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.($)
32.01x11.69x23.99x0.62% 980B
24.41x5.63x15.32x2.34% 550B
26.86x6.49x13.28x3.17% 382B
17.04x4.24x10.43x3.13% 316B
21.94x4.59x13.02x1.91% 272B
13x4.83x9.94x3.87% 199B
21.95x5.91x10.33x2.99% 182B
-44.34x5.36x29.54x2.62% 154B
11.79x3.11x7.57x6.95% 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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