康维德4个月交易更新-年初开局稳健，所有部门均有望实现目标，2025年指引略有上调

F23AF24EF25E0.130.150.17FinancialsF23AF24EF25ECAGROperating Earnings (M)431.80485.30536.3111.4%Net Earnings (M)274.10312.40357.5114.2%Adj. Operating Margin (%)20.221.222.3--ROIC (%)18.714.115.1--LC Sales Growth (%)3.28.16.1--Organic Sales Growth (%)7.27.76.1--Net Debt/EBITDA (x)2.141.791.51(16.2)%Valuation MetricsF23AF24EF25EAdjusted P/E (x)27.724.321.3PEG Adjusted (x)4.51.81.5EV/Sales (x)0.10.10.0EV/EBIT (x)0.40.40.3Div Yield (%)1.71.71.9Close Date21 May 2025CTEC.LN Close Price (GBp)275.20Price Target (GBp)300.00Upside/(Downside)9%52-Week Range279.60/211.80EDM1,437.27FYEDecDiv Yield1.8%Market Cap (GBP) (M)5,649EV (GBp) (M)8,724PerformanceYTD1M6M12MAbsolute (%)24.68.216.98.5EDM (%)19.37.818.610.5Relative (%)5.30.4(1.7)(2.0)Source: Bloomberg, Bernstein estimates and analysis.Price Performance, 1YR300p280p260p240p220p05/2408/2411/2402/2505/2512001300140015001600CTEC.LNEDMwww.bernsteinresearch.com INVESTMENT IMPLICATIONSWe rate Convatec Outperform with a target price of £3.00.BERNSTEIN TICKER TABLETickerRatingCTEC.LN (Convatec)OGBpEDMO - Outperform, M - Market-Perform, U - Underperform, NR - Not Rated, CS - Coverage SuspendedSource: Bloomberg, Bernstein estimates and analysis.EUROPEAN MEDICAL TECHNOLOGIES & SERVICES 21 May2025ClosingPricePriceTarget275.20300.001,437.27 I. REQUIRED DISCLOSURESReferences to "Bernstein" or the “Firm” in these disclosures relate to the following entities: Bernstein Institutional Services LLC(April 1, 2024 onwards), Sanford C. Bernstein & Co., LLC (pre April 1, 2024), Bernstein Autonomous LLP, BSG France S.A. (April 1,2024 onwards), Sanford C. Bernstein (Hong Kong) Limited盛博香港有限公司,C. Bernstein (India) Private Limited (SEBI registration no. INH000006378), Sanford C. Bernstein (Singapore) Private Limited andSanford C. Bernstein Japan KKOn April 1, 2024, Société Générale (SG) and AllianceBernstein, L.P. (AB) completed a transaction that created a new joint venturein which their respective cash equities and research businesses operate in a new business combination. Although their respectiveownership percentages in the joint venture differ between North America and the rest of the world, the creation, production andpublication of research is handled collaboratively on a global basis across the two research brands, “Bernstein” and “Autonomous”.Unless specifically noted otherwise, for purposes of these disclosures, references to Bernstein’s “affiliates” relate to both SG andAB and their respective affiliates.VALUATION METHODOLOGYConvaTec Group PLCFor Convatec, our 12-month price target of £3.00 is derived from a weighted average of our P/E valuation (80%) and our DCFanalysis (20%). Our P/E valuation applies a P/E (FY1) multiple of 17.0x to our 2026E EPS of £0.17 (USD $0.18). Our DCF usesa WACC of 8.5% and a terminal growth rate of 3.0%.RISKSConvaTec Group PLCRisks to ourConvaTectarget price include:Downside Risks– Infusion care does not return to expected level of growth, astrengthening of Sterling relating to the US dollars, worse than expected share gains in Ostomy and Continence Care.RATINGS DEFINITIONS, BENCHMARKS AND DISTRIBUTIONBernstein brandThe Bernstein brand rates stocks based on forecasts of relative performance for the next 12 months versus the S&P 500 forstocks listed on the U.S. and Canadian exchanges, versus the Bloomberg Europe Developed Markets Large and Mid Cap PriceReturn Index (EDM) for stocks listed on the European exchanges and emerging markets exchanges outside of the Asia Pacificregion, versus the Bloomberg Japan Large and Mid Cap Price Return Index USD (JP) for stocks listed on the Japanese exchanges,and versus the Bloomberg Asia ex-Japan Large and Mid Cap Price Return Index (ASIAX) for stocks listed on the Asian (ex-Japan)exchanges -unless otherwise specified.The Bernstein brand has three categories of ratings:•Outperform: Stock will outpace the market index by more than 15 pp•Market-Perform: Stock will perform in line with the market index to within +/-15 pp•Underperform: Stock will trail the performance of the market index by more than 15 ppCoverage Suspended: Coverage of a company under the Bernstein research brand has been suspended. Ratings and price targetsare suspended temporarily, are no longer current, and should therefore not be relied upon.Not Rated: A rating assigned when the stock cannot be accurately valued, or the performance of the company accuratelypredicted, at the present time. The covering analyst may continue to publish research reports on the company to update investorson events and developments.Not Covered (NC) denotes companies that are not under coverage.Autonomous brandEUROPEAN MEDICAL TECHNOLOGIES & SERVICES Sanford C. Bernstein (Canada) Limited, Sanford(サンフォード・C・バーンスタイン株式会社).3 The Autonomous brand rates stocks as indicated below. As our benchmarks we use the Bloomberg Europe 500 Banks AndFinancial Services Index (BEBANKS) and Bloomberg Europe Dev Mkt Financials Large and Mid Cap Price Ret Index EUR (EDMFI)index for developed Europ