Company Valuation: Merck KGaA

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 98,695 78,651 62,651 60,825 53,304 57,934 - -
Change - -20.31% -20.34% -2.91% -12.37% 8.69% - -
Enterprise Value (EV) 1 1,07,596 86,979 70,610 68,609 62,533 65,463 63,558 61,676
Change - -19.16% -18.82% -2.83% -8.86% 4.69% -2.91% -2.96%
P/E Ratio 32.3x 23.6x 22.2x 21.9x 20.4x 22.5x 19.5x 17.4x
PBR 4.63x 3.03x 2.35x 2.03x 1.86x 1.89x 1.77x 1.65x
PEG - 2.68x -1.5x -14.21x -3.34x -16.85x 1.3x 1.4x
Capitalization / Revenue 5.01x 3.54x 2.98x 2.88x 2.53x 2.75x 2.63x 2.49x
EV / Revenue 5.47x 3.91x 3.36x 3.24x 2.96x 3.11x 2.88x 2.65x
EV / EBITDA 17.6x 12.7x 12x 11.3x 10.2x 11.1x 10x 9.04x
EV / EBIT 25.7x 19.4x 19.6x 18.8x 17.4x 18.1x 15.9x 13.9x
EV / FCF 30.3x 31.9x 36.9x 23.8x 26.6x 23.3x 21.1x 18.9x
FCF Yield 3.3% 3.14% 2.71% 4.2% 3.75% 4.29% 4.73% 5.3%
Dividend per Share 2 1.85 2.2 2.2 2.2 2.2 2.328 2.416 2.515
Rate of return 0.81% 1.22% 1.53% 1.57% 1.79% 1.75% 1.81% 1.89%
EPS 2 7.03 7.65 6.49 6.39 6 5.92 6.821 7.654
Distribution rate 26.3% 28.8% 33.9% 34.4% 36.7% 39.3% 35.4% 32.9%
Net sales 1 19,687 22,232 20,993 21,156 21,102 21,041 22,057 23,284
EBITDA 1 6,103 6,849 5,879 6,072 6,109 5,922 6,331 6,824
EBIT 1 4,179 4,474 3,609 3,645 3,601 3,609 3,990 4,428
Net income 1 3,055 3,326 2,824 2,777 2,608 2,554 2,929 3,271
Net Debt 1 8,902 8,328 7,959 7,784 9,229 7,529 5,624 3,741
Reference price 2 227.00 180.90 144.10 139.90 122.60 133.25 133.25 133.25
Nbr of stocks (in thousands) 4,34,778 4,34,778 4,34,778 4,34,778 4,34,778 4,34,778 - -
Announcement Date 03/03/22 02/03/23 07/03/24 06/03/25 05/03/26 - - -
1EUR in Million2EUR
Estimates

P/E Ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
22.51x3.11x11.05x1.75% 6.71TCr
53.11x4.94x20.09x2.81% 29TCr
15.56x1.94x6.68x2.87% 784.46Cr
22.12x6.62x18.11x-.--% 454.14Cr
42.86x2.43x29.57x0.72% 379.78Cr
28.8x5.51x15.75x - 334.87Cr
102.49x - - -.--% 257.75Cr
Average 41.06x 4.09x 16.87x 1.36% 5.47TCr
Weighted average by Cap. 46.64x 4.56x 18.25x 2.55%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

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