Financials Sandoz Group AG

Equities

SDZ

CH1243598427

Pharmaceuticals

Market Closed - Swiss Exchange Other stock markets 11:30:41 2024-05-31 am EDT			5-day change	1st Jan Change
32.06 ^CHF	+1.04%		+0.12%	+18.48%

May. 22	Sandoz: Marketing authorization for Wyost and Jubbonti in the EU	CF
May. 22	Sandoz Group Receives EU Approval for Cancer, Osteoporosis Biosimilars	MT

Valuation

Fiscal Period: December	2023	2024	2025	2026
Capitalization ¹	13,854	15,248	-	-
Enterprise Value (EV) ¹	16,969	18,363	17,979	17,435
P/E ratio	179 x	21.8 x	15.6 x	12.6 x
Yield	1.4%	1.79%	2.31%	2.95%
Capitalization / Revenue	1.44 x	1.48 x	1.39 x	1.32 x
EV / Revenue	1.76 x	1.78 x	1.64 x	1.51 x
EV / EBITDA	9.74 x	9.07 x	7.78 x	6.68 x
EV / FCF	-72.5 x	35.6 x	17.6 x	14.1 x
FCF Yield	-1.38%	2.81%	5.67%	7.07%
Price to Book	1.6 x	1.66 x	1.54 x	1.42 x
Nbr of stocks (in thousands)	431,000	429,717	-	-
Reference price ²	32.14	35.48	35.48	35.48
Announcement Date	3/13/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2022	2023	2024	2025	2026
Net sales ¹	-	9,647	10,292	10,956	11,564
EBITDA ¹	-	1,743	2,025	2,312	2,611
EBIT ¹	-	1,488	1,761	2,044	2,346
Operating Margin	-	15.42%	17.11%	18.66%	20.29%
Earnings before Tax (EBT) ¹	1,102	130	959.1	1,362	1,748
Net income ¹	848	77	709.7	973.6	1,191
Net margin	-	0.8%	6.9%	8.89%	10.3%
EPS ²	-	0.1800	1.625	2.274	2.805
Free Cash Flow ¹	-	-234	516.4	1,020	1,233
FCF margin	-	-2.43%	5.02%	9.31%	10.66%
FCF Conversion (EBITDA)	-	-	25.5%	44.12%	47.23%
FCF Conversion (Net income)	-	-	72.76%	104.75%	103.57%
Dividend per Share ²	-	0.4500	0.6368	0.8179	1.048
Announcement Date	8/18/23	3/13/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1
Net sales ¹	-	2,186	2,543	4,880	2,492
EBITDA	-	-	-	751	-
EBIT	-	-	-	618	-
Operating Margin	-	-	-	12.66%	-
Earnings before Tax (EBT)	362	-	-	-	-
Net income	235	-	-	-	-
Net margin	-	-	-	-	-
EPS	-	-	-	-	-
Dividend per Share	-	-	-	-	-
Announcement Date	9/5/23	10/24/23	3/13/24	3/13/24	5/7/24

¹USD in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2022	2023	2024	2025	2026
Net Debt ¹	-	3,115	3,115	2,732	2,187
Net Cash position ¹	-	-	-	-	-
Leverage (Debt/EBITDA)	-	1.787 x	1.538 x	1.182 x	0.8375 x
Free Cash Flow ¹	-	-234	516	1,020	1,233
ROE (net income / shareholders' equity)	-	11%	11.9%	13.3%	14.4%
ROA (Net income/ Total Assets)	-	5.15%	4.63%	5.68%	6.42%
Assets ¹	-	1,494	15,313	17,128	18,547
Book Value Per Share ²	-	20.10	21.40	23.00	25.10
Cash Flow per Share ²	-	0.8400	2.680	3.160	3.790
Capex ¹	-	586	517	484	468
Capex / Sales	-	6.07%	5.02%	4.42%	4.05%
Announcement Date	8/18/23	3/13/24	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Sandoz Group AG

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

35.48 USD

Average target price

39.82 USD

Spread / Average Target

+12.23%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Generic Pharmaceuticals

	1st Jan change	Capi.
SANDOZ GROUP AG	+18.48%	15.25B
SUN PHARMACEUTICAL INDUSTRIES LTD.	+15.91%	41.97B
OTSUKA HOLDINGS CO., LTD.	+22.40%	22.34B
CIPLA LIMITED	+16.12%	14B
ZYDUS LIFESCIENCES LIMITED	+45.12%	12.06B
ONO PHARMACEUTICAL CO., LTD.	-9.58%	6.8B
THE MEDICINES COMPANY	-0.05%	6.79B
STADA ARZNEIMITTEL	-8.87%	5.73B
ASPEN PHARMACARE HOLDINGS LIMITED	+14.18%	5.49B
GEDEON RICHTER	+4.00%	4.62B

Generic Pharmaceuticals