Financials Costco Wholesale Corporation Sao Paulo

Equities

COWC34

BRCOWCBDR006

Discount Stores

Market Closed - Sao Paulo Other stock markets 20:52:30 26/06/2024 BST			5-day change	1st Jan Change
118.4 ^BRL	+27.83%		-1.57%	+48.34%

06-25	Tigress Financial Raises Costco Wholesale's Price Target to $975 From $870, Buy Rating Maintained	MT
06-23	Australia to Tighten Supermarket Regulations, Introduce New Penalties	DJ

Valuation

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	128,440	153,783	204,479	229,946	241,184	379,278	-	-
Enterprise Value (EV) ¹	125,180	149,115	200,712	226,300	233,942	375,210	371,802	367,588
P/E ratio	35.4 x	38.6 x	41 x	39.5 x	38.4 x	52.3 x	48.5 x	45.1 x
Yield	0.84%	0.78%	0.64%	0.65%	0.71%	2.25%	0.53%	0.54%
Capitalization / Revenue	0.84 x	0.92 x	1.04 x	1.01 x	1 x	1.49 x	1.39 x	1.3 x
EV / Revenue	0.82 x	0.89 x	1.02 x	1 x	0.97 x	1.47 x	1.36 x	1.26 x
EV / EBITDA	20.1 x	21.1 x	23.6 x	23.3 x	23 x	32.9 x	29.3 x	27 x
EV / FCF	37.3 x	24.6 x	37.4 x	64.6 x	34.7 x	56.2 x	50.5 x	43.7 x
FCF Yield	2.68%	4.06%	2.68%	1.55%	2.88%	1.78%	1.98%	2.29%
Price to Book	8.49 x	8.43 x	11.6 x	11.1 x	9.61 x	16.3 x	12.8 x	10.7 x
Nbr of stocks (in thousands)	439,789	441,524	442,069	442,963	443,148	443,335	-	-
Reference price ²	292.0	348.3	462.6	519.1	544.2	855.5	855.5	855.5
Announcement Date	03/10/19	24/09/20	23/09/21	22/09/22	26/09/23	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	152,703	166,761	195,929	226,954	242,290	254,911	273,700	291,093
EBITDA ¹	6,229	7,080	8,489	9,693	10,191	11,394	12,689	13,604
EBIT ¹	4,903	5,435	6,708	7,793	8,114	9,174	10,199	11,208
Operating Margin	3.21%	3.26%	3.42%	3.43%	3.35%	3.6%	3.73%	3.85%
Earnings before Tax (EBT) ¹	4,765	5,367	6,680	7,840	8,487	9,660	10,559	11,494
Net income ¹	3,659	4,002	5,007	5,844	6,292	7,249	7,806	8,366
Net margin	2.4%	2.4%	2.56%	2.57%	2.6%	2.84%	2.85%	2.87%
EPS ²	8.260	9.020	11.27	13.14	14.16	16.37	17.63	18.98
Free Cash Flow ¹	3,358	6,051	5,370	3,501	6,745	6,678	7,357	8,414
FCF margin	2.2%	3.63%	2.74%	1.54%	2.78%	2.62%	2.69%	2.89%
FCF Conversion (EBITDA)	53.91%	85.47%	63.26%	36.12%	66.19%	58.61%	57.98%	61.85%
FCF Conversion (Net income)	91.77%	151.2%	107.25%	59.91%	107.2%	92.12%	94.25%	100.58%
Dividend per Share ²	2.440	2.700	2.980	3.380	3.840	19.25	4.560	4.596
Announcement Date	03/10/19	24/09/20	23/09/21	22/09/22	26/09/23	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: September	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	2025 Q3	2025 Q4
Net sales ¹	51,904	52,596	72,091	54,437	55,266	53,648	78,939	57,799	58,442	58,515	80,095	62,416	63,051	62,790	86,490
EBITDA ¹	2,248	2,229	3,091	2,198	2,373	2,151	3,469	2,485	2,576	2,713	3,650	2,806	2,964	3,026	4,168
EBIT ¹	1,812	1,791	2,497	1,751	1,903	1,679	2,781	1,984	2,062	2,197	2,936	2,221	2,355	2,401	3,323
Operating Margin	3.49%	3.41%	3.46%	3.22%	3.44%	3.13%	3.52%	3.43%	3.53%	3.75%	3.67%	3.56%	3.73%	3.82%	3.84%
Earnings before Tax (EBT) ¹	1,801	1,827	2,516	1,770	1,983	1,771	2,963	2,106	2,237	2,284	3,024	2,328	2,458	2,507	3,445
Net income ¹	1,299	1,353	1,868	1,364	1,466	1,302	2,160	1,589	1,743	1,681	2,235	1,718	1,818	1,847	2,498
Net margin	2.5%	2.57%	2.59%	2.51%	2.65%	2.43%	2.74%	2.75%	2.98%	2.87%	2.79%	2.75%	2.88%	2.94%	2.89%
EPS ²	2.920	3.040	4.200	3.070	3.300	2.930	4.860	3.580	3.920	3.780	5.077	3.887	4.082	4.140	5.711
Dividend per Share ²	0.7900	0.9000	0.9000	0.9000	0.9000	1.020	1.020	1.020	15.00	1.160	1.142	1.098	1.098	1.120	1.120
Announcement Date	03/03/22	26/05/22	22/09/22	08/12/22	02/03/23	01/06/23	26/09/23	14/12/23	07/03/24	06/06/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	3,260	4,668	3,767	3,646	7,242	4,068	7,475	11,690
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	3,358	6,051	5,370	3,501	6,745	6,678	7,357	8,414
ROE (net income / shareholders' equity)	25.9%	23.9%	27.9%	30.6%	27.5%	29.8%	28.6%	26.3%
ROA (Net income/ Total Assets)	8.41%	7.93%	8.72%	9.47%	9.45%	10.5%	10.7%	10.7%
Assets ¹	43,495	50,478	57,412	61,717	66,580	69,132	73,010	78,355
Book Value Per Share ²	34.40	41.30	39.80	46.60	56.60	52.50	67.00	80.00
Cash Flow per Share ²	14.40	20.00	20.20	16.60	24.90	23.30	25.50	30.80
Capex ¹	2,998	2,810	3,588	3,891	4,323	4,470	4,608	4,680
Capex / Sales	1.96%	1.69%	1.83%	1.71%	1.78%	1.75%	1.68%	1.61%
Announcement Date	03/10/19	24/09/20	23/09/21	22/09/22	26/09/23	-	-	-

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

Ratings for Costco Wholesale Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

855.5 USD

Average target price

842.5 USD

Spread / Average Target

-1.52%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Discount Stores

	1st Jan change	Capi.
WAL-MART DE MÉXICO, S.A.B. DE C.V.	-12.69%	60.15B
DOLLAR GENERAL CORPORATION	-5.11%	28.26B
DOLLARAMA INC.	+28.81%	25.66B
PAN PACIFIC INTERNATIONAL HOLDINGS CORPORATION	+15.25%	14.38B
BJ'S WHOLESALE CLUB HOLDINGS, INC.	+32.42%	11.83B
SIAM MAKRO	+2.78%	8.28B
OLLIE'S BARGAIN OUTLET HOLDINGS, INC.	+29.54%	6.02B
B&M EUROPEAN VALUE RETAIL S.A.	-19.19%	5.8B
PEPCO GROUP N.V.	-16.65%	3.19B

Other Discount Stores