STE: Doesn’t Look Expensive on EBITDA – Balance Sheet Differentiated (FY4Q Final Thoughts)

研报英文原文证据摘录

STE: Doesn’t Look Expensive on EBITDA – Balance Sheet Differentiated (FY4Q Final Thoughts)

Medical Supplies & Devices

Medical Supplies & Devices - Market Weight

STERIS PLC (STE) May 13, 2026

STE: Doesn’t Look Expensive on EBITDA – Balance Sheet Rating:

Differentiated (FY4Q Final Thoughts) Outperform

Price:

$201.85

The Wolfe Byte Price Target:

Sector de-rate explains target price reduction. I.e. we reduced applied multiple. $240

Prior: $300Otherwise, with tweaks throughout model, FY27 EPS published similar to prior. % Upside:

On P/E ‘looks’ expensive to similar growers, on EBITDA not so much – balance 18.9%

sheet differentiated right now. View STE Model

View Comp Table

STE: FY4Q26 First Look - Clean Enough? Rev a Smidge Lite but Initial FY27 Guide Company Information

Comforts 52-Week Range $202 - $269

Market Cap. (M) $19,796

Inbox looked like a warzone after the flash note Monday night – went to bed Enterprise Value (MM) $21,546

98.1 Out. (MM)bloodied. We understand dislike for stock tactically with say ABT and BSX trading Shares Avg. Value Traded (MM) $184.44

15x-15.5x NTM EPS into print and STE 18.5x and all three framing 7%-ish organic Adj. Debt to Cap 22.0%

growth in the short run. And what happened Tuesday? Stock was up small showing SI% of Float 1.9%

FCF Yield 4.9%

sector neutral-ish performance in a rare 2026 up day for the med tech tape. Maybe EV/ EBITDA 12.2x

this means ABT and BSX are not right at 15x-15.5x? Or maybe P/E valuation doesn’t

normalize these three, for example, in the current moment given elevated ABT and 280

BSX debt/EBITDA versus STE right now? ABT and BSX 2.5-ish net debt/pro forma 270260

EBITDA vs STE ~1x. All three trade 12x-13x NTM EBITDA. 250

Key call learnings: (1) In constant-dollar organic terms, Healthcare and Life Sciences 230220