Financials Novartis AG

Equities

NOVN

CH0012005267

Pharmaceuticals

Real-time Estimate Cboe Europe Other stock markets 10:26:15 2023-11-28 am EST			5-day change	1st Jan Change
85.32 ^CHF	-0.76%		+0.38%	+2.15%

11:42am	European Midday Briefing : Stocks Struggle Again as November Rally Continues to Stall	DJ
10:13am	NOVARTIS AG : Gets a Neutral rating from UBS	ZD

Valuation

Fiscal Period : December	2018	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	197 469	214 715	215 682	196 476	194 400	200 533	-	-
Enterprise Value (EV) ¹	213 669	230 615	240 182	204 667	203 434	211 902	212 038	210 692
P/E ratio	15,7x	30,4x	26,7x	8,20x	28,3x	20,2x	18,3x	15,5x
Yield	3,34%	3,19%	3,56%	3,83%	3,87%	3,61%	3,77%	3,94%
Capitalization / Revenue	3,80x	4,53x	4,43x	3,81x	3,85x	4,35x	4,24x	4,08x
EV / Revenue	4,12x	4,86x	4,94x	3,96x	4,02x	4,60x	4,49x	4,29x
EV / EBITDA	13,7x	14,6x	14,3x	11,2x	10,9x	11,6x	11,1x	10,4x
EV / FCF	18,2x	17,9x	20,5x	15,4x	17,0x	16,2x	15,1x	13,9x
FCF Yield	5,48%	5,58%	4,87%	6,49%	5,87%	6,17%	6,64%	7,21%
Price to Book	2,51x	3,87x	3,78x	2,90x	3,23x	4,00x	4,04x	3,98x
Nbr of stocks (in thousands)	2 309 973	2 264 608	2 274 506	2 237 092	2 150 980	2 055 460	-	-
Reference price ²	85,5	94,8	94,8	87,8	90,4	97,6	97,6	97,6
Announcement Date	30/01/19	29/01/20	26/01/21	02/02/22	01/02/23	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period : December	2018	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	51 900	47 445	48 659	51 626	50 545	46 069	47 216	49 050
EBITDA ¹	15 646	15 809	16 845	18 246	18 613	18 217	19 140	20 229
EBIT ¹	13 823	14 112	15 416	16 588	16 665	16 634	17 479	18 662
Operating Margin	26,6%	29,7%	31,7%	32,1%	33,0%	36,1%	37,0%	38,0%
Earnings before Tax (EBT) ¹	13 835	8 940	9 878	26 137	8 371	10 556	13 026	14 343
Net income ¹	12 611	7 147	8 072	24 021	6 955	10 076	10 337	11 479
Net margin	24,3%	15,1%	16,6%	46,5%	13,8%	21,9%	21,9%	23,4%
EPS ²	5,44	3,12	3,55	10,7	3,19	5,11	5,33	6,30
Free Cash Flow ¹	11 717	12 875	11 691	13 282	11 945	12 682	13 802	14 811
FCF margin	22,6%	27,1%	24,0%	25,7%	23,6%	27,5%	29,2%	30,2%
FCF Conversion (EBITDA)	74,9%	81,4%	69,4%	72,8%	64,2%	69,6%	72,1%	73,2%
FCF Conversion (Net income)	92,9%	180%	145%	55,3%	172%	126%	134%	129%
Dividend per Share ²	2,85	3,02	3,38	3,36	3,50	3,52	3,68	3,84
Announcement Date	30/01/19	29/01/20	26/01/21	02/02/22	01/02/23	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period : December	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
Net sales ¹	12 956	13 030	13 229	12 531	12 781	12 543	12 690	12 953	13 622	11 782	11 707	12 623	13 263	13 487	13 533
EBITDA	4 819	4 871	4 274	4 407	4 989	4 783	4 473	-	4 668	-	-	-	-	-	-
EBIT ¹	4 345	4 467	3 819	4 083	4 270	4 282	4 030	4 413	4 668	4 405	4 038	4 245	4 430	4 565	4 303
Operating Margin	33,5%	34,3%	28,9%	32,6%	33,4%	34,1%	31,8%	34,1%	34,3%	37,4%	34,5%	33,6%	33,4%	33,8%	31,8%
Earnings before Tax (EBT) ¹	3 506	3 230	16 951	2 669	2 042	1 919	1 741	2 740	2 769	1 552	3 443	-	-	-	-
Net income ¹	2 895	2 758	16 308	2 222	1 695	1 575	1 466	2 293	2 316	1 513	4 999	-	-	-	-
Net margin	22,3%	21,2%	123%	17,7%	13,3%	12,6%	11,6%	17,7%	17,0%	12,8%	42,7%	-	-	-	-
EPS ²	1,29	1,23	7,29	1,00	0,77	0,73	0,69	1,09	1,11	0,73	1,56	-	-	-	-
Dividend per Share ²	-	-	3,36	-	-	-	3,50	-	-	-	3,74	-	-	-	3,87
Announcement Date	07/21/21	10/26/21	02/02/22	04/26/22	07/19/22	10/25/22	02/01/23	04/25/23	07/18/23	10/24/23	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period : December	2018	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	16 200	15 900	24 500	8 191	9 034	11 369	11 712	10 158
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1,04x	1,01x	1,45x	0,45x	0,49x	0,62x	0,61x	0,50x
Free Cash Flow ¹	11 717	12 875	11 691	13 282	11 945	12 682	13 802	14 811
ROE (net income / shareholders' equity)	16,5%	17,5%	23,5%	22,7%	21,0%	30,5%	29,7%	34,6%
Shareholders' equity ¹	76 391	40 842	34 376	105 885	33 077	33 005	34 803	33 130
ROA (Net income/ Total Assets)	9,05%	8,89%	6,45%	10,9%	10,7%	9,72%	10,7%	12,5%
Assets ¹	139 321	80 393	125 215	221 201	64 915	103 662	96 752	91 959
Book Value Per Share ²	34,0	24,5	25,1	30,3	28,0	24,4	24,2	24,5
Cash Flow per Share ²	5,38	5,88	5,95	6,67	6,48	7,59	8,06	8,85
Capex ¹	1 773	2 257	1 275	1 378	1 198	1 182	1 232	1 338
Capex / CA	3,42%	4,76%	2,62%	2,67%	2,37%	2,57%	2,61%	2,73%
Announcement Date	01/30/19	01/29/20	01/26/21	02/02/22	02/01/23	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Novartis AG

Trading Rating :

Investor Rating :

ESG Refinitiv :

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

97.56USD

Average target price

104.84USD

Spread / Average Target

+7.46%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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