Lonza Group AG (LONN.SW) analysis

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Health is debt against the plants, not against the customer's patent. Quality is the contract margin after the hall is occupied. Growth follows the programmes that come in and the ones that stay. P/E is read against a year of full plants, not against that year as normal. Shareholder return is the dividend, checked against cash. Do not read it as if Lonza owned the drug.

The P/E of a year with the plants full is not normal earnings. EV/EBITDA is read with the plants inside and without treating the contract as if it expired with the patent. Do not use a drugmaker's multiple, which does keep the drug. A dash if the LONN.SW cache is cold.

Limits of this report

Not advice on Lonza. Vaultflake does not state years of plant construction and does not treat the contract as the life of the patent. This is not the largest contract manufacturer. Read the filings. A past dividend is not a right. The table is a snapshot, not a target price.

Questions from this report