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Company Valuation: Novartis AG
Data adjusted to current consolidation scope
| Fiscal Period: December | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 |
|---|---|---|---|---|---|---|---|---|
| Market Cap 1 | 196,458 | 194,448 | 207,167 | 195,514 | 266,003 | 268,172 | - | - |
| Change | - | -1.02% | 6.54% | -5.62% | 36.05% | 0.82% | - | - |
| Enterprise Value (EV) 1 | 204,649 | 203,482 | 219,178 | 213,458 | 289,870 | 300,432 | 296,470 | 290,310 |
| Change | - | -0.57% | 7.71% | -2.61% | 35.8% | 3.64% | -1.32% | -2.08% |
| P/E | 8.2x | 28.3x | 14.1x | 16.5x | 19.2x | 20.3x | 17.4x | 15.1x |
| PBR | 2.9x | 3.23x | 4.41x | 4.52x | 5.73x | 6.08x | 5.64x | 5.02x |
| PEG | - | -0.4x | 0x | -1x | 0.9x | 115.52x | 1x | 1x |
| Capitalization / Revenue | 3.81x | 3.85x | 4.44x | 3.78x | 4.69x | 4.7x | 4.44x | 4.18x |
| EV / Revenue | 3.96x | 4.03x | 4.7x | 4.13x | 5.11x | 5.27x | 4.91x | 4.53x |
| EV / EBITDA | 11.2x | 10.9x | 12.2x | 10.2x | 12.4x | 12.8x | 11.7x | 10.5x |
| EV / EBIT | 12.3x | 12.2x | 13.4x | 10.9x | 13.2x | 14x | 12.7x | 11.5x |
| EV / FCF | 15.4x | 17x | 16.6x | 13.1x | 16.5x | 22.2x | 18.3x | 15.6x |
| FCF Yield | 6.49% | 5.87% | 6.01% | 7.61% | 6.07% | 4.5% | 5.48% | 6.42% |
| Dividend per Share 2 | 3.36 | 3.5 | 3.823 | 3.856 | - | 4.472 | 4.598 | 4.766 |
| Rate of return | 3.83% | 3.87% | 3.79% | 3.94% | - | 3.05% | 3.14% | 3.25% |
| EPS 2 | 10.71 | 3.19 | 7.15 | 5.92 | 7.21 | 7.223 | 8.434 | 9.689 |
| Distribution rate | 31.4% | 110% | 53.5% | 65.1% | - | 61.9% | 54.5% | 49.2% |
| Net sales 1 | 51,626 | 50,545 | 46,660 | 51,722 | 56,674 | 57,018 | 60,425 | 64,153 |
| EBITDA 1 | 18,246 | 18,613 | 17,937 | 21,006 | 23,415 | 23,510 | 25,343 | 27,542 |
| EBIT 1 | 16,588 | 16,665 | 16,372 | 19,494 | 21,889 | 21,525 | 23,297 | 25,275 |
| Net income 1 | 24,021 | 6,955 | 14,854 | 11,939 | 13,967 | 14,148 | 15,672 | 17,555 |
| Net Debt 1 | 8,191 | 9,034 | 12,011 | 17,944 | 23,867 | 32,260 | 28,298 | 22,138 |
| Reference price 2 | 87.82 | 90.40 | 100.79 | 97.79 | 138.63 | 146.50 | 146.50 | 146.50 |
| Nbr of stocks (in thousands) | 2,237,092 | 2,150,980 | 2,055,460 | 1,999,270 | 1,918,792 | 1,830,549 | - | - |
| Announcement Date | 2/2/22 | 2/1/23 | 1/31/24 | 1/31/25 | 2/4/26 | - | - | - |
1USD in Million2USD
Estimates
P/E, Detailed evolution
| P/E (Y) | EV / Sales (Y) | EV / EBITDA (Y) | Dividend Yield (Y) | Capi.($) | ||
|---|---|---|---|---|---|---|
| 32.01x | 11.69x | 23.99x | 0.62% | 980B | ||
| 24.41x | 5.63x | 15.32x | 2.34% | 550B | ||
| 26.86x | 6.49x | 13.28x | 3.17% | 382B | ||
| 17.04x | 4.24x | 10.43x | 3.13% | 316B | ||
| 21.94x | 4.59x | 13.02x | 1.91% | 272B | ||
| 13x | 4.83x | 9.94x | 3.87% | 199B | ||
| 21.95x | 5.91x | 10.33x | 2.99% | 182B | ||
| -44.34x | 5.36x | 29.54x | 2.62% | 154B | ||
| 11.79x | 3.11x | 7.57x | 6.95% | 144B | ||
| Average | 13.85x | 5.76x | 14.82x | 3.07% | 353.09B | |
| Weighted average by Cap. | 21.35x | 7.22x | 16.78x | 2.31% |
Y-o-Y evolution of P/E
Historical PBR trend
Evolution Enterprise Value / Sales
Change in Enterprise Value/EBITDA
Year-on-year evolution of the Yield
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- Valuation Novartis AG
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