Financials Broadcom Inc.

Equities

AVGO

US11135F1012

Semiconductors

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166.51 ^USD	+2.73%		+1.03%	+49.17%

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Projected Income Statement: Broadcom Inc.

income-statement-evolution-chart BROADCOM-INC

Fiscal Period: October	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	22,597	23,888	27,450	33,203	35,819	51,725	60,501	68,088
Change	-	5.71%	14.91%	20.96%	7.88%	44.41%	16.97%	12.54%
EBITDA ¹	12,498	13,509	16,451	21,029	23,213	31,545	38,429	43,824
Change	-	8.09%	21.78%	27.83%	10.39%	35.89%	21.82%	14.04%
EBIT ¹	11,929	12,939	15,912	20,294	22,125	30,597	37,721	43,658
Change	-	8.47%	22.98%	27.54%	9.02%	38.29%	23.28%	15.74%
Interest Paid ¹	-1,444	-1,777	-1,885	-1,625	-1,622	-3,564	-3,109	-2,704
Earnings before Tax (EBT) ¹	2,226	2,443	6,765	12,434	15,097	10,909	20,447	26,875
Change	-	9.75%	176.91%	83.8%	21.42%	-27.74%	87.43%	31.44%
Net income ¹	2,724	2,960	6,736	11,495	14,082	5,053	19,275	25,158
Change	-	8.66%	127.57%	70.65%	22.51%	-64.12%	281.47%	30.52%
Announcement Date	12/12/19	12/10/20	12/9/21	12/8/22	12/7/23	-	-	-

¹USD in Million

Estimates

Fiscal Period: October	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	5,776	5,858	5,742	5,821	6,467	6,655	6,610	6,778	7,407	7,706	8,103	8,464	8,930	8,915	8,733	8,876	9,295	11,961	12,487	13,072	14,086	14,601	14,660	15,272	16,179	16,445	16,609	17,125
Change	-	1.42%	-1.98%	1.38%	11.1%	2.91%	-0.68%	2.54%	9.28%	4.04%	5.15%	4.46%	5.51%	-0.17%	-2.04%	1.64%	4.72%	28.68%	4.4%	4.68%	7.75%	3.66%	0.4%	4.18%	5.94%	1.65%	1%	3.11%
EBITDA ¹	3,161	3,230	3,178	3,319	3,782	3,918	3,935	4,080	4,518	4,818	5,111	5,378	5,722	5,678	5,686	5,801	6,048	7,156	7,429	8,223	8,923	9,147	9,278	9,719	10,383	10,637	10,604	10,976
Change	-	2.18%	-1.61%	4.44%	13.95%	3.6%	0.43%	3.68%	10.74%	6.64%	6.08%	5.22%	6.4%	-0.77%	0.14%	2.02%	4.26%	18.32%	3.81%	10.69%	8.51%	2.51%	1.43%	4.75%	6.84%	2.44%	-0.31%	3.51%
EBIT ¹	3,018	3,084	3,031	3,181	3,643	3,780	3,802	3,946	4,384	4,656	4,939	5,199	5,500	5,430	5,412	5,536	5,747	6,831	7,146	7,948	8,679	9,051	9,128	9,567	10,156	10,425	10,544	11,021
Change	-	2.19%	-1.72%	4.95%	14.52%	3.76%	0.58%	3.79%	11.1%	6.2%	6.08%	5.26%	5.79%	-1.27%	-0.33%	2.29%	3.81%	18.86%	4.61%	11.22%	9.2%	4.28%	0.86%	4.81%	6.16%	2.65%	1.13%	4.52%
Charge d'intérêts ¹	-361	-406	-487	-464	-420	-570	-466	-415	-434	-407	-518	-406	-406	-406	-405	-406	-405	-926	-1,047	-1,064	-905.6	-861	-825.4	-788.3	-757	-662.7	-719.7	-692.7
Earnings before Tax (EBT) ¹	747	304	409	593	1,137	1,384	1,486	1,726	2,169	2,687	2,790	3,337	3,620	3,840	3,716	3,574	3,967	1,342	2,005	2,806	3,754	4,690	4,863	5,235	5,779	5,117	5,156	5,359
Change	-	-59.3%	34.54%	44.99%	91.74%	21.72%	7.37%	16.15%	25.67%	23.88%	3.83%	19.61%	8.48%	6.08%	-3.23%	-3.82%	11%	-66.17%	49.4%	39.95%	33.8%	24.91%	3.7%	7.65%	10.4%	-11.47%	0.76%	3.95%
Net income ¹	847	385	563	688	1,324	1,378	1,493	1,876	1,989	2,472	2,590	3,074	3,359	3,774	3,481	3,303	3,524	1,325	2,121	-1,875	3,299	4,283	4,445	4,903	5,495	5,553	5,901	6,336
Change	-	-54.55%	46.23%	22.2%	92.44%	4.08%	8.35%	25.65%	6.02%	24.28%	4.77%	18.69%	9.27%	12.35%	-7.76%	-5.11%	6.69%	-62.4%	60.08%	-	-	29.84%	3.77%	10.32%	12.07%	1.05%	6.26%	7.37%
Announcement Date	12/12/19	3/12/20	6/4/20	9/3/20	12/10/20	3/4/21	6/3/21	9/2/21	12/9/21	3/3/22	5/26/22	9/1/22	12/8/22	3/2/23	6/1/23	8/31/23	12/7/23	3/7/24	6/12/24	9/5/24	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Broadcom Inc.

balance-sheet-analysis-chart BROADCOM-INC

Fiscal Period: October	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	27,743	33,444	27,567	27,099	25,040	56,071	42,828	29,414
Change	-	20.55%	-17.57%	-1.7%	-7.6%	123.93%	-23.62%	-31.32%
Announcement Date	12/12/19	12/10/20	12/9/21	12/8/22	12/7/23	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Broadcom Inc.

Fiscal Period: October	2019	2020	2021	2022	2023	2024	2025	2026
CAPEX ¹	432	463	443	424	452	584.5	671.3	698.3
Change	-	7.18%	-4.32%	-4.29%	6.6%	29.32%	14.84%	4.02%
Free Cash Flow (FCF) ¹	9,265	11,598	13,321	16,312	17,633	21,101	29,759	35,206
Change	-	25.18%	14.86%	22.45%	8.1%	19.67%	41.03%	18.3%
Announcement Date	12/12/19	12/10/20	12/9/21	12/8/22	12/7/23	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Broadcom Inc.

Fiscal Period: October	2019	2020	2021	2022	2023	2024	2025	2026
Profitability
EBITDA Margin (%)	55.31%	56.55%	59.93%	63.33%	64.81%	60.99%	63.52%	64.36%
EBIT Margin (%)	52.79%	54.17%	57.97%	61.12%	61.77%	59.15%	62.35%	64.12%
EBT Margin (%)	9.85%	10.23%	24.64%	37.45%	42.15%	21.09%	33.8%	39.47%
Net margin (%)	12.05%	12.39%	24.54%	34.62%	39.31%	9.77%	31.86%	36.95%
FCF margin (%)	41%	48.55%	48.53%	49.13%	49.23%	40.8%	49.19%	51.71%
FCF / Net Income (%)	340.12%	391.82%	197.76%	141.91%	125.22%	417.62%	154.4%	139.94%
Profitability
ROA	16.07%	4.13%	8.89%	22.21%	25.16%	15%	16.97%	18.08%
ROE	36.64%	40.94%	51.51%	69.33%	78.71%	40.74%	37.62%	38.63%
Financial Health
Leverage (Debt/EBITDA)	2.22x	2.48x	1.68x	1.29x	1.08x	1.78x	1.11x	0.67x
Debt / Free cash flow	2.99x	2.88x	2.07x	1.66x	1.42x	2.66x	1.44x	0.84x
Capital Intensity
CAPEX / Current Assets (%)	1.91%	1.94%	1.61%	1.28%	1.26%	1.13%	1.11%	1.03%
CAPEX / EBITDA (%)	3.46%	3.43%	2.69%	2.02%	1.95%	1.85%	1.75%	1.59%
CAPEX / FCF (%)	4.66%	3.99%	3.33%	2.6%	2.56%	2.77%	2.26%	1.98%
Items per share
Cash flow per share ¹	2.314	2.865	3.208	3.956	4.235	4.646	6.155	8.45
Change	-	23.79%	11.99%	23.32%	7.05%	9.69%	32.49%	37.28%
Dividend per Share ¹	1.12	1.3	1.44	1.64	1.905	2.104	2.309	2.769
Change	-	16.07%	10.77%	13.89%	16.16%	10.46%	9.71%	19.94%
Book Value Per Share ¹	5.617	5.872	5.572	5.173	5.618	14.2	15.69	18.01
Change	-	4.54%	-5.12%	-7.16%	8.6%	152.82%	10.45%	14.8%
EPS ¹	0.643	0.633	1.5	2.653	3.298	1.047	3.965	5.286
Change	-	-1.56%	136.97%	76.87%	24.31%	-68.24%	278.55%	33.32%
Nbr of stocks (in thousands)	3,966,708	4,045,013	4,116,163	4,050,078	4,127,355	4,670,576	4,670,576	4,670,576
Announcement Date	12/12/19	12/10/20	12/9/21	12/8/22	12/7/23	-	-	-