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 2,82,270 - -
Change - -21.84% -17.82% 4.12% 27.73% 7.7% - -
Enterprise Value (EV) 1 3,24,977 2,55,396 2,15,772 2,22,528 2,78,258 2,93,015 2,86,233 2,78,296
Change - -21.41% -15.51% 3.13% 25.04% 5.3% -2.31% -2.77%
P/E 23.4x 18.9x 17.1x 24.8x 20.5x 19.7x 17.5x 16.1x
PBR 13.2x 8.29x 5.91x 5.67x 7.8x 7.05x 5.92x 5.01x
PEG - -3.69x -2.48x -0.9x 0.4x 1.7x 1.4x 1.93x
Capitalization / Revenue 4.89x 3.79x 3.36x 3.39x 4.26x 4.51x 4.31x 4.11x
EV / Revenue 5.17x 4.04x 3.67x 3.68x 4.52x 4.68x 4.37x 4.05x
EV / EBITDA 13.2x 10.2x 9.82x 9.45x 11.3x 11.6x 10.5x 9.62x
EV / EBIT 14.8x 11.5x 11.2x 10.7x 12.7x 12.9x 11.8x 10.8x
EV / FCF 20.7x 19.6x 19.1x 14.5x 23.6x 19.1x 17.5x 15.8x
FCF Yield 4.83% 5.11% 5.23% 6.89% 4.24% 5.23% 5.7% 6.35%
Dividend per Share 2 9.3 9.5 9.6 9.7 9.8 9.992 10.22 10.49
Rate of return 2.45% 3.27% 3.93% 3.8% 2.99% 2.83% 2.89% 2.97%
EPS 2 16.2 15.37 14.31 10.31 16.04 17.95 20.23 21.92
Distribution rate 57.4% 61.8% 67.1% 94.1% 61.1% 55.7% 50.5% 47.9%
Net sales 1 62,801 63,281 58,716 60,495 61,516 62,645 65,471 68,719
EBITDA 1 24,692 25,015 21,976 23,538 24,608 25,278 27,191 28,937
EBIT 1 21,897 22,173 19,240 20,823 21,833 22,630 24,189 25,738
Net income 1 13,930 12,421 11,498 8,277 12,880 14,506 16,332 17,553
Net Debt 1 18,167 15,584 18,699 17,337 16,160 10,745 3,963 -3,973
Reference price 2 379.10 290.50 244.50 255.50 328.20 353.60 353.60 353.60
Nbr of stocks (in thousands) 8,00,952 8,00,579 7,98,652 7,96,789 7,96,317 7,96,766 - -
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.($)
35.03x12.19x25.61x0.59% 1,02400Cr
27.48x6.29x17.54x2.1% 62TCr
32.57x7.42x15.35x2.76% 44TCr
21.76x4.48x12.7x1.96% 26TCr
13.48x5.05x10.4x3.71% 21TCr
25.29x6.61x11.66x2.62% 21TCr
-46.92x5.63x31.08x2.53% 16TCr
12.69x3.11x7.86x6.88% 14TCr
11.77x3.27x8.54x3.87% 13TCr
Average 14.79x 6.01x 15.64x 3% 35.59TCr
Weighted average by Cap. 24.01x 7.82x 18.45x 2.14%

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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  5. Valuation Roche Holding AG