Company Valuation: Watsco, Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 11,053 8,815 15,735 18,179 12,792 12,295 - -
Change - -20.25% 78.5% 15.53% -29.63% -3.88% - -
Enterprise Value (EV) 1 11,108 8,758 15,540 17,507 12,476 11,560 11,437 11,321
Change - -21.16% 77.44% 12.66% -28.74% -7.34% -1.06% -1.02%
P/E 29x 16.2x 31.3x 35.6x 27.5x 26.1x 24x 20.7x
PBR 6.66x 4.71x 7.02x 6.69x 4.59x 3.76x 3.61x 3.42x
PEG - 0.4x -2.8x -13.15x -3.48x -43.54x 2.77x 1.3x
Capitalization / Revenue 1.76x 1.21x 2.16x 2.39x 1.77x 1.63x 1.54x 1.46x
EV / Revenue 1.77x 1.2x 2.13x 2.3x 1.72x 1.53x 1.44x 1.35x
EV / EBITDA 16.9x 10.1x 18.7x 21.3x 16.3x 15x 13.7x 12.2x
EV / EBIT 17.7x 10.5x 19.6x 22.4x 17.3x 16x 14.4x 12.9x
EV / FCF 34.1x 16.3x 29.4x 23.6x 23.3x 20.9x 17.4x 17.6x
FCF Yield 2.93% 6.14% 3.4% 4.25% 4.29% 4.78% 5.74% 5.68%
Dividend per Share 2 7.625 8.55 9.8 10.55 11.7 12.52 12.65 13.02
Rate of return 2.44% 3.43% 2.29% 2.23% 3.47% 3.95% 3.99% 4.1%
EPS 2 10.78 15.41 13.67 13.3 12.25 12.18 13.23 15.31
Distribution rate 70.7% 55.5% 71.7% 79.3% 95.5% 103% 95.6% 85%
Net sales 1 6,280 7,274 7,284 7,618 7,239 7,551 7,959 8,400
EBITDA 1 656.7 866.9 829.9 822.6 764.1 770.4 837.4 931.7
EBIT 1 628.5 835.2 794.8 781.8 720.3 723.1 791.7 879.2
Net income 1 381.7 549.9 499.4 498.9 464.2 466.4 511.2 589.2
Net Debt 1 55.23 -56.91 -194.7 -671.7 -316.1 -735 -858.1 -974.2
Reference price 2 312.88 249.40 428.47 473.89 336.95 317.23 317.23 317.23
Nbr of stocks (in thousands) 35,438 35,277 36,805 37,645 37,932 38,589 - -
Announcement Date 2/10/22 2/16/23 2/13/24 2/18/25 2/17/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
28.94x4.17x20.45x0.93% 96.49B
30.39x3.79x20.35x1.11% 88.05B
26.86x2.4x11.68x1.8% 45.23B
20.83x1.1x8.09x1.74% 36.28B
15.52x2.46x11.21x1.4% 12.71B
26.3x1.54x15.13x3.91% 12.39B
27.08x2.43x14x1.09% 9.11B
15.89x2.12x10.31x2.5% 7.84B
27.67x2.09x16.08x1.15% 7.4B
Average 24.39x 2.46x 14.14x 1.74% 35.06B
Weighted average by Cap. 27.06x 3.14x 16.62x 1.38%

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