Financials Roche Holding AG

Equities

ROG

CH0012032048

Pharmaceuticals

Market Closed - Swiss Exchange Other stock markets 11:30:02 2024-05-17 am EDT			5-day change	1st Jan Change
237.1 ^CHF	+0.98%		+5.33%	-3.03%

May. 17	Health Care Up on Rotation to Sector From Rate-Sensitive Groups -- Health Care Roundup	DJ
May. 17	ROCHE HOLDINGS AG : UBS sticks Neutral	ZD

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	267,779	264,244	306,810	259,166	197,073	191,277	-	-
Enterprise Value (EV) ¹	270,284	266,126	324,977	274,750	215,772	205,030	199,010	193,255
P/E ratio	20.1 x	18.7 x	23.4 x	18.9 x	17.1 x	13.8 x	12.6 x	11.7 x
Yield	2.87%	2.94%	2.45%	3.27%	3.93%	4.1%	4.24%	4.36%
Capitalization / Revenue	4.36 x	4.53 x	4.89 x	4.1 x	3.36 x	3.18 x	3.01 x	2.89 x
EV / Revenue	4.4 x	4.56 x	5.17 x	4.34 x	3.67 x	3.41 x	3.13 x	2.92 x
EV / EBITDA	10.6 x	11 x	13.2 x	11 x	9.82 x	9.03 x	8.14 x	7.54 x
EV / FCF	16.1 x	24.3 x	20.7 x	21.1 x	19.1 x	15.2 x	13.4 x	12.3 x
FCF Yield	6.2%	4.11%	4.83%	4.75%	5.23%	6.59%	7.49%	8.14%
Price to Book	8.28 x	7.27 x	13.2 x	8.29 x	5.91 x	5.38 x	4.5 x	3.8 x
Nbr of stocks (in thousands)	856,061	854,642	800,952	854,579	798,652	797,242	-	-
Reference price ²	314.0	309.0	379.1	290.5	244.5	237.1	237.1	237.1
Announcement Date	1/30/20	2/4/21	2/3/22	2/2/23	2/1/24	-	-	-

¹CHF in Million²CHF

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	61,466	58,323	62,801	63,281	58,716	60,061	63,613	66,108
EBITDA ¹	25,419	24,281	24,692	25,015	21,976	22,704	24,460	25,636
EBIT ¹	22,479	21,536	21,897	22,173	19,240	19,995	21,714	22,754
Operating Margin	36.57%	36.93%	34.87%	35.04%	32.77%	33.29%	34.13%	34.42%
Earnings before Tax (EBT) ¹	16,614	17,965	17,398	16,327	14,079	17,758	19,674	20,855
Net income ¹	13,497	14,295	13,930	12,421	11,498	13,411	14,868	15,902
Net margin	21.96%	24.51%	22.18%	19.63%	19.58%	22.33%	23.37%	24.05%
EPS ²	15.62	16.52	16.20	15.37	14.31	17.13	18.84	20.34
Free Cash Flow ¹	16,764	10,943	15,691	13,041	11,288	13,516	14,897	15,722
FCF margin	27.27%	18.76%	24.99%	20.61%	19.22%	22.5%	23.42%	23.78%
FCF Conversion (EBITDA)	65.95%	45.07%	63.55%	52.13%	51.37%	59.53%	60.9%	61.33%
FCF Conversion (Net income)	124.21%	76.55%	112.64%	104.99%	98.17%	100.78%	100.19%	98.87%
Dividend per Share ²	9.000	9.100	9.300	9.500	9.600	9.722	10.05	10.35
Announcement Date	1/30/20	2/4/21	2/3/22	2/2/23	2/1/24	-	-	-

¹CHF in Million²CHF

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2021 Q3	2021 Q4	2021 S2	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2	2025 Q1	2025 S1	2025 S2
Net sales ¹	30,997	29,281	29,042	30,713	15,971	16,117	32,088	16,445	15,850	32,295	14,742	16,244	30,986	15,322	14,457	29,779	14,274	28,937	14,399	14,540	29,055	14,690	15,015	29,705	15,320	30,630	30,615
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT	10,116	11,766	9,770	11,652	-	-	10,245	-	-	12,668	-	-	9,505	-	-	10,911	-	8,329	-	-	10,854	-	-	9,653	-	-	-
Operating Margin	32.64%	40.18%	33.64%	37.94%	-	-	31.93%	-	-	39.23%	-	-	30.68%	-	-	36.64%	-	28.78%	-	-	37.36%	-	-	32.5%	-	-	-
Earnings before Tax (EBT)	6,260	10,181	7,784	9,887	-	-	7,511	-	-	10,985	-	-	5,342	-	-	9,174	-	4,905	-	-	-	-	-	-	-	-	-
Net income	4,878	8,079	6,216	7,803	-	-	6,127	-	-	8,530	-	-	3,891	-	-	7,137	-	4,361	-	-	-	-	-	-	-	-	-
Net margin	15.74%	27.59%	21.4%	25.41%	-	-	19.09%	-	-	26.41%	-	-	12.56%	-	-	23.97%	-	15.07%	-	-	-	-	-	-	-	-	-
EPS	5.630	9.320	7.200	9.050	-	-	7.150	-	-	10.54	-	-	4.830	-	-	8.870	-	5.440	-	-	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	1/30/20	7/23/20	2/4/21	7/22/21	10/20/21	2/3/22	2/3/22	4/25/22	7/21/22	7/21/22	10/18/22	2/2/23	2/2/23	4/27/23	7/27/23	7/27/23	11/1/23	2/1/24	-	-	-	-	-	-	-	-	-

¹CHF in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	2,505	1,882	18,167	15,584	18,699	13,752	7,733	1,977
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.0985 x	0.0775 x	0.7357 x	0.623 x	0.8509 x	0.6057 x	0.3161 x	0.0771 x
Free Cash Flow ¹	16,764	10,943	15,691	13,041	11,288	13,516	14,897	15,722
ROE (net income / shareholders' equity)	57.7%	48%	56%	62.5%	45.7%	43.7%	40.4%	36.3%
ROA (Net income/ Total Assets)	21.6%	19.6%	19.1%	18.2%	16.7%	14.6%	15%	14.7%
Assets ¹	62,621	72,966	72,951	68,337	68,793	91,863	99,279	108,240
Book Value Per Share ²	37.90	42.50	28.80	35.00	41.40	44.00	52.70	62.30
Cash Flow per Share ²	25.90	21.50	24.40	22.80	20.00	20.50	21.90	24.10
Capex ¹	3,503	3,528	3,693	3,449	3,742	3,798	3,978	4,134
Capex / Sales	5.7%	6.05%	5.88%	5.45%	6.37%	6.32%	6.25%	6.25%
Announcement Date	1/30/20	2/4/21	2/3/22	2/2/23	2/1/24	-	-	-

¹CHF in Million²CHF

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Roche Holding AG

Trading Rating

Investor Rating

ESG Refinitiv

A+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

237.1 CHF

Average target price

279.4 CHF

Spread / Average Target

+17.84%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Pharmaceuticals

	1st Jan change	Capi.
ROCHE HOLDING AG	-3.03%	211B
ELI LILLY AND COMPANY	+32.09%	693B
NOVO NORDISK A/S	+29.39%	584B
JOHNSON & JOHNSON	-1.34%	372B
MERCK & CO., INC.	+20.34%	332B
ABBVIE INC.	+7.39%	294B
ASTRAZENECA PLC	+14.25%	239B
NOVARTIS AG	+10.02%	210B
AMGEN INC.	+8.49%	168B
PFIZER, INC.	-0.52%	162B

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