Merck KGaA

주가

123.35 EUR

적정가치

150.97 EUR

Multiples Valuation: Price / EPS

주가

123.35 EUR

적정가치

150.97 EUR

상승 여력 있음

20.6%

Price / LTM EPS Multiple

Price / Fwd EPS Multiple

Fair Value

Benchmark Editor


Select Price / LTM EPS Ratio

	Benchmark Companies
	SNW	UNC	NOTA	GS71	6MK	MRK
	XTRA:SNW	DB:UNC	DB:NOTA	XTRA:GS71	XTRA:6MK	DB:MRK
Historical Net Income Growth
5Y CAGR	14.0%	6.2%	10.8%	-11.1%	24.6%	16.5%
3Y CAGR	-4.1%	0.3%	-19.5%	-8.1%	11.5%	-3.1%
Latest Twelve Months	8.6%	210.5%	39.4%	-47.7%	4589.6%	-1.7%

Historical Net Income Profit Margin
5 Year Average Margin	18.1%	12.4%	26.9%	24.5%	18.8%	13.4%
Prior Fiscal Year	12.3%	6.6%	18.4%	16.2%	0.6%	13.5%
Latest Fiscal Year	12.4%	17.3%	23.1%	8.2%	26.7%	13.1%
Latest Twelve Months	12.4%	17.3%	23.1%	8.2%	26.7%	13.1%

Current Trading Multiples
EV / LTM EBITDA	11.3x	21.8x	11.1x	8.5x	8.4x	10.6x
Price / LTM Sales	2.8x	5.1x	4.1x	1.9x	3.4x	2.6x
LTM P/E Ratio	22.7x	29.2x	17.7x	23.2x	12.9x	19.8x


	Low	Mid	High

Benchmark LTM P/E Ratio	12.9x	22.7x	29.2x
Historical LTM P/E Ratio	19.8x	22.6x	36.7x

Selected P/E Multiple	22.7x	23.8x	25.0x
(x) LTM Net Income	2,777	2,777	2,777
(=) Equity Value	62,910	66,221	69,532
(/) Shares Outstanding	434.8	434.8	434.8
Implied Value Range	144.69	152.31	159.92
FX Rate: EUR/EUR	1.0	1.0	1.0		Market Price
Implied Value Range (Trading Cur)	144.69	152.31	159.92		125.20
Upside / (Downside)	15.6%	21.7%	27.7%

지원하는 계산법

Equity Waterfall

Financials

Historical Multiples


Equity Value

	Benchmark Companies
(in millions)	SNW	UNC	NOTA	GS71	6MK	MRK

Value of Common Equity	122,869	30,236	204,643	58,679	218,976	54,434
(/) Shares Outstanding	1,224.0	190.0	1,897.6	4,065.3	2,526.0	434.8
Implied Stock Price	100.38	159.10	107.84	14.43	86.69	125.20
FX Conversion Rate to Trading Currency	1.00	1.00	1.08	0.84	1.08	1.00
Implied Stock Price (Trading Cur)	100.38	159.10	99.40	17.27	79.90	125.20

Trading Currency	EUR	EUR	EUR	EUR	EUR	EUR
FX Rate to Reporting Currency	1.00	1.00	1.08	0.84	1.08	1.00

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