Financials Walgreens Boots Alliance, Inc.

Equities

WBA

US9314271084

Drug Retailers

Market Closed - Nasdaq Other stock markets 21:00:00 26/04/2024 BST			5-day change	1st Jan Change
17.7 ^USD	+0.57%		-2.96%	-32.21%

04-26	CVS Omnicare staff in Las Vegas vote to join new union	RE
04-26	Morgan Stanley Adjusts Price Target on Walgreens Boots Alliance to $16 From $20	MT

Valuation

Fiscal Period: August	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	46,232	32,946	43,898	30,301	21,849	15,270	-	-
Enterprise Value (EV) ¹	62,045	48,668	51,685	39,503	30,172	22,472	22,077	21,241
P/E ratio	11.9 x	73.1 x	17.3 x	7 x	-7.09 x	-2.12 x	8.32 x	7.23 x
Yield	3.47%	4.92%	3.7%	5.45%	-	7.6%	5.95%	7.28%
Capitalization / Revenue	0.34 x	0.24 x	0.33 x	0.23 x	0.16 x	0.11 x	0.1 x	0.1 x
EV / Revenue	0.45 x	0.35 x	0.39 x	0.3 x	0.22 x	0.15 x	0.15 x	0.14 x
EV / EBITDA	7.37 x	6.82 x	7.87 x	6.3 x	6.03 x	4.59 x	4.2 x	3.42 x
EV / FCF	15.9 x	11.8 x	12.4 x	18.2 x	214 x	16 x	9.66 x	7.85 x
FCF Yield	6.27%	8.45%	8.08%	5.48%	0.47%	6.25%	10.4%	12.7%
Price to Book	1.95 x	1.59 x	1.84 x	1.03 x	0.77 x	1.03 x	0.98 x	0.86 x
Nbr of stocks (in thousands)	903,143	866,534	864,987	864,257	863,261	862,713	-	-
Reference price ²	51.19	38.02	50.75	35.06	25.31	17.70	17.70	17.70
Announcement Date	28/10/19	15/10/20	14/10/21	13/10/22	12/10/23	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: August	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	136,866	139,537	132,509	132,703	139,081	145,315	150,911	157,307
EBITDA ¹	8,413	7,138	6,567	6,268	5,002	4,901	5,253	6,217
EBIT ¹	6,942	5,211	5,117	5,133	3,871	3,067	3,531	3,954
Operating Margin	5.07%	3.73%	3.86%	3.87%	2.78%	2.11%	2.34%	2.51%
Earnings before Tax (EBT) ¹	4,527	743	1,995	3,985	-5,419	-12,897	1,562	1,333
Net income ¹	3,982	456	2,542	4,337	-3,080	-7,156	1,955	2,243
Net margin	2.91%	0.33%	1.92%	3.27%	-2.21%	-4.92%	1.3%	1.43%
EPS ²	4.310	0.5200	2.930	5.010	-3.570	-8.349	2.127	2.449
Free Cash Flow ¹	3,892	4,111	4,176	2,165	141	1,404	2,285	2,704
FCF margin	2.84%	2.95%	3.15%	1.63%	0.1%	0.97%	1.51%	1.72%
FCF Conversion (EBITDA)	46.26%	57.59%	63.59%	34.54%	2.82%	28.65%	43.5%	43.5%
FCF Conversion (Net income)	97.74%	901.54%	164.28%	49.92%	-	-	116.86%	120.57%
Dividend per Share ²	1.778	1.870	1.880	1.912	-	1.345	1.054	1.289
Announcement Date	28/10/19	15/10/20	14/10/21	13/10/22	12/10/23	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: August	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	2025 Q3
Net sales ¹	33,901	33,756	32,597	32,449	33,382	34,862	35,415	35,422	36,707	37,052	35,970	36,076	37,764	37,899	37,613
EBITDA ¹	2,277	1,931	1,232	993	1,510	1,774	1,556	1,013	1,028	1,244	1,117	1,098	1,223	1,389	1,238
EBIT ¹	1,777	1,657	955	744	1,014	1,215	959	683	687	900	746.5	732.6	838.3	1,046	950.8
Operating Margin	5.24%	4.91%	2.93%	2.29%	3.04%	3.49%	2.71%	1.93%	1.87%	2.43%	2.08%	2.03%	2.22%	2.76%	2.53%
Earnings before Tax (EBT) ¹	3,814	947	-18	-758	-5,270	607	-382	-375	-358	-13,114	345	290.3	441.7	597.7	557.7
Net income ¹	3,580	883	289	-415	-3,721	703	118	-180	-67	-5,908	241.1	244.8	362.6	515.6	463.2
Net margin	10.56%	2.62%	0.89%	-1.28%	-11.15%	2.02%	0.33%	-0.51%	-0.18%	-15.95%	0.67%	0.68%	0.96%	1.36%	1.23%
EPS ²	4.130	1.020	0.3300	-0.4800	-4.310	0.8100	0.1400	-0.2100	-0.0800	-6.850	0.2772	0.2898	0.3840	0.5659	0.5021
Dividend per Share ²	0.4775	0.4775	0.4775	0.4800	0.4800	-	0.4800	-	0.2500	0.2500	0.2500	0.2500	0.2500	0.3638	0.2500
Announcement Date	06/01/22	31/03/22	30/06/22	13/10/22	05/01/23	28/03/23	27/06/23	12/10/23	04/01/24	28/03/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: August	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	15,813	15,722	7,787	9,202	8,323	7,202	6,807	5,971
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.88 x	2.203 x	1.186 x	1.468 x	1.664 x	1.47 x	1.296 x	0.9604 x
Free Cash Flow ¹	3,892	4,111	4,176	2,165	141	1,404	2,285	2,704
ROE (net income / shareholders' equity)	22.3%	18.9%	20.5%	16.4%	11.9%	13.8%	19%	19.7%
ROA (Net income/ Total Assets)	5.87%	0.59%	5.46%	5.06%	3.68%	-9.79%	2.02%	2.6%
Assets ¹	67,861	77,380	46,566	85,705	-83,627	73,068	96,845	86,263
Book Value Per Share ²	26.30	23.80	27.50	34.00	32.80	17.10	18.10	20.50
Cash Flow per Share ²	6.060	6.230	6.410	4.500	2.620	4.320	4.550	4.530
Capex ¹	1,702	1,374	1,379	1,734	2,117	1,544	1,614	1,686
Capex / Sales	1.24%	0.98%	1.04%	1.31%	1.52%	1.06%	1.07%	1.07%
Announcement Date	28/10/19	15/10/20	14/10/21	13/10/22	12/10/23	-	-	-

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 Walgreens Boots Alliance, Inc.

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

17.7 USD

Average target price

23.1 USD

Spread / Average Target

+30.52%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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