Financials Verizon Communications

Equities

VZ

US92343V1044

Integrated Telecommunications Services

Market Closed - Nyse Other stock markets 04:00:01 2024-04-26 pm EDT			5-day change	1st Jan Change
39.68 ^USD	+1.17%		-2.00%	+5.25%

Apr. 26	New York affordable internet law revived by federal appeals court	RE
Apr. 26	T-Mobile raises forecast for subscriber additions on strength from bundled plans	RE

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	253,937	243,113	218,116	165,473	158,495	167,023	-	-
Enterprise Value (EV) ¹	362,832	350,004	373,506	313,507	307,104	309,962	301,490	294,876
P/E ratio	13.2 x	13.7 x	9.77 x	7.79 x	13.7 x	8.85 x	8.53 x	8.12 x
Yield	3.97%	4.23%	4.88%	4.9%	6.99%	6.77%	6.9%	7%
Capitalization / Revenue	1.93 x	1.89 x	1.63 x	1.21 x	1.18 x	1.24 x	1.22 x	1.2 x
EV / Revenue	2.75 x	2.73 x	2.8 x	2.29 x	2.29 x	2.3 x	2.2 x	2.12 x
EV / EBITDA	7.69 x	7.44 x	7.72 x	6.55 x	6.43 x	6.36 x	6.07 x	5.83 x
EV / FCF	20.4 x	14.8 x	19.4 x	22.3 x	16.4 x	16.5 x	15.5 x	14.7 x
FCF Yield	4.91%	6.74%	5.15%	4.48%	6.09%	6.07%	6.44%	6.79%
Price to Book	4.14 x	3.58 x	2.62 x	1.82 x	1.64 x	1.67 x	1.55 x	1.44 x
Nbr of stocks (in thousands)	4,135,784	4,138,094	4,197,774	4,199,817	4,204,102	4,209,255	-	-
Reference price ²	61.40	58.75	51.96	39.40	37.70	39.68	39.68	39.68
Announcement Date	1/30/20	1/26/21	1/25/22	1/24/23	1/23/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	131,868	128,292	133,613	136,835	133,974	135,030	137,033	139,236
EBITDA ¹	47,189	47,060	48,380	47,870	47,789	48,739	49,664	50,616
EBIT ¹	30,378	28,798	32,448	30,467	22,877	30,995	31,855	32,641
Operating Margin	23.04%	22.45%	24.29%	22.27%	17.08%	22.95%	23.25%	23.44%
Earnings before Tax (EBT) ¹	22,733	23,967	29,420	28,271	16,987	24,966	25,783	26,703
Net income ¹	19,265	17,801	22,065	21,256	11,614	18,792	19,432	20,214
Net margin	14.61%	13.88%	16.51%	15.53%	8.67%	13.92%	14.18%	14.52%
EPS ²	4.650	4.300	5.320	5.060	2.750	4.485	4.654	4.889
Free Cash Flow ¹	17,807	23,600	19,253	14,054	18,708	18,819	19,427	20,024
FCF margin	13.5%	18.4%	14.41%	10.27%	13.96%	13.94%	14.18%	14.38%
FCF Conversion (EBITDA)	37.74%	50.15%	39.8%	29.36%	39.15%	38.61%	39.12%	39.56%
FCF Conversion (Net income)	92.43%	132.58%	87.26%	66.12%	161.08%	100.14%	99.97%	99.06%
Dividend per Share ²	2.435	2.485	2.535	1.932	2.635	2.685	2.736	2.778
Announcement Date	1/30/20	1/26/21	1/25/22	1/24/23	1/23/24	-	-	-

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	34,067	33,554	33,789	34,241	35,251	32,912	32,596	33,336	35,130	32,981	32,996	33,604	35,249	33,446	33,486
EBITDA ¹	11,765	12,032	11,873	12,218	11,747	11,902	11,971	12,238	11,678	12,072	12,291	12,463	11,997	12,287	12,241
EBIT ¹	7,608	7,796	7,552	7,894	7,225	7,584	7,220	7,473	600	7,521	7,885	8,038	7,546	7,896	7,825
Operating Margin	22.33%	23.23%	22.35%	23.05%	20.5%	23.04%	22.15%	22.42%	1.71%	22.8%	23.9%	23.92%	21.41%	23.61%	23.37%
Earnings before Tax (EBT) ¹	6,144	6,083	6,857	6,520	8,811	6,500	6,112	6,192	-1,817	6,075	6,375	6,604	6,065	6,360	6,512
Net income ¹	4,613	4,580	5,199	4,900	6,577	4,909	4,648	4,762	-2,705	4,602	4,806	4,925	4,540	4,756	4,781
Net margin	13.54%	13.65%	15.39%	14.31%	18.66%	14.92%	14.26%	14.28%	-7.7%	13.95%	14.57%	14.66%	12.88%	14.22%	14.28%
EPS ²	1.110	1.090	1.240	1.170	1.560	1.170	1.100	1.130	-0.6400	1.090	1.141	1.177	1.081	1.132	1.153
Dividend per Share ²	0.6400	0.6400	0.6400	0.6525	0.6525	0.6525	0.6525	0.6650	0.6650	0.6650	0.6700	0.6817	0.6817	0.6848	0.6848
Announcement Date	1/25/22	4/22/22	7/22/22	10/21/22	1/24/23	4/25/23	7/25/23	10/24/23	1/23/24	4/22/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	108,895	106,891	155,390	148,034	148,609	142,939	134,467	127,853
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.308 x	2.271 x	3.212 x	3.092 x	3.11 x	2.933 x	2.708 x	2.526 x
Free Cash Flow ¹	17,807	23,600	19,253	14,054	18,708	18,819	19,427	20,024
ROE (net income / shareholders' equity)	33.6%	31.4%	29.9%	25.2%	21.6%	19.6%	18.7%	18.2%
ROA (Net income/ Total Assets)	6.92%	5.85%	6.56%	5.83%	5.23%	4.98%	5.1%	5.16%
Assets ¹	278,279	304,103	336,613	364,479	222,146	377,280	381,142	391,743
Book Value Per Share ²	14.80	16.40	19.80	21.70	23.00	23.80	25.60	27.60
Cash Flow per Share ²	8.630	10.10	9.530	8.830	8.900	8.400	8.580	8.740
Capex ¹	17,939	18,200	20,286	23,087	18,767	17,292	17,384	17,558
Capex / Sales	13.6%	14.19%	15.18%	16.87%	14.01%	12.81%	12.69%	12.61%
Announcement Date	1/30/20	1/26/21	1/25/22	1/24/23	1/23/24	-	-	-

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 Verizon Communications

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

39.68 USD

Average target price

45.44 USD

Spread / Average Target

+14.50%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Integrated Telecommunications Services

	1st Jan change	Capi.
VERIZON COMMUNICATIONS	+5.25%	167B
CHINA MOBILE LIMITED	+9.65%	199B
DEUTSCHE TELEKOM AG	+0.46%	116B
NIPPON TELEGRAPH AND TELEPHONE CORPORATION	-2.38%	89.84B
CHINA TELECOM CORPORATION LIMITED	+17.65%	72.93B
AMÉRICA MÓVIL, S.A.B. DE C.V.	+2.80%	58.42B
SAUDI TELECOM COMPANY	-5.07%	50.97B
EMIRATES TELECOMMUNICATIONS GROUP COMPANY	-13.54%	40.2B
CHARTER COMMUNICATIONS, INC.	-34.49%	36.67B
BCE INC.	-14.53%	29.72B

Other Integrated Telecommunications Services