Financials Broadcom Inc. Sao Paulo

Equities

AVGO34

BRAVGOBDR003

Semiconductors

Market Closed - Sao Paulo Other stock markets 01:14:08 16/05/2024 am IST			5-day change	1st Jan Change
105.1 ^BRL	+16.80%		+9.48%	+33.71%

13/05	Jefferies Adjusts Price Target on Broadcom to $1,550 From $1,616, Keeps Buy Rating	MT
08/05	Broadcom Inc. Announces Automic® Automation Solution	CI

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	6,65,552	-	-
Enterprise Value (EV) ¹	1,42,048	1,77,046	2,46,411	2,18,627	3,71,061	7,18,596	7,07,061	6,96,129
P/E ratio	44.8 x	56.1 x	35.4 x	17.8 x	25.4 x	75.3 x	38.6 x	30.4 x
Yield	3.89%	3.66%	2.71%	3.47%	2.27%	1.47%	1.63%	1.86%
Capitalization / Revenue	5.06 x	6.01 x	7.97 x	5.77 x	9.66 x	13.2 x	11.6 x	10.6 x
EV / Revenue	6.29 x	7.41 x	8.98 x	6.58 x	10.4 x	14.3 x	12.3 x	11.1 x
EV / EBITDA	11.4 x	13.1 x	15 x	10.4 x	16 x	23.8 x	19.5 x	16.9 x
EV / FCF	15.3 x	15.3 x	18.5 x	13.4 x	21 x	31.7 x	25 x	21.8 x
FCF Yield	6.52%	6.55%	5.41%	7.46%	4.75%	3.15%	4%	4.6%
Price to Book	5.13 x	6.05 x	9.54 x	9.14 x	14.9 x	8.71 x	7.69 x	7.8 x
Nbr of stocks (in thousands)	3,96,671	4,04,501	4,11,616	4,05,008	4,12,736	4,63,421	-	-
Reference price ²	288.2	355.0	531.7	472.9	838.4	1,436	1,436	1,436
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	50,249	57,270	62,810
EBITDA ¹	12,498	13,509	16,451	21,029	23,213	30,182	36,314	41,133
EBIT ¹	11,929	12,939	15,912	20,294	22,125	29,437	34,691	38,805
Operating Margin	52.79%	54.17%	57.97%	61.12%	61.77%	58.58%	60.57%	61.78%
Earnings before Tax (EBT) ¹	2,226	2,443	6,765	12,434	15,097	9,379	18,372	22,526
Net income ¹	2,724	2,960	6,736	11,495	14,082	9,642	17,689	22,263
Net margin	12.05%	12.39%	24.54%	34.62%	39.31%	19.19%	30.89%	35.45%
EPS ²	6.430	6.330	15.00	26.53	32.98	19.08	37.22	47.18
Free Cash Flow ¹	9,265	11,598	13,321	16,312	17,633	22,657	28,282	32,005
FCF margin	41%	48.55%	48.53%	49.13%	49.23%	45.09%	49.38%	50.95%
FCF Conversion (EBITDA)	74.13%	85.85%	80.97%	77.57%	75.96%	75.07%	77.88%	77.81%
FCF Conversion (Net income)	340.12%	391.82%	197.76%	141.91%	125.22%	234.97%	159.88%	143.76%
Dividend per Share ²	11.20	13.00	14.40	16.40	19.05	21.06	23.44	26.72
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	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
Net sales ¹	7,407	7,706	8,103	8,464	8,930	8,915	8,733	8,876	9,295	11,961	12,000	12,674	13,752	14,216	13,997
EBITDA ¹	4,518	4,818	5,111	5,378	5,722	5,678	5,686	5,801	6,048	7,156	7,055	7,647	8,538	8,751	8,838
EBIT ¹	4,384	4,656	4,939	5,199	5,500	5,430	5,412	5,536	5,747	6,831	6,885	7,460	8,274	8,564	8,365
Operating Margin	59.19%	60.42%	60.95%	61.42%	61.59%	60.91%	61.97%	62.37%	61.83%	57.11%	57.37%	58.86%	60.17%	60.24%	59.77%
Earnings before Tax (EBT) ¹	2,169	2,687	2,790	3,337	3,620	3,840	3,716	3,574	3,967	1,342	1,969	2,835	3,789	5,015	5,039
Net income ¹	1,989	2,472	2,590	3,074	3,359	3,774	3,481	3,303	3,524	1,325	1,885	2,504	3,331	4,264	4,455
Net margin	26.85%	32.08%	31.96%	36.32%	37.61%	42.33%	39.86%	37.21%	37.91%	11.08%	15.71%	19.75%	24.22%	29.99%	31.83%
EPS ²	4.450	5.590	5.930	7.150	7.830	8.800	8.150	7.740	8.250	2.840	3.787	5.032	6.842	8.688	9.005
Dividend per Share ²	3.600	4.100	4.100	4.100	4.100	4.600	4.600	4.600	5.250	5.250	5.249	5.249	5.249	5.620	5.594
Announcement Date	09/12/21	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	-	-	-	-	-

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	53,044	41,509	30,578
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.22 x	2.476 x	1.676 x	1.289 x	1.079 x	1.757 x	1.143 x	0.7434 x
Free Cash Flow ¹	9,265	11,598	13,321	16,312	17,633	22,657	28,282	32,005
ROE (net income / shareholders' equity)	36.6%	40.9%	51.5%	69.3%	78.7%	34.5%	44.1%	32.1%
ROA (Net income/ Total Assets)	16.1%	4.13%	8.89%	22.2%	25.2%	14.5%	15.4%	14.4%
Assets ¹	16,948	71,712	75,752	51,757	55,978	66,646	1,14,907	1,54,413
Book Value Per Share ²	56.20	58.70	55.70	51.70	56.20	165.0	187.0	184.0
Cash Flow per Share ²	23.10	28.60	32.10	39.60	42.40	47.70	60.50	83.60
Capex ¹	432	463	443	424	452	565	649	714
Capex / Sales	1.91%	1.94%	1.61%	1.28%	1.26%	1.12%	1.13%	1.14%
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

1,436 USD

Average target price

1,505 USD

Spread / Average Target

+4.79%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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