Financials Coloplast A/S

Equities

COLO B

DK0060448595

Medical Equipment, Supplies & Distribution

Market Closed - Nasdaq Copenhagen Other stock markets 10:59:33 2024-05-07 am EDT			5-day change	1st Jan Change
842.4 ^DKK	-3.46%		-0.47%	+9.12%

May. 07	European shares hit one-month high as earnings take centre stage	RE
May. 07	U.S. Futures Flat, European Stocks Rise	DJ

Valuation

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	175,241	213,422	214,092	164,708	167,956	189,351	-	-
Enterprise Value (EV) ¹	175,780	214,584	216,204	182,799	186,616	207,831	206,904	205,656
P/E ratio	45.4 x	51 x	44.5 x	35.1 x	33.7 x	35.6 x	30.5 x	26.7 x
Yield	2.06%	1.79%	1.89%	2.58%	2.81%	2.41%	2.65%	2.94%
Capitalization / Revenue	9.77 x	11.5 x	11 x	7.29 x	6.86 x	6.98 x	6.41 x	5.91 x
EV / Revenue	9.8 x	11.6 x	11.1 x	8.1 x	7.62 x	7.66 x	7 x	6.42 x
EV / EBITDA	28.3 x	32 x	31.1 x	23.3 x	23.6 x	23.5 x	21 x	18.8 x
EV / FCF	46.7 x	54.8 x	49.5 x	43.8 x	58.2 x	43.7 x	34.3 x	30.5 x
FCF Yield	2.14%	1.82%	2.02%	2.28%	1.72%	2.29%	2.91%	3.28%
Price to Book	25.3 x	28.9 x	26.2 x	19.9 x	9.24 x	10.6 x	9.99 x	9.23 x
Nbr of stocks (in thousands)	212,414	212,677	212,709	212,307	224,660	224,776	-	-
Reference price ²	825.0	1,004	1,006	775.8	747.6	842.4	842.4	842.4
Announcement Date	11/5/19	11/3/20	11/1/21	11/7/22	11/9/23	-	-	-

¹DKK in Million²DKK

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	17,939	18,544	19,426	22,579	24,500	27,143	29,551	32,047
EBITDA ¹	6,207	6,705	6,947	7,840	7,914	8,847	9,840	10,935
EBIT ¹	5,556	5,854	6,355	6,910	6,845	7,579	8,525	9,523
Operating Margin	30.97%	31.57%	32.71%	30.6%	27.94%	27.92%	28.85%	29.71%
Earnings before Tax (EBT) ¹	5,028	5,466	6,233	6,127	6,025	6,896	7,989	9,102
Net income ¹	3,873	4,197	4,825	4,706	4,783	5,320	6,186	7,030
Net margin	21.59%	22.63%	24.84%	20.84%	19.52%	19.6%	20.93%	21.94%
EPS ²	18.18	19.67	22.63	22.11	22.20	23.70	27.66	31.55
Free Cash Flow ¹	3,766	3,913	4,371	4,172	3,206	4,755	6,025	6,738
FCF margin	20.99%	21.1%	22.5%	18.48%	13.09%	17.52%	20.39%	21.03%
FCF Conversion (EBITDA)	60.67%	58.36%	62.92%	53.21%	40.51%	53.75%	61.23%	61.62%
FCF Conversion (Net income)	97.24%	93.23%	90.59%	88.65%	67.03%	89.38%	97.39%	95.85%
Dividend per Share ²	17.00	18.00	19.00	20.00	21.00	20.31	22.33	24.74
Announcement Date	11/5/19	11/3/20	11/1/21	11/7/22	11/9/23	-	-	-

¹DKK in Million²DKK

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: September	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2	2025 Q1	2025 Q2	2025 Q3
Net sales ¹	5,169	5,502	5,849	6,059	6,105	6,061	6,108	6,226	12,334	6,606	6,586	13,192	6,833	7,036	13,909	7,263	7,255	7,344
EBITDA ¹	1,824	1,922	2,021	2,073	2,035	1,939	1,949	1,991	3,940	2,130	2,110	4,240	2,343	2,588	4,504	-	-	-
EBIT ¹	1,649	1,686	1,761	1,814	1,774	1,671	1,686	1,714	3,400	1,822	1,791	3,613	1,933	2,005	-	2,105	2,146	2,134
Operating Margin	31.9%	30.64%	30.11%	29.94%	29.06%	27.57%	27.6%	27.53%	27.57%	27.58%	27.19%	27.39%	28.28%	28.49%	-	28.98%	29.58%	29.06%
Earnings before Tax (EBT) ¹	1,557	1,287	1,671	1,612	1,427	1,461	1,610	1,527	-	1,554	1,607	-	1,799	1,857	-	1,910	2,016	2,044
Net income ¹	1,207	980	1,289	1,230	1,127	1,155	1,272	1,229	-	1,212	1,252	-	1,400	1,452	-	1,490	1,572	1,594
Net margin	23.35%	17.81%	22.04%	20.3%	18.46%	19.06%	20.83%	19.74%	-	18.35%	19.01%	-	20.49%	20.64%	-	20.51%	21.67%	21.7%
EPS ²	5.660	4.600	6.060	5.790	5.310	5.440	5.980	5.470	-	5.390	5.570	10.96	6.229	6.474	-	6.820	7.200	7.300
Dividend per Share ²	-	-	-	15.00	-	-	-	16.00	-	-	-	-	-	20.14	-	-	-	-
Announcement Date	1/25/22	5/5/22	8/17/22	11/7/22	2/3/23	5/11/23	8/17/23	11/9/23	11/9/23	2/9/24	5/7/24	5/7/24	-	-	-	-	-	-

¹DKK in Million²DKK

Estimates

Balance Sheet Analysis

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	539	1,162	2,112	18,091	18,660	17,611	17,411	16,115
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.0868 x	0.1733 x	0.304 x	2.308 x	2.358 x	1.982 x	1.768 x	1.473 x
Free Cash Flow ¹	3,766	3,913	4,371	4,172	3,206	4,755	6,025	6,738
ROE (net income / shareholders' equity)	65%	58.6%	70%	64%	59%	30.4%	32.6%	34.3%
ROA (Net income/ Total Assets)	31.6%	32%	34%	20%	11.3%	10.8%	12.1%	13.5%
Assets ¹	12,251	13,116	14,211	23,584	42,290	49,258	51,177	52,078
Book Value Per Share	32.60	34.80	38.30	38.90	80.90	-	83.90	91.30
Cash Flow per Share ²	20.50	22.40	24.90	24.00	19.80	24.50	31.20	34.50
Capex ¹	617	846	919	927	1,020	1,377	1,441	1,546
Capex / Sales	3.44%	4.56%	4.73%	4.11%	4.16%	5.07%	4.87%	4.82%
Announcement Date	11/5/19	11/3/20	11/1/21	11/7/22	11/9/23	-	-	-

¹DKK in Million²DKK

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Coloplast A/S

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

842.4 DKK

Average target price

916.5 DKK

Spread / Average Target

+8.80%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Medical Supplies

	1st Jan change	Capi.
COLOPLAST A/S	+9.12%	28.33B
SHANDONG WEIGAO GROUP MEDICAL POLYMER COMPANY LIMITED	-29.57%	3.15B
WINNER MEDICAL CO., LTD.	-15.57%	2.57B
INTCO MEDICAL TECHNOLOGY CO., LTD.	+21.75%	2.55B
HARTALEGA HOLDINGS	+7.04%	2.09B
HARBIN FUERJIA TECHNOLOGY CO., LTD.	-1.13%	2.04B
TOP GLOVE CORPORATION BHD.	-0.56%	1.53B
NAKANISHI INC.	+1.01%	1.33B
KOSSAN RUBBER INDUSTRIES	+23.78%	1.23B
KANGJI MEDICAL HOLDINGS LIMITED	+4.86%	1.16B

Medical Supplies