Financials Walgreens Boots Alliance, Inc. Wiener Boerse

Equities

WBA

US9314271084

Drug Retailers

End-of-day quote Wiener Boerse Other stock markets 03:30:00 17/06/2024 am IST			5-day change	1st Jan Change
14.26 ^EUR	-1.08%		-4.45%	-40.67%

29/06	Boots CEO James quits after Walgreens' plans for sale stalls, Sky News reporter says	RE
28/06	Walgreens' Q3 Earnings Miss Reflects Weak Consumer Spending, Pharmacy Headwinds, Morgan Stanley Says	MT

Valuation

Fiscal Period: August	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	46,232	32,946	43,898	30,301	21,849	10,441	-	-
Enterprise Value (EV) ¹	62,045	48,668	51,685	39,503	30,172	18,650	17,381	16,402
P/E ratio	11.9 x	73.1 x	17.3 x	7 x	-7.09 x	-1.5 x	7.99 x	5.66 x
Yield	3.47%	4.92%	3.7%	5.45%	-	10.5%	7.97%	8%
Capitalization / Revenue	0.34 x	0.24 x	0.33 x	0.23 x	0.16 x	0.07 x	0.07 x	0.07 x
EV / Revenue	0.45 x	0.35 x	0.39 x	0.3 x	0.22 x	0.13 x	0.12 x	0.11 x
EV / EBITDA	7.37 x	6.82 x	7.87 x	6.3 x	6.03 x	4.42 x	3.85 x	2.98 x
EV / FCF	15.9 x	11.8 x	12.4 x	18.2 x	214 x	13.4 x	8.11 x	6.4 x
FCF Yield	6.27%	8.45%	8.08%	5.48%	0.47%	7.45%	12.3%	15.6%
Price to Book	1.95 x	1.59 x	1.84 x	1.03 x	0.77 x	0.74 x	0.7 x	0.62 x
Nbr of stocks (in thousands)	9,03,143	8,66,534	8,64,987	8,64,257	8,63,261	8,63,275	-	-
Reference price ²	51.19	38.02	50.75	35.06	25.31	12.10	12.10	12.10
Announcement Date	28/10/19	15/10/20	14/10/21	13/10/22	12/10/23	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: August	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,36,866	1,39,537	1,32,509	1,32,703	1,39,081	1,45,451	1,48,640	1,53,205
EBITDA ¹	8,413	7,138	6,567	6,268	5,002	4,218	4,514	5,496
EBIT ¹	6,942	5,211	5,117	5,133	3,871	2,026	2,640	2,830
Operating Margin	5.07%	3.73%	3.86%	3.87%	2.78%	1.39%	1.78%	1.85%
Earnings before Tax (EBT) ¹	4,527	743	1,995	3,985	-5,419	-13,322	579.7	1,546
Net income ¹	3,982	456	2,542	4,337	-3,080	-7,924	1,422	1,781
Net margin	2.91%	0.33%	1.92%	3.27%	-2.21%	-5.45%	0.96%	1.16%
EPS ²	4.310	0.5200	2.930	5.010	-3.570	-8.076	1.514	2.138
Free Cash Flow ¹	3,892	4,111	4,176	2,165	141	1,389	2,144	2,564
FCF margin	2.84%	2.95%	3.15%	1.63%	0.1%	0.95%	1.44%	1.67%
FCF Conversion (EBITDA)	46.26%	57.59%	63.59%	34.54%	2.82%	32.93%	47.5%	46.65%
FCF Conversion (Net income)	97.74%	901.54%	164.28%	49.92%	-	-	150.83%	143.98%
Dividend per Share ²	1.778	1.870	1.880	1.912	-	1.270	0.9640	0.9670
Announcement Date	28/10/19	15/10/20	14/10/21	13/10/22	12/10/23	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: August	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	33,756	32,597	32,449	33,382	34,862	35,415	35,422	36,707	37,052	36,351	35,848	37,356	37,817	37,060	37,003
EBITDA ¹	1,931	1,232	993	1,510	1,774	1,556	1,013	1,028	1,244	1,220	752.8	1,101	1,335	1,201	1,118
EBIT ¹	1,657	955	744	1,014	1,215	959	683	687	900	613	414.9	653.9	827.7	730.9	647
Operating Margin	4.91%	2.93%	2.29%	3.04%	3.49%	2.71%	1.93%	1.87%	2.43%	1.69%	1.16%	1.75%	2.19%	1.97%	1.75%
Earnings before Tax (EBT) ¹	947	-18	-758	-5,270	607	-382	-375	-358	-13,114	251	30.86	178.5	356.6	91.45	35.53
Net income ¹	883	289	-415	-3,721	703	118	-180	-67	-5,908	344	7.077	222.5	395.6	255.9	205.3
Net margin	2.62%	0.89%	-1.28%	-11.15%	2.02%	0.33%	-0.51%	-0.18%	-15.95%	0.95%	0.02%	0.6%	1.05%	0.69%	0.55%
EPS ²	1.020	0.3300	-0.4800	-4.310	0.8100	0.1400	-0.2100	-0.0800	-6.850	0.4000	-0.0789	0.2562	0.4573	0.2956	0.2374
Dividend per Share ²	0.4775	0.4775	0.4800	0.4800	-	0.4800	-	0.2500	0.2500	-	0.2500	0.2500	0.3638	0.2500	0.2500
Announcement Date	31/03/22	30/06/22	13/10/22	05/01/23	28/03/23	27/06/23	12/10/23	04/01/24	28/03/24	27/06/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: August	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	15,813	15,722	7,787	9,202	8,323	8,209	6,939	5,961
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.88 x	2.203 x	1.186 x	1.468 x	1.664 x	1.946 x	1.537 x	1.085 x
Free Cash Flow ¹	3,892	4,111	4,176	2,165	141	1,389	2,144	2,564
ROE (net income / shareholders' equity)	22.3%	18.9%	20.5%	16.4%	11.9%	2.87%	12.6%	13.6%
ROA (Net income/ Total Assets)	5.87%	0.59%	5.46%	5.06%	3.68%	-10.4%	1.4%	1.85%
Assets ¹	67,861	77,380	46,566	85,705	-83,627	75,892	1,01,552	96,261
Book Value Per Share ²	26.30	23.80	27.50	34.00	32.80	16.30	17.20	19.50
Cash Flow per Share ²	6.060	6.230	6.410	4.500	2.620	3.970	2.630	3.860
Capex ¹	1,702	1,374	1,379	1,734	2,117	1,532	1,607	1,670
Capex / Sales	1.24%	0.98%	1.04%	1.31%	1.52%	1.05%	1.08%	1.09%
Announcement Date	28/10/19	15/10/20	14/10/21	13/10/22	12/10/23	-	-	-

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 Walgreens Boots Alliance, Inc.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

12.1 USD

Average target price

17.08 USD

Spread / Average Target

+41.24%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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