Financials The Goldman Sachs Group, Inc.

Equities

GS

US38141G1040

Investment Banking & Brokerage Services

Real-time Estimate Cboe BZX Other stock markets 14:39:04 2024-12-09 EST			5-day change	1st Jan Change
599.59 ^USD	-0.02%		-0.60%	+55.04%

01:22pm	China Asks Global Investment Banks to Speed up Listings of Mainlnd Firms on Hong Kong Exchange	MT
12:10pm	Morgan Stanley Adjusts Price Target on Goldman Sachs Group to $736 From $570, Maintains Overweight Rating	MT

Projected Income Statement: The Goldman Sachs Group, Inc.

income-statement-evolution-chart THE-GOLDMAN-SACHS-GROUP-I

Fiscal Period: Dezember	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	36,546	44,560	59,339	47,365	46,524	51,773	55,072	57,355
Change	-	21.93%	33.17%	-20.18%	-1.78%	11.28%	6.37%	4.15%
EBITDA	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
EBIT ¹	11,648	15,577	27,401	16,201	12,037	18,124	19,761	21,228
Change	-	33.73%	75.91%	-40.87%	-25.7%	50.57%	9.03%	7.42%
Interest Paid	-	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	10,583	12,479	27,044	13,486	10,739	16,762	18,512	20,015
Change	-	17.92%	116.72%	-50.13%	-20.37%	56.09%	10.44%	8.12%
Net income ¹	7,897	8,915	21,151	10,764	7,907	12,277	13,735	14,909
Change	-	12.89%	137.25%	-49.11%	-26.54%	55.27%	11.87%	8.55%
Announcement Date	1/15/20	1/19/21	1/18/22	1/17/23	1/16/24	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2019 Q4	2020 Q1	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	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	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3
Net sales ¹	9,955	8,743	13,295	10,781	11,741	17,704	15,388	13,608	12,639	12,933	11,864	11,975	10,593	12,224	10,895	11,817	11,318	14,213	12,731	12,699	12,159	14,670	13,728	13,621	13,188	15,555	14,526	13,679
Change	-	-12.17%	52.06%	-18.91%	8.9%	50.79%	-13.08%	-11.57%	-7.12%	2.33%	-8.27%	0.94%	-11.54%	15.4%	-10.87%	8.46%	-4.22%	25.58%	-10.43%	-0.25%	-4.25%	20.65%	-6.42%	-0.78%	-3.18%	17.95%	-6.62%	-5.83%
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	2,657	2,285	4,895	4,827	5,834	8,267	6,748	7,017	5,369	5,217	4,211	4,271	2,502	3,822	2,351	2,763	2,831	5,555	4,198	4,384	4,082	6,087	5,120	5,000	5,175	6,618	5,905	5,419
Change	-	-14%	114.22%	-1.39%	20.86%	41.7%	-18.37%	3.99%	-23.49%	-2.83%	-19.28%	1.42%	-41.42%	52.76%	-38.49%	17.52%	2.46%	96.22%	-24.43%	4.43%	-6.89%	49.12%	-15.89%	-2.34%	3.5%	27.88%	-10.77%	-8.23%
Charge d'intérêts	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	2,321	1,348	1,291	4,549	5,541	8,337	6,840	6,842	5,025	4,656	3,544	3,756	1,530	3,993	1,736	2,756	2,254	5,237	3,916	3,987	3,651	5,371	4,590	4,507	4,247	5,841	5,206	4,711
Change	-	-41.92%	-4.23%	252.36%	21.81%	50.46%	-17.96%	0.03%	-26.56%	-7.34%	-23.88%	5.98%	-59.27%	160.98%	-56.52%	58.76%	-18.21%	132.34%	-25.22%	1.81%	-8.42%	47.09%	-14.54%	-1.81%	-5.77%	37.54%	-10.88%	-9.5%
Net income ¹	1,724	1,123	197	3,483	4,362	6,711	5,347	5,284	3,809	3,831	2,786	2,962	1,185	3,087	1,071	1,882	1,867	3,931	2,891	2,780	2,686	4,018	3,392	3,297	3,156	4,378	3,881	3,444
Change	-	-34.86%	-82.46%	1,668.02%	25.24%	53.85%	-20.32%	-1.18%	-27.91%	0.58%	-27.28%	6.32%	-59.99%	160.51%	-65.31%	75.72%	-0.8%	110.55%	-26.46%	-3.84%	-3.38%	49.59%	-15.57%	-2.81%	-4.28%	38.73%	-11.36%	-11.25%
Announcement Date	1/15/20	4/15/20	7/15/20	10/14/20	1/19/21	4/14/21	7/13/21	10/15/21	1/18/22	4/14/22	7/18/22	10/18/22	1/17/23	4/18/23	7/19/23	10/17/23	1/16/24	4/15/24	7/15/24	10/15/24	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: The Goldman Sachs Group, Inc.

balance-sheet-analysis-chart THE-GOLDMAN-SACHS-GROUP-I

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	274,000	284,000	270,000	221,000	400,000	342,305	356,310	368,198
Change	-	3.65%	-4.93%	-18.15%	81%	-14.42%	4.09%	3.34%
Announcement Date	1/15/20	1/19/21	1/18/22	1/17/23	1/16/24	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: The Goldman Sachs Group, Inc.

Fiscal Period: December	2018	2019	2020	2021	2022	2023
CAPEX ¹	7,982	8,443	6,309	4,667	3,748	2,316
Change	-	5.78%	-25.28%	-26.03%	-19.69%	-38.21%
Free Cash Flow (FCF) ¹	-	-	-	-	-	-
Change	-	-	-	-	-	-
Announcement Date	2/26/19	2/21/20	2/22/21	2/25/22	2/24/23	2/23/24

¹USD in Million

Estimates

Forecast Financial Ratios: The Goldman Sachs Group, Inc.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Profitability
EBITDA Margin (%)	-	-	-	-	-	-	-	-
EBIT Margin (%)	31.87%	34.96%	46.18%	34.2%	25.87%	35.02%	35.88%	36.96%
EBT Margin (%)	28.96%	28%	45.58%	28.47%	23.08%	32.39%	33.61%	34.85%
Net margin (%)	21.61%	20.01%	35.64%	22.73%	17%	23.72%	24.94%	25.96%
FCF margin (%)	-	-	-	-	-	-	-	-
FCF / Net Income (%)	-	-	-	-	-	-	-	-
Profitability
ROA	0.82%	0.8%	1.61%	0.74%	0.51%	0.73%	0.78%	0.87%
ROE	10%	11.1%	23%	10.2%	7.5%	11.61%	12.84%	13.71%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Debt / Free cash flow	-	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	-	-	-	-	-	-	-	-
CAPEX / EBITDA (%)	-	-	-	-	-	-	-	-
CAPEX / FCF (%)	-	-	-	-	-	-	-	-
Items per share
Cash flow per share ¹	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
Dividend per Share ¹	4.15	5	6.5	9	10.5	11.49	12.25	13.13
Change	-	20.48%	30%	38.46%	16.67%	9.38%	6.68%	7.15%
Book Value Per Share ¹	218.5	236.2	284.4	303.6	313.6	334.6	354.2	376.1
Change	-	8.07%	20.43%	6.74%	3.3%	6.71%	5.87%	6.18%
EPS ¹	21.03	24.74	59.45	30.06	22.87	36.76	42.41	48.1
Change	-	17.64%	140.3%	-49.44%	-23.92%	60.72%	15.38%	13.43%
Nbr of stocks (in thousands)	367,416	358,767	333,578	354,568	343,439	329,217	329,217	329,217
Announcement Date	1/15/20	1/19/21	1/18/22	1/17/23	1/16/24	-	-	-