Sorry but none of the metrics you mentioned are appropriate to value a CDMO company. There profit pool is always some years down the road and at TTM valuation one will always find it overvalued. When their time comes, ROCE’s move from single digit to mid twenties as well and one good year gives them EPS CAGR of 15-25% even if first 4 years have been low double digits. N number of other things that helps in valuing CDMO’s but not the ones you mentioned
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