Company Valuation: The Goldman Sachs Group, Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Capitalization 1 1,33,434 1,21,752 1,32,489 1,88,516 2,75,760 3,01,119 - -
Change - -8.76% 8.82% 42.29% 46.28% 9.2% - -
Enterprise Value (EV) 1 4,03,434 3,42,752 5,32,489 6,72,516 7,72,760 7,34,927 7,50,797 7,67,395
Change - -15.04% 55.36% 26.3% 14.91% -4.9% 2.16% 2.21%
P/E ratio 6.43x 11.4x 16.9x 14.1x 17.1x 16.5x 15x 13.9x
PBR 1.35x 1.13x 1.23x 1.7x 2.46x 2.64x 2.48x 2.39x
PEG - -0.2x -0.7x 0.2x 0.6x 1.1x 1.5x 1.67x
Capitalization / Revenue 2.25x 2.57x 2.85x 3.52x 4.73x 4.72x 4.5x 4.42x
EV / Revenue 6.8x 7.24x 11.4x 12.6x 13.3x 11.5x 11.2x 11.3x
EV / EBITDA - - - - - - - -
EV / EBIT 14.7x 21.2x 44.2x 34.1x 37.3x 30.1x 29.3x 30.5x
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Dividend per Share 2 6.5 9 10.5 11.75 14 18.41 19.8 21.46
Rate of return 1.7% 2.62% 2.72% 2.05% 1.59% 1.87% 2.02% 2.19%
EPS 2 59.45 30.06 22.87 40.54 51.32 59.36 65.4 70.85
Distribution rate 10.9% 29.9% 45.9% 29% 27.3% 31% 30.3% 30.3%
Net sales 1 59,339 47,365 46,524 53,512 58,283 63,769 66,843 68,072
EBITDA - - - - - - - -
EBIT 1 27,401 16,201 12,037 19,745 20,739 24,406 25,614 25,134
Net income 1 21,151 10,764 7,907 13,525 16,300 18,023 19,290 19,965
Net Debt 1 2,70,000 2,21,000 4,00,000 4,84,000 4,97,000 4,33,807 4,49,677 4,66,276
Reference price 2 382.55 343.38 385.77 572.62 879.00 982.12 982.12 982.12
Nbr of stocks (in thousands) 3,48,801 3,54,568 3,43,439 3,29,217 3,13,720 3,06,601 - -
Announcement Date 18/01/22 17/01/23 16/01/24 15/01/25 15/01/26 - - -
1USD in Million2USD
Estimates

P/E ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
16.54x11.52x - 1.87% 30TCr
16.7x7.3x - 2.13% 31TCr
11.52x - - 2% 21TCr
15.33x - - 1.42% 16TCr
10.61x0.77x - 3.29% 5.54TCr
13.52x - - 1.4% 2.96TCr
9.77x7.24x - 4.16% 2.3TCr
9.05x6.93x - 3.38% 2.32TCr
7.19x - - 4.04% 2.32TCr
16.06x5.87x - 3.94% 2.33TCr
Average 12.63x 6.60x 2.76% 11.6TCr
Weighted average by Cap. 14.66x 8.47x 2.12%

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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