Edwards Lifesciences Corporation: No Stenosis in this Thesis. Buy at $110 PT.

研报英文原文证据摘录

Edwards Lifesciences Corporation: No Stenosis in this Thesis. Buy at $110 PT.

Global Research

28 July 2026ab

Edwards Lifesciences Corporation Equities

United StatesNo Stenosis in this Thesis. Buy at $110 PT.

Medical Supplies

12-month rating Buy

Quality Growth Through Expanding Legs of Innovation; Robust ROIC/ Prior : Neutral

FCF Trajectory

12m price target US$110.00

We assume coverage of Edwards Lifesciences with a Buy rating and $110 PT. Following a Prior : US$90.00

period where investors questioned the durability of the core TAVR growth algorithm and

Price (24 Jul 2026) US$82.63

the strategy to deploy capital outside of the core valve franchise, we believe EW is

entering the next phase of innovation. We expect EW to reaccelerate growth through a RIC: EW.N BBG: EW US

combination of continued TAVR penetration, emerging opportunities in broader

Trading data and key metrics

structural heart, and buildout of a comprehensive heart failure ecosystem which lead us

52-wk range US$95.18-72.65

to believe that shares undervalue the longevity of TAVR and optionality embedded in the

innovation pipeline (we think the market prices in ~HSD% sales through the end of the Market cap. US$47.7b

decade, below us and the Street at ~10%). We see a positive risk/reward skew ahead Shares o/s 578m (COM)

given the plethora of catalysts like PROGRESS in the near- to mid-term, thus we expect Free float 96%

multiple expansion and higher earnings revisions pending positive readouts. Avg. daily volume ('000) 1,522

Avg. daily value (m) US$131.4

Likely to Be the Full Stack Structural Heart Play Without Breaking Capital Common s/h equity (12/26E) US$10.5b

Allocation P/BV (12/26E) 4.5x

Today, EW is synonymous with TAVR, but that characterization understates the strategic Net debt to EBITDA (12/26E) NM