Financials CVS Health Corporation

Equities

CVS

US1266501006

Healthcare Facilities & Services

Market Closed - Nyse Other stock markets 04:00:02 2024-05-03 pm EDT			5-day change	1st Jan Change
55.9 ^USD	+1.36%		-16.79%	-29.20%

May. 03	Aetna will cover fertility treatments for LGBTQ people under court settlement	RE
May. 03	ARC Independent Research Adjusts Price Target on CVS Health to $65 From $80	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	70,175	-	-
Enterprise Value (EV) ¹	159,446	146,192	179,925	160,658	151,768	119,001	115,188	108,493
P/E ratio	14.6 x	12.5 x	17.3 x	29.7 x	12.2 x	9.49 x	8.13 x	7.06 x
Yield	2.69%	2.93%	1.94%	2.36%	3.06%	4.75%	4.71%	5.34%
Capitalization / Revenue	0.38 x	0.33 x	0.47 x	0.38 x	0.28 x	0.19 x	0.18 x	0.17 x
EV / Revenue	0.62 x	0.54 x	0.62 x	0.5 x	0.42 x	0.32 x	0.3 x	0.26 x
EV / EBITDA	9.23 x	8.07 x	9.2 x	8.04 x	7.59 x	6.83 x	5.96 x	5.31 x
EV / FCF	15.3 x	10.9 x	11.4 x	11.9 x	14.6 x	12.4 x	10.6 x	8.9 x
FCF Yield	6.52%	9.19%	8.75%	8.37%	6.85%	8.08%	9.41%	11.2%
Price to Book	1.51 x	1.29 x	1.81 x	1.71 x	1.33 x	0.88 x	0.83 x	0.77 x
Nbr of stocks (in thousands)	1,300,964	1,308,913	1,321,000	1,313,967	1,286,897	1,255,373	-	-
Reference price ²	74.29	68.30	103.2	93.19	78.96	55.90	55.90	55.90
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	369,029	389,041	413,290
EBITDA ¹	17,274	18,108	19,565	19,971	19,995	17,412	19,331	20,424
EBIT ¹	15,339	16,008	17,312	17,532	17,534	15,382	16,436	17,601
Operating Margin	5.97%	5.96%	5.93%	5.44%	4.9%	4.17%	4.22%	4.26%
Earnings before Tax (EBT) ¹	8,997	9,770	10,420	5,628	11,173	10,190	11,951	13,619
Net income ¹	6,634	7,179	7,910	4,149	8,344	7,796	9,022	10,218
Net margin	2.58%	2.67%	2.71%	1.29%	2.33%	2.11%	2.32%	2.47%
EPS ²	5.080	5.460	5.950	3.140	6.470	5.891	6.879	7.914
Free Cash Flow ¹	10,391	13,428	15,745	13,450	10,395	9,620	10,844	12,193
FCF margin	4.05%	5%	5.39%	4.17%	2.91%	2.61%	2.79%	2.95%
FCF Conversion (EBITDA)	60.15%	74.16%	80.48%	67.35%	51.99%	55.25%	56.09%	59.7%
FCF Conversion (Net income)	156.63%	187.05%	199.05%	324.17%	124.58%	123.39%	120.19%	119.33%
Dividend per Share ²	2.000	2.000	2.000	2.200	2.420	2.654	2.631	2.988
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 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	2025 Q2
Net sales ¹	76,604	76,826	80,636	81,159	83,846	85,278	88,921	89,764	93,813	88,437	91,576	92,348	96,393	93,909	96,309
EBITDA ¹	4,733	5,070	5,431	4,825	4,645	4,969	5,100	5,074	4,852	3,587	4,317	4,801	4,602	4,238	4,969
EBIT ¹	4,147	4,483	4,810	4,233	4,006	4,370	4,481	4,456	4,227	2,957	3,668	4,165	3,988	3,587	4,371
Operating Margin	5.41%	5.84%	5.97%	5.22%	4.78%	5.12%	5.04%	4.96%	4.51%	3.34%	4.01%	4.51%	4.14%	3.82%	4.54%
Earnings before Tax (EBT) ¹	1,570	2,946	4,029	-4,456	3,109	2,879	2,570	3,019	2,705	1,580	2,334	2,860	2,723	2,606	3,330
Net income ¹	1,306	2,312	2,951	-3,416	2,302	2,136	1,901	2,261	2,046	1,113	1,929	2,230	2,130	1,862	2,374
Net margin	1.7%	3.01%	3.66%	-4.21%	2.75%	2.5%	2.14%	2.52%	2.18%	1.26%	2.11%	2.42%	2.21%	1.98%	2.47%
EPS ²	0.9800	1.740	2.230	-2.600	1.750	1.650	1.480	1.750	1.580	0.8800	1.509	1.703	1.666	1.475	1.890
Dividend per Share ²	0.5000	0.5500	0.5500	0.5500	0.5500	0.6050	0.6050	0.6050	0.6050	0.6650	0.6459	0.6459	0.6459	0.6898	0.6898
Announcement Date	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	5/1/24	-	-	-	-	-

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	48,826	45,013	38,317
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.635 x	3.136 x	2.231 x	1.913 x	2.508 x	2.804 x	2.329 x	1.876 x
Free Cash Flow ¹	10,391	13,428	15,745	13,450	10,395	9,620	10,844	12,193
ROE (net income / shareholders' equity)	15.1%	14.8%	15.5%	15.7%	15.2%	11.7%	12.2%	11.6%
ROA (Net income/ Total Assets)	4.41%	4.35%	4.82%	4.99%	4.72%	4.16%	4.41%	4.5%
Assets ¹	150,315	164,974	164,261	83,216	176,918	187,276	204,814	227,067
Book Value Per Share ²	49.10	53.00	56.90	54.60	59.40	63.50	67.00	72.80
Cash Flow per Share ²	9.850	12.10	13.70	12.20	10.40	7.930	8.810	10.70
Capex ¹	2,457	2,437	2,520	2,727	3,031	3,043	3,170	3,293
Capex / Sales	0.96%	0.91%	0.86%	0.85%	0.85%	0.82%	0.81%	0.8%
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

55.9 USD

Average target price

73.61 USD

Spread / Average Target

+31.69%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Healthcare Facilities & Services

	1st Jan change	Capi.
CVS HEALTH CORPORATION	-29.20%	70.18B
HCA HEALTHCARE, INC.	+13.70%	81.4B
DR. SULAIMAN AL HABIB MEDICAL SERVICES GROUP COMPANY	+9.72%	29.08B
LABORATORY CORPORATION OF AMERICA HOLDINGS	-11.43%	16.97B
FRESENIUS SE & CO. KGAA	-0.43%	16.96B
QUEST DIAGNOSTICS INCORPORATED	-0.31%	15.26B
FRESENIUS MEDICAL CARE AG	+3.42%	12.41B
PURE HEALTH HOLDING	-30.70%	11.95B
REDE D'OR SÃO LUIZ S.A.	-6.75%	11.93B
NATERA, INC.	+54.82%	11.85B

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