STERIS plc (STE)

The modal base case, carrying probability 60.0% and target $209.55 yielding an implied return of -2.3%, reflects steady execution across acute care hospital reprocessing and contract sterilization. STERIS delivers mid-to-high single-digit revenue growth while operating margins expand steadily toward target levels, balancing elevated near-term facility capex against durable cash generation.

• Consolidated revenue growth tracking management guidance ranges across the explicit forecast horizon
• Operating margins expanding steadily supported by operating cost discipline and favorable procedural mix
• AST customer destocking subsiding in the second half of the fiscal year in line with management expectations
• Capital expenditures normalizing toward maintenance requirements following greenfield facility completion