Financials Roche Holding AG London S.E.

Equities

0TDF

US7711951043

Pharmaceuticals

Market Closed - London S.E. Other stock markets 09:31:49 2024-06-12 am EDT			5-day change	1st Jan Change
34.01 ^USD	+7.19%		-2.10%	-5.26%

Jul. 11	ROCHE HOLDINGS AG : JP Morgan maintains a Sell rating	ZD
Jul. 10	DexCom, Inc. : A Must-Have Tool for Diabetes Care

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	267,779	264,244	306,810	259,166	197,073	203,769	-	-
Enterprise Value (EV) ¹	270,284	266,126	324,977	274,750	215,772	218,019	212,899	206,915
P/E ratio	20.1 x	18.7 x	23.4 x	18.9 x	17.1 x	14.7 x	13.4 x	12.5 x
Yield	2.87%	2.94%	2.45%	3.27%	3.93%	3.88%	3.98%	4.09%
Capitalization / Revenue	4.36 x	4.53 x	4.89 x	4.1 x	3.36 x	3.37 x	3.19 x	3.06 x
EV / Revenue	4.4 x	4.56 x	5.17 x	4.34 x	3.67 x	3.61 x	3.33 x	3.11 x
EV / EBITDA	10.6 x	11 x	13.2 x	11 x	9.82 x	9.59 x	8.7 x	8.05 x
EV / FCF	16.1 x	24.3 x	20.7 x	21.1 x	19.1 x	16.2 x	14.5 x	13.4 x
FCF Yield	6.2%	4.11%	4.83%	4.75%	5.23%	6.19%	6.91%	7.44%
Price to Book	8.28 x	7.27 x	13.2 x	8.29 x	5.91 x	5.72 x	4.79 x	4.04 x
Nbr of stocks (in thousands)	856,061	854,642	800,952	854,579	798,652	797,242	-	-
Reference price ²	314.0	309.0	379.1	290.5	244.5	252.1	252.1	252.1
Announcement Date	1/30/20	2/4/21	2/3/22	2/2/23	2/1/24	-	-	-

¹CHF in Million²CHF

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	61,466	58,323	62,801	63,281	58,716	60,457	63,884	66,602
EBITDA ¹	25,419	24,281	24,692	25,015	21,976	22,736	24,464	25,714
EBIT ¹	22,479	21,536	21,897	22,173	19,240	20,069	21,744	22,839
Operating Margin	36.57%	36.93%	34.87%	35.04%	32.77%	33.19%	34.04%	34.29%
Earnings before Tax (EBT) ¹	16,614	17,965	17,398	16,327	14,079	17,726	19,449	20,562
Net income ¹	13,497	14,295	13,930	12,421	11,498	13,433	14,864	15,895
Net margin	21.96%	24.51%	22.18%	19.63%	19.58%	22.22%	23.27%	23.87%
EPS ²	15.62	16.52	16.20	15.37	14.31	17.11	18.79	20.25
Free Cash Flow ¹	16,764	10,943	15,691	13,041	11,288	13,495	14,702	15,390
FCF margin	27.27%	18.76%	24.99%	20.61%	19.22%	22.32%	23.01%	23.11%
FCF Conversion (EBITDA)	65.95%	45.07%	63.55%	52.13%	51.37%	59.36%	60.1%	59.85%
FCF Conversion (Net income)	124.21%	76.55%	112.64%	104.99%	98.17%	100.46%	98.91%	96.82%
Dividend per Share ²	9.000	9.100	9.300	9.500	9.600	9.776	10.04	10.30
Announcement Date	1/30/20	2/4/21	2/3/22	2/2/23	2/1/24	-	-	-

¹CHF in Million²CHF

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2021 Q3	2021 Q4	2021 S2	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2	2025 Q1	2025 S1	2025 S2
Net sales ¹	30,997	29,281	29,042	30,713	15,971	16,117	32,088	16,445	15,850	32,295	14,742	16,244	30,986	15,322	14,457	29,779	14,274	28,937	14,399	13,008	29,696	14,690	15,015	30,814	15,320	30,630	30,615
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT	10,116	11,766	9,770	11,652	-	-	10,245	-	-	12,668	-	-	9,505	-	-	10,911	-	8,329	-	-	10,498	-	-	9,641	-	-	-
Operating Margin	32.64%	40.18%	33.64%	37.94%	-	-	31.93%	-	-	39.23%	-	-	30.68%	-	-	36.64%	-	28.78%	-	-	35.35%	-	-	31.29%	-	-	-
Earnings before Tax (EBT)	6,260	10,181	7,784	9,887	-	-	7,511	-	-	10,985	-	-	5,342	-	-	9,174	-	4,905	-	-	8,930	-	-	9,368	-	-	-
Net income	4,878	8,079	6,216	7,803	-	-	6,127	-	-	8,530	-	-	3,891	-	-	7,137	-	4,361	-	-	7,294	-	-	7,071	-	-	-
Net margin	15.74%	27.59%	21.4%	25.41%	-	-	19.09%	-	-	26.41%	-	-	12.56%	-	-	23.97%	-	15.07%	-	-	24.56%	-	-	22.95%	-	-	-
EPS	5.630	9.320	7.200	9.050	-	-	7.150	-	-	10.54	-	-	4.830	-	-	8.870	-	5.440	-	-	8.905	-	-	8.820	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	1/30/20	7/23/20	2/4/21	7/22/21	10/20/21	2/3/22	2/3/22	4/25/22	7/21/22	7/21/22	10/18/22	2/2/23	2/2/23	4/27/23	7/27/23	7/27/23	11/1/23	2/1/24	-	-	-	-	-	-	-	-	-

¹CHF in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	2,505	1,882	18,167	15,584	18,699	14,250	9,130	3,146
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.0985 x	0.0775 x	0.7357 x	0.623 x	0.8509 x	0.6267 x	0.3732 x	0.1224 x
Free Cash Flow ¹	16,764	10,943	15,691	13,041	11,288	13,495	14,702	15,390
ROE (net income / shareholders' equity)	57.7%	48%	56%	62.5%	45.7%	43.7%	40.3%	36.2%
ROA (Net income/ Total Assets)	21.6%	19.6%	19.1%	18.2%	16.7%	14.6%	14.9%	14.7%
Assets ¹	62,621	72,966	72,951	68,337	68,793	92,136	99,466	108,389
Book Value Per Share ²	37.90	42.50	28.80	35.00	41.40	44.10	52.70	62.40
Cash Flow per Share ²	25.90	21.50	24.40	22.80	20.00	20.00	21.40	23.60
Capex ¹	3,503	3,528	3,693	3,449	3,742	3,733	3,908	4,062
Capex / Sales	5.7%	6.05%	5.88%	5.45%	6.37%	6.18%	6.12%	6.1%
Announcement Date	1/30/20	2/4/21	2/3/22	2/2/23	2/1/24	-	-	-

¹CHF in Million²CHF

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Roche Holding AG

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

252.1 CHF

Average target price

274 CHF

Spread / Average Target

+8.69%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

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