Financials Coloplast A/S

Equities

COLO B

DK0060448595

Medical Equipment, Supplies & Distribution

Market Closed - Nasdaq Copenhagen Other stock markets 10:59:39 2024-05-31 am EDT			5-day change	1st Jan Change
824.8 ^DKK	-0.31%		-2.30%	+6.84%

May. 15	COLOPLAST : Multiple silver linings in spite of a soft Q2 24
May. 07	European shares hit one-month high as earnings take centre stage	RE

Valuation

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	175,241	213,422	214,092	164,708	167,956	185,448	-	-
Enterprise Value (EV) ¹	175,780	214,584	216,204	182,799	186,616	204,847	203,508	202,183
P/E ratio	45.4 x	51 x	44.5 x	35.1 x	33.7 x	35.5 x	30.3 x	26.6 x
Yield	2.06%	1.79%	1.89%	2.58%	2.81%	2.44%	2.67%	2.93%
Capitalization / Revenue	9.77 x	11.5 x	11 x	7.29 x	6.86 x	6.86 x	6.31 x	5.82 x
EV / Revenue	9.8 x	11.6 x	11.1 x	8.1 x	7.62 x	7.58 x	6.93 x	6.35 x
EV / EBITDA	28.3 x	32 x	31.1 x	23.3 x	23.6 x	23.5 x	20.8 x	18.6 x
EV / FCF	46.7 x	54.8 x	49.5 x	43.8 x	58.2 x	47.1 x	33.7 x	29.9 x
FCF Yield	2.14%	1.82%	2.02%	2.28%	1.72%	2.12%	2.97%	3.34%
Price to Book	25.3 x	28.9 x	26.2 x	19.9 x	9.24 x	10.4 x	9.73 x	8.93 x
Nbr of stocks (in thousands)	212,414	212,677	212,709	212,307	224,660	224,840	-	-
Reference price ²	825.0	1,004	1,006	775.8	747.6	824.8	824.8	824.8
Announcement Date	11/5/19	11/3/20	11/1/21	11/7/22	11/9/23	-	-	-

¹DKK in Million²DKK

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	17,939	18,544	19,426	22,579	24,500	27,040	29,385	31,840
EBITDA ¹	6,207	6,705	6,947	7,840	7,914	8,712	9,769	10,842
EBIT ¹	5,556	5,854	6,355	6,910	6,845	7,487	8,439	9,417
Operating Margin	30.97%	31.57%	32.71%	30.6%	27.94%	27.69%	28.72%	29.57%
Earnings before Tax (EBT) ¹	5,028	5,466	6,233	6,127	6,025	6,757	7,908	9,036
Net income ¹	3,873	4,197	4,825	4,706	4,783	5,250	6,125	6,965
Net margin	21.59%	22.63%	24.84%	20.84%	19.52%	19.42%	20.84%	21.88%
EPS ²	18.18	19.67	22.63	22.11	22.20	23.25	27.22	31.04
Free Cash Flow ¹	3,766	3,913	4,371	4,172	3,206	4,349	6,037	6,761
FCF margin	20.99%	21.1%	22.5%	18.48%	13.09%	16.08%	20.54%	21.23%
FCF Conversion (EBITDA)	60.67%	58.36%	62.92%	53.21%	40.51%	49.92%	61.8%	62.36%
FCF Conversion (Net income)	97.24%	93.23%	90.59%	88.65%	67.03%	82.84%	98.57%	97.07%
Dividend per Share ²	17.00	18.00	19.00	20.00	21.00	20.12	22.04	24.19
Announcement Date	11/5/19	11/3/20	11/1/21	11/7/22	11/9/23	-	-	-

¹DKK in Million²DKK

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: September	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2	2025 Q1	2025 Q2	2025 Q3
Net sales ¹	5,169	5,502	5,849	6,059	6,105	6,061	6,108	6,226	12,334	6,606	6,586	13,192	6,819	6,997	13,744	7,263	7,255	7,344
EBITDA ¹	1,824	1,922	2,021	2,073	2,035	1,939	1,949	1,991	3,940	2,130	2,110	4,240	2,248	2,323	4,381	2,438	2,474	2,463
EBIT ¹	1,649	1,686	1,761	1,814	1,774	1,671	1,686	1,714	3,400	1,822	1,791	3,613	1,909	1,957	3,747	2,105	2,146	2,134
Operating Margin	31.9%	30.64%	30.11%	29.94%	29.06%	27.57%	27.6%	27.53%	27.57%	27.58%	27.19%	27.39%	27.99%	27.96%	27.26%	28.98%	29.58%	29.06%
Earnings before Tax (EBT) ¹	1,557	1,287	1,671	1,612	1,427	1,461	1,610	1,527	-	1,554	1,607	-	1,752	1,824	-	1,910	2,016	2,044
Net income ¹	1,207	980	1,289	1,230	1,127	1,155	1,272	1,229	-	1,212	1,252	-	1,360	1,435	-	1,490	1,572	1,594
Net margin	23.35%	17.81%	22.04%	20.3%	18.46%	19.06%	20.83%	19.74%	-	18.35%	19.01%	-	19.95%	20.51%	-	20.51%	21.67%	21.7%
EPS ²	5.660	4.600	6.060	5.790	5.310	5.440	5.980	5.470	-	5.390	5.570	10.96	6.095	6.454	-	6.820	7.200	7.300
Dividend per Share ²	-	-	-	15.00	-	-	-	16.00	-	-	-	-	-	19.63	-	-	-	-
Announcement Date	1/25/22	5/5/22	8/17/22	11/7/22	2/3/23	5/11/23	8/17/23	11/9/23	11/9/23	2/9/24	5/7/24	5/7/24	-	-	-	-	-	-

¹DKK in Million²DKK

Estimates

Balance Sheet Analysis

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	539	1,162	2,112	18,091	18,660	19,399	18,060	16,735
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.0868 x	0.1733 x	0.304 x	2.308 x	2.358 x	2.227 x	1.849 x	1.544 x
Free Cash Flow ¹	3,766	3,913	4,371	4,172	3,206	4,349	6,037	6,761
ROE (net income / shareholders' equity)	65%	58.6%	70%	64%	59%	30.2%	32.8%	34.6%
ROA (Net income/ Total Assets)	31.6%	32%	34%	20%	11.3%	10.9%	12.1%	13.5%
Assets ¹	12,251	13,116	14,211	23,584	42,290	48,313	50,580	51,557
Book Value Per Share ²	32.60	34.80	38.30	38.90	80.90	79.20	84.80	92.40
Cash Flow per Share ²	20.50	22.40	24.90	24.00	19.80	20.70	30.60	33.70
Capex ¹	617	846	919	927	1,020	1,350	1,391	1,494
Capex / Sales	3.44%	4.56%	4.73%	4.11%	4.16%	4.99%	4.73%	4.69%
Announcement Date	11/5/19	11/3/20	11/1/21	11/7/22	11/9/23	-	-	-

¹DKK in Million²DKK

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Coloplast A/S

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

824.8 DKK

Average target price

909.9 DKK

Spread / Average Target

+10.32%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Medical Supplies

	1st Jan change	Capi.
COLOPLAST A/S	+6.84%	26.97B
SHANDONG WEIGAO GROUP MEDICAL POLYMER COMPANY LIMITED	-40.08%	2.67B
WINNER MEDICAL CO., LTD.	-19.95%	2.4B
HARTALEGA HOLDINGS	+16.30%	2.28B
INTCO MEDICAL TECHNOLOGY CO., LTD.	+7.28%	2.24B
HARBIN FUERJIA TECHNOLOGY CO., LTD.	-13.56%	1.82B
GVS S.P.A.	+18.92%	1.26B
NAKANISHI INC.	-5.27%	1.21B
KOSSAN RUBBER INDUSTRIES	+20.00%	1.2B
RIVERSTONE HOLDINGS LIMITED	+29.08%	998M

Medical Supplies