Stock MRK MERCK KGAA
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Financials Merck KGaA

Equities

MRK

DE0006599905

Pharmaceuticals

Market Closed - Xetra
Other stock markets
 09:05:01 26/04/2024 pm IST 		5-day change 1st Jan Change
151.8 EUR +1.10% Intraday chart for Merck KGaA +3.94% +5.31%
26/04 Former SAP Executive Board member Kleinemeier to permanently head Merck's Supervisory Board DP
26/04 Transcript : Merck KGaA - Shareholder/Analyst Call

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 45,804 61,021 98,695 78,651 62,651 65,978 - -
Enterprise Value (EV) 1 58,160 71,683 1,07,596 86,979 62,651 72,769 70,809 68,413
P/E ratio 34.7 x 30.7 x 32.3 x 23.6 x 22.2 x 22.2 x 18.9 x 16.9 x
Yield 1.23% 1% 0.81% 1.22% - 1.52% 1.59% 1.65%
Capitalization / Revenue 2.84 x 3.48 x 5.01 x 3.54 x 2.98 x 3.11 x 2.93 x 2.8 x
EV / Revenue 3.6 x 4.09 x 5.47 x 3.91 x 2.98 x 3.42 x 3.15 x 2.9 x
EV / EBITDA 13.3 x 13.8 x 17.6 x 12.7 x 10.7 x 12.5 x 10.7 x 9.66 x
EV / FCF 28.5 x 34.7 x 30.3 x 31.9 x - 28.4 x 24 x 20.5 x
FCF Yield 3.51% 2.88% 3.3% 3.14% - 3.53% 4.17% 4.88%
Price to Book 2.56 x 3.59 x 4.63 x 3.03 x - 2.28 x 2.09 x 1.93 x
Nbr of stocks (in thousands) 4,34,778 4,34,778 4,34,778 4,34,778 4,34,778 4,34,778 - -
Reference price 2 105.4 140.4 227.0 180.9 144.1 151.8 151.8 151.8
Announcement Date 05/03/20 04/03/21 03/03/22 02/03/23 07/03/24 - - -
1EUR in Million2EUR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 16,152 17,534 19,687 22,232 20,993 21,247 22,502 23,576
EBITDA 1 4,385 5,201 6,103 6,849 5,879 5,842 6,639 7,079
EBIT 1 2,120 2,985 4,179 4,474 3,609 3,881 4,564 5,028
Operating Margin 13.13% 17.02% 21.23% 20.12% 17.19% 18.27% 20.28% 21.33%
Earnings before Tax (EBT) 1 1,735 2,630 3,924 4,287 3,484 3,797 4,477 4,978
Net income 1 1,320 1,987 3,055 3,326 2,824 2,971 3,475 3,894
Net margin 8.17% 11.33% 15.52% 14.96% 13.45% 13.98% 15.44% 16.51%
EPS 2 3.040 4.570 7.030 7.650 6.490 6.821 8.034 8.972
Free Cash Flow 1 2,043 2,065 3,550 2,728 - 2,566 2,953 3,341
FCF margin 12.65% 11.78% 18.03% 12.27% - 12.08% 13.13% 14.17%
FCF Conversion (EBITDA) 46.6% 39.7% 58.17% 39.83% - 43.92% 44.48% 47.19%
FCF Conversion (Net income) 154.77% 103.9% 116.22% 82.02% - 86.38% 85% 85.8%
Dividend per Share 2 1.300 1.400 1.850 2.200 - 2.311 2.420 2.503
Announcement Date 05/03/20 04/03/21 03/03/22 02/03/23 07/03/24 - - -
1EUR in Million2EUR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2020 S1 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 8,489 4,973 5,213 5,198 5,568 5,806 5,660 5,293 5,302 5,173 5,225 5,220 5,281 5,314 5,488 -
EBITDA 1 2,256 1,552 1,464 1,629 1,782 1,810 1,628 1,587 1,553 1,446 1,293 1,413 1,457 1,517 1,643 -
EBIT 1 - 1,047 1,039 1,173 1,177 1,234 889.6 1,035 969 983 621 777.4 826.2 1,095 1,015 -
Operating Margin - 21.05% 19.93% 22.57% 21.14% 21.26% 15.72% 19.55% 18.28% 19% 11.89% 14.89% 15.65% 20.6% 18.49% -
Earnings before Tax (EBT) 1 - 993 991.9 1,139 1,122 1,187 839.1 1,012 894 937 641 754.7 801.1 1,070 982.5 -
Net income 1 - 761 802.1 880.4 867.1 923.2 655 796 704 739 586 676.2 720.6 824.9 818.9 -
Net margin - 15.3% 15.39% 16.94% 15.57% 15.9% 11.57% 15.04% 13.28% 14.29% 11.22% 12.95% 13.65% 15.52% 14.92% -
EPS 2 1.720 1.750 1.840 2.020 1.990 2.120 1.510 1.830 1.620 1.700 1.340 1.542 1.656 1.896 1.882 -
Dividend per Share 2 - - 1.850 - - - 2.200 - - - - 0.5500 0.5500 0.5500 0.5500 0.6000
Announcement Date 06/08/20 11/11/21 03/03/22 12/05/22 04/08/22 10/11/22 02/03/23 11/05/23 03/08/23 09/11/23 07/03/24 - - - - -
1EUR in Million2EUR
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 12,357 10,662 8,902 8,328 - 6,791 4,831 2,436
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 2.818 x 2.05 x 1.459 x 1.216 x - 1.162 x 0.7277 x 0.3441 x
Free Cash Flow 1 2,043 2,065 3,550 2,728 - 2,566 2,953 3,341
ROE (net income / shareholders' equity) 13.8% 16.7% 19.8% 18.5% - 12.8% 13.8% 13.8%
ROA (Net income/ Total Assets) 3.27% 4.64% 8.7% 9.31% - 6.51% 7.36% 7.72%
Assets 1 40,348 42,804 35,111 35,718 - 45,611 47,194 50,423
Book Value Per Share 2 41.10 39.10 49.10 59.60 - 66.60 72.50 78.60
Cash Flow per Share 2 6.580 8.000 10.60 9.800 - 11.00 11.40 12.50
Capex 1 813 1,413 1,066 1,531 - 1,949 1,983 1,989
Capex / Sales 5.03% 8.06% 5.41% 6.89% - 9.18% 8.81% 8.43%
Announcement Date 05/03/20 04/03/21 03/03/22 02/03/23 07/03/24 - - -
1EUR in Million2EUR
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Merck KGaA

Trading Rating
Investor Rating
ESG Refinitiv
A
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
16
Last Close Price
151.8 EUR
Average target price
182 EUR
Spread / Average Target
+19.93%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Specialty & Advanced Pharmaceuticals

1st Jan change Capi.
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Specialty & Advanced Pharmaceuticals
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