Financials Microsoft Corporation Sao Paulo

Equities

MSFT34

BRMSFTBDR005

Software

Market Closed - Sao Paulo Other stock markets 01:40:00 22/05/2024 am IST			5-day change	1st Jan Change
91.27 ^BRL	+5.52%		+2.29%	+20.57%

05:15am	News Highlights : Top Company News of the Day - Tuesday at 11 PM ET	DJ
03:15am	News Highlights : Top Company News of the Day - Tuesday at 9 PM ET	DJ

Valuation

Fiscal Period: June	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	10,26,511	15,43,306	20,40,304	19,20,840	25,32,081	31,88,756	-	-
Enterprise Value (EV) ¹	9,64,870	14,70,106	19,68,116	18,65,864	24,68,056	31,57,506	30,99,199	30,39,098
P/E ratio	26.5 x	35.3 x	33.7 x	26.6 x	35.2 x	36.4 x	32.2 x	27.5 x
Yield	1.37%	1%	0.83%	0.97%	0.8%	0.68%	0.75%	0.83%
Capitalization / Revenue	8.16 x	10.8 x	12.1 x	9.69 x	11.9 x	13 x	11.4 x	9.9 x
EV / Revenue	7.67 x	10.3 x	11.7 x	9.41 x	11.6 x	12.9 x	11.1 x	9.44 x
EV / EBITDA	17.7 x	22.4 x	24.1 x	19.1 x	23.8 x	24.2 x	21.1 x	17.7 x
EV / FCF	25.2 x	32.5 x	35.1 x	28.6 x	41.5 x	45.5 x	39.4 x	31.7 x
FCF Yield	3.97%	3.08%	2.85%	3.49%	2.41%	2.2%	2.54%	3.15%
Price to Book	10 x	13 x	14.3 x	11.5 x	12.3 x	11.7 x	8.92 x	7.06 x
Nbr of stocks (in thousands)	76,62,818	75,83,440	75,31,575	74,79,033	74,35,488	74,32,306	-	-
Reference price ²	134.0	203.5	270.9	256.8	340.5	429.0	429.0	429.0
Announcement Date	18/07/19	22/07/20	27/07/21	26/07/22	25/07/23	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: June	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,25,843	1,43,015	1,68,088	1,98,270	2,11,915	2,44,977	2,80,140	3,22,078
EBITDA ¹	54,641	65,755	81,602	97,843	1,03,555	1,30,263	1,47,028	1,71,469
EBIT ¹	42,959	52,959	69,916	83,383	89,694	1,08,498	1,22,352	1,42,270
Operating Margin	34.14%	37.03%	41.59%	42.06%	42.33%	44.29%	43.68%	44.17%
Earnings before Tax (EBT) ¹	43,688	53,036	71,102	83,716	89,311	1,07,083	1,20,843	1,41,052
Net income ¹	39,240	44,281	61,271	72,738	72,361	87,935	99,025	1,15,469
Net margin	31.18%	30.96%	36.45%	36.69%	34.15%	35.9%	35.35%	35.85%
EPS ²	5.060	5.760	8.050	9.650	9.680	11.80	13.33	15.62
Free Cash Flow ¹	38,260	45,234	56,118	65,149	59,475	69,352	78,715	95,740
FCF margin	30.4%	31.63%	33.39%	32.86%	28.07%	28.31%	28.1%	29.73%
FCF Conversion (EBITDA)	70.02%	68.79%	68.77%	66.59%	57.43%	53.24%	53.54%	55.84%
FCF Conversion (Net income)	97.5%	102.15%	91.59%	89.57%	82.19%	78.87%	79.49%	82.91%
Dividend per Share ²	1.840	2.040	2.240	2.480	2.720	2.938	3.206	3.581
Announcement Date	18/07/19	22/07/20	27/07/21	26/07/22	25/07/23	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: June	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	2025 Q3	2025 Q4
Net sales ¹	51,728	49,360	51,865	50,122	52,747	52,857	56,189	56,517	62,020	61,858	64,392	65,264	70,007	69,841	73,093
EBITDA ¹	25,743	24,137	24,513	24,308	25,218	25,901	28,128	30,816	32,991	33,608	33,219	36,048	36,938	37,292	37,747
EBIT ¹	22,247	20,364	20,534	21,518	21,570	22,352	24,254	26,895	27,032	27,581	27,518	29,324	30,216	30,423	31,548
Operating Margin	43.01%	41.26%	39.59%	42.93%	40.89%	42.29%	43.17%	47.59%	43.59%	44.59%	42.74%	44.93%	43.16%	43.56%	43.16%
Earnings before Tax (EBT) ¹	22,515	20,190	20,487	21,572	20,339	22,673	24,727	27,284	26,526	26,727	26,593	28,434	29,570	29,819	31,161
Net income ¹	18,765	16,728	16,740	17,556	16,425	18,299	20,081	22,291	21,870	21,939	21,808	23,425	24,249	24,479	25,421
Net margin	36.28%	33.89%	32.28%	35.03%	31.14%	34.62%	35.74%	39.44%	35.26%	35.47%	33.87%	35.89%	34.64%	35.05%	34.78%
EPS ²	2.480	2.220	2.230	2.350	2.200	2.450	2.690	2.990	2.930	2.940	2.924	3.144	3.268	3.294	3.413
Dividend per Share ²	0.6200	0.6200	0.6200	0.6800	0.6800	0.6800	0.6800	0.7500	0.7500	0.7500	0.7475	0.8237	0.8237	0.8234	0.8196
Announcement Date	25/01/22	26/04/22	26/07/22	25/10/22	24/01/23	25/04/23	25/07/23	24/10/23	30/01/24	25/04/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: June	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	61,641	73,200	72,188	54,976	64,025	31,251	89,558	1,49,658
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	38,260	45,234	56,118	65,149	59,475	69,352	78,715	95,740
ROE (net income / shareholders' equity)	42.4%	40.1%	47.1%	47.2%	38.8%	35.7%	31.7%	30%
ROA (Net income/ Total Assets)	14.4%	15.1%	19.3%	20.8%	35.1%	18.7%	17.9%	18.8%
Assets ¹	2,72,703	2,93,934	3,17,545	3,49,309	2,06,038	4,69,157	5,54,462	6,14,248
Book Value Per Share ²	13.40	15.60	18.90	22.30	27.70	36.80	48.10	60.80
Cash Flow per Share ²	6.730	7.900	10.10	11.80	11.70	15.70	19.00	25.00
Capex ¹	13,925	15,441	20,622	23,886	28,107	44,336	51,561	55,422
Capex / Sales	11.07%	10.8%	12.27%	12.05%	13.26%	18.1%	18.41%	17.21%
Announcement Date	18/07/19	22/07/20	27/07/21	26/07/22	25/07/23	-	-	-

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 Microsoft Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

429 USD

Average target price

481.8 USD

Spread / Average Target

+12.29%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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