DENTSPLY SIRONA Inc.

WBAG:XRAY Stock Report

Market Cap: €3.5b

DENTSPLY SIRONA Valuation

Is XRAY undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of XRAY when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: XRAY (€17.88) is trading below our estimate of fair value (€32.39)

Significantly Below Fair Value: XRAY is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for XRAY?

Key metric: As XRAY is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for XRAY. This is calculated by dividing XRAY's market cap by their current revenue.
What is XRAY's PS Ratio?
PS Ratio1x
SalesUS$3.90b
Market CapUS$3.68b

Price to Sales Ratio vs Peers

How does XRAY's PS Ratio compare to its peers?

The above table shows the PS ratio for XRAY vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average2.9x
603658 Autobio Diagnostics
5.8x16.0%CN¥26.6b
300888 Winner Medical
2.5x16.6%CN¥20.5b
ANN Ansell
1.9x6.7%AU$4.7b
1066 Shandong Weigao Group Medical Polymer
1.5x7.2%HK$20.7b
XRAY DENTSPLY SIRONA
1x1.2%€3.7b

Price-To-Sales vs Peers: XRAY is good value based on its Price-To-Sales Ratio (1x) compared to the peer average (2.9x).

Price to Sales Ratio vs Industry

How does XRAY's PS Ratio compare vs other companies in the European Medical Equipment Industry?

35 CompaniesPrice / SalesEstimated GrowthMarket Cap
XRAY 1.0xIndustry Avg. 3.5xNo. of Companies35PS03.26.49.612.816+
35 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: XRAY is good value based on its Price-To-Sales Ratio (1x) compared to the European Medical Equipment industry average (3.5x).

Price to Sales Ratio vs Fair Ratio

What is XRAY's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

XRAY PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio1x
Fair PS Ration/a

Price-To-Sales vs Fair Ratio: Insufficient data to calculate XRAY's Price-To-Sales Fair Ratio for valuation analysis.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst XRAY forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€17.88
€22.85
+27.8%
18.4%€32.85€17.83n/a13
Nov ’25€21.76
€27.93
+28.4%
10.1%€33.35€24.09n/a13
Oct ’25€23.66
€27.77
+17.4%
9.4%€32.17€24.12n/a13
Sep ’25€22.79
€27.77
+21.8%
9.4%€32.17€24.12n/a13
Aug ’25€25.02
€29.33
+17.2%
10.6%€34.75€25.02n/a13
Jul ’25€23.28
€30.96
+33.0%
11.2%€35.46€25.19n/a14
Jun ’25€25.78
€31.32
+21.5%
9.8%€35.18€25.00n/a14
May ’25€28.19
€34.17
+21.2%
10.6%€39.46€25.37n/a15
Apr ’25€30.80
€33.52
+8.8%
11.0%€38.76€24.92n/a14
Mar ’25€30.70
€33.52
+9.2%
11.0%€38.76€24.92n/a14
Feb ’25€32.04
€33.38
+4.2%
11.7%€38.69€24.87n/a13
Jan ’25€32.26
€31.04
-3.8%
11.8%€37.26€24.54n/a13
Dec ’24€29.54
€31.27
+5.9%
11.6%€37.80€24.89n/a13
Nov ’24€28.84
€38.43
+33.2%
14.4%€48.19€26.46€21.7612
Oct ’24€32.66
€41.59
+27.3%
7.8%€47.90€36.63€23.6611
Sep ’24€34.70
€40.48
+16.7%
7.0%€46.34€36.35€22.7911
Aug ’24€37.82
€40.00
+5.8%
7.8%€46.37€36.37€25.0211
Jul ’24€36.28
€40.17
+10.7%
7.7%€46.27€36.29€23.2811
Jun ’24€34.44
€40.17
+16.6%
7.7%€46.27€36.29€25.7811
May ’24€36.98
€37.04
+0.2%
7.8%€41.02€32.82€28.1911
Apr ’24€35.94
€37.08
+3.2%
6.9%€41.90€33.52€30.8011
Mar ’24€35.18
€37.26
+5.9%
6.7%€42.21€33.76€30.7011
Feb ’24€33.83
€32.36
-4.3%
9.0%€36.80€26.68€32.0411
Jan ’24€30.12
€33.13
+10.0%
8.9%€38.46€27.89€32.2611
Dec ’23€29.37
€33.13
+12.8%
8.9%€38.46€27.89€29.5411
Nov ’23€30.61
€40.69
+33.0%
13.4%€51.18€33.12€28.8411

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.

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