181	$200
8.3%	$117	$135	$153	$171	$189
9.3%	$110	$127	$145	$162	$179

Current price: $129.72. Green = undervalued, Red = overvalued.

Based on default parameters

Fair Value

$127.59

Market Price

$129.72

Upside / Downside

-1.6%

Verdict

Overvalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Teleflex Incorporated's cash flows over 10 years with analyst estimates for the first 3–5 years, fading toward long-term GDP growth for the remaining years with line-by-line expense modeling. Revenue is projected revenue growing from 14.8% to 1.1% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 55, DPO 40, DIO 162). At a 7.3% WACC with mid-year discounting, the terminal value (62% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 18.6x to Year 11 EBITDA. After subtracting net debt, the equity value implies a fair price of $127.61 per share, suggesting TFX is fairly valued by 1.6% at the current price of $129.72.

FCFF Present Value Calculation

WACC

7.34%

3% – 20%

EV/EBITDA Exit Multiple

18.65x

1x – 40x

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	Terminal
Profit Before Tax	336	353	371	394	416	389	372	362	360	364	373
(−) Net Interest	67	70	74	79	83	78	74	72	72	72	74
(+) D&A	93	94	95	95	88	89	91	92	92	90	92
EBITDA	495	517	540	568	587	556	537	526	523	526	539

(−) Tax	0	0	0	0	0	0	0	0	0	0	—
(−) CapEx	80	84	88	94	99	92	88	86	85	86	—
(−) ΔWC	65	35	36	49	44	-54	-36	-20	-5	8	—
Free Cash Flow (FCF)	350	399	415	425	444	517	485	460	443	432	—

Peers' EBITDA Multiple											18.6x
Terminal Value											10,056
WACC / Discount Rate	7.34%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5.5	6.5	7.5	8.5	9.5	5
Present Value of FCF	338	359	348	332	323	350	306	271	243	220	4,950

Enterprise Value	8,039
Projection Period	3,089	38.4%
Terminal Value	4,950	61.6%

(−) Current Net Debt	2,332
Equity Value	5,706
(÷) Outstanding Shares	45M
Fair Price	$128	-1.6%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	14.7x	16.7x	18.7x	20.7x	22.7x
5.3%	$128	$143	$157	$171	$186
6.3%	$115	$129	$142	$155	$168
7.3%	$104	$116	$128	$139	$151
8.3%	$93	$104	$115	$126	$137
9.3%	$84	$94	$103	$113	$123

Current price: $129.72. Green = undervalued, Red = overvalued.

Based on default parameters

Trading Multiples

Fair Value

$71.90

Market Price

$129.72

Upside / Downside

-44.6%

Verdict

Overvalued

EV/EBITDA Valuation — Medical - Instruments & Supplies

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/EBITDA	Forward EV/EBITDA
Teleflex IncorporatedTFX	5,802	26.9x	23.4x
Arrowhead Pharmaceuticals, Inc.ARWR	9,949	61.2x	—
Krystal Biotech, Inc.KRYS	7,970	44.6x	33.1x
PTC Therapeutics, Inc.PTCT	5,846	6.0x	10.8x
TG Therapeutics, Inc.TGTX	5,793	44.5x	30.5x
Bausch + Lomb CorporationBLCO	5,683	18.7x	18.7x
Alkermes plcALKS	5,586	13.7x	11.3x
Merit Medical Systems, Inc.MMSI	4,048	13.5x	12.7x
Industry Median		18.7x	15.7x
(*) EBITDA		303	347
= Enterprise Value		5,643	5,453
(-) Net Debt		2,332	2,332
Equity Value		3,311	3,121
(/) Outstanding shares		45	45
Fair Price		$74	$70

Selected Fair Value (avg of trailing + forward)

$71.90

-44.6%

Fair Value

$172.67

Market Price

$129.72

Upside / Downside

+33.1%

Verdict

Undervalued

EV/Revenue Valuation — Medical - Instruments & Supplies

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Teleflex IncorporatedTFX	5,802	4.1x	3.6x
Arrowhead Pharmaceuticals, Inc.ARWR	9,949	12.2x	22.2x
Krystal Biotech, Inc.KRYS	7,970	19.2x	14.3x
PTC Therapeutics, Inc.PTCT	5,846	3.1x	5.5x
TG Therapeutics, Inc.TGTX	5,793	9.7x	6.7x
Bausch + Lomb CorporationBLCO	5,683	2.1x	2.1x
Alkermes plcALKS	5,586	3.1x	2.5x
Merit Medical Systems, Inc.MMSI	4,048	3.0x	2.8x
Industry Median		3.1x	5.5x
(*) Revenue		1,993	2,287
= Enterprise Value		6,165	13,945
(-) Net Debt		2,332	2,332
Equity Value		3,832	11,612
(/) Outstanding shares		45	45
Fair Price		$86	$260

Selected Fair Value (avg of trailing + forward)

$172.67

+33.1%

Earnings Power Value

Fair Value

$38.00

Market Price

$129.72

Upside / Downside

-70.7%

Verdict

Overvalued

Currency: USD Millions

	Low	Selected	High
Normalized Earnings	296	296	296
(/) WACC	8.8%	7.3%	5.8%
Enterprise Value	3,348	4,032	5,067
(-) Net debt	2,332	2,332	2,332
Equity Value	1,016	1,700	2,735
(/) Outstanding shares	45	45	45
Fair Price	$22.71	$38.00	$61.14