GSK plc


Estimate Adjusted EBIT Margin

	Fiscal Year Ending					LTM
	Dec-20	Dec-21	Dec-22	Dec-23	Dec-24	Dec-24
(GBP in millions)	FY-4	FY-3	FY-2	FY-1	FY	LTM

Revenue	24,354	24,696	29,324	30,328	31,376	31,376

Adjusted EBITDA Build-up
EBT, Incl. Unusual Items	5,170	3,599	5,628	6,064	3,477	3,477
(+) Net Interest Expense	818	749	757	602	483	483
(+) Other Non Operating Exp.	(9)	(27)	46	79	66	66
(+) D&A	2,050	2,122	1,971	1,901	2,129	2,129
(+) Non-recurring Items	71	1,313	891	1,658	2,158	2,158
Adjusted EBITDA	8,100	7,756	9,293	10,304	8,313	8,313

(-) D&A	(2,050)	(2,122)	(1,971)	(1,901)	(2,129)	(2,129)

Adjusted EBIT	6,050	5,634	7,322	8,403	6,184	6,184
% of Revenue	24.8%	22.8%	25.0%	27.7%	19.7%	19.7%


	Low	Median	High

Adjusted EBIT Margin	19.7%	24.8%	27.7%

지원하는 계산법

Equity Waterfall


Equity Waterfall

	Model
(GBP in millions)	Low	Mid	High	Market
Enterprise Value	81,660	118,836	162,426	69,047
(+) Cash & Short Term Investments	4,326	4,326	4,326	4,326
(+) Investments & Other	1,232	1,232	1,232	1,232
(-) Debt	(16,986)	(16,986)	(16,986)	(16,986)
(-) Other Liabilities	585	585	585	585
(-) Preferred Stock	0	0	0	0
(-) Other	0	0	0	0
Value of Common Equity	70,817	107,993	151,583	58,204
(/) Shares Outstanding	4,065.3	4,065.3	4,065.3	4,065.3
Implied Stock Price (GBP)	17.42	26.56	37.29	14.32
FX Rate: GBP/EUR	0.85	0.85	0.85	0.85
Implied Stock Price (EUR)	20.47	31.21	43.81	16.82

Upside / (Downside)	21.67%	85.54%	160.44%


Stock Price	16.82
Stock Price Close	16.82
Restatment Type	Original
Reporting Currency	GBP
Trading Currency	EUR
FX Rate: GBP/EUR	0.85
Market Cap	67,698.3
Shares Outstanding	4,065.3
Share Exchange Ratio	1.0
Liquid Long-term Investments	0

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