Financials Walgreens Boots Alliance, Inc. London S.E.

Equities

0LSZ

US9314271084

Drug Retailers

Real-time Estimate Cboe BZX Other stock markets 16:26:10 03/07/2024 BST			5-day change	1st Jan Change
11.21 ^USD	-6.58%		-23.80%	-53.81%

04:19pm	UBS Adjusts Price Target on Walgreens Boots Alliance to $12 From $17, Maintains Neutral Rating	MT
07-02	Sector Update: Health Care Stocks Softer Late Afternoon	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	9,988	-	-
Enterprise Value (EV) ¹	62,045	48,668	51,685	39,503	30,172	17,372	16,734	15,743
P/E ratio	11.9 x	73.1 x	17.3 x	7 x	-7.09 x	-1.39 x	12.4 x	7.87 x
Yield	3.47%	4.92%	3.7%	5.45%	-	11%	8.05%	8.03%
Capitalization / Revenue	0.34 x	0.24 x	0.33 x	0.23 x	0.16 x	0.07 x	0.07 x	0.07 x
EV / Revenue	0.45 x	0.35 x	0.39 x	0.3 x	0.22 x	0.12 x	0.11 x	0.1 x
EV / EBITDA	7.37 x	6.82 x	7.87 x	6.3 x	6.03 x	3.92 x	4.03 x	3.26 x
EV / FCF	15.9 x	11.8 x	12.4 x	18.2 x	214 x	13.5 x	9.56 x	7.81 x
FCF Yield	6.27%	8.45%	8.08%	5.48%	0.47%	7.42%	10.5%	12.8%
Price to Book	1.95 x	1.59 x	1.84 x	1.03 x	0.77 x	0.7 x	0.7 x	0.64 x
Nbr of stocks (in thousands)	903,143	866,534	864,987	864,257	863,261	863,275	-	-
Reference price ²	51.19	38.02	50.75	35.06	25.31	11.57	11.57	11.57
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	145,646	147,859	150,669
EBITDA ¹	8,413	7,138	6,567	6,268	5,002	4,430	4,156	4,826
EBIT ¹	6,942	5,211	5,117	5,133	3,871	2,668	2,506	2,671
Operating Margin	5.07%	3.73%	3.86%	3.87%	2.78%	1.83%	1.69%	1.77%
Earnings before Tax (EBT) ¹	4,527	743	1,995	3,985	-5,419	-13,328	460.1	1,282
Net income ¹	3,982	456	2,542	4,337	-3,080	-6,937	770.4	1,180
Net margin	2.91%	0.33%	1.92%	3.27%	-2.21%	-4.76%	0.52%	0.78%
EPS ²	4.310	0.5200	2.930	5.010	-3.570	-8.301	0.9317	1.470
Free Cash Flow ¹	3,892	4,111	4,176	2,165	141	1,289	1,751	2,015
FCF margin	2.84%	2.95%	3.15%	1.63%	0.1%	0.88%	1.18%	1.34%
FCF Conversion (EBITDA)	46.26%	57.59%	63.59%	34.54%	2.82%	29.09%	42.14%	41.76%
FCF Conversion (Net income)	97.74%	901.54%	164.28%	49.92%	-	-	227.31%	170.71%
Dividend per Share ²	1.778	1.870	1.880	1.912	-	1.270	0.9315	0.9291
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 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	33,756	32,597	32,449	33,382	34,862	35,415	35,422	36,707	37,052	36,351	35,608	37,198	37,444	36,873	36,359
EBITDA ¹	1,931	1,232	993	1,510	1,774	1,556	1,013	1,028	1,244	1,220	897.5	1,128	1,227	1,101	1,049
EBIT ¹	1,657	955	744	1,014	1,215	959	683	687	900	613	433.7	579.1	717.1	603	505.9
Operating Margin	4.91%	2.93%	2.29%	3.04%	3.49%	2.71%	1.93%	1.87%	2.43%	1.69%	1.22%	1.56%	1.92%	1.64%	1.39%
Earnings before Tax (EBT) ¹	947	-18	-758	-5,270	607	-382	-375	-358	-13,114	251	-51.81	178.5	356.6	91.45	35.53
Net income ¹	883	289	-415	-3,721	703	118	-180	-67	-5,908	344	-6.973	151	290.7	127.7	70.6
Net margin	2.62%	0.89%	-1.28%	-11.15%	2.02%	0.33%	-0.51%	-0.18%	-15.95%	0.95%	-0.02%	0.41%	0.78%	0.35%	0.19%
EPS ²	1.020	0.3300	-0.4800	-4.310	0.8100	0.1400	-0.2100	-0.0800	-6.850	0.4000	-0.0519	0.1436	0.2831	0.1635	0.1100
Dividend per Share ²	0.4775	0.4775	0.4800	0.4800	-	0.4800	-	0.2500	0.2500	-	0.2500	0.2500	0.2500	0.2500	0.2500
Announcement Date	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	27/06/24	-	-	-	-	-

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	7,384	6,746	5,755
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.88 x	2.203 x	1.186 x	1.468 x	1.664 x	1.667 x	1.623 x	1.193 x
Free Cash Flow ¹	3,892	4,111	4,176	2,165	141	1,289	1,751	2,015
ROE (net income / shareholders' equity)	22.3%	18.9%	20.5%	16.4%	11.9%	13.6%	17.2%	17.4%
ROA (Net income/ Total Assets)	5.87%	0.59%	5.46%	5.06%	3.68%	-8.93%	0.9%	1.35%
Assets ¹	67,861	77,380	46,566	85,705	-83,627	77,708	85,596	87,435
Book Value Per Share ²	26.30	23.80	27.50	34.00	32.80	16.50	16.50	18.20
Cash Flow per Share ²	6.060	6.230	6.410	4.500	2.620	3.970	2.630	3.860
Capex ¹	1,702	1,374	1,379	1,734	2,117	1,517	1,599	1,657
Capex / Sales	1.24%	0.98%	1.04%	1.31%	1.52%	1.04%	1.08%	1.1%
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

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

11.57 USD

Average target price

14.12 USD

Spread / Average Target

+22.03%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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