Financials Coloplast A/S

Equities

COLO B

DK0060448595

Medical Equipment, Supplies & Distribution

Market Closed - Nasdaq Copenhagen Other stock markets 10:59:45 2024-04-26 am EDT			5-day change	1st Jan Change
863.4 ^DKK	-0.09%		-4.70%	+11.84%

Feb. 27	Certain B Shares of Coloplast A/S are subject to a Lock-Up Agreement Ending on 27-FEB-2024.	CI
Feb. 14	COLOPLAST : Q1 24: Many more positives beyond the margin beat

Valuation

Fiscal Period: Settembre	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	175,241	213,422	214,092	164,708	167,956	194,072	-	-
Enterprise Value (EV) ¹	175,780	214,584	216,204	182,799	186,616	212,996	211,470	210,171
P/E ratio	45.4 x	51 x	44.5 x	35.1 x	33.7 x	36.2 x	31.2 x	27.4 x
Yield	2.06%	1.79%	1.89%	2.58%	2.81%	2.37%	2.59%	2.87%
Capitalization / Revenue	9.77 x	11.5 x	11 x	7.29 x	6.86 x	7.13 x	6.56 x	6.05 x
EV / Revenue	9.8 x	11.6 x	11.1 x	8.1 x	7.62 x	7.83 x	7.15 x	6.56 x
EV / EBITDA	28.3 x	32 x	31.1 x	23.3 x	23.6 x	24.1 x	21.5 x	19.2 x
EV / FCF	46.7 x	54.8 x	49.5 x	43.8 x	58.2 x	45.5 x	34.9 x	31 x
FCF Yield	2.14%	1.82%	2.02%	2.28%	1.72%	2.2%	2.86%	3.23%
Price to Book	25.3 x	28.9 x	26.2 x	19.9 x	9.24 x	10.9 x	10.2 x	9.46 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	863.4	863.4	863.4
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: Settembre	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	17,939	18,544	19,426	22,579	24,500	27,207	29,569	32,059
EBITDA ¹	6,207	6,705	6,947	7,840	7,914	8,837	9,855	10,943
EBIT ¹	5,556	5,854	6,355	6,910	6,845	7,593	8,541	9,531
Operating Margin	30.97%	31.57%	32.71%	30.6%	27.94%	27.91%	28.88%	29.73%
Earnings before Tax (EBT) ¹	5,028	5,466	6,233	6,127	6,025	6,851	7,991	9,106
Net income ¹	3,873	4,197	4,825	4,706	4,783	5,330	6,196	7,032
Net margin	21.59%	22.63%	24.84%	20.84%	19.52%	19.59%	20.95%	21.94%
EPS ²	18.18	19.67	22.63	22.11	22.20	23.86	27.71	31.56
Free Cash Flow ¹	3,766	3,913	4,371	4,172	3,206	4,678	6,056	6,778
FCF margin	20.99%	21.1%	22.5%	18.48%	13.09%	17.2%	20.48%	21.14%
FCF Conversion (EBITDA)	60.67%	58.36%	62.92%	53.21%	40.51%	52.94%	61.45%	61.94%
FCF Conversion (Net income)	97.24%	93.23%	90.59%	88.65%	67.03%	87.78%	97.74%	96.39%
Dividend per Share ²	17.00	18.00	19.00	20.00	21.00	20.49	22.37	24.76
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	2021 Q4	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
Net sales ¹	5,100	5,169	5,502	5,849	6,059	6,105	6,061	6,108	6,226	12,334	6,606	6,675	13,310	6,850	7,011	13,909	7,281	7,275
EBITDA ¹	1,641	1,824	1,922	2,021	2,073	2,035	1,939	1,949	1,991	3,940	2,130	2,140	4,273	2,276	2,385	4,504	2,457	2,435
EBIT ¹	1,650	1,649	1,686	1,761	1,814	1,774	1,671	1,686	1,714	3,400	1,822	1,834	3,659	1,932	1,996	3,870	2,124	2,106
Operating Margin	32.35%	31.9%	30.64%	30.11%	29.94%	29.06%	27.57%	27.6%	27.53%	27.57%	27.58%	27.47%	27.49%	28.2%	28.46%	27.82%	29.17%	28.95%
Earnings before Tax (EBT) ¹	1,644	1,557	1,287	1,671	1,612	1,427	1,461	1,610	1,527	-	1,554	1,648	-	1,754	1,844	-	1,941	1,963
Net income ¹	1,305	1,207	980	1,289	1,230	1,127	1,155	1,272	1,229	-	1,212	1,291	-	1,401	1,443	-	1,514	1,531
Net margin	25.59%	23.35%	17.81%	22.04%	20.3%	18.46%	19.06%	20.83%	19.74%	-	18.35%	19.35%	-	20.45%	20.58%	-	20.79%	21.04%
EPS ²	6.120	5.660	4.600	6.060	5.790	5.310	5.440	5.980	5.470	-	5.390	5.823	-	6.299	6.471	-	6.930	7.010
Dividend per Share ²	-	-	-	-	15.00	-	-	-	16.00	-	-	-	-	-	20.14	-	-	-
Announcement Date	11/1/21	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	-	-	-	-	-	-	-

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	18,925	17,399	16,099
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.0868 x	0.1733 x	0.304 x	2.308 x	2.358 x	2.142 x	1.765 x	1.471 x
Free Cash Flow ¹	3,766	3,913	4,371	4,172	3,206	4,678	6,056	6,778
ROE (net income / shareholders' equity)	65%	58.6%	70%	64%	59%	30.4%	32.8%	34.4%
ROA (Net income/ Total Assets)	31.6%	32%	34%	20%	11.3%	11.1%	12.1%	13.4%
Assets ¹	12,251	13,116	14,211	23,584	42,290	48,126	51,032	52,288
Book Value Per Share ²	32.60	34.80	38.30	38.90	80.90	78.90	84.40	91.30
Cash Flow per Share ²	20.50	22.40	24.90	24.00	19.80	24.60	31.30	34.50
Capex ¹	617	846	919	927	1,020	1,357	1,441	1,547
Capex / Sales	3.44%	4.56%	4.73%	4.11%	4.16%	4.99%	4.87%	4.83%
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

863.4 DKK

Average target price

917.1 DKK

Spread / Average Target

+6.21%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Medical Supplies

	1st Jan change	Capi.
COLOPLAST A/S	+11.84%	27.79B
SHANDONG WEIGAO GROUP MEDICAL POLYMER COMPANY LIMITED	-32.98%	2.98B
WINNER MEDICAL CO., LTD.	-15.97%	2.52B
INTCO MEDICAL TECHNOLOGY CO., LTD.	+11.90%	2.34B
HARTALEGA HOLDINGS	-1.11%	1.91B
HARBIN FUERJIA TECHNOLOGY CO., LTD.	-13.37%	1.83B
TOP GLOVE CORPORATION BHD.	-7.78%	1.39B
NAKANISHI INC.	-0.38%	1.27B
KOSSAN RUBBER INDUSTRIES	+13.51%	1.12B
KANGJI MEDICAL HOLDINGS LIMITED	+4.01%	1.13B

Medical Supplies