TEM is the one name where revenue multiples are appropriate. The right frame is to value the two engines separately — Diagnostics as a clinical-lab/dx business (mid multiple), Data & Applications as a high-margin data/AI franchise (premium multiple). The swing factor is the multiple the market assigns Data, which is a direct function of how much it trusts the revenue quality.
Scenario ($/share) Bear Base Bull Blue sky
Diagnostics (EV/sales) 3.0× 4.5× 5.0× 5.5×
Data & Apps (EV/sales) 6× 10× 14× 18×+
Implied growth held ~15% ~22% ~25% re-accel
Fair value / share ~$35 ~$58 ~$81 ~$115
Return vs ~$50 spot −30% +16% +62% +130%
Street reference consensus ~$67 · TD Cowen $76 (Hold) · BTIG $105 (Buy)
Scenario ($/share) Bear Base Bull Blue sky
Diagnostics (EV/sales) 3.0× 4.5× 5.0× 5.5×
Data & Apps (EV/sales) 6× 10× 14× 18×+
Implied growth held ~15% ~22% ~25% re-accel
Fair value / share ~$35 ~$58 ~$81 ~$115
Return vs ~$50 spot −30% +16% +62% +130%
Street reference consensus ~$67 · TD Cowen $76 (Hold) · BTIG $105 (Buy)
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.