Financials Adobe Inc. Sao Paulo

Equities

ADBE34

BRADBEBDR003

Software

Market Closed - Sao Paulo 21:10:00 14/06/2024 BST 5-day change 1st Jan Change
56.22 BRL +13.74% Intraday chart for Adobe Inc. +13.37% -2.06%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 149,837 229,857 312,796 159,977 278,858 235,339 - -
Enterprise Value (EV) 1 146,649 227,982 311,121 158,010 274,650 231,707 226,231 222,010
P/E ratio 51.6 x 44.2 x 65.6 x 34.1 x 51.8 x 43.8 x 32.6 x 27.6 x
Yield - - - - - - - -
Capitalization / Revenue 13.4 x 17.9 x 19.8 x 9.09 x 14.4 x 11 x 9.83 x 8.79 x
EV / Revenue 13.1 x 17.7 x 19.7 x 8.97 x 14.2 x 10.8 x 9.45 x 8.29 x
EV / EBITDA 28.8 x 36.3 x 38.7 x 18 x 28.1 x 21.5 x 19 x 16.8 x
EV / FCF 36.4 x 43 x 45.1 x 21.4 x 39.6 x 29.6 x 23.6 x 20.7 x
FCF Yield 2.75% 2.33% 2.22% 4.68% 2.53% 3.38% 4.24% 4.84%
Price to Book 14.4 x 17.5 x 21.4 x 11.4 x 17 x 15.8 x 13.3 x 10.5 x
Nbr of stocks (in thousands) 484,079 479,719 475,800 464,900 455,300 448,000 - -
Reference price 2 309.5 479.2 657.4 344.1 612.5 525.3 525.3 525.3
Announcement Date 12/12/19 10/12/20 16/12/21 15/12/22 13/12/23 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 11,171 12,868 15,785 17,606 19,409 21,465 23,944 26,767
EBITDA 1 5,086 6,278 8,047 8,801 9,790 10,758 11,917 13,193
EBIT 1 4,461 5,521 7,259 7,945 8,918 9,891 11,052 12,470
Operating Margin 39.94% 42.9% 45.99% 45.13% 45.95% 46.08% 46.16% 46.59%
Earnings before Tax (EBT) 1 3,205 4,176 5,705 6,008 6,799 6,878 8,849 10,202
Net income 1 2,951 5,260 4,822 4,756 5,428 5,388 7,148 8,256
Net margin 26.42% 40.88% 30.55% 27.01% 27.97% 25.1% 29.85% 30.84%
EPS 2 6.000 10.83 10.02 10.10 11.82 11.99 16.11 19.04
Free Cash Flow 1 4,027 5,308 6,893 7,396 6,942 7,824 9,600 10,739
FCF margin 36.05% 41.25% 43.67% 42.01% 35.77% 36.45% 40.09% 40.12%
FCF Conversion (EBITDA) 79.18% 84.55% 85.66% 84.04% 70.91% 72.73% 80.56% 81.4%
FCF Conversion (Net income) 136.45% 100.91% 142.95% 155.51% 127.89% 145.2% 134.31% 130.08%
Dividend per Share 2 - - - - - - - -
Announcement Date 12/12/19 10/12/20 16/12/21 15/12/22 13/12/23 - - -
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 4,110 4,262 4,386 4,433 4,525 4,655 4,816 4,890 5,048 5,182 5,309 5,372 5,604 5,751 5,909
EBITDA 1 2,062 2,206 2,186 2,171 2,238 2,343 2,400 2,482 2,565 2,679 2,655 2,685 2,738 2,893 2,942
EBIT 1 1,857 1,993 1,974 1,955 2,023 2,131 2,180 2,264 2,343 2,467 2,441 2,460 2,523 2,667 2,722
Operating Margin 45.18% 46.76% 45.01% 44.1% 44.71% 45.78% 45.27% 46.3% 46.41% 47.61% 45.98% 45.79% 45.01% 46.37% 46.07%
Earnings before Tax (EBT) 1 1,468 1,543 1,492 1,456 1,517 1,598 1,650 1,743 1,808 968 1,930 1,943 2,013 2,122 2,161
Net income 1 1,233 1,266 1,178 1,136 1,176 1,247 1,295 1,403 1,483 620 1,573 1,570 1,624 1,716 1,751
Net margin 30% 29.7% 26.86% 25.63% 25.99% 26.79% 26.89% 28.69% 29.38% 11.96% 29.63% 29.22% 28.98% 29.84% 29.63%
EPS 2 2.570 2.660 2.490 2.420 2.530 2.710 2.820 3.050 3.230 1.360 3.490 3.505 3.647 3.876 3.948
Dividend per Share 2 - - - - - - - - - - - - - - -
Announcement Date 16/12/21 22/03/22 16/06/22 15/09/22 15/12/22 15/03/23 15/06/23 14/09/23 13/12/23 14/03/24 13/06/24 - - - -
1USD in Million2USD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - - - - - -
Net Cash position 1 3,188 1,875 1,675 1,967 4,208 3,632 9,108 13,329
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 4,027 5,308 6,893 7,396 6,942 7,824 9,600 10,739
ROE (net income / shareholders' equity) 38.9% 41.2% 42.8% 44.8% 35.5% 50.9% 56.3% 52.4%
ROA (Net income/ Total Assets) 19.6% 21.8% 23.3% 17.4% 19.1% 21% 23.3% 21.8%
Assets 1 15,081 24,163 20,694 27,293 28,472 25,616 30,625 37,809
Book Value Per Share 2 21.40 27.40 30.80 30.20 36.00 33.30 39.60 50.10
Cash Flow per Share 2 9.000 11.80 15.00 16.60 15.90 17.80 22.40 25.60
Capex 1 394 419 330 442 360 265 355 367
Capex / Sales 3.53% 3.26% 2.09% 2.51% 1.85% 1.23% 1.48% 1.37%
Announcement Date 12/12/19 10/12/20 16/12/21 15/12/22 13/12/23 - - -
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

Trading Rating
Investor Rating
ESG Refinitiv
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
38
Last Close Price
525.3 USD
Average target price
607.9 USD
Spread / Average Target
+15.73%
Consensus
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