Financials CVS Health Corporation

Equities

CVS

US1266501006

Healthcare Facilities & Services

Market Closed - Nyse Other stock markets 01:30:02 01/05/2024 am IST			5-day change	1st Jan Change
67.71 ^USD	+0.39%		-1.15%	-14.25%

12:13pm	North American Morning Briefing : Traders Wait for -2-	DJ
12:12pm	North American Morning Briefing : Traders Wait for Rate Decision, Powell; AMD Tumbles	DJ

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	96,649	89,399	1,36,274	1,22,449	1,01,613	85,347	-	-
Enterprise Value (EV) ¹	1,59,446	1,46,192	1,79,925	1,60,658	1,51,768	1,33,444	1,28,773	1,21,161
P/E ratio	14.6 x	12.5 x	17.3 x	29.7 x	12.2 x	9.88 x	8.77 x	7.78 x
Yield	2.69%	2.93%	1.94%	2.36%	3.06%	3.9%	4.16%	4.51%
Capitalization / Revenue	0.38 x	0.33 x	0.47 x	0.38 x	0.28 x	0.23 x	0.22 x	0.2 x
EV / Revenue	0.62 x	0.54 x	0.62 x	0.5 x	0.42 x	0.36 x	0.33 x	0.29 x
EV / EBITDA	9.23 x	8.07 x	9.2 x	8.04 x	7.59 x	6.83 x	6.17 x	5.56 x
EV / FCF	15.3 x	10.9 x	11.4 x	11.9 x	14.6 x	14.5 x	11.4 x	9.87 x
FCF Yield	6.52%	9.19%	8.75%	8.37%	6.85%	6.89%	8.77%	10.1%
Price to Book	1.51 x	1.29 x	1.81 x	1.71 x	1.33 x	1.03 x	0.93 x	0.82 x
Nbr of stocks (in thousands)	13,00,964	13,08,913	13,21,000	13,13,967	12,86,897	12,60,480	-	-
Reference price ²	74.29	68.30	103.2	93.19	78.96	67.71	67.71	67.71
Announcement Date	12/02/20	16/02/21	09/02/22	08/02/23	07/02/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	2,56,776	2,68,706	2,92,111	3,22,467	3,57,776	3,70,882	3,92,956	4,18,003
EBITDA ¹	17,274	18,108	19,565	19,971	19,995	19,539	20,884	21,789
EBIT ¹	15,339	16,008	17,312	17,532	17,534	16,729	17,630	18,668
Operating Margin	5.97%	5.96%	5.93%	5.44%	4.9%	4.51%	4.49%	4.47%
Earnings before Tax (EBT) ¹	8,997	9,770	10,420	5,628	11,173	11,928	13,211	14,482
Net income ¹	6,634	7,179	7,910	4,149	8,344	8,882	9,764	10,631
Net margin	2.58%	2.67%	2.71%	1.29%	2.33%	2.39%	2.48%	2.54%
EPS ²	5.080	5.460	5.950	3.140	6.470	6.851	7.718	8.701
Free Cash Flow ¹	10,391	13,428	15,745	13,450	10,395	9,197	11,300	12,279
FCF margin	4.05%	5%	5.39%	4.17%	2.91%	2.48%	2.88%	2.94%
FCF Conversion (EBITDA)	60.15%	74.16%	80.48%	67.35%	51.99%	47.07%	54.11%	56.35%
FCF Conversion (Net income)	156.63%	187.05%	199.05%	324.17%	124.58%	103.55%	115.73%	115.5%
Dividend per Share ²	2.000	2.000	2.000	2.200	2.420	2.642	2.815	3.056
Announcement Date	12/02/20	16/02/21	09/02/22	08/02/23	07/02/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	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
Net sales ¹	73,794	76,604	76,826	80,636	81,159	83,846	85,278	88,921	89,764	93,813	89,204	92,104	92,735	96,768	94,693
EBITDA ¹	4,646	4,733	5,070	5,431	4,825	4,645	4,969	5,100	5,074	4,852	4,186	5,123	5,172	4,939	4,885
EBIT ¹	4,073	4,147	4,483	4,810	4,233	4,006	4,370	4,481	4,456	4,227	3,560	4,439	4,496	4,304	4,107
Operating Margin	5.52%	5.41%	5.84%	5.97%	5.22%	4.78%	5.12%	5.04%	4.96%	4.51%	3.99%	4.82%	4.85%	4.45%	4.34%
Earnings before Tax (EBT) ¹	2,145	1,570	2,946	4,029	-4,456	3,109	2,879	2,570	3,019	2,705	2,428	2,912	2,979	2,837	3,208
Net income ¹	1,598	1,306	2,312	2,951	-3,416	2,302	2,136	1,901	2,261	2,046	1,713	2,355	2,411	2,292	2,140
Net margin	2.17%	1.7%	3.01%	3.66%	-4.21%	2.75%	2.5%	2.14%	2.52%	2.18%	1.92%	2.56%	2.6%	2.37%	2.26%
EPS ²	1.200	0.9800	1.740	2.230	-2.600	1.750	1.650	1.480	1.750	1.580	1.316	1.804	1.872	1.800	1.719
Dividend per Share ²	0.5000	0.5000	0.5500	0.5500	0.5500	0.5500	0.6050	0.6050	0.6050	0.6050	0.6614	0.6614	0.6614	0.6614	0.7195
Announcement Date	03/11/21	09/02/22	04/05/22	03/08/22	02/11/22	08/02/23	03/05/23	02/08/23	01/11/23	07/02/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	62,797	56,793	43,651	38,209	50,155	48,097	43,426	35,814
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.635 x	3.136 x	2.231 x	1.913 x	2.508 x	2.462 x	2.079 x	1.644 x
Free Cash Flow ¹	10,391	13,428	15,745	13,450	10,395	9,197	11,300	12,279
ROE (net income / shareholders' equity)	15.1%	14.8%	15.5%	15.7%	15.2%	13.1%	12.9%	12.3%
ROA (Net income/ Total Assets)	4.41%	4.35%	4.82%	4.99%	4.72%	4.18%	4.41%	4.5%
Assets ¹	1,50,315	1,64,974	1,64,261	83,216	1,76,918	2,12,402	2,21,647	2,36,251
Book Value Per Share ²	49.10	53.00	56.90	54.60	59.40	66.00	72.70	82.60
Cash Flow per Share ²	9.850	12.10	13.70	12.20	10.40	9.780	10.90	12.30
Capex ¹	2,457	2,437	2,520	2,727	3,031	3,180	3,325	3,436
Capex / Sales	0.96%	0.91%	0.86%	0.85%	0.85%	0.86%	0.85%	0.82%
Announcement Date	12/02/20	16/02/21	09/02/22	08/02/23	07/02/24	-	-	-

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 CVS Health Corporation

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

67.71 USD

Average target price

87.96 USD

Spread / Average Target

+29.90%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Healthcare Facilities & Services

	1st Jan change	Capi.
CVS HEALTH CORPORATION	-14.25%	85.35B
HCA HEALTHCARE, INC.	+14.46%	81.95B
DR. SULAIMAN AL HABIB MEDICAL SERVICES GROUP COMPANY	+9.37%	28.99B
LABORATORY CORPORATION OF AMERICA HOLDINGS	-11.40%	16.98B
FRESENIUS SE & CO. KGAA	-0.36%	16.85B
QUEST DIAGNOSTICS INCORPORATED	+0.22%	15.35B
FRESENIUS MEDICAL CARE AG	+4.32%	12.42B
EUROFINS SCIENTIFIC SE	-2.34%	11.88B
DAVITA INC.	+32.69%	12.19B
PURE HEALTH HOLDING	-31.40%	11.89B

Other Healthcare Facilities & Services