Company Valuation: Novartis AG

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 196,458 194,448 207,167 195,514 266,003 286,017 - -
Change - -1.02% 6.54% -5.62% 36.05% 7.52% - -
Enterprise Value (EV) 1 204,649 203,482 219,178 213,458 289,870 318,244 314,759 309,019
Change - -0.57% 7.71% -2.61% 35.8% 9.79% -1.1% -1.82%
P/E 8.2x 28.3x 14.1x 16.5x 19.2x 21.7x 18.4x 15.9x
PBR 2.9x 3.23x 4.41x 4.52x 5.73x 6.52x 6.1x 5.48x
PEG - -0.4x 0x -1x 0.9x -244.46x 1x 1x
Capitalization / Revenue 3.81x 3.85x 4.44x 3.78x 4.69x 5.02x 4.74x 4.46x
EV / Revenue 3.96x 4.03x 4.7x 4.13x 5.11x 5.59x 5.21x 4.82x
EV / EBITDA 11.2x 10.9x 12.2x 10.2x 12.4x 13.5x 12.4x 11.2x
EV / EBIT 12.3x 12.2x 13.4x 10.9x 13.2x 14.8x 13.5x 12.2x
EV / FCF 15.4x 17x 16.6x 13.1x 16.5x 23.5x 19.4x 16.6x
FCF Yield 6.49% 5.87% 6.01% 7.61% 6.07% 4.25% 5.16% 6.04%
Dividend per Share 2 3.36 3.5 3.823 3.856 - 4.418 4.563 4.751
Rate of return 3.83% 3.87% 3.79% 3.94% - 2.83% 2.92% 3.04%
EPS 2 10.71 3.19 7.15 5.92 7.21 7.204 8.49 9.803
Distribution rate 31.4% 110% 53.5% 65.1% - 61.3% 53.8% 48.5%
Net sales 1 51,626 50,545 46,660 51,722 56,674 56,922 60,404 64,137
EBITDA 1 18,246 18,613 17,937 21,006 23,415 23,561 25,425 27,652
EBIT 1 16,588 16,665 16,372 19,494 21,889 21,517 23,322 25,312
Net income 1 24,021 6,955 14,854 11,939 13,967 14,157 15,730 17,651
Net Debt 1 8,191 9,034 12,011 17,944 23,867 32,227 28,742 23,002
Reference price 2 87.82 90.40 100.79 97.79 138.63 156.25 156.25 156.25
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 A 2/1/23 A 1/31/24 A 1/31/25 A 2/4/26 A - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
35.2x12.84x26.1x0.57% 1,077B
27.22x6.26x17.02x2.1% 613B
32.17x7.47x15.29x2.73% 448B
17.9x4.45x10.94x2.98% 332B
23.72x4.94x14x1.76% 293B
14.19x5.21x10.72x3.54% 215B
23.3x6.21x10.84x2.81% 193B
-45.82x5.53x30.47x2.54% 159B
11.36x3.03x7.37x7.21% 138B
Average 15.47x 6.21x 15.86x 2.92% 385.39B
Weighted average by Cap. 24.15x 7.94x 18.28x 2.11%

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