Stock MRK MERCK KGAA
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Financials Merck KGaA

Equities

MRK

DE0006599905

Pharmaceuticals

Market Closed - Xetra
Other stock markets
 11:35:06 2024-05-31 am EDT 		5-day change 1st Jan Change
166.5 EUR +1.12% Intraday chart for Merck KGaA -0.75% +15.54%
May. 30 Merck KGaA: memorandum of understanding with South Korean institute CF
May. 30 Merck KGaA Signs Korea Science Research Pact DJ

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 45,804 61,021 98,695 78,651 62,651 72,391 - -
Enterprise Value (EV) 1 58,160 71,683 107,596 86,979 70,610 78,482 76,805 74,619
P/E ratio 34.7 x 30.7 x 32.3 x 23.6 x 22.2 x 24 x 20.4 x 18.4 x
Yield 1.23% 1% 0.81% 1.22% 1.53% 1.36% 1.47% 1.56%
Capitalization / Revenue 2.84 x 3.48 x 5.01 x 3.54 x 2.98 x 3.4 x 3.2 x 3.04 x
EV / Revenue 3.6 x 4.09 x 5.47 x 3.91 x 3.36 x 3.68 x 3.4 x 3.13 x
EV / EBITDA 13.3 x 13.8 x 17.6 x 12.7 x 12 x 13.2 x 11.6 x 10.4 x
EV / FCF 28.5 x 34.7 x 30.3 x 31.9 x 36.9 x 26.8 x 25.1 x 21.5 x
FCF Yield 3.51% 2.88% 3.3% 3.14% 2.71% 3.73% 3.99% 4.66%
Price to Book 2.56 x 3.59 x 4.63 x 3.03 x 2.35 x 2.51 x 2.31 x 2.11 x
Nbr of stocks (in thousands) 434,778 434,778 434,778 434,778 434,778 434,778 - -
Reference price 2 105.4 140.4 227.0 180.9 144.1 166.5 166.5 166.5
Announcement Date 3/5/20 3/4/21 3/3/22 3/2/23 3/7/24 - - -
1EUR in Million2EUR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 16,152 17,534 19,687 22,232 20,993 21,298 22,594 23,840
EBITDA 1 4,385 5,201 6,103 6,849 5,879 5,930 6,617 7,204
EBIT 1 2,120 2,985 4,179 4,474 3,609 4,033 4,653 5,179
Operating Margin 13.13% 17.02% 21.23% 20.12% 17.19% 18.93% 20.59% 21.72%
Earnings before Tax (EBT) 1 1,735 2,630 3,924 4,287 3,484 3,814 4,451 4,979
Net income 1 1,320 1,987 3,055 3,326 2,824 3,007 3,527 3,935
Net margin 8.17% 11.33% 15.52% 14.96% 13.45% 14.12% 15.61% 16.51%
EPS 2 3.040 4.570 7.030 7.650 6.490 6.936 8.147 9.066
Free Cash Flow 1 2,043 2,065 3,550 2,728 1,915 2,926 3,061 3,474
FCF margin 12.65% 11.78% 18.03% 12.27% 9.12% 13.74% 13.55% 14.57%
FCF Conversion (EBITDA) 46.6% 39.7% 58.17% 39.83% 32.57% 49.34% 46.26% 48.23%
FCF Conversion (Net income) 154.77% 103.9% 116.22% 82.02% 67.8% 97.29% 86.81% 88.28%
Dividend per Share 2 1.300 1.400 1.850 2.200 2.200 2.262 2.448 2.594
Announcement Date 3/5/20 3/4/21 3/3/22 3/2/23 3/7/24 - - -
1EUR in Million2EUR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2020 S1 2021 Q4 2022 Q1 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
Net sales 1 8,489 5,213 5,198 5,568 5,806 5,660 5,293 5,302 5,173 5,225 5,120 5,262 5,415 5,547 - -
EBITDA 1 2,256 1,464 1,629 1,782 1,810 1,628 1,587 1,553 1,446 1,293 1,454 1,428 1,513 1,695 - -
EBIT 1 - 1,039 1,173 1,177 1,234 889.6 1,035 969 983 621 931 832.5 1,078 1,086 - -
Operating Margin - 19.93% 22.57% 21.14% 21.26% 15.72% 19.55% 18.28% 19% 11.89% 18.18% 15.82% 19.91% 19.58% - -
Earnings before Tax (EBT) 1 - 991.9 1,139 1,122 1,187 839.1 1,012 894 937 641 899 807.4 1,053 1,063 - -
Net income 1 - 802.1 880.4 867.1 923.2 655 796 704 739 586 694 699.3 823.8 874.8 - -
Net margin - 15.39% 16.94% 15.57% 15.9% 11.57% 15.04% 13.28% 14.29% 11.22% 13.55% 13.29% 15.21% 15.77% - -
EPS 2 1.720 1.840 2.020 1.990 2.120 1.510 1.830 1.620 1.700 1.340 1.600 1.603 1.908 2.018 - -
Dividend per Share 2 - 1.850 - - - 2.200 - - - 2.200 - 0.5500 0.5500 0.5500 0.6000 0.6000
Announcement Date 8/6/20 3/3/22 5/12/22 8/4/22 11/10/22 3/2/23 5/11/23 8/3/23 11/9/23 3/7/24 5/15/24 - - - - -
1EUR in Million2EUR
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 12,357 10,662 8,902 8,328 7,959 6,091 4,415 2,228
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 2.818 x 2.05 x 1.459 x 1.216 x 1.354 x 1.027 x 0.6672 x 0.3093 x
Free Cash Flow 1 2,043 2,065 3,550 2,728 1,915 2,926 3,061 3,474
ROE (net income / shareholders' equity) 13.8% 16.7% 19.8% 18.5% 14% 13.8% 14.5% 14.6%
ROA (Net income/ Total Assets) 3.27% 4.64% 8.7% 9.31% 7.61% 6.5% 7.43% 7.8%
Assets 1 40,348 42,804 35,111 35,718 37,119 46,255 47,466 50,450
Book Value Per Share 2 41.10 39.10 49.10 59.60 61.40 66.30 72.20 78.80
Cash Flow per Share 2 6.580 8.000 10.60 9.800 8.700 10.90 11.50 12.60
Capex 1 813 1,413 1,066 1,531 2,024 1,884 1,965 1,988
Capex / Sales 5.03% 8.06% 5.41% 6.89% 9.64% 8.85% 8.7% 8.34%
Announcement Date 3/5/20 3/4/21 3/3/22 3/2/23 3/7/24 - - -
1EUR in Million2EUR
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Merck KGaA

Trading Rating
Investor Rating
ESG Refinitiv
A
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
16
Last Close Price
166.5 EUR
Average target price
184.8 EUR
Spread / Average Target
+11.00%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Specialty & Advanced Pharmaceuticals

1st Jan change Capi.
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Specialty & Advanced Pharmaceuticals
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