Company Valuation: Roche Holding AG

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 3,06,810 2,39,812 1,97,073 2,05,191 2,62,098 2,64,429 - -
Change - -21.84% -17.82% 4.12% 27.73% 0.89% - -
Enterprise Value (EV) 1 3,24,977 2,55,396 2,15,772 2,22,528 2,78,258 2,74,984 2,68,345 2,60,704
Change - -21.41% -15.51% 3.13% 25.04% -1.18% -2.41% -2.85%
P/E 23.4x 18.9x 17.1x 24.8x 20.5x 17.7x 16.5x 15.1x
PBR 13.2x 8.29x 5.91x 5.67x 7.8x 6.56x 5.53x 4.7x
PEG - -3.69x -2.48x -0.9x 0.4x 1.1x 2.21x 1.69x
Capitalization / Revenue 4.89x 3.79x 3.36x 3.39x 4.26x 4.22x 4.05x 3.86x
EV / Revenue 5.17x 4.04x 3.67x 3.68x 4.52x 4.39x 4.11x 3.81x
EV / EBITDA 13.2x 10.2x 9.82x 9.45x 11.3x 10.8x 9.9x 9.05x
EV / EBIT 14.8x 11.5x 11.2x 10.7x 12.7x 12.2x 11.1x 10.1x
EV / FCF 20.7x 19.6x 19.1x 14.5x 23.6x 17.8x 16.6x 14.9x
FCF Yield 4.83% 5.11% 5.23% 6.89% 4.24% 5.63% 6.04% 6.7%
Dividend per Share 2 9.3 9.5 9.6 9.7 9.8 10.01 10.25 10.53
Rate of return 2.45% 3.27% 3.93% 3.8% 2.99% 3.02% 3.09% 3.17%
EPS 2 16.2 15.37 14.31 10.31 16.04 18.72 20.11 21.91
Distribution rate 57.4% 61.8% 67.1% 94.1% 61.1% 53.5% 51% 48%
Net sales 1 62,801 63,281 58,716 60,495 61,516 62,600 65,285 68,420
EBITDA 1 24,692 25,015 21,976 23,538 24,608 25,403 27,106 28,820
EBIT 1 21,897 22,173 19,240 20,823 21,833 22,592 24,172 25,728
Net income 1 13,930 12,421 11,498 8,277 12,880 15,225 16,347 17,569
Net Debt 1 18,167 15,584 18,699 17,337 16,160 10,555 3,915 -3,725
Reference price 2 379.10 290.50 244.50 255.50 328.20 331.70 331.70 331.70
Nbr of stocks (in thousands) 8,00,952 8,00,579 7,98,652 7,96,789 7,96,317 7,95,618 - -
Announcement Date 03/02/22 02/02/23 01/02/24 30/01/25 29/01/26 - - -
1CHF in Million2CHF
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
17.72x4.39x10.82x3.02% 33TCr
34.09x12.2x25.51x0.59% 1,02300Cr
26.74x6.1x16.7x2.16% 60TCr
33.01x7.5x15.37x2.71% 45TCr
21.23x5.45x13.2x2.93% 28TCr
20.75x4.38x12.12x2.01% 26TCr
14.46x5.38x11.08x3.46% 22TCr
23.89x6.31x11.13x2.77% 20TCr
-47.99x5.74x31.73x2.44% 17TCr
12.57x3.08x7.79x6.97% 14TCr
Average 15.65x 6.05x 15.55x 2.91% 36.56TCr
Weighted average by Cap. 23.09x 7.49x 17.58x 2.22%

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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