Envista Holdings Corp.: Model Update: End-Markets Continue to Stabilize

研报英文原文证据摘录

Envista Holdings Corp.: Model Update: End-Markets Continue to Stabilize

Equity Research

U.S. Healthcare Technology & Distribution

10 June 2026

Envista Holdings Corp.

Model Update: End-Markets

Continue to Stabilize

We are tweaking our estimates to reflect 1Q results and NVST OVERWEIGHT

recent end-market dynamics. We reiterate our Overweight Unchanged

U.S. Healthcare Technology

rating which is based on continued execution from the & Distribution NEUTRAL

Unchanged

company as overall dental markets continue to stabilize. Price Target USD 32.00

lowered -6% from USD 34.00

Price (09-Jun-26) USD 24.59

Potential Upside/Downside +30.1%

Source: Bloomberg, Barclays Research

THE EXTEL SURVEY IS CLOSING SOON

Market Cap (USD mn) 4001

Support our industry-leading Shares Outstanding (mn) 162.73

analysts with 5-Star votes in Free Float (%) 99.12 52 Wk Avg Daily Volume (mn) 2.5

Dividend Yield (%) N/A the 2026 Extel All-America

Return on Equity TTM (%) 2.21

Research Survey. Current BVPS (USD) 18.90

Source: Bloomberg

Vote Now View Analysts Price Performance Exchange-NYSE

52 Week range USD 30.42-18.25

Model Update. We are adjusting our F26-F28 revenue/EBITDA estimates to $2,860M/$412M,

$2,957M/$439M, and $3,051M/$464M (vs $2,843M/$410M, $2,939M/$436M, and $3,031M/$461M,

previously).

Valuation. Shares of NVST are trading at ~10x our C27E EBITDA. Our new $32 (prior $34) price

target is based on shares eventually trading at ~13x our C27E EBITDA. This target valuation

Source: IDC

represents a slight premium to the historical average, which we believe is warranted given the Link to Barclays Live for interactive charting

improving end-market dynamics.

U.S. Healthcare Technology &

Distribution

Glen Santangelo

+1 212 526 7364

glen.santangelo@barclays.com

BCI, US

Peter Warendorf

+1 212 526 3891