Financials CVS Health Corporation

Equities

CVS

US1266501006

Healthcare Facilities & Services

Market Closed - Nyse Other stock markets 04:00:02 2024-04-26 pm EDT			5-day change	1st Jan Change
67.18 ^USD	-0.22%		-3.68%	-14.92%

Apr. 26	CVS Omnicare staff in Las Vegas vote to join new union	RE
Apr. 26	Morgan Stanley Cuts Price Target on CVS Health to $85 From $92	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	96,649	89,399	136,274	122,449	101,613	84,679	-	-
Enterprise Value (EV) ¹	159,446	146,192	179,925	160,658	151,768	132,687	128,015	120,296
P/E ratio	14.6 x	12.5 x	17.3 x	29.7 x	12.2 x	9.78 x	8.66 x	7.66 x
Yield	2.69%	2.93%	1.94%	2.36%	3.06%	3.93%	4.19%	4.55%
Capitalization / Revenue	0.38 x	0.33 x	0.47 x	0.38 x	0.28 x	0.23 x	0.22 x	0.2 x
EV / Revenue	0.62 x	0.54 x	0.62 x	0.5 x	0.42 x	0.36 x	0.33 x	0.29 x
EV / EBITDA	9.23 x	8.07 x	9.2 x	8.04 x	7.59 x	6.78 x	6.11 x	5.48 x
EV / FCF	15.3 x	10.9 x	11.4 x	11.9 x	14.6 x	14.4 x	11.3 x	9.8 x
FCF Yield	6.52%	9.19%	8.75%	8.37%	6.85%	6.93%	8.83%	10.2%
Price to Book	1.51 x	1.29 x	1.81 x	1.71 x	1.33 x	1.02 x	0.92 x	0.81 x
Nbr of stocks (in thousands)	1,300,964	1,308,913	1,321,000	1,313,967	1,286,897	1,260,480	-	-
Reference price ²	74.29	68.30	103.2	93.19	78.96	67.18	67.18	67.18
Announcement Date	2/12/20	2/16/21	2/9/22	2/8/23	2/7/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	256,776	268,706	292,111	322,467	357,776	370,818	392,885	417,829
EBITDA ¹	17,274	18,108	19,565	19,971	19,995	19,571	20,944	21,932
EBIT ¹	15,339	16,008	17,312	17,532	17,534	16,758	17,679	18,770
Operating Margin	5.97%	5.96%	5.93%	5.44%	4.9%	4.52%	4.5%	4.49%
Earnings before Tax (EBT) ¹	8,997	9,770	10,420	5,628	11,173	11,936	13,221	14,482
Net income ¹	6,634	7,179	7,910	4,149	8,344	8,907	9,811	10,716
Net margin	2.58%	2.67%	2.71%	1.29%	2.33%	2.4%	2.5%	2.56%
EPS ²	5.080	5.460	5.950	3.140	6.470	6.870	7.754	8.774
Free Cash Flow ¹	10,391	13,428	15,745	13,450	10,395	9,197	11,300	12,279
FCF margin	4.05%	5%	5.39%	4.17%	2.91%	2.48%	2.88%	2.94%
FCF Conversion (EBITDA)	60.15%	74.16%	80.48%	67.35%	51.99%	46.99%	53.95%	55.99%
FCF Conversion (Net income)	156.63%	187.05%	199.05%	324.17%	124.58%	103.25%	115.17%	114.58%
Dividend per Share ²	2.000	2.000	2.000	2.200	2.420	2.642	2.815	3.056
Announcement Date	2/12/20	2/16/21	2/9/22	2/8/23	2/7/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	73,794	76,604	76,826	80,636	81,159	83,846	85,278	88,921	89,764	93,813	89,205	92,079	92,705	96,739	94,705
EBITDA ¹	4,646	4,733	5,070	5,431	4,825	4,645	4,969	5,100	5,074	4,852	4,198	5,151	5,192	4,937	4,942
EBIT ¹	4,073	4,147	4,483	4,810	4,233	4,006	4,370	4,481	4,456	4,227	3,567	4,455	4,508	4,303	4,140
Operating Margin	5.52%	5.41%	5.84%	5.97%	5.22%	4.78%	5.12%	5.04%	4.96%	4.51%	4%	4.84%	4.86%	4.45%	4.37%
Earnings before Tax (EBT) ¹	2,145	1,570	2,946	4,029	-4,456	3,109	2,879	2,570	3,019	2,705	2,434	2,931	2,982	2,823	3,231
Net income ¹	1,598	1,306	2,312	2,951	-3,416	2,302	2,136	1,901	2,261	2,046	1,724	2,380	2,430	2,289	2,168
Net margin	2.17%	1.7%	3.01%	3.66%	-4.21%	2.75%	2.5%	2.14%	2.52%	2.18%	1.93%	2.58%	2.62%	2.37%	2.29%
EPS ²	1.200	0.9800	1.740	2.230	-2.600	1.750	1.650	1.480	1.750	1.580	1.321	1.818	1.882	1.799	1.740
Dividend per Share ²	0.5000	0.5000	0.5500	0.5500	0.5500	0.5500	0.6050	0.6050	0.6050	0.6050	0.6614	0.6614	0.6614	0.6614	0.7195
Announcement Date	11/3/21	2/9/22	5/4/22	8/3/22	11/2/22	2/8/23	5/3/23	8/2/23	11/1/23	2/7/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	62,797	56,793	43,651	38,209	50,155	48,008	43,336	35,617
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.635 x	3.136 x	2.231 x	1.913 x	2.508 x	2.453 x	2.069 x	1.624 x
Free Cash Flow ¹	10,391	13,428	15,745	13,450	10,395	9,197	11,300	12,279
ROE (net income / shareholders' equity)	15.1%	14.8%	15.5%	15.7%	15.2%	13.2%	13%	12.5%
ROA (Net income/ Total Assets)	4.41%	4.35%	4.82%	4.99%	4.72%	4.18%	4.41%	4.5%
Assets ¹	150,315	164,974	164,261	83,216	176,918	213,020	222,732	238,144
Book Value Per Share ²	49.10	53.00	56.90	54.60	59.40	66.10	72.80	83.00
Cash Flow per Share ²	9.850	12.10	13.70	12.20	10.40	9.780	10.90	12.30
Capex ¹	2,457	2,437	2,520	2,727	3,031	3,180	3,325	3,436
Capex / Sales	0.96%	0.91%	0.86%	0.85%	0.85%	0.86%	0.85%	0.82%
Announcement Date	2/12/20	2/16/21	2/9/22	2/8/23	2/7/24	-	-	-

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 CVS Health Corporation

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

67.18 USD

Average target price

88.15 USD

Spread / Average Target

+31.22%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Healthcare Facilities & Services

	1st Jan change	Capi.
CVS HEALTH CORPORATION	-14.92%	84.68B
HCA HEALTHCARE, INC.	+13.30%	81.12B
DR. SULAIMAN AL HABIB MEDICAL SERVICES GROUP COMPANY	+10.92%	29.4B
LABORATORY CORPORATION OF AMERICA HOLDINGS	-12.71%	16.73B
FRESENIUS SE & CO. KGAA	-3.06%	16.36B
QUEST DIAGNOSTICS INCORPORATED	-2.63%	14.92B
PURE HEALTH HOLDING	-31.75%	11.77B
FRESENIUS MEDICAL CARE AG	-1.42%	11.72B
DAVITA INC.	+27.44%	11.71B
EUROFINS SCIENTIFIC SE	-3.97%	11.66B

Other Healthcare Facilities & Services