Core Viewpoint - The upcoming 4Q/FY25 results for NVST are anticipated to exceed analysts' conservative forecasts, potentially leading to a re-rating of its shares [1]. Group 1: Company Overview - NVST is set to release its financial results next week, which is a significant event for investors [1]. - The analysis suggests that the current market expectations for NVST's earnings are overly cautious [1]. Group 2: Investment Strategy - The focus is on identifying Asia-listed stocks that exhibit a substantial gap between their market price and intrinsic value, particularly in the context of deep value balance sheet bargains and wide moat stocks [1][2]. - The investment strategy includes targeting stocks that are undervalued based on metrics such as net cash, low price-to-book ratios, and sum-of-the-parts discounts [1].

Core Viewpoint - The comparison between Envista (NVST) and Stryker (SYK) indicates that NVST is currently a more attractive option for value investors due to its stronger earnings outlook and favorable valuation metrics [1][2]. Valuation Metrics - Envista has a forward P/E ratio of 19.27, while Stryker's forward P/E is 23.99, suggesting that NVST is more reasonably priced relative to its earnings [4]. - The PEG ratio for NVST is 1.08, indicating a better valuation when considering expected earnings growth, compared to SYK's PEG ratio of 2.30 [4]. - Envista's P/B ratio stands at 1.29, significantly lower than Stryker's P/B ratio of 6.31, further supporting NVST's position as a better value option [5]. Investment Grades - Envista holds a Zacks Rank of 2 (Buy), while Stryker has a Zacks Rank of 3 (Hold), reflecting a more favorable earnings outlook for NVST [2]. - Based on valuation figures, Envista has a Value grade of B, whereas Stryker has a Value grade of C, indicating that NVST is the superior value option at this time [5].

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Core Viewpoint - Envista is positioned as a leader in the dental industry with a focus on growth, operations, and people as part of its new value creation plan [4]. Group 1: Company Overview - Envista has been a leader in the dental industry for over 100 years, indicating its long-standing presence and expertise [3]. - The company is part of the med tech sector, which is characterized by several structurally attractive growth drivers [3]. Group 2: Value Creation Plan - In Q1 of the previous year, Envista introduced a new value creation plan that emphasizes three priority areas: growth, operations, and people [4]. - The presentation will provide an update on the progress of this value creation plan [4].

Summary of Envista's Conference Call Company Overview - **Company**: Envista Holdings Corporation - **Industry**: Dental MedTech - **Market Size**: Approximately $400 billion in annual spend, making it a significant healthcare category [4][12] Core Points and Arguments Growth and Financial Performance - **Organic Growth**: Envista reported a 5% organic growth year-to-date through Q3 2025, with all major businesses showing two consecutive quarters of positive growth [3][19] - **EBITDA and EPS Growth**: Strong double-digit growth in both EBITDA and EPS was noted, indicating robust financial health [4][22] - **Value Creation Plan**: The plan focuses on three priority areas: growth, operations, and people, with medium-term financial objectives of 2-4% organic revenue growth, 4-7% EBITDA growth, and 7-10% EPS growth [16][17] Market Dynamics - **Demand vs. Supply**: Demand for dental services is high, but supply constraints, such as the number of licensed clinicians, limit long-term market growth [5][6] - **Market Resilience**: The dental market has shown resilience, consistently outpacing GDP growth, even during economic downturns [12][14] - **Post-COVID Recovery**: After a significant contraction during COVID-19, the dental market is expected to return to a consistent growth rate of 3-5% [14][24] Strategic Focus Areas - **Product Innovation**: Envista has a strong focus on new product development, holding over 1,500 patents and having introduced significant innovations in dental technology [9][10] - **Specialty Categories**: The company emphasizes specialty categories that are sold directly to clinicians, which typically yield better margins and growth rates [11][12] - **Geographic Distribution**: Approximately half of Envista's sales come from the U.S., with the remainder spread across Europe and developing markets [9] Operational Efficiency - **Envista Business System**: The company employs a continuous improvement methodology focusing on safety, quality, and customer service, which contributes to operational efficiency [3][18] - **Cost Management**: G&A spending was reduced by 12% in the first quarters of last year, contributing to improved profitability [20][45] Employee Engagement and Community Investment - **Talent Development**: The company has renewed its focus on promoting from within, with over 50% of management promotions going to existing employees [21] - **Community Engagement**: The Envista Smile Project provided care to 19,000 underserved patients and donated over $2 million last year [21] Additional Important Insights - **Interest Rates Impact**: Lowering interest rates are expected to support dental market growth, particularly for multi-site operators and equipment purchases [27][28] - **Revenue Recognition Changes**: Changes in revenue recognition for the Spark business impacted reported revenues but are expected to normalize by Q2 2026 [30][32] - **Value-Based Pricing (VBP) in China**: The Chinese government is expected to implement further rounds of VBP, which could significantly impact Envista's market share and unit sales in the region [39][40] Conclusion - Envista is positioned as a leader in the dental MedTech market, with a solid growth strategy and operational efficiencies. The company is optimistic about returning to pre-COVID growth rates and is actively investing in innovation and community engagement to drive future success [24][49]

We partner with dental professionals to improve patients' lives JPM Healthcare Conference 01/01/2025 January 12, 2026 JPM Conference 2026 Forward looking statements/Non-GAAP financial measures FORWARD-LOOKING STATEMENTS Certain statements in this presentation are "forward-looking statements" within the meaning of the U.S. federal securities laws, including statements regarding future financial performance, and the objectives and expectations of management. Terminology such as "believe," "anticipate," "shoul ...

ABOUT ENVISTA HOLDINGS CORPORATION Envista is a global leader in the dental industry, uniting more than 30 trusted brands—including DEXIS, Kerr, Nobel Biocare, and Ormco—under one mission: partnering with dental professionals to improve patients' lives. With a heritage of category-defining innovation, our brands have shaped modern dentistry: Nobel Biocare introduced the first dental implant, Ormco is a pioneer in both traditional and digital orthodontics, DEXIS has long been at the forefront of 2D, 3D and i ...

A live audio webcast of the event will be available in the Investors section of the Envista website at https://investors.envistaco.com/. Additionally, a replay of the webcast will be available on the Envista website for 30 days following the presentation. ABOUT ENVISTA HOLDINGS CORPORATION Envista is a global leader in the dental industry, uniting more than 30 trusted brands—including DEXIS, Kerr, Nobel Biocare, and Ormco—under one mission: partnering with dental professionals to improve patients' lives. Wi ...

Core Viewpoint - Investors in the Medical - Products sector should consider Envista (NVST) and Stryker (SYK) for potential value investment opportunities [1] Group 1: Zacks Rank and Analyst Outlook - Envista has a Zacks Rank of 2 (Buy), indicating a more favorable earnings estimate revision activity compared to Stryker, which has a Zacks Rank of 3 (Hold) [3] - The improving analyst outlook for NVST suggests a more positive sentiment among analysts [3] Group 2: Valuation Metrics - NVST has a forward P/E ratio of 19.16, significantly lower than SYK's forward P/E of 26.00, indicating NVST may be undervalued [5] - The PEG ratio for NVST is 1.07, while SYK's PEG ratio is 2.50, suggesting NVST has a better growth-to-price ratio [5] - NVST's P/B ratio is 1.16, compared to SYK's P/B of 6.19, further indicating NVST's relative undervaluation [6] Group 3: Value Grades - Based on various valuation metrics, NVST holds a Value grade of B, while SYK has a Value grade of C, making NVST a more attractive option for value investors [6]

PresentationWe will get started. I'm Elizabeth Anderson. I'm Evercore's health care services and dental analyst. Very pleased to be joined by Eric Hammes and Jim Gustafson from Envista this morning, CFO and VP IR, respectively. As we sort of sit here in December of 2025, we've gotten different signals from different dental participants. And maybe that's a true -- maybe doesn't even -- that's not even true of December 2025, it's been true this whole year. So how do we think about the overall dental market an ...