West Pharmaceutical Services, Inc.

“West Pharmaceutical Services is a near-duopoly regulatory toll road on injectable drug packaging — a business with compounding moat dynamics, a multi-decade biologics tailwind, fortress balance sheet, and clean earnings quality. The sole investment objection is price: at 31.8x forward earnings on a cyclically-depressed trough, the market has already priced in the full recovery and the long-term compounding story, leaving a probability-weighted 5-year return below the cost of equity. This is a business to own at the right price, and that price is meaningfully below today's level.”