Financials Broadcom Inc. Deutsche Boerse AG

Equities

1YD0

CA11134P1009

Semiconductors

Delayed Deutsche Boerse AG Other stock markets 01:01:32 01/07/2024 pm IST			5-day change	1st Jan Change
26.2 ^EUR	-1.50%		0.00%	+48.86%

02:31pm	Correction: US Equity Investors to Tune into Powell's Speech, Nonfarm Payrolls as Tech Stalwarts Weaken	MT
02:21pm	US Equity Investors to Tune into Powell's Speech, Nonfarm Payrolls as Tech Stalwarts Weaken	MT

Valuation

Fiscal Period: October	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,14,305	1,43,602	2,18,844	1,91,528	3,46,021	7,47,356	-	-
Enterprise Value (EV) ¹	1,42,048	1,77,046	2,46,411	2,18,627	3,71,061	8,02,298	7,88,511	7,74,516
P/E ratio	44.8 x	56.1 x	35.4 x	17.8 x	25.4 x	81.7 x	43.1 x	33.7 x
Yield	3.89%	3.66%	2.71%	3.47%	2.27%	1.31%	1.51%	1.72%
Capitalization / Revenue	5.06 x	6.01 x	7.97 x	5.77 x	9.66 x	14.5 x	12.6 x	11.3 x
EV / Revenue	6.29 x	7.41 x	8.98 x	6.58 x	10.4 x	15.6 x	13.3 x	11.8 x
EV / EBITDA	11.4 x	13.1 x	15 x	10.4 x	16 x	25.5 x	20.7 x	17.9 x
EV / FCF	15.3 x	15.3 x	18.5 x	13.4 x	21 x	35.2 x	25.1 x	22.2 x
FCF Yield	6.52%	6.55%	5.41%	7.46%	4.75%	2.84%	3.98%	4.5%
Price to Book	5.13 x	6.05 x	9.54 x	9.14 x	14.9 x	10 x	8.95 x	8.18 x
Nbr of stocks (in thousands)	3,96,671	4,04,501	4,11,616	4,05,008	4,12,736	4,65,488	-	-
Reference price ²	288.2	355.0	531.7	472.9	838.4	1,606	1,606	1,606
Announcement Date	12/12/19	10/12/20	09/12/21	08/12/22	07/12/23	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: October	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	22,597	23,888	27,450	33,203	35,819	51,483	59,466	65,884
EBITDA ¹	12,498	13,509	16,451	21,029	23,213	31,468	38,048	43,158
EBIT ¹	11,929	12,939	15,912	20,294	22,125	30,179	36,679	40,925
Operating Margin	52.79%	54.17%	57.97%	61.12%	61.77%	58.62%	61.68%	62.12%
Earnings before Tax (EBT) ¹	2,226	2,443	6,765	12,434	15,097	10,216	18,657	25,464
Net income ¹	2,724	2,960	6,736	11,495	14,082	9,940	18,001	23,036
Net margin	12.05%	12.39%	24.54%	34.62%	39.31%	19.31%	30.27%	34.96%
EPS ²	6.430	6.330	15.00	26.53	32.98	19.65	37.27	47.68
Free Cash Flow ¹	9,265	11,598	13,321	16,312	17,633	22,819	31,361	34,821
FCF margin	41%	48.55%	48.53%	49.13%	49.23%	44.32%	52.74%	52.85%
FCF Conversion (EBITDA)	74.13%	85.85%	80.97%	77.57%	75.96%	72.51%	82.42%	80.68%
FCF Conversion (Net income)	340.12%	391.82%	197.76%	141.91%	125.22%	229.56%	174.22%	151.16%
Dividend per Share ²	11.20	13.00	14.40	16.40	19.05	21.02	24.18	27.67
Announcement Date	12/12/19	10/12/20	09/12/21	08/12/22	07/12/23	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: October	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
Net sales ¹	7,706	8,103	8,464	8,930	8,915	8,733	8,876	9,295	11,961	12,487	12,956	14,022	14,609	14,508	14,943
EBITDA ¹	4,818	5,111	5,378	5,722	5,678	5,686	5,801	6,048	7,156	7,429	7,919	8,887	9,133	9,199	9,571
EBIT ¹	4,656	4,939	5,199	5,500	5,430	5,412	5,536	5,747	6,831	7,146	7,674	8,551	8,961	8,912	9,297
Operating Margin	60.42%	60.95%	61.42%	61.59%	60.91%	61.97%	62.37%	61.83%	57.11%	57.23%	59.23%	60.98%	61.34%	61.43%	62.22%
Earnings before Tax (EBT) ¹	2,687	2,790	3,337	3,620	3,840	3,716	3,574	3,967	1,342	2,005	2,920	3,623	3,637	3,713	3,994
Net income ¹	2,472	2,590	3,074	3,359	3,774	3,481	3,303	3,524	1,325	2,121	2,703	3,500	4,117	4,234	4,552
Net margin	32.08%	31.96%	36.32%	37.61%	42.33%	39.86%	37.21%	37.91%	11.08%	16.99%	20.86%	24.96%	28.18%	29.18%	30.46%
EPS ²	5.590	5.930	7.150	7.830	8.800	8.150	7.740	8.250	2.840	4.420	5.588	7.299	8.719	9.047	9.577
Dividend per Share ²	4.100	4.100	4.100	4.100	4.600	4.600	4.600	5.250	5.250	5.250	5.250	5.250	5.680	5.680	5.701
Announcement Date	03/03/22	26/05/22	01/09/22	08/12/22	02/03/23	01/06/23	31/08/23	07/12/23	07/03/24	12/06/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: October	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	27,743	33,444	27,567	27,099	25,040	54,943	41,155	27,160
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.22 x	2.476 x	1.676 x	1.289 x	1.079 x	1.746 x	1.082 x	0.6293 x
Free Cash Flow ¹	9,265	11,598	13,321	16,312	17,633	22,819	31,361	34,821
ROE (net income / shareholders' equity)	36.6%	40.9%	51.5%	69.3%	78.7%	41.9%	46.1%	37.2%
ROA (Net income/ Total Assets)	16.1%	4.13%	8.89%	22.2%	25.2%	15.1%	16.8%	16.2%
Assets ¹	16,948	71,712	75,752	51,757	55,978	65,986	1,07,389	1,41,801
Book Value Per Share ²	56.20	58.70	55.70	51.70	56.20	161.0	179.0	196.0
Cash Flow per Share ²	23.10	28.60	32.10	39.60	42.40	50.30	67.20	84.30
Capex ¹	432	463	443	424	452	551	624	665
Capex / Sales	1.91%	1.94%	1.61%	1.28%	1.26%	1.07%	1.05%	1.01%
Announcement Date	12/12/19	10/12/20	09/12/21	08/12/22	07/12/23	-	-	-

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 Broadcom Inc.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

1,606 USD

Average target price

1,851 USD

Spread / Average Target

+15.27%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Semiconductors

	1st Jan change	Capi.
NVIDIA CORPORATION	+146.58%	3,03600Cr
TSMC (TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY)	+62.90%	77TCr
AMD (ADVANCED MICRO DEVICES)	+4.59%	26TCr
QUALCOMM, INC.	+36.92%	22TCr
TEXAS INSTRUMENTS INCORPORATED	+13.84%	18TCr
ARM HOLDINGS PLC	+108.93%	17TCr
MICRON TECHNOLOGY, INC.	+52.17%	15TCr
INTEL CORPORATION	-38.68%	13TCr
SK HYNIX INC.	+67.14%	12TCr

Other Semiconductors