MERCK KGAA |
Real-time Estimate
Other stock markets
|
5-day change | 1st Jan Change | ||
| 167.4 EUR | +0.03% |
|
+0.88% | +16.00% |
| 08:25am | MERCK KGAA : Jefferies reaffirms its Buy rating | ZD |
| May. 27 | MERCK : A lower starting point for future growth |  |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 45,804 | 61,021 | 98,695 | 78,651 | 62,651 | 72,782 | - | - |
| Enterprise Value (EV) 1 | 58,160 | 71,683 | 107,596 | 86,979 | 62,651 | 79,058 | 77,227 | 75,051 |
| P/E ratio | 34.7 x | 30.7 x | 32.3 x | 23.6 x | 22.2 x | 24.1 x | 20.4 x | 18.3 x |
| Yield | 1.23% | 1% | 0.81% | 1.22% | - | 1.33% | 1.45% | 1.52% |
| Capitalization / Revenue | 2.84 x | 3.48 x | 5.01 x | 3.54 x | 2.98 x | 3.42 x | 3.23 x | 3.06 x |
| EV / Revenue | 3.6 x | 4.09 x | 5.47 x | 3.91 x | 2.98 x | 3.72 x | 3.42 x | 3.15 x |
| EV / EBITDA | 13.3 x | 13.8 x | 17.6 x | 12.7 x | 10.7 x | 13.4 x | 11.7 x | 10.5 x |
| EV / FCF | 28.5 x | 34.7 x | 30.3 x | 31.9 x | - | 27 x | 25.2 x | 21.6 x |
| FCF Yield | 3.51% | 2.88% | 3.3% | 3.14% | - | 3.7% | 3.96% | 4.63% |
| Price to Book | 2.56 x | 3.59 x | 4.63 x | 3.03 x | - | 2.51 x | 2.31 x | 2.12 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 | 167.4 | 167.4 | 167.4 |
| 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 | 21,280 | 22,561 | 23,810 |
| EBITDA 1 | 4,385 | 5,201 | 6,103 | 6,849 | 5,879 | 5,916 | 6,575 | 7,142 |
| EBIT 1 | 2,120 | 2,985 | 4,179 | 4,474 | 3,609 | 4,062 | 4,641 | 5,170 |
| Operating Margin | 13.13% | 17.02% | 21.23% | 20.12% | 17.19% | 19.09% | 20.57% | 21.72% |
| Earnings before Tax (EBT) 1 | 1,735 | 2,630 | 3,924 | 4,287 | 3,484 | 3,830 | 4,440 | 4,971 |
| Net income 1 | 1,320 | 1,987 | 3,055 | 3,326 | 2,824 | 3,001 | 3,550 | 3,953 |
| Net margin | 8.17% | 11.33% | 15.52% | 14.96% | 13.45% | 14.1% | 15.74% | 16.6% |
| EPS 2 | 3.040 | 4.570 | 7.030 | 7.650 | 6.490 | 6.956 | 8.222 | 9.158 |
| Free Cash Flow 1 | 2,043 | 2,065 | 3,550 | 2,728 | - | 2,926 | 3,061 | 3,474 |
| FCF margin | 12.65% | 11.78% | 18.03% | 12.27% | - | 13.75% | 13.57% | 14.59% |
| FCF Conversion (EBITDA) | 46.6% | 39.7% | 58.17% | 39.83% | - | 49.45% | 46.56% | 48.64% |
| FCF Conversion (Net income) | 154.77% | 103.9% | 116.22% | 82.02% | - | 97.5% | 86.23% | 87.89% |
| Dividend per Share 2 | 1.300 | 1.400 | 1.850 | 2.200 | - | 2.233 | 2.420 | 2.546 |
| 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 | 5,250 | 5,389 | 5,529 | - | - |
| EBITDA 1 | 2,256 | 1,464 | 1,629 | 1,782 | 1,810 | 1,628 | 1,587 | 1,553 | 1,446 | 1,293 | 1,454 | 1,419 | 1,489 | 1,608 | - | - |
| 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% | 15.86% | 20.01% | 19.65% | - | - |
| 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 | 741.5 | 809.9 | 881.4 | - | - |
| Net margin | - | 15.39% | 16.94% | 15.57% | 15.9% | 11.57% | 15.04% | 13.28% | 14.29% | 11.22% | 13.55% | 14.13% | 15.03% | 15.94% | - | - |
| 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 | 1.862 | 2.018 | - | - |
| Dividend per Share 2 | - | 1.850 | - | - | - | 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 | - | 6,277 | 4,446 | 2,269 |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 2.818 x | 2.05 x | 1.459 x | 1.216 x | - | 1.061 x | 0.6762 x | 0.3177 x |
| Free Cash Flow 1 | 2,043 | 2,065 | 3,550 | 2,728 | - | 2,926 | 3,061 | 3,474 |
| ROE (net income / shareholders' equity) | 13.8% | 16.7% | 19.8% | 18.5% | - | 13.6% | 14.3% | 14.6% |
| ROA (Net income/ Total Assets) | 3.27% | 4.64% | 8.7% | 9.31% | - | 6.5% | 7.43% | 7.8% |
| Assets 1 | 40,348 | 42,804 | 35,111 | 35,718 | - | 46,156 | 47,786 | 50,677 |
| Book Value Per Share 2 | 41.10 | 39.10 | 49.10 | 59.60 | - | 66.60 | 72.50 | 78.80 |
| Cash Flow per Share 2 | 6.580 | 8.000 | 10.60 | 9.800 | - | 10.90 | 11.50 | 12.60 |
| Capex 1 | 813 | 1,413 | 1,066 | 1,531 | - | 1,695 | 1,965 | 1,988 |
| Capex / Sales | 5.03% | 8.06% | 5.41% | 6.89% | - | 7.96% | 8.71% | 8.35% |
| 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
Trading Rating
Investor Rating
ESG Refinitiv
A
Sell
Buy
Mean consensus
BUY
Number of Analysts
16
Last Close Price
167.4
EUR
Average target price
183.6
EUR
Spread / Average Target
+9.66%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +16.38% | 79.03B | |
| +8.65% | 8.78B | |
| -16.73% | 4.83B | |
| +48.34% | 4.65B | |
| +2.03% | 3.89B | |
| +18.40% | 2.34B | |
| -26.94% | 2.18B | |
| +16.55% | 2.11B | |
| -36.25% | 2B | |
| -0.50% | 1.64B |
- Stock Market
- Equities
- MRK Stock
- Financials Merck KGaA
