PerkinElmer (PKI:NYS) Fundamental Valuation Report

PerkinElmer (PKI:NYS) Fundamental Valuation Report

Fundamental Valuation Report


Healthcare:Diagnostics & Research

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Close Price/Date
$145.07 (USD) 05/28/2021

Weighted Valuation
$133.22 (USD)

Overall Rating
Overvalued by 8.2%

Valuation Models Discounted Cash Flow: $130.34 (USD)
Adjusted Book Value: $114.33 (USD)
Valuation Methods This company is:
Cash Flow: Overvalued on a Cash Flow Valuation
Comparable Company: Undervalued on a Comparable Valuation
Asset: Overvalued on an Asset Valuation
According to Analyst consensus at $155.00 this stock is Undervalued

Company Overview (PKI:NYS USD)

Price 145.07
Range 144.84 – 146.97
52 week 93.93 – 160.53
Open 145.89
Vol / Avg. 506958/949828
Mkt cap 16.26B
P/E 15.16
Div/yield 0.28/0.00
EPS 6.49
Shares 112.09M
Beta 1.11

Company Description

PerkinElmer provides instruments, tests, services, and software solutions to the pharmaceutical, biomedical, chemical, environmental, and general industrial markets. The company operates in two segments: diagnostics, which includes prenatal screening and infectious-disease testing, and discovery and analytical solutions, composed of life science, industrial, environmental, and food applications. PerkinElmer offers products and services ranging from genetic screening to environmental analytical tools.

Valuation Details

 We have up to 6 valuation points for each company. Details are at the bottom of the report.

Discounted Cash Flow and Sensitivity Analysis for PKI:NYS

Using a discounted cash flow model we generated an intrinsic value of $130.34 (USD) for PKI:NYS

Sensitivity Analysis

(showing how changes in the input variables impact the DCF calculation)

PKI:NYS Current Values Valuation If Dropped * Valuation If Raised *
Calculated Value: $130.34 1% 5% 1% 5%
WACC (or Ke) 7.09 $165.35 $107.03
Terminal Growth Rate 2.10 $109.03 $162.35
Tax Rate 0.20 $140.11 $120.57
Cash Flow 1,155,465,700 $122.49 $138.19
Capital Expenditures 0 $130.34 $130.34
Long Term Debt 1,133,085,000 $130.85 $129.84

* Changes are absolute: ex WACC from 8% to 7%

Comparables Model

Using similar companies and price based ratios we generated a valuation of $228.89 (USD) for PKI:NYS. We also generated a valuation of $200.32 (USD) using other metrics and comparables.
The comparable companies were Medpace Hldgs (MEDP:NAS), Natera (NTRA:NAS), Syneos Health (SYNH:NAS), PRA Health Sciences (PRAH:NAS) and Pacific Biosciences (PACB:NAS).

Company PKI:NYS End Date Value
Earnings/Share $9.56 (USD)
Book Value/Share $35.71 (USD)
Sales/Share $39.52 (USD)
Cash Flow/Share $11.63 (USD)
EBITDA/Share $10.71 (USD)
Price Based on Comps Adjustment Factor (%)
$441.71 (USD) -17.0
$416.25 (USD) -72.3
$290.66 (USD) -44.1
$209.61 (USD) 4.1
$281.14 (USD) 0.0
15.16 PE Ratio 46.20 39.59 0.00 46.76 52.27 0.00
4.06 PB Ratio 11.66 7.00 22.23 2.82 7.12 19.13
3.67 PS Ratio 16.71 6.58 17.41 2.08 3.34 54.14
12.48 PCF Ratio 19.73 23.56 0.00 15.67 19.95 0.00
10.88 EV to EBITDA 26.25 29.05 0.00 23.08 26.62 0.00


Using a multiples approach we generated a valuation of  $238.66 (USD) for PKI:NYS

Company PKI:NYS End Date Value
Earnings/Share $9.56 (USD)
Book Value/Share $35.71 (USD)
Sales/Share $39.52 (USD)
Cash Flow/Share $11.63 (USD)
EBITDA/Share $10.71 (USD)
Price Based on Comps Adjustment Factor
$373.08 (USD) 0
$127.05 (USD) 0
$142.51 (USD) 0
$314.33 (USD) 0
$236.33 (USD) 0
Ratios Ratio Average
PE Ratio 39.03
PB Ratio 3.56
PS Ratio 3.61
PCF Ratio 27.04
EV to EBITDA 22.07

Adjusted Book Value versus Historical Price to Book

The average the Price to Book ratio for  PKI:NYS for the last 10 years was  3.20

We ran the Adjusted Book Value for  PKI:NYS and generated a book value of  $35.71 (USD)
By multiplying these we get an adjusted valuation of  $114.33 (USD)

Analyst Data

In the Stockcalc database there are 1 analysts that provide a valuation for PKI:NYS. The 1 analysts have a concensus valuation for PKI:NYS for 2021 of $155.00 (USD).

PKI:NYS PerkinElmer

Analyst Recommendation
Buy Hold Sell Rating
(of 5)
Guidance As Of
0 1 0 2.5000 Underperform 2021-5-27

Current Price: 145.07 USD

Analyst Consensus
USD Millions 2021 2022 2023
Mean EPS 9.15 5.95 6.67
# EPS Analysts 2 2 1
Mean Revenue 4,405.20 3,718.60 3,941.00
# Revenue Analysts 2 2 1
Mean Target Price 155.00
Mean Cash Flow 10.42 7.39 7.96
Mean EBITDA 1,417.70 905.00 1,131.70
Mean Net Income 1,068.80 672.90 764.60
Mean Debt Outstanding 1,305.80 542.50 -290.50
Mean Tax Rate
Mean Growth Rate -2.87
Mean Capital Expenditure 103.70 96.60 95.00

Explanation of Valuation Models

We have up to 6 valuation points for each company in the database.

The Discounted Cash Flow (DCF) valuation is a cash flow model where cash flow projections are discounted back to the present to calculate value per share. DCF is a common valuation technique especially for companies undergoing irregular cash flows such as resource companies (mining, forestry, oil and gas) going though price cycles or smaller companies about to generate cash flow (junior exploration companies, junior pharma, technology firms…).

The Price Comparables valuation is the result of valuing the company we are looking at on the basis of ratios from selected comparable companies: Price to Earnings, Price to Book, Price to Sales, Price to Cash Flow, Enterprise Value (EV) to EBITDA. Each of these ratios for the selected comparable companies are averaged and multiplied by the values for the company we are interested in to calculate a value per share for our selected company.

We have included the Other Comparables as a way to value companies that cannot be valued using Earnings based ratios. This technique is very useful for companies still experiencing negative cash flows such as mining exploration firms. We use Cash/Share, Book Value/Share, MarketCap, 1 Year Return, NetPPE as the ratios here. Each of these ratios for the selected comparable companies are averaged and multiplied by the values for the company we are interested in to calculate a value per share for our selected company.

Multiples are similar to Price comparables where we look at current or historic ratios for the company in question to assess what it should be worth today based on those historic ratios. We use the same 5 ratios as in the price comparables and value the company with its historic averages.

With Adjusted Book Value (ABV) we calculate the book value per share for the company based on its balance sheet and multiply that book value per share by its historical price to book ratio to calculate a value per share.

If we have Analyst coverage for the company we use the consensus target price here.

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