Becton, Dickinson and Company (BDX) – Strong earnings performance

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Becton, Dickinson and Company (BDX) (Q1FY23)

Highlights

Becton, Dickinson’s revenue was $4.6bn in Q1FY23, decreased 2.8% as reported, and increased 1.7% on a currency neutral basis. Revenue from base business (which excludes COVID only diagnostic testing) grew 0.4% as reported, 5.2% currency neutral.

We believe that BDX is a fundamentally strong company with a portfolio of products which cater to the needs of the patients. In FY22, the company completed the separation and distribution of
Embecta, formerly BD’s Diabetes Care business, into a separate, publicly-traded company. This has improved the focus of the company towards its key business.

Valuation

– Enterprise Value
– CrispIdea Forecast
– CrispIdea Segment Forecast
– Economic Value Added Analysis
– Discounted Cash Flow Analysis
– P/E Analysis
– Peer Valuation
– CrispIdea Forecast Relative to Consensus
– Consensus History and Surprise
– Consensus Momentum

Actual & Historical Performance

– Income Statement
– Balance Sheet
– Cash Flow
– 10 Year Historical Performance
– Ratio Analysis
– Du Pont Analysis
– ROIC & ROCE Analysis
– Segment Performance
– M&A Deals

Peer Performance

– Summary
– Profitability
– Growth
– Price Performance

Ownership

Stock Price Performance

Crispidea Coverage

No of Pages: 38

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