Financials Haleon plc Nyse

Equities

HLN

US4055521003

Pharmaceuticals

Market Closed - Nyse Other stock markets 01:30:02 19/06/2024 am IST			Pre-market 05:25:51 pm
8.46 ^USD	+1.08%		8.43	-0.35%

18/06	Certain Ordinary Shares of Haleon plc are subject to a Lock-Up Agreement Ending on 18-JUN-2024.	CI
18/06	Certain American Depositary Shares of Haleon plc are subject to a Lock-Up Agreement Ending on 18-JUN-2024.	CI

Valuation

Fiscal Period: December	2022	2023	2024	2025	2026
Capitalization ¹	30,229	29,703	29,726	-	-
Enterprise Value (EV) ¹	40,097	38,217	37,542	36,784	36,137
P/E ratio	28.5 x	28.5 x	20.2 x	17.5 x	16.2 x
Yield	-	1.87%	1.9%	2.19%	2.39%
Capitalization / Revenue	2.78 x	2.63 x	2.6 x	2.49 x	2.38 x
EV / Revenue	3.69 x	3.38 x	3.28 x	3.08 x	2.89 x
EV / EBITDA	14.7 x	13.5 x	13.1 x	12.1 x	11.3 x
EV / FCF	22.8 x	20.5 x	24.3 x	20.8 x	18.5 x
FCF Yield	4.39%	4.88%	4.11%	4.82%	5.4%
Price to Book	1.85 x	1.79 x	1.75 x	1.64 x	1.55 x
Nbr of stocks (in thousands)	92,34,574	92,34,574	91,32,301	-	-
Reference price ²	3.274	3.216	3.255	3.255	3.255
Announcement Date	02/03/23	29/02/24	-	-	-

¹GBP in Million²GBP

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2022	2023	2024	2025	2026
Net sales ¹	10,858	11,302	11,451	11,943	12,493
EBITDA ¹	2,730	2,831	2,871	3,035	3,192
EBIT ¹	1,825	2,549	2,587	2,732	2,895
Operating Margin	16.81%	22.55%	22.59%	22.87%	23.18%
Earnings before Tax (EBT) ¹	1,618	1,628	2,032	2,372	2,575
Net income ¹	1,060	1,049	1,490	1,711	1,854
Net margin	9.76%	9.28%	13.01%	14.32%	14.84%
EPS ²	0.1150	0.1130	0.1613	0.1865	0.2012
Free Cash Flow ¹	1,759	1,866	1,545	1,771	1,952
FCF margin	16.2%	16.51%	13.49%	14.83%	15.62%
FCF Conversion (EBITDA)	64.43%	65.91%	53.8%	58.36%	61.14%
FCF Conversion (Net income)	165.94%	177.88%	103.67%	103.53%	105.24%
Dividend per Share ²	-	0.0600	0.0618	0.0713	0.0779
Announcement Date	02/03/23	29/02/24	-	-	-

¹GBP in Million²GBP

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2	2025 Q1
Net sales ¹	2,627	-	5,188	2,892	2,778	5,670	2,986	2,752	5,738	2,798	2,766	5,564	2,919	2,765	5,689	2,915	4,774	5,753	-
EBITDA	-	-	-	-	-	-	-	-	1,406	-	-	1,425	-	-	1,407	-	-	1,486	-
EBIT ¹	-	-	-	569	356	-	627	644	1,271	689	589	1,278	655	586.6	1,269	673.3	1,965	1,346	-
Operating Margin	-	-	-	19.67%	12.81%	-	21%	23.4%	22.15%	24.62%	21.29%	22.97%	22.44%	21.21%	22.31%	23.1%	41.16%	23.4%	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-	-	172	-	-	434	-	550	269	-	-
Net income ¹	343	-	-	-	-	-	-	298	-	365	-3	-	423	310	-	403.6	558.3	-	-
Net margin	13.06%	-	-	-	-	-	-	10.83%	-	13.05%	-0.11%	-	14.49%	11.21%	-	13.85%	11.7%	-	-
EPS ²	-	0.0189	-	0.0400	-	-	-	0.0320	-	0.0390	-	-	0.0460	0.0340	-	0.0445	0.0810	-	-
Dividend per Share ²	-	-	-	-	-	-	-	-	0.0180	-	-	0.0420	-	-	0.0220	-	0.0651	0.0470	-
Announcement Date	01/06/22	29/09/22	29/09/22	10/11/22	02/03/23	02/03/23	03/05/23	02/08/23	02/08/23	02/11/23	29/02/24	29/02/24	01/05/24	-	-	-	-	-	-

¹GBP in Million²GBP

Estimates

Balance Sheet Analysis

Fiscal Period: December	2022	2023	2024	2025	2026
Net Debt ¹	9,868	8,514	7,817	7,058	6,412
Net Cash position ¹	-	-	-	-	-
Leverage (Debt/EBITDA)	3.615 x	3.007 x	2.722 x	2.325 x	2.009 x
Free Cash Flow ¹	1,759	1,866	1,545	1,771	1,952
ROE (net income / shareholders' equity)	4.97%	6.37%	9.76%	10.1%	10.3%
ROA (Net income/ Total Assets)	3.06%	3.05%	4.46%	4.72%	4.99%
Assets ¹	34,633	34,435	33,444	36,257	37,143
Book Value Per Share ²	1.770	1.790	1.860	1.980	2.100
Cash Flow per Share ²	0.2200	0.2300	0.1800	0.2200	0.2400
Capex ¹	304	234	339	344	369
Capex / Sales	2.8%	2.07%	2.96%	2.88%	2.96%
Announcement Date	02/03/23	29/02/24	-	-	-

¹GBP in Million²GBP

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Haleon plc

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

3.255 GBP

Average target price

3.646 GBP

Spread / Average Target

+12.03%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Pharmaceuticals

	1st Jan change	Capi.
ELI LILLY AND COMPANY	+52.93%	803B
NOVO NORDISK A/S	+41.30%	631B
JOHNSON & JOHNSON	-7.08%	351B
MERCK & CO., INC.	+17.40%	324B
ABBVIE INC.	+10.58%	303B
ASTRAZENECA PLC	+16.72%	243B
ROCHE HOLDING AG	+2.17%	228B
NOVARTIS AG	+10.31%	217B
AMGEN INC.	+6.24%	164B

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