Financials Cardinal Health, Inc.

Equities

CAH

US14149Y1082

Pharmaceuticals

Market Closed - Nyse Other stock markets 04:00:02 2024-05-17 pm EDT			5-day change	1st Jan Change
99.08 ^USD	+0.41%		-0.45%	-1.71%

May. 17	JPMorgan Adjusts Cardinal Health Price Target to $111 From $119	MT
May. 15	Argus Adjusts Price Target on Cardinal Health to $115 From $120	MT

Valuation

Fiscal Period: Junio	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	14,039	15,239	16,565	14,240	24,078	24,133	-	-
Enterprise Value (EV) ¹	19,539	19,243	19,394	14,838	24,736	24,865	24,653	24,190
P/E ratio	10.4 x	-4.14 x	27.4 x	-15.6 x	94.6 x	25.1 x	15.9 x	13.9 x
Yield	4.06%	3.7%	3.41%	3.75%	2.1%	2.04%	2.07%	2.13%
Capitalization / Revenue	0.1 x	0.1 x	0.1 x	0.08 x	0.12 x	0.11 x	0.11 x	0.11 x
EV / Revenue	0.13 x	0.13 x	0.12 x	0.08 x	0.12 x	0.11 x	0.12 x	0.11 x
EV / EBITDA	7.15 x	6.94 x	7.5 x	6.29 x	10 x	8.77 x	8.27 x	7.46 x
EV / FCF	8.16 x	12.1 x	9.56 x	5.43 x	10.5 x	12.6 x	21.1 x	11.6 x
FCF Yield	12.3%	8.24%	10.5%	18.4%	9.53%	7.92%	4.74%	8.59%
Price to Book	1.63 x	8.55 x	9.29 x	-20.6 x	-8.32 x	-8.46 x	-11.7 x	-15.7 x
Nbr of stocks (in thousands)	298,060	291,986	290,148	272,427	254,600	243,567	-	-
Reference price ²	47.10	52.19	57.09	52.27	94.57	99.08	99.08	99.08
Announcement Date	8/8/19	8/6/20	8/5/21	8/11/22	8/15/23	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: Junio	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	145,534	152,922	162,467	181,364	205,012	225,702	209,984	226,837
EBITDA ¹	2,732	2,773	2,587	2,358	2,464	2,836	2,982	3,244
EBIT ¹	2,353	2,384	2,255	1,990	2,057	2,413	2,555	2,798
Operating Margin	1.62%	1.56%	1.39%	1.1%	1%	1.07%	1.22%	1.23%
Earnings before Tax (EBT) ¹	1,751	-3,772	323	-769	638	1,131	1,442	1,751
Net income ¹	1,363	-3,696	611	-933	261	954.5	1,448	1,640
Net margin	0.94%	-2.42%	0.38%	-0.51%	0.13%	0.42%	0.69%	0.72%
EPS ²	4.530	-12.61	2.080	-3.350	1.000	3.940	6.240	7.115
Free Cash Flow ¹	2,394	1,585	2,029	2,735	2,358	1,970	1,169	2,079
FCF margin	1.64%	1.04%	1.25%	1.51%	1.15%	0.87%	0.56%	0.92%
FCF Conversion (EBITDA)	87.63%	57.16%	78.43%	115.99%	95.7%	69.47%	39.19%	64.07%
FCF Conversion (Net income)	175.64%	-	332.08%	-	903.45%	206.41%	80.73%	126.73%
Dividend per Share ²	1.910	1.929	1.948	1.960	1.988	2.019	2.048	2.106
Announcement Date	8/8/19	8/6/20	8/5/21	8/11/22	8/15/23	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: June	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	45,457	44,836	47,103	49,603	51,469	50,487	53,453	54,763	57,445	54,911	58,503	51,798	53,753	51,538	55,163
EBITDA ¹	552	647	542	523	566	707	667	679	674	763	711	688.3	706.8	815.5	773.5
EBIT ¹	467	545	450	423	467	606	560	571	562	666	610.5	596.1	610.8	709.6	657.7
Operating Margin	1.03%	1.22%	0.96%	0.85%	0.91%	1.2%	1.05%	1.04%	0.98%	1.21%	1.04%	1.15%	1.14%	1.38%	1.19%
Earnings before Tax (EBT) ¹	-973	-137	-28	110	-137	544	121	-26	490	341	326	49.78	455.4	436.9	409.8
Net income ¹	49	-1,391	138	110	-130	345	-64	5	353	258	335.2	360.2	375.9	449.4	403.3
Net margin	0.11%	-3.1%	0.29%	0.22%	-0.25%	0.68%	-0.12%	0.01%	0.61%	0.47%	0.57%	0.7%	0.7%	0.87%	0.73%
EPS ²	0.1700	-5.050	0.5000	0.4000	-0.5000	1.340	-0.2500	0.0200	1.430	1.050	1.527	1.513	1.593	1.887	1.730
Dividend per Share ²	0.4908	0.4908	0.4908	0.4957	0.4957	0.4957	0.5006	0.5006	0.5006	0.5006	0.4995	0.5155	0.5164	0.5156	0.5226
Announcement Date	2/3/22	5/5/22	8/11/22	11/4/22	2/2/23	5/4/23	8/15/23	11/3/23	2/1/24	5/2/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: June	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	5,500	4,004	2,829	598	658	732	520	56.9
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.013 x	1.444 x	1.094 x	0.2536 x	0.267 x	0.2581 x	0.1745 x	0.0175 x
Free Cash Flow ¹	2,394	1,585	2,029	2,735	2,358	1,970	1,169	2,079
ROE (net income / shareholders' equity)	25.7%	39.5%	91.3%	261%	-	-	-	-
ROA (Net income/ Total Assets)	3.93%	3.93%	3.84%	3.21%	3.48%	3.5%	3.6%	3.97%
Assets ¹	34,703	-94,103	15,904	-29,039	7,500	27,249	40,187	41,275
Book Value Per Share ²	28.90	6.110	6.140	-2.540	-11.40	-11.70	-8.440	-6.320
Cash Flow per Share ²	9.040	6.690	8.260	11.20	10.80	11.20	8.560	11.00
Capex ¹	328	375	400	387	481	502	497	513
Capex / Sales	0.23%	0.25%	0.25%	0.21%	0.23%	0.22%	0.24%	0.23%
Announcement Date	8/8/19	8/6/20	8/5/21	8/11/22	8/15/23	-	-	-

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 Cardinal Health, Inc.

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

99.08 USD

Average target price

111.8 USD

Spread / Average Target

+12.82%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Pharmaceuticals Wholesale

	1st Jan change	Capi.
CARDINAL HEALTH, INC.	-1.71%	24.13B
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SINOPHARM GROUP CO. LTD.	+7.58%	8.78B
SHANGHAI PHARMACEUTICALS HOLDING CO., LTD	+10.34%	8.59B
HUADONG MEDICINE CO., LTD	-19.80%	8.06B
H. LUNDBECK A/S	+14.16%	5.26B
EBOS GROUP LIMITED	-0.03%	4.21B
JOINTOWN PHARMACEUTICAL GROUP CO., LTD	+12.70%	4.17B
GALENICA AG	-2.54%	3.89B
CHINA NATIONAL MEDICINES CORPORATION LTD.	+24.00%	3.71B

Pharmaceuticals Wholesale