Baxter International Inc.

DB:BTL Stock Report

Market Cap: €16.5b

Baxter International Valuation

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

Valuation Score

5/6

Valuation Score 5/6

  • 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 BTL when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Discounted Cash Flow
Simply Wall St
€67.11
Fair Value
52.8% undervalued intrinsic discount
15
Number of Analysts

Below Fair Value: BTL (€31.66) is trading below our estimate of fair value (€67.11)

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

Key Valuation Metric

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

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

The above table shows the Price to Sales ratio for BTL. This is calculated by dividing BTL's market cap by their current revenue.
What is BTL's PS Ratio?
PS Ratio1.6x
SalesUS$10.64b
Market CapUS$17.27b

Price to Sales Ratio vs Peers

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

The above table shows the PS ratio for BTL vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average2.5x
AFX Carl Zeiss Meditec
2.3x6.6%€4.8b
SHL Siemens Healthineers
2.8x5.8%€62.4b
DRW3 Drägerwerk KGaA
0.3x3.3%€953.1m
EUZ Eckert & Ziegler
4.5x8.8%€1.3b
BTL Baxter International
1.6x4.5%€17.3b

Price-To-Sales vs Peers: BTL is good value based on its Price-To-Sales Ratio (1.6x) compared to the peer average (2.5x).

Price to Sales Ratio vs Industry

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

4 CompaniesPrice / SalesEstimated GrowthMarket Cap
DRW3 Drägerwerk KGaA
0.3x3.3%US$997.07m
PHH2 Paul Hartmann
0.4xn/aUS$884.31m
U4W0 Quotient
0.07xn/aUS$2.78m
MF6 MagForce
0.3xn/aUS$404.27k
No more companies available in this PS range
BTL 1.6xIndustry Avg. 3.7xNo. of Companies4PS01.63.24.86.48+
4 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: BTL is good value based on its Price-To-Sales Ratio (1.6x) compared to the European Medical Equipment industry average (3.7x).

Price to Sales Ratio vs Fair Ratio

What is BTL'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.

BTL PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio1.6x
Fair PS Ratio2.1x

Price-To-Sales vs Fair Ratio: BTL is good value based on its Price-To-Sales Ratio (1.6x) compared to the estimated Fair Price-To-Sales Ratio (2.1x).

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 BTL forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€31.66
€37.87
+19.6%
18.5%€55.27€28.68n/a15
Feb ’26€31.91
€38.59
+21.0%
21.6%€59.69€28.88n/a14
Jan ’26€27.50
€38.88
+41.4%
20.9%€59.23€28.66n/a14
Dec ’25€31.27
€38.20
+22.2%
17.4%€58.75€33.16n/a12
Nov ’25€32.90
€38.62
+17.4%
16.5%€56.68€27.43n/a13
Oct ’25€33.96
€38.16
+12.4%
16.5%€56.01€27.10n/a13
Sep ’25€34.01
€37.90
+11.5%
16.7%€55.82€27.01n/a13
Aug ’25€32.80
€41.07
+25.2%
19.6%€61.49€27.53n/a16
Jul ’25€31.00
€41.96
+35.3%
17.6%€61.87€33.24n/a16
Jun ’25€30.45
€41.96
+37.8%
17.6%€61.87€33.24n/a16
May ’25€37.61
€43.75
+16.3%
15.7%€61.84€36.00n/a15
Apr ’25€39.55
€43.48
+9.9%
16.1%€61.71€35.92n/a15
Mar ’25€37.60
€43.37
+15.3%
16.4%€61.83€35.99n/a15
Feb ’25€35.45
€41.22
+16.3%
18.5%€61.57€32.16€31.9114
Jan ’25€34.85
€41.47
+19.0%
19.6%€62.24€32.52€27.5014
Dec ’24€32.95
€42.44
+28.8%
19.0%€62.49€32.64€31.2714
Nov ’24€30.40
€45.15
+48.5%
19.1%€63.31€31.18€32.9014
Oct ’24€35.30
€47.76
+35.3%
11.1%€62.34€40.94€33.9615
Sep ’24€37.15
€47.25
+27.2%
10.8%€61.77€40.57€34.0116
Aug ’24€40.90
€46.72
+14.2%
10.5%€60.93€40.01€32.8016
Jul ’24€40.85
€48.12
+17.8%
10.1%€62.45€41.94€31.0016
Jun ’24€37.85
€48.12
+27.1%
10.1%€62.45€41.94€30.4516
May ’24n/a
€46.77
0%
10.4%€60.80€40.84€37.6115
Apr ’24n/a
€44.78
0%
15.3%€61.81€36.90€39.5515
Mar ’24n/a
€45.83
0%
15.4%€62.74€37.46€37.6014
Feb ’24€41.58
€56.05
+34.8%
15.2%€78.45€47.07€35.4514
Analyst Price Target
Consensus Narrative from 15 Analysts
€37.08
Fair Value
14.6% undervalued intrinsic discount
15
Number of Analysts

Analyst Forecast: Target price is less than 20% higher than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/02/22 21:51
End of Day Share Price 2025/02/21 00:00
Earnings2024/12/31
Annual Earnings2024/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Baxter International Inc. is covered by 44 analysts. 14 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Jasper HellwegArgus Research Company
Benjamin YeohAtlantic Equities LLP
Daniel OwczarskiAvondale Partners