Financials GSK plc

Equities

GSK

GB00BN7SWP63

Pharmaceuticals

Market Closed - London S.E. Other stock markets 11:35:21 2024-05-23 am EDT			5-day change	1st Jan Change
1,778 ^GBX	-0.59%		-0.31%	+22.60%

May. 22	Health Care Up as Vaccine Makers Gain - Health Care Roundup	DJ
May. 22	European Equities Traded in the US as American Depositary Receipts Fall in Wednesday Trading	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	88,051	66,801	80,458	58,381	59,112	72,936	-	-
Enterprise Value (EV) ¹	113,773	87,581	100,296	75,578	74,152	85,222	82,004	77,131
P/E ratio	19.2 x	11.8 x	18.6 x	3.93 x	11.9 x	13 x	11.2 x	10.1 x
Yield	4.5%	5.96%	4.98%	4.26%	4%	3.41%	3.54%	3.68%
Capitalization / Revenue	2.61 x	1.96 x	2.36 x	1.99 x	1.95 x	2.31 x	2.17 x	2.05 x
EV / Revenue	3.37 x	2.57 x	2.94 x	2.58 x	2.45 x	2.69 x	2.44 x	2.17 x
EV / EBITDA	9.51 x	9.19 x	8.85 x	7.23 x	6.37 x	8.07 x	7.04 x	6.09 x
EV / FCF	22.4 x	16.2 x	22.6 x	12.1 x	13.6 x	14.5 x	11.5 x	10.2 x
FCF Yield	4.46%	6.17%	4.42%	8.28%	7.36%	6.91%	8.73%	9.85%
Price to Book	7.35 x	4.58 x	5.34 x	5.47 x	4.4 x	4.55 x	3.73 x	3.09 x
Nbr of stocks (in thousands)	3,959,572	3,982,185	4,006,383	4,060,999	4,076,145	4,078,037	-	-
Reference price ²	22.24	16.78	20.08	14.38	14.50	17.88	17.88	17.88
Announcement Date	2/5/20	2/3/21	2/9/22	2/1/23	1/31/24	-	-	-

¹GBP in Million²GBP

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	33,754	34,099	34,114	29,324	30,328	31,627	33,583	35,537
EBITDA ¹	11,968	9,530	11,330	10,449	11,635	10,562	11,646	12,657
EBIT ¹	8,972	8,906	8,806	8,151	8,786	9,180	10,162	11,237
Operating Margin	26.58%	26.12%	25.81%	27.8%	28.97%	29.03%	30.26%	31.62%
Earnings before Tax (EBT) ¹	6,221	6,968	5,442	5,628	6,064	7,386	8,738	9,632
Net income ¹	4,645	5,749	4,385	14,956	4,928	5,545	6,494	7,186
Net margin	13.76%	16.86%	12.85%	51%	16.25%	17.53%	19.34%	20.22%
EPS ²	1.158	1.426	1.082	3.662	1.216	1.379	1.597	1.765
Free Cash Flow ¹	5,073	5,406	4,437	6,260	5,454	5,889	7,158	7,594
FCF margin	15.03%	15.85%	13.01%	21.35%	17.98%	18.62%	21.31%	21.37%
FCF Conversion (EBITDA)	42.39%	56.73%	39.16%	59.91%	46.88%	55.76%	61.46%	60%
FCF Conversion (Net income)	109.21%	94.03%	101.19%	41.86%	110.67%	106.2%	110.23%	105.68%
Dividend per Share ²	1.000	1.000	1.000	0.6125	0.5800	0.6096	0.6324	0.6575
Announcement Date	2/5/20	2/3/21	2/9/22	2/1/23	1/31/24	-	-	-

¹GBP in Million²GBP

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	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	9,527	9,780	6,929	7,829	7,376	6,951	7,178	8,147	8,052	7,363	7,536	8,563	8,196	7,590	7,865
EBITDA ¹	2,406	3,317	2,639	3,561	1,602	2,732	2,622	3,351	2,930	2,992	2,594	3,095	1,835	-	-
EBIT ¹	1,893	2,613	2,008	2,605	1,595	2,092	2,170	2,772	1,752	2,443	2,209	2,810	1,747	2,408	2,487
Operating Margin	19.87%	26.72%	28.98%	33.27%	21.62%	30.1%	30.23%	34.02%	21.76%	33.18%	29.31%	32.82%	21.32%	31.73%	31.62%
Earnings before Tax (EBT) ¹	706	2,598	896	1,012	1,626	1,907	1,987	1,791	379	1,355	1,823	2,493	1,317	-	-
Net income ¹	749	1,802	975	10,315	1,495	1,490	1,624	1,464	350	1,046	1,425	1,877	1,214	-	-
Net margin	7.86%	18.43%	14.07%	131.75%	20.27%	21.44%	22.62%	17.97%	4.35%	14.21%	18.91%	21.92%	14.81%	-	-
EPS ²	0.1838	0.4488	0.2080	2.523	0.3650	0.3650	0.4010	0.3610	0.0860	0.2540	0.3446	0.4542	0.2927	-	-
Dividend per Share ²	0.2875	0.1750	0.1625	0.1375	0.1375	0.1400	0.1400	0.1400	0.1600	0.1500	0.1500	0.1500	0.1500	0.1594	0.1594
Announcement Date	2/9/22	4/27/22	7/27/22	11/2/22	2/1/23	4/26/23	7/26/23	11/1/23	1/31/24	5/1/24	-	-	-	-	-

¹GBP in Million²GBP

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	25,722	20,780	19,838	17,197	15,040	12,286	9,068	4,195
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.149 x	2.18 x	1.751 x	1.646 x	1.293 x	1.163 x	0.7786 x	0.3314 x
Free Cash Flow ¹	5,073	5,406	4,437	6,260	5,454	5,889	7,158	7,594
ROE (net income / shareholders' equity)	75%	44.4%	38.2%	43.9%	52.5%	42.5%	39%	36.1%
ROA (Net income/ Total Assets)	8.9%	7.18%	5.5%	8.08%	10.5%	9.61%	10.6%	11.2%
Assets ¹	52,185	80,062	79,768	185,120	46,727	57,691	61,095	64,314
Book Value Per Share ²	3.020	3.660	3.760	2.630	3.290	3.930	4.800	5.790
Cash Flow per Share ²	2.000	2.090	1.960	1.810	1.670	1.750	1.860	1.960
Capex ¹	1,265	1,226	1,172	1,143	1,314	1,710	1,658	1,650
Capex / Sales	3.75%	3.6%	3.44%	3.9%	4.33%	5.41%	4.94%	4.64%
Announcement Date	2/5/20	2/3/21	2/9/22	2/1/23	1/31/24	-	-	-

¹GBP in Million²GBP

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for GSK plc

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

17.88 GBP

Average target price

20.32 GBP

Spread / Average Target

+13.63%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Pharmaceuticals

	1st Jan change	Capi.
GSK PLC	+22.43%	92.82B
ELI LILLY AND COMPANY	+38.65%	723B
NOVO NORDISK A/S	+34.28%	595B
JOHNSON & JOHNSON	-3.16%	369B
MERCK & CO., INC.	+20.77%	332B
ABBVIE INC.	+2.92%	282B
ASTRAZENECA PLC	+17.23%	244B
NOVARTIS AG	+9.20%	208B
ROCHE HOLDING AG	-4.87%	205B
PFIZER, INC.	+0.12%	168B

Other Pharmaceuticals