STU: MRK - MERCK KgaA

Yield per half year: +6.17%
Dividend yield: +2.68%
Sector: Healthcare

Reporting MERCK KgaA

Capitalization

IFRS

Reporting Annual Quarterly

	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	LTM	5 year average	CAGR 5
Капитализация, млрд €										276.76	281.3	277.1	279.03	0.82
Выручка, млрд €			12.85	15.02	15.33	14.84	16.15	17.53	19.69	22.23	20.99	58.31	19.32	5.38
Чистая прибыль, млрд €			1.12	1.63	2.6	3.37	1.32	1.99	3.06	3.33	2.82	3.11	2.50	16.40
EV, млрд €										295.93	300.47	307.63	298.20	0.76
EBIT, млрд €	2.08	1.83	2.23	2.46	2.35	3.61	4.16	4.96					3.51	15.06
EBITDA, млрд €					4.33	3.61	4.16	4.96	5.96	6.55	24.07	12.33	9.14	42.06
Баланс стоимость, млрд €		11.74	12.79	13.99	14	17.2	17.87	16.95	21.34	25.93	26.68		21.75	8.35
FCF, млрд €					1.39	1.2	1.84	1.91	3.2	2.45	1.76		2.23	-0.89
Операционный денежный поток, млрд €		2.71	2.2	2.52	2.7	2.22	2.86	3.48	4.62	4.26	3.78		3.80	5.74
Операционная прибыль, млрд €		1.83	2.23	1.89	1.71	1.37	1.68	2.81	4.21	4.75	3.58		3.41	16.34
Операционные расходы, млрд €		9.53	10.61	13.13	13.62	13.47	14.47	14.72	15.48	17.48	17.42		15.91	3.78
CAPEX, млрд €		0.4809	0.514	0.716	0.919	1.02	1.02	1.56	1.42	1.81	2.02		1.57	14.64

	2017Q4	2018Q1	2019Q1	2019Q2	2019Q3	2019Q4	2020Q1	2020Q2	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	5 quarters average	CAGR 5
Капитализация, млрд €													81.19	91.53	81.15	74.68	75.76	75.12	78.97	70.82	68.75	64.82	71.70	-2.91
Выручка, млрд €													4.97	5.21	5.2	5.57	5.81	5.66	5.29	5.3	5.17	5.23	5.33	-1.57
Чистая прибыль, млрд €													0.761	0.802	0.88	0.867	0.923	0.655	0.796	0.704	0.739	0.586	0.6960	-2.20
EV, млрд €						57.83																	57.83	0.00
EBIT, млрд €	0.2661	0.524	0.869	1.11	1.1	1.11	1.16	1.06	1.63	1.12													1.22	0.18
EBITDA, млрд €											1.49	1.48	1.51	1.49	1.63	1.74	1.74	1.45	1.53	1.53			1.60	-2.54
Баланс стоимость, млрд €													20.61	21.34	22.92	25.96	28.26	25.93	26.15	26.7	28.22	26.68	26.74	0.57
FCF, млрд €													0.949	0.779	0.342	0.547	1.08	0.483	0.202	0.295	0.793	0.47	0.4486	-0.54
Операционный денежный поток, млрд €													1.47	1.05	0.84	0.852	1.55	1.02	0.853	0.622	1.26	1.05	0.9610	0.58
Операционная прибыль, млрд €													1.05	1.05	1.18	1.18	1.23	1.16	1.04	0.98	1.01	0.55	0.9480	-13.86
Операционные расходы, млрд €													3.93	4.16	4.02	4.39	4.58	4.5	4.26	4.32	4.16	4.68	4.38	0.79
CAPEX, млрд €													0.518	0.266	0.498	0.305	0.477	0.532	0.651	0.327	0.462	0.583	0.5110	1.85

Cash flow Cash flow quarterly Assets

Balance sheet

IFRS

Reporting Annual Quarterly

	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	LTM	5 year average	CAGR 5
Наличность, млрд €			0.832	0.939	0.589	2.17	0.541	1.11	1.51	1.4	1.58	6.38	1.23	23.91
Short Term Investments €		2.16	0.191	0.043	0.035	0.008	0.029	0.029	0.112	0.244	0.431		0.1690	71.56
Long term investments €	0.0573	0.0807	0.108	0.191	0.419								0.1712	48.87
Total Receivables €		2.88	3.46	3.81	3.95	2.93	3.49	3.22	3.65	4.11	4		3.69	2.77
Total Current Assets €		10.48	7.34	7.67	7.46	9.24	9	9.28	10.98	12.2	12.39		10.77	6.60
Чистые активы, млрд €	2.65	2.99	4.01	4.23	4.51								3.68	11.22
Активы, млрд €		26.01	38.08	38.25	35.62	36.89	43.81	41.8	45.36	48.54	48.5		45.60	2.05
Short Term Debt €	3.7	5.64	13.71	3.76	2.76	2.2	4.42						5.37	-20.26
Long Term Debt €		3.56	9.61	8.7	7.94	6.61	8.13	9.42	7.93	8.83	8.85		8.63	1.71
Задолженность, млрд €		14.21	25.23	24.2	21.56	19.66	25.9	24.78	23.95	22.53	21.74		23.78	-3.44
Чистый долг, млрд €					10.12	6.63	12.01	10.49	8.8	8.51	7.77		9.52	-8.34
Долг, млрд €		9.19	23.33	12.46	10.71	8.8	12.55	6.43		30.42	30.42	36.91	17.72	28.15
Interest income €				0.02	0.026	0.06	0.071	0.039	0.046	0.071	0.172		0.0798	19.36
Расходы на обслуживание долга €						0.339	0.476	0.387	0.272	0.235	0.321	0.962	0.3382	-7.58
Чист. проц. доходы, млрд €				-0.322	-0.322	-0.28	-0.406	-0.353	-0.229	-0.157	-0.151		-0.2592	-17.95
Goodwill €		5.69	14.49	15.06	13.58	13.76	17.14	15.96	17	18.39	17.85		17.27	0.82
Себестоимость, млрд €		3.47	4.05	5.2	5.32	5.38	6.01	6.84	7.35	8.53	8.6		7.47	7.43
Товарно материальные запасы €		1.66	2.61	2.61	2.63	2.76	3.34	3.29	3.9	4.63	4.64		3.96	6.80

	2016Q4	2017Q1	2017Q2	2017Q3	2017Q4	2018Q1	2019Q4	2020Q4	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	5 quarters average	CAGR 5
Наличность, млрд €									1.52	1.51	1.34	1.58	1.6	1.4	1.58	1.76	2.37	1.58	1.74	2.45
Short Term Investments €									0.142	0.112	0.106	0.133	0.347	0.244	1.65	0.166	0.218	0.431	0.5418	12.05
Long term investments €	0.191	0.221	0.281	0.497	0.419	0.457													0.3750	15.64
Total Receivables €									3.75	3.65	4.14	4.41	4.35	4.11	4.27	4.21	4.2	4	4.16	-0.54
Total Current Assets €									10.32	10.98	11.09	12.42	12.94	12.2	12.95	13.02	13.57	12.39	12.83	0.31
Чистые активы, млрд €	4.23	4.22	4.21	4.24	4.51	4.47													4.33	1.16
Активы, млрд €									43.84	45.36	46.24	48.72	50.93	48.54	48.64	48.78	49.91	48.5	48.87	-0.02
Short Term Debt €	12.6	12.26	12.38	11.43	10.82	10.79	4.42												9.97	-18.62
Long Term Debt €		8.36	8.15	8.07	8.03	7.94	8.13	9.42		7.93				8.83				8.85	8.63	1.71
Задолженность, млрд €									23.16	23.95	23.25	22.69	22.6	22.53	22.41	22.01	21.61	21.74	22.06	-0.71
Чистый долг, млрд €								10.49		8.8				8.51				7.77	8.89	-7.23
Долг, млрд €	21.4	20.62	20.53	19.5	18.85	18.73	12.55												18.03	-9.37
Interest income €									0.023	0.006	0.031	0.025	0.031	0.012	0.042	0.073	0.038	0.033	0.0396	22.42
Расходы на обслуживание долга €									0.077	0.024	0.065	0.081	0.078	0.016	0.065	0.149	0.084	0.038	0.0704	18.89
Чист. проц. доходы, млрд €									-0.054	-0.018	-0.034	-0.056	-0.047	-0.028	-0.023	-0.076	-0.046	-0.007	-0.0360	-24.21
Goodwill €									16.67	17	17.76	18.57	19.53	18.39	18.08	18.1	18.47	17.85	18.18	-0.59
Себестоимость, млрд €									1.86	1.96	1.99	2.11	2.15	2.28	1.97	2.14	2.16	2.33	2.18	0.43
Товарно материальные запасы €									3.76	3.9	4.14	4.47	4.86	4.63	4.89	5	4.97	4.64	4.83	0.04

Share

IFRS

Reporting Annual Quarterly

	2016	2017	2018	2019	2020	2021	2022	2023	2024	LTM	5 year average	CAGR 5
EPS							5.71	8.48		5.12	7.10	21.87
Цена акции ао	99.07	89.77	89.76	105.65	139.45	228.2	181.85	144.05	166.15	166.15	171.94	3.57
Число акций ао, млн				2580	2541	2538	2542			2542	2550.25	-0.37

	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	5 quarters average	CAGR 5
EPS							2.36	2.2	2.07	1.85	2.12	-5.91
Цена акции ао	186.74	210.51	186.64	171.77	174.25	172.77	181.64	162.89	158.13	149.09	164.90	-2.91
Число акций ао, млн	434.78	434.78	434.78	434.78	434.78	434.78	434.78	434.78	434.78	434.78	434.78	0.00
FCF/акцию	2.18	1.79	0.7866	1.26	2.47	1.11	0.4646	0.6785	1.82	1.08	1.03	-0.55

	5 quarters average	CAGR 5

Efficiency

IFRS

Reporting Annual Quarterly

	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
ROE, %			8.72	11.64	18.57	19.62	7.39	11.73	14.32	12.83	10.58			7.61	7.61	11.37	7.44
ROA, %			2.93	4.26	7.3	9.15	3.01	4.75	6.73	6.85	5.82			5.12	5.12	5.43	14.10
ROIC, %	9	7.94	4.65	8.41	13.04	15.88	4.87									9.37	0.93
ROS, %					16.96	22.74	8.17	11.33	15.52	14.96	13.45	5.33	5.33	5.33	5.33	10.92	-19.25
ROCE, %	18.78	15.54	17.36	17.49	16.73	20.96	23.2	29.12					0	0	0.00	21.50	10.73
Ebit margin, %													0	0
Рентаб EBITDA, %					28.25	24.35	25.72	28.26	30.26	29.47	34.51		21.15	21.15	21.15	28.73	-5.63
Чистая рентаб, %			8.68	10.84	16.96	22.74	8.17	11.33	15.52	14.96	13.45			5.34	5.34	12.69	10.48
Operation Margin, %					11.16	9.24	10.39	16.03	21.38	21.37	17.04	0	0	0	0.00	17.24	10.40

	2016Q4	2017Q1	2017Q2	2017Q3	2017Q4	2018Q1	2019Q1	2019Q2	2019Q3	2019Q4	2020Q1	2020Q2	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	Industry average	5 quarters average	CAGR 5
ROE, %																	3.69	3.76	3.84	3.34	3.27	2.53	3.04	2.64	2.62	2.2	7.61	2.61	-2.76
ROA, %																	1.74	1.77	1.9	1.78	1.81	1.35	1.64	1.44	1.48	1.21	5.12	1.42	-2.17
ROIC, %	0.9522	1.68	2.84	2.13	3.27	1.23				2.74																		2.44	-0.71
ROS, %																	15.3	15.38	16.93	15.57	15.9	11.57	15.04	13.28	14.29	11.22	5.33	13.08	-0.61
ROCE, %					1.89	3.71	4.92	6.3	6.03	6.18	6.24	5.85	9.03	6.55													0.00	6.77	1.17
Рентаб EBITDA, %															32.22	30.45	30.42	28.6	31.44	31.16	29.88	25.67	28.96	28.76			21.15	28.89	-1.59
Чистая рентаб, %																	15.3	15.38	16.93	15.57	15.9	11.57	15.04	13.28	14.29	11.22	5.34	13.08	-0.61
Operation Margin, %																	21.05	20.14	22.66	21.25	21.17	20.49	19.59	18.48	19.56	10.53	0.00	17.73	-12.47
Доходность FCF, %																	1.17	0.8511	0.4215	0.7324	1.42	0.643	0.2558	0.4165	1.15	0.7251		0.6381	2.43

Coefficients

IFRS

Reporting Annual Quarterly

	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
P/E									19.12	18.4			89.51	89.51	18.76	-1.90
P/BV									6.23	6.33			7.16	7.16	6.28	0.80
P/S									4.68	4.78			4.76	4.76	4.73	1.06
P/FCF										0	0	0	0	0.00
E/P										0.0112	0.0112	0.0112	0.0112	0.01	0.0112	0.00
EV/EBIT											0	0	0
EV/EBITDA									16.19	13.89			30.3	30.30	15.04	-7.38
EV/S										5.28	5.28	5.28	5.28	5.28	5.28	0.00
EV/FCF											0	0	0	0.00
Debt/EBITDA				2.47	2.44	3.02				2.99	2.99	2.99	2.99	2.99	2.89	4.15
Netdebt/Ebitda				2.34	1.84	2.89	2.12	1.48	1.3	0	0	0	0	0.00	1.93	-6.71
Debt/Ratio	0.3535	0.6125	0.3258	0.3006	0.2386	0.2865				0	0	0	0	0.00	0.3528	-14.10
Debt/Equity	0.7831	1.82	0.891	0.7646	0.5117	0.7026				0	0	0	0	0.00	0.9380	-17.33
Debt/Net Income	7.94	20.92	7.65	4.12	2.61	9.51				11.87	11.87	11.87	11.87	11.87	9.55	35.38
PEG												-80.9	-80.9		-80.9000	0.00
Бета								0	0.37	0	-0.1292	0	0	0.00	0.1204	-159.09
Индекс Альтмана								0	0	0	0	0	0	0.00

	2016Q4	2017Q1	2017Q2	2017Q3	2017Q4	2018Q1	2019Q4	2020Q4	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2025Q1	2025Q2	Industry average	5 quarters average	CAGR 5
P/E									106.69	114.12	92.21	86.14	82.08	114.68	99.21	100.6	93.04	110.62			89.51	103.63	-0.72
P/BV									3.94	4.29	3.54	2.88	2.68	2.9	3.02	2.65	2.44	2.43			7.16	2.69	-3.47
P/S									16.33	17.56	15.61	13.41	13.05	13.27	14.92	13.36	13.29	12.41			4.76	13.45	-1.33
P/FCF									85.56	117.49	237.28	136.53	70.47	155.52	390.95	240.08	86.7	137.92			0.00	202.23	-2.37
E/P									0.0094	0.0088	0.0108	0.0116	0.0122	0.0087	0.0101	0.0099	0.0107	0.009			0.01	0.0097	0.68
EV/S							13.2														5.28	13.20	0.00
Netdebt/Ebitda								9.41		5.9				5.86							0.00	7.06	-14.60
Debt/Ratio	0.5596	0.5377	0.5583	0.5442	0.5293	0.5325	0.2865														0.00	0.4902	-12.49
Debt/Equity	1.53	1.43	1.5	1.42	1.35	1.33	0.7026														0.00	1.26	-14.07
Debt/Net Income	79.57	39.58	48.77	30.23	18.61	54.93	39.47														11.87	38.40	-4.14
Бета																			0	0	0.00
Индекс Альтмана																			0	0	0.00

Dividends

IFRS

Reporting Annual Quarterly

	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	LTM	Industry average	5 year average	CAGR 5
Див.выплата, млрд	0.5055	0.564	0.597	0.621	0.755	0.162	0.168	0.181	0.239	0.284			0.2068	11.88
Дивиденд		1	1.05	1.2	1.25	1.25	2.6	1.4	1.85	2.2	2.92		1.86	11.97
Див доход, ао, %		1.09	1.19	1.21	1.44	1.28	2.26	0.8152	1.05	1.35	2.68	2.68	1.35	1.07
Дивиденд ап											0.0228
Див доход, ап, %											13.62	13.62
Дивиденды / прибыль, %		50.58	36.65	23.88	22.38	12.27	8.45	5.92	7.19	10.06	236.07	236.07	8.78	-3.89

	2014Q2	2015Q2	2016Q2	2017Q2	2018Q2	2019Q2	2019Q4	2020Q1	2020Q2	2021Q2	2022Q1	2022Q2	2022Q4	2023Q1	2023Q2	2023Q4	Industry average	5 quarters average	CAGR 5
Див.выплата, млрд							0.516	0.005	0.168	0.181	0.091	0.865	0.716	0.09	0.284	0.868		0.5646	0.07
Дивиденд	0.95	1	1.05	1.2	1.25	1.25			2.6	1.4		1.85			2.2			1.86	11.97
Див доход, ао, %	0.7769	1.01	1.25	1.12	1.51	1.33			2.54	0.9483		1.08			1.35		2.68	1.45	0.30
Дивиденды / прибыль, %							162.26	1.1	57.93	24.3	10.34	99.77	109.31	11.31	40.34	148.12	236.07	81.77	8.22

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Other

IFRS

Reporting Annual

	2018	2019	2020	2022	2023	2024	CAGR 5
Всего задолженность	22.21	22.22	27.33				7.16
Персонал, чел				67000	67000	70000	1.47

	CAGR 5

	CAGR 5