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Thermo Fisher Scientific Has Higher Expected Return Than Its Competitor Corning

GLWTMO Market Cap$31 Bil$206 BilLTM Revenue$14 Bil$39 BilCurrent P/S2.25.2Current P/EBIT11.223.6Expected 3-Year Return19%28%

(a) P/S = Price to Sales (b) P/EBIT = Price to earnings before interest and taxes

3-Year Return Depends On [1] Revenue Growth [2] P/S

GLWTMO LTM Revenue$14 Bil$39 Bilx Revenue Growth [1]6.6%10.7%= Revenue In 3 Years$17 Bil$53 Bil x P/S [2]2.25.0 = Market Cap In 3 Years$37 Bil$265 BilMarket Cap Today$31 Bil$206 Bil Expected 3-Year Return19%28%

(a) Revenue growth is Annual (b) LTM = Last 12 months

(c) We consider P/S because P/EBIT or P/E are prone to fluctuations; Using current and historical P/S as a base, we incorporate profitability

[1] How Much Can Revenue Grow In Next 3 Years

Past revenue growth metrics that form basis of our expectation

GLWTMO Recent Quarter Growth9.7%1.4%LTM Growth24.6%21.7%Growth During Covid-1.7%26.1%Pre-Covid Annual Growth7.1%11.9% Expected Annual Growth6.6%10.7%

(a) LTM = Last 12 months (b) Growth During Covid = Year 2020 growth

(b) Recent quarter growth refers to growth in recent quarter vs. the same quarter one year ago, commonly referred to as y-o-y growth

Corning Revenue vs. Thermo Fisher Scientific Revenue

GLW Revenue History & 3Y Forecast (21% cumulative growth)

TMO Revenue History & 3Y Forecast (36% cumulative growth)

[2] Which P/S Scenarios Make Sense

P/S Scenarios & Corresponding 3-Year Returns (in brackets)

P/S & Return ScenariosGLWTMO Current2.2 (22%)5.2 (35%)Expansion2.4 (33%)6.8 (75%)Contraction2 (11%)3.7 (-5.8%)Pre-Covid1.8 (-3.5%)4.5 (15%)Historical Average2.4 (34%)4.8 (23%) Scenario Average2.2 (19%)5 (28%)"Current" refers to ratio as of 3/9/2022

Note: Expansion/contraction considered from current / current('adjusted) P/S levels; NA imples invalid scenario because of extreme unsustainable values

Corning P/S vs. Thermo Fisher Scientific P/S

GLW P/S Ratio History

TMO P/S Ratio History

P/S Ratio

Market RatiosGLWTMO Current P/S2.25.227729144385247Current P/EBIT11.223.57227316932957

(a) P/S = Price to Sales (b) P/EBIT = Price to earnings before interest and taxes

Revenue Growth & Operating Margin

Financial MetricsGLWTMO Revenue GrowthLast Q Sequential1.7%14.7%Last Q YoY9.7%1.4%LTM24.6%21.7%Last 3 FY8.2%17.6% MarginsLTM Op Margins19.9%22.2%LTM Margin Change vs Last 3 FY4.5%-2.3%FCF Margin24.2%23.7%

(a) YoY = year-on-year (b) LTM = Last 12 months (c) FY = fiscal year

GLW Operating Income TMO Operating Income

Financial & Market Risk

Risk MetricsGLWTMO Financial RiskDebt as % of Equity22.7%16.9%Cash as % of Assets7.1%4.7% Market RiskMax Drawdown Last 3Y-47.5%0%

(a) Last 3Y = Last 3 years

Note On P/S Justification

=> Stock prices deviate from fair value for extended periods of time based on momentum, macro economy, liquidity, and other factors

=> Therefore, our P/S scenarios does not take into account fairness of current values, and we assign equal probability to all scenarios

=> However, relative assessment of P/S in context of growth, margins and risk, can shed light on likelihood of different P/S scenarios

Past Market Return Comparison vs. Benchmarks

Compare Returns With Benchmark & Trefis Portfolio

201720182019202020212022Total [1]AvgBestReturns GLW Return32%-6%-4%24%3%-1%52% TMO Return35%18%45%43%43%-21%271% <---S&P 500 Return19%-6%29%16%27%-12%86% Trefis MS Portfolio Return23%-2%34%68%46%-15%235% Monthly Win Rates [2] GLW Win Rate67%50%50%50%50%33% 50% TMO Win Rate75%50%83%67%75%0% 58% S&P 500 Win Rate92%67%83%58%75%0% 62%<---Trefis Portfolio Win Rate89%58%75%58%83%0% 61% Max Drawdowns [3] GLW Max Drawdown-0%-18%-10%-39%-3%-6% -13%<---TMO Max Drawdown S&P 500 Max Drawdown-3%-20%-7%-34%-5%-12% -13% Trefis Portfolio Max Drawdown-4%-24%-11%-38%-14%-14% -17% [1] Cumulative total returns since 2017[2] Win Rate = % of calendar months in which monthly returns were positive[3] Max drawdown represents maximum peak-to-trough decline within a year

GLW Stock Return TMO Stock Return

Compare Returns With Relevant Investment Themes That Give Similar Market & Capitalization Exposure

Corning

Thermo Fisher Scientific

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FAQ

[1] Why Are We Comparing Corning And Thermo Fisher Scientific?

We compare stocks which share one or more similar characteristicsThis is because the decision to invest often come down to finding the best stocks within the ambit of certain characteristics that suit an investment styleWe compare Corning vs. Thermo Fisher Scientific because ,

[2] How Do We Arrive At A Decision?

We favor stocks that offer meaningfully greater expected return in the next 3 yearsThese returns are calculated based on our revenue forecast and Price to Sales Ratio (P/S) scenarios consideredSimilar Price To Sales Ratio (P/S) scenarios are considered for both stocks and each scenario is weighted equally for a given stock

[3] How Do We Forecast Revenue?

We have different methodologies for companies negatively impacted by Covid, and for companies not impacted or positively impacted by CovidDifferent methodologies are essential to capture recovery in case of negative impactFor companies negatively impacted by covid, we consider quarterly revenue recovery trajectory to forecast recovery to pre-covid revenue run rate, and beyond recovery point, we apply average annual growth observed in 3 years prior to covid to simulate return to normal conditionsFor companies registering positive revenue growth during covid, we consider average annual growth prior to covid with certain weightage to growth during covid and last 12 months

[4] Can I See More Such Comparisons For Corning And Thermo Fisher Scientific Peers

Here are some comparisons that you may find useful for Corning and Thermo Fisher ScientificCorning vs. Danaher: Industry Competitors, But Corning Is A Better BetCorning vs Emerson Electric Company: Which Stock Is A Better Investment?Thermo Fisher Scientific vs. Texas Instruments: Industry Peers, But Thermo Fisher Scientific Is A Better BetThermo Fisher Scientific vs. Applied Materials: Industry Peers, But Applied Materials Is A Better Bet Find all such comparisons on Corning Peer Comparisons and Thermo Fisher Scientific Peer Comparisons

Corning and Thermo Fisher Scientific Insights

Corning investment ideasCorning counter-intuitive comparisonCorning peer comparisonComplete analyses on Corning (GLW) stockLatest analyses on all stocks

Thermo Fisher Scientific investment ideasThermo Fisher Scientific counter-intuitive comparisonThermo Fisher Scientific peer comparisonComplete analyses on Thermo Fisher Scientific (TMO) stockLatest analyses on all stocks

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