Financials Coloplast A/S

Equities

COLO B

DK0060448595

Medical Equipment, Supplies & Distribution

Market Closed - Nasdaq Copenhagen Other stock markets 11:20:00 2024-06-10 am EDT			5-day change	1st Jan Change
833.6 ^DKK	-0.86%		+3.30%	+7.98%

Jun. 06	Transcript : Coloplast A/S - Analyst/Investor Day
May. 15	COLOPLAST : Multiple silver linings in spite of a soft Q2 24

Valuation

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	175,241	213,422	214,092	164,708	167,956	187,427	-	-
Enterprise Value (EV) ¹	175,780	214,584	216,204	182,799	186,616	206,828	205,501	204,191
P/E ratio	45.4 x	51 x	44.5 x	35.1 x	33.7 x	35.9 x	30.7 x	26.9 x
Yield	2.06%	1.79%	1.89%	2.58%	2.81%	2.41%	2.64%	2.9%
Capitalization / Revenue	9.77 x	11.5 x	11 x	7.29 x	6.86 x	6.94 x	6.38 x	5.89 x
EV / Revenue	9.8 x	11.6 x	11.1 x	8.1 x	7.62 x	7.65 x	7 x	6.42 x
EV / EBITDA	28.3 x	32 x	31.1 x	23.3 x	23.6 x	23.8 x	21.1 x	18.9 x
EV / FCF	46.7 x	54.8 x	49.5 x	43.8 x	58.2 x	47.7 x	34.5 x	30.6 x
FCF Yield	2.14%	1.82%	2.02%	2.28%	1.72%	2.1%	2.9%	3.27%
Price to Book	25.3 x	28.9 x	26.2 x	19.9 x	9.24 x	10.5 x	9.86 x	9.04 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	833.6	833.6	833.6
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	27,021	29,355	31,826
EBITDA ¹	6,207	6,705	6,947	7,840	7,914	8,702	9,744	10,821
EBIT ¹	5,556	5,854	6,355	6,910	6,845	7,476	8,412	9,396
Operating Margin	30.97%	31.57%	32.71%	30.6%	27.94%	27.67%	28.66%	29.52%
Earnings before Tax (EBT) ¹	5,028	5,466	6,233	6,127	6,025	6,733	7,866	9,010
Net income ¹	3,873	4,197	4,825	4,706	4,783	5,236	6,103	6,945
Net margin	21.59%	22.63%	24.84%	20.84%	19.52%	19.38%	20.79%	21.82%
EPS ²	18.18	19.67	22.63	22.11	22.20	23.19	27.13	30.95
Free Cash Flow ¹	3,766	3,913	4,371	4,172	3,206	4,339	5,962	6,675
FCF margin	20.99%	21.1%	22.5%	18.48%	13.09%	16.06%	20.31%	20.97%
FCF Conversion (EBITDA)	60.67%	58.36%	62.92%	53.21%	40.51%	49.86%	61.18%	61.69%
FCF Conversion (Net income)	97.24%	93.23%	90.59%	88.65%	67.03%	82.87%	97.69%	96.12%
Dividend per Share ²	17.00	18.00	19.00	20.00	21.00	20.11	22.03	24.18
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	6,822	6,990	13,744	7,243	7,234	7,351
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	2,251	2,309	4,381	2,420	2,420	2,451
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	1,912	1,948	3,747	2,088	2,094	2,124
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%	28.02%	27.86%	27.26%	28.83%	28.95%	28.89%
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	-	1,774	1,806	-	1,891	1,921	2,052
Net income ¹	1,207	980	1,289	1,230	1,127	1,155	1,272	1,229	-	1,212	1,252	-	1,368	1,429	-	1,475	1,499	1,600
Net margin	23.35%	17.81%	22.04%	20.3%	18.46%	19.06%	20.83%	19.74%	-	18.35%	19.01%	-	20.05%	20.44%	-	20.36%	20.72%	21.77%
EPS ²	5.660	4.600	6.060	5.790	5.310	5.440	5.980	5.470	-	5.390	5.570	10.96	6.141	6.417	-	6.750	6.860	7.320
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	19,401	18,075	16,764
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.0868 x	0.1733 x	0.304 x	2.308 x	2.358 x	2.229 x	1.855 x	1.549 x
Free Cash Flow ¹	3,766	3,913	4,371	4,172	3,206	4,339	5,962	6,675
ROE (net income / shareholders' equity)	65%	58.6%	70%	64%	59%	30.2%	32.7%	34.5%
ROA (Net income/ Total Assets)	31.6%	32%	34%	20%	11.3%	10.9%	12%	13.4%
Assets ¹	12,251	13,116	14,211	23,584	42,290	48,258	50,829	51,889
Book Value Per Share ²	32.60	34.80	38.30	38.90	80.90	79.20	84.60	92.20
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	1,348	1,389	1,493
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

833.6 DKK

Average target price

906.7 DKK

Spread / Average Target

+8.77%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Medical Supplies

	1st Jan change	Capi.
COLOPLAST A/S	+7.98%	26.99B
SHANDONG WEIGAO GROUP MEDICAL POLYMER COMPANY LIMITED	-41.92%	2.63B
HARTALEGA HOLDINGS	+25.19%	2.44B
WINNER MEDICAL CO., LTD.	-23.19%	2.31B
INTCO MEDICAL TECHNOLOGY CO., LTD.	+5.99%	2.21B
TOP GLOVE CORPORATION BHD.	+22.22%	1.87B
KOSSAN RUBBER INDUSTRIES	+32.97%	1.33B
GVS S.P.A.	+30.76%	1.37B
NAKANISHI INC.	+0.17%	1.3B
RIVERSTONE HOLDINGS LIMITED	+31.91%	1.02B

Medical Supplies