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We Forecast Higher Stock Return For DENTSPLY vs. Teva Pharmaceutical Industries

XRAYTEVA Market Cap$8.7 Bil$9.9 BilLTM Revenue$4.3 Bil$20 BilCurrent P/S2.00.5Current P/EBIT23.35.6Stock Return Forecast (3Y)59%16%

(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

XRAYTEVA LTM Revenue$4.3 Bil$20 Bilx Revenue Growth [1]11.7%3.9%= Revenue Forecast (3Y)$5.9 Bil$22 Bil x P/S [2]2.30.5 = Market Cap Forecast (3Y)$14 Bil$11 BilMarket Cap Today$8.7 Bil$9.9 Bil Stock Return Forecast (3Y)59%16%

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

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

Past revenue growth metrics that form basis of our expectation

XRAYTEVA Recent Quarter Growth0.6%-8.7%LTM Growth27.2%-5.6%Growth During Covid-17.1%-1.4%Pre-Covid Annual Growth5.4%4.9% Annual Growth Forecast11.7%3.9%

(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

DENTSPLY Revenue vs. Teva Pharmaceutical Industries Revenue

XRAY Revenue History & 3Y Forecast (39% cumulative growth)

TEVA Revenue History & 3Y Forecast (12% cumulative growth)

Note: The years shown in the charts above are fiscal years. => For XRAY, FY2021 refers to the fiscal year ending Dec 31, 2021 => For TEVA, FY2021 refers to the fiscal year ending Dec 31, 2021

[2] Which P/S Scenarios Make Sense

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

P/S & Return ScenariosXRAYTEVA Current2.0 (38%)0.5 (9.7%)Expansion2.3 (58%)0.6 (43%)Contraction1.7 (19%)0.3 (-23%)Pre-Covid2.7 (82%)0.6 (36%)Historical Average2.9 (99%)NA Scenario Average2.3 (59%)0.5 (16%)"Current" refers to ratio as of 4/30/2022

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

DENTSPLY P/S vs. Teva Pharmaceutical Industries P/S

XRAY P/S Ratio History

TEVA P/S Ratio History

Revenue Growth & Operating Margin

Financial MetricsXRAYTEVA Revenue GrowthLast Q Sequential1.8%101%Last Q YoY0.6%-8.7%LTM27.2%-5.6%Last 3 FY3.7%-4.5% MarginsLTM Op Margins8.7%8.8%LTM Margin Change vs Last 3 FY1%13.2%FCF Margin15.5%4.1%

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

XRAY Operating Income TEVA Operating Income

P/S Ratio

Market RatiosXRAYTEVA Current P/S2.00.5Current P/EBIT23.35.6

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

Financial & Market Risk

Risk MetricsXRAYTEVA Financial RiskDebt as % of Equity24.1%232.9%Cash as % of Assets3.7%4.5% Market RiskMax Drawdown Last 3Y-36.6%-59.6%

(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 XRAY Return14%-43%52%-7%7%-28%-31% TEVA Return-48%-19%-36%-2%-17%9%-76% S&P 500 Return19%-6%29%16%27%-10%91% Trefis MS Portfolio Return23%-2%34%68%46%-17%227% <---Monthly Win Rates [3] XRAY Win Rate58%25%75%58%42%25% 47% TEVA Win Rate42%42%33%50%25%50% 40% S&P 500 Win Rate92%67%83%58%75%25% 67% Trefis Portfolio Win Rate100%58%75%58%83%25% 67%<---Max Drawdowns [4] XRAY Max Drawdown-9%-48%0%-44%-8%-28% -23% TEVA Max Drawdown-69%-23%-60%-32%-18%-8% -35% S&P 500 Max Drawdown0%-12%-2%-31%-1%-12% -10%<---Trefis Portfolio Max Drawdown-4%-24%-11%-38%-14%-16% -18% [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

XRAY Stock Return TEVA Stock Return

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

DENTSPLY

Teva Pharmaceutical Industries

=> Out Of Favor Health Care Stocks => Mid Cap Stocks

=> Gene Editing Stocks => Covid-19 Vaccines Stocks => Out Of Favor Health Care Stocks => Covid-19 Testing Stocks => Covid-19 Treatment Stocks => Mid Cap Stocks

FAQ

[1] Why Are We Comparing DENTSPLY And Teva Pharmaceutical Industries?

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 DENTSPLY vs. Teva Pharmaceutical Industries because they both are Mid Cap stocks; for right investment exposure to Mid Caps, it makes sense to compare the constituents and pick the best ones

[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 DENTSPLY And Teva Pharmaceutical Industries Peers

Here are some comparisons that you may find useful for DENTSPLY and Teva Pharmaceutical IndustriesDENTSPLY International vs Stryker: Which Stock Is A Better Investment?DENTSPLY International vs Intuitive Surgical: Which Stock Is A Better Investment?Teva Pharmaceutical Industries vs. Merck: Industry Peers, Similar BetsTeva Pharmaceutical Industries vs. Eli Lilly and Company: Industry Peers, But Teva Pharmaceutical Industries Is A Better Bet Find all such comparisons on DENTSPLY Peer Comparisons and Teva Pharmaceutical Industries Peer Comparisons

DENTSPLY and Teva Pharmaceutical Industries Insights

DENTSPLY investment ideasDENTSPLY counter-intuitive comparisonDENTSPLY peer comparisonComplete analyses on DENTSPLY (XRAY) stockLatest analyses on all stocks

Teva Pharmaceutical Industries investment ideasTeva Pharmaceutical Industries counter-intuitive comparisonTeva Pharmaceutical Industries peer comparisonComplete analyses on Teva Pharmaceutical Industries (TEVA) stockLatest analyses on all stocks

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