Dentsply Sirona, Inc. (Ticker: XRAY) May 3, 2016

Dentsply Sirona Founded in 1899 and based in York, Pennsylvania American dental equipment and consumables producer Became the largest professional dental company by sales after merging with Sirona in February 2016 3 segments: consumable products (30% of sales), laboratory products (10% of sales), specialty products (60% of sales) CEO: Jeffrey T. Slovin CFO: Ulrich Michel COO: James G. Mosch COO: Christopher T. Clark Introduction Introduce the company you are pitching: what do they produce, who is their management (experienced?, vision), what are their main revenue sources, suppliers and consumers (supplier power, consumer power).

Performance Current price: $59.97 Company’s stock chart You can mention: Current price How has the stock performed over the past year (be ready to explain major fluctuations in the stock price) 52 week high/low Beta of the stock Current price: $59.97 52-week high: $63.68 52-week low: $49.48 Beta: 1.35

Global Revenue and Growth

Newest in Product Line SphereTEC Filling Calibra Ceram ORTHOPHOS SL X-ray SIROLaser Blue SureFil® SDR Plus

Risks Global headwinds and currency fluctuations may hinder company growth Conflicts arising from the merger of equals with Sirona may cost the company Company may not be able to fully realize the benefits of merging with Sirona Large number of the products are manufactured in facilities that are the sole source of such products

Comparables Analysis

Discount Cash Flow Analysis (Base) Valuation Provide your target price How did you come up with this number Use ratios/DCF to come to the conclusion. WACC: 8.92% Price: $68.65 Five-Year Growth Rate: 5.00% Upside: 12.65% Terminal Growth Rate: 2.00%

Discount Cash Flow Analysis (Bear & Bull) Bull Case WACC: 8.92% Price: $76.01 Five-Year Growth Rate: 5.50% Upside: 21.11% Terminal Growth Rate: 2.00% Bear Case WACC: 9.00% Price: $52.91 Five-Year Growth Rate: 5.00% Upside: -13.35% Terminal Growth Rate: 1.50%

Conclusion Dentsply Sirona is currently undervalued at $59.97 per share Recommendation: BUY Target price: $68.65 Questions? Conclusion Sum up your investment thesis Mention target buy and sell prices Be ready to answer questions