McKesson Europe

McKesson Europe's net profit rose 80.3% yoy to EUR -14.5 mil in 1Q2019

By Helgi Analytics - August 11, 2020

McKesson Europe made a net profit of EUR -14.5 mil with revenues of EUR 5,222 mil in 1Q2019, up by 80.3% and up by 0.412%...

McKesson Europe's Cash & Cash Equivalents rose 3.80% yoy to EUR 827 mil in 1Q2019

By Helgi Analytics - August 11, 2020

McKesson Europe's total assets reached EUR 7,091 mil at the end of 1Q2019, up 2.79% compared to the previous year. Current...

McKesson Europe's Sales rose 0.412% yoy to EUR 5,222 mil in 1Q2019

By Helgi Analytics - August 11, 2020

McKesson Europe generated sales of EUR 5,222 mil in 1Q2019, up 0.412% compared to the previous year. Historically, between ...

Profit Statement 2016 2017 2018
Sales EUR mil 20,644 21,090 21,177
Gross Profit EUR mil 2,126 2,126 2,046
EBITDA EUR mil 394 148 146
EBIT EUR mil -699 -285 -5.90
Financing Cost EUR mil 73.0 52.0 45.4
Pre-Tax Profit EUR mil -749 -304 -7.70
Net Profit EUR mil -967 -299 -59.0
Dividends EUR mil 169 169 169
Balance Sheet 2016 2017 2018
Total Assets EUR mil 6,858 6,899 7,091
Non-Current Assets EUR mil 1,963 1,687 1,759
Current Assets EUR mil 4,895 5,212 5,332
Working Capital EUR mil 1,179 1,025 696
Shareholders' Equity EUR mil 1,893 1,918 1,984
Liabilities EUR mil 4,965 4,981 5,108
Total Debt EUR mil 1,315 1,366 986
Net Debt EUR mil 838 570 160
Ratios 2016 2017 2018
ROE % -41.6 -15.7 -3.02
ROCE % -26.3 -10.2 -2.28
Gross Margin % 10.3 10.1 9.66
EBITDA Margin % 1.91 0.699 0.689
EBIT Margin % -3.39 -1.35 -0.028
Net Margin % -4.68 -1.42 -0.279
Net Debt/EBITDA 2.13 3.86 1.09
Net Debt/Equity % 44.3 29.7 8.05
Cost of Financing % 5.15 3.88 3.86
Valuation 2016 2017 2018
Market Capitalisation USD mil 5,840 5,591 6,714
Enterprise Value (EV) USD mil 6,725 6,274 6,897
Number Of Shares mil 203 203 203
Share Price EUR 22.2 23.4 25.2
EV/EBITDA 15.9 37.9 40.4
EV/Sales 0.304 0.265 0.278
Price/Earnings (P/E) 11.5 -4.92 -17.1
Price/Book Value (P/BV) 2.39 2.48 2.58
Dividend Yield % 4.68 3.55 3.30

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overview Unit 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
income statement                                                    
Sales EUR mil                                       21,408 22,326 22,216 21,193 20,644    
Gross Profit EUR mil ... ... ... ... ... ... ...                         2,350 2,379 2,375 2,476 2,126    
EBIT EUR mil                                       407 237 211 622 -699    
Net Profit EUR mil                                       160 48.6 -216 393 -967    
                                                       
ROE %                                       7.29 1.96 -8.15 14.9 -41.6    
EBIT Margin %                                       1.90 1.06 0.948 2.93 -3.39    
Net Margin %                                       0.747 0.218 -0.971 1.85 -4.68    
Employees                 ... ...                   38,871 38,788 25,118 23,404 26,329    
balance sheet                                                    
Total Assets EUR mil                                       7,598 7,830 7,769 8,082 6,858    
Non-Current Assets EUR mil                                       3,038 3,037 3,065 2,909 1,963    
Current Assets EUR mil                                       4,561 4,792 4,704 5,173 4,895    
                                                       
Shareholders' Equity EUR mil                                       2,192 2,762 2,537 2,753 1,893    
Liabilities EUR mil                                       5,406 5,068 5,232 5,329 4,965    
Current Liabilities EUR mil                                       3,568 3,577 3,501 3,846 3,797    
                                                       
Net Debt/EBITDA                                       2.56 1.78 1.93 1.50 2.13    
Net Debt/Equity %                                       62.2 31.4 35.4 39.9 44.3    
Cost of Financing %                                       7.28 6.24 7.18 4.39 5.15    
cash flow                                                    
Total Cash From Operations EUR mil                                       307 115 188 251 357    
Total Cash From Investing EUR mil                                       -48.2 -130 -133 -420 -120    
Total Cash From Financing EUR mil                                       -240 -198 -104 244 -160    
Net Change In Cash EUR mil                                       11.8 -200 -49.0 54.8 52.8    
valuation                                                    
Market Capitalisation USD mil                                       2,928 5,395 6,570 5,962 5,840    
Enterprise Value (EV) USD mil                                       4,727 6,586 7,656 7,157 6,725    
Number Of Shares mil                                       170 186 199 203 203    
Share Price EUR                                       10.7 19.2 22.6 23.1 22.2    
Price/Earnings (P/E)                                 ...     -11.6 20.9 90.4 -21.8 11.5    
Price/Cash Earnings (P/CE)                                       7.29 25.7 -23.4 9.82 -5.04    
EV/EBITDA                                       6.90 10.2 12.8 8.52 15.9    
Price/Book Value (P/BV)                                       0.831 1.29 1.77 1.71 2.39    
Dividend Yield %                                       2.33 1.56 1.33 1.30 4.68    
income statement Unit 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
income statement                                                    
Sales EUR mil                                       21,408 22,326 22,216 21,193 20,644    
Cost of Goods & Services EUR mil ... ... ... ... ... ... ...                         19,058 19,947 19,841 18,717 18,518    
Gross Profit EUR mil ... ... ... ... ... ... ...                         2,350 2,379 2,375 2,476 2,126    
Selling, General & Admin EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...         54.8 95.3 ... ... ... ... ...
Research & Development EUR mil ... ... ... ... ... ... ... ... ... ... ...                 7.00 7.10 0 0 0    
Other Operating Expense EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...         1,979 2,127 2,336 2,049 2,826    
Staff Cost EUR mil                                       1,247 1,256 608 1,262 1,121    
Other Operating Cost (Income) EUR mil ... ... ... ... ... ... ...                         220 209 206 305 98.4    
EBITDA EUR mil                                       533 487 464 733 394    
Depreciation EUR mil                                       90.1 90.2 23.5 86.4 70.5    
EBIT EUR mil                                       407 237 211 622 -699    
Net Financing Cost EUR mil ... ... ... ... ... ... ... ... ...                     135 89.0 81.0 56.1 64.4    
Financing Cost EUR mil                                       145 96.8 88.7 61.2 73.0    
Financing Income EUR mil ... ... ... ... ... ... ... ... ...                     9.80 7.80 7.70 5.10 8.60    
FX (Gain) Loss EUR mil ... ... ... ... ... ... ... ... ...                     3.90 -15.4 0 0 0    
(Income) / Loss from Affiliates EUR mil                   ... ...   ... ...           -5.40 -12.8 -26.4 -14.7 -16.0    
Extraordinary Cost EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... ...           4.80 0.500 255 94.3 159    
Pre-Tax Profit EUR mil                                       269 159 144 574 -749    
Tax EUR mil                                       97.5 106 102 82.5 55.6    
Minorities EUR mil                                       6.50 3.80 2.80 3.90 3.00    
Net Profit EUR mil                                       160 48.6 -216 393 -967    
Net Profit Avail. to Common EUR mil                                       160 48.6 -216 393 -967    
Dividends EUR mil                                       51.0 169 169 169 169    
growth rates                                                    
Total Revenue Growth % ...                                     -3.88 4.29 -0.494 -4.60 -2.59    
Operating Cost Growth % ...                                     -6.03 8.68 0.825 -8.90 35.4    
Staff Cost Growth % ...                                     -1.90 0.746 -51.6 108 -11.2    
EBITDA Growth % ...                                     -1.79 -8.52 -4.74 57.8 -46.2    
EBIT Growth % ...                                     9.86 -41.7 -11.1 195 -213    
Pre-Tax Profit Growth % ...                                     25.2 -40.9 -9.19 298 -231    
Net Profit Growth % ...                                     -202 -69.6 -544 -282 -346    
ratios                                                    
ROE %                                       7.29 1.96 -8.15 14.9 -41.6    
ROA %                                       2.06 0.630 -2.77 4.96 -12.9    
ROCE %                                       3.61 1.10 -4.87 9.21 -26.3    
Gross Margin % ... ... ... ... ... ... ...                         11.0 10.7 10.7 11.7 10.3    
EBITDA Margin %                                       2.49 2.18 2.09 3.46 1.91    
EBIT Margin %                                       1.90 1.06 0.948 2.93 -3.39    
Net Margin %                                       0.747 0.218 -0.971 1.85 -4.68    
Payout Ratio %                                       31.9 347 -78.2 42.9 -17.4    
Cost of Financing %                                       7.28 6.24 7.18 4.39 5.15    
Net Debt/EBITDA                                       2.56 1.78 1.93 1.50 2.13    
balance sheet Unit 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
balance sheet                                                    
Cash & Cash Equivalents EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...         536 336 372 424 476    
Receivables EUR mil                                       2,083 2,298 2,202 2,225 2,290    
Inventories EUR mil                                       1,598 1,745 1,448 1,377 1,484    
Other ST Assets EUR mil                                       344 413 683 1,148 645    
Current Assets EUR mil                                       4,561 4,792 4,704 5,173 4,895    
Property, Plant & Equipment EUR mil                                       507 526 517 451 486    
LT Investments & Receivables EUR mil                                       110 55.4 50.5 292 57.4    
Intangible Assets EUR mil ... ... ...           ...                     2,199 2,179 2,287 1,965 1,127    
Goodwill EUR mil ... ... ... ... ... ... ... ...   ... ... ...               2,083 2,103 2,221 1,872 962    
Non-Current Assets EUR mil                                       3,038 3,037 3,065 2,909 1,963    
Total Assets EUR mil                                       7,598 7,830 7,769 8,082 6,858    
                                                       
Trade Payables EUR mil                                       2,385 2,553 2,385 2,306 2,595    
Short-Term Debt EUR mil                                       503 211 22.2 355 508    
Other ST Liabilities EUR mil                                       617 691 1,027 1,052 614    
Current Liabilities EUR mil                                       3,568 3,577 3,501 3,846 3,797    
Long-Term Debt EUR mil                                       1,396 992 1,246 1,166 806    
Other LT Liabilities EUR mil                                       443 499 485 317 362    
Liabilities EUR mil                                       5,406 5,068 5,232 5,329 4,965    
Preferred Equity and Hybrid Capital EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... ...           0 0 0 0 0    
Share Capital EUR mil                                       218 260 260 260 260    
Treasury Stock EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... ...           0 0 0 0 0    
Equity Before Minority Interest EUR mil                                       2,158 2,744 2,519 2,734 1,873    
Minority Interest EUR mil                                       34.0 18.0 18.8 18.8 19.4    
Equity EUR mil                                       2,192 2,762 2,537 2,753 1,893    
growth rates                                                    
Total Asset Growth % ...                                     -4.17 3.04 -0.773 4.02 -15.1    
Shareholders' Equity Growth % ...                                     -0.178 26.0 -8.12 8.48 -31.2    
Net Debt Growth % ...                                     -12.5 -36.4 3.46 22.4 -23.7    
Total Debt Growth % ...                                     -8.82 -36.7 5.47 19.9 -13.6    
ratios                                                    
Total Debt EUR mil                                       1,899 1,203 1,269 1,521 1,315    
Net Debt EUR mil                                       1,363 867 897 1,098 838    
Working Capital EUR mil                                       1,296 1,490 1,264 1,296 1,179    
Capital Employed EUR mil                                       4,334 4,528 4,329 4,204 3,142    
Net Debt/Equity %                                       62.2 31.4 35.4 39.9 44.3    
Current Ratio                                       1.28 1.34 1.34 1.35 1.29    
Quick Ratio ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...         0.734 0.736 0.735 0.689 0.729    
cash flow Unit 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
cash flow                                                    
Net Profit EUR mil                                       160 48.6 -216 393 -967    
Depreciation EUR mil                                       90.1 90.2 23.5 86.4 70.5    
Non-Cash Items EUR mil                                       78.9 21.4 414 -76.3 131    
Change in Working Capital EUR mil                                       -64.0 -205 -242 -156 118    
Total Cash From Operations EUR mil                                       307 115 188 251 357    
                                                       
Capital Expenditures EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...         -99.4 -126 -132 -151 -149    
Net Change in LT Investment EUR mil       ... ... ... ... ... ... ... ... ... ... ... ...         0 0 0 0 0    
Net Cash From Acquisitions EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...         41.2 -3.50 -12.8 -261 -113    
Other Investing Activities EUR mil                                       10.0 0 13.3 0.100 237    
Total Cash From Investing EUR mil                                       -48.2 -130 -133 -420 -120    
                                                       
Dividends Paid EUR mil                                       -52.2 -53.0 -53.1 -10.0 -130    
Issuance Of Shares EUR mil       ... ... ... ... ...   ... ... ... ... ... ...         0 0 0 0 0    
Issuance Of Debt EUR mil                                       -188 -132 128 259 -22.4    
Other Financing Activities EUR mil       ...                               0 -13.0 -212 -32.5 24.1    
Total Cash From Financing EUR mil                                       -240 -198 -104 244 -160    
                                                       
Effect of FX Rates EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...         -6.60 12.7 0 -19.2 -24.4    
Net Change In Cash EUR mil                                       11.8 -200 -49.0 54.8 52.8    
ratios                                                    
Days Sales Outstanding days                                       35.5 37.6 36.2 38.3 40.5    
Days Sales Of Inventory days ... ... ... ... ... ... ...                         30.6 31.9 26.6 26.8 29.2    
Days Payable Outstanding days ... ... ... ... ... ... ...                         45.7 46.7 43.9 45.0 51.1    
Cash Conversion Cycle days ... ... ... ... ... ... ...                         20.4 22.8 18.9 20.2 18.6    
Cash Earnings EUR mil                                       250 139 -192 479 -896    
Free Cash Flow EUR mil                                       259 -14.5 55.1 -170 237    
Capital Expenditures (As % of Sales) %                                       0.464 0.566 0.595 0.711 0.722    
other ratios Unit 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
                                                     
Employees                 ... ...                   38,871 38,788 25,118 23,404 26,329    
Cost Per Employee USD per month                 ... ...                   3,435 3,582 2,600 5,149 3,804    
Cost Per Employee (Local Currency) EUR per month                 ... ...                   2,673 2,698 2,017 4,492 3,548    
Women (As % of Workforce) % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 70.0 69.8 ...  
Operating Cost (As % of Sales) %                                       10.1 10.5 10.7 10.2 14.2    
Research & Development (As % of Sales) % ... ... ... ... ... ... ... ... ... ... ...                 0.033 0.032 0 0 0    
Staff Cost (As % of Sales) %                                       5.82 5.63 2.74 5.95 5.43    
Effective Tax Rate %                                       36.3 66.7 70.9 14.4 -7.42    
Total Revenue Growth (5-year average) % ... ... ... ... ...                             0.227 0.759 -0.930 -0.883 -1.51    
Total Revenue Growth (10-year average) % ... ... ... ... ... ... ... ... ... ...                   1.44 1.54 0.811 -0.176 -0.791    
Branches ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...  
valuation Unit 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
                                                     
Market Capitalisation USD mil                                       2,928 5,395 6,570 5,962 5,840    
Enterprise Value (EV) USD mil                                       4,727 6,586 7,656 7,157 6,725    
Number Of Shares mil                                       170 186 199 203 203    
Share Price EUR                                       10.7 19.2 22.6 23.1 22.2    
EV/EBITDA                                       6.90 10.2 12.8 8.52 15.9    
Price/Earnings (P/E)                                 ...     -11.6 20.9 90.4 -21.8 11.5    
Price/Cash Earnings (P/CE)                                       7.29 25.7 -23.4 9.82 -5.04    
P/FCF                                       7.04 -246 81.7 -27.8 19.1    
Price/Book Value (P/BV)                                       0.831 1.29 1.77 1.71 2.39    
Dividend Yield %                                       2.33 1.56 1.33 1.30 4.68    
Free Cash Flow Yield %                                       11.3 -0.357 1.08 -3.26 4.35    
Earnings Per Share (EPS) EUR                                       -0.920 0.920 0.250 -1.06 1.93    
Cash Earnings Per Share EUR                                       1.47 0.748 -0.966 2.36 -4.41    
Free Cash Flow Per Share EUR                                       1.52 -0.078 0.277 -0.833 1.17    
Book Value Per Share EUR                                       12.9 14.9 12.7 13.5 9.31    
Dividend Per Share EUR                                       0.250 0.300 0.300 0.300 1.04    
EV/Sales                                       0.172 0.222 0.267 0.295 0.304    
EV/EBIT                                       9.05 20.9 28.2 10.0 -8.97    
EV/Free Cash Flow                                       14.2 -342 108 -36.8 26.5    
EV/Capital Employed                                       0.827 1.06 1.46 1.56 2.03    
Earnings Per Share Growth % ...                                 ...   -9,300 -200 -72.8 -524 -282    
Cash Earnings Per Share Growth % ...                                     -506 -49.1 -229 -344 -287    
Book Value Per Share Growth % ...                                     -0.178 15.4 -14.3 6.14 -31.2    

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McKesson Europe's Total Cash From Operations rose 39.6% yoy to EUR 77.4 mil in 1Q2019

By Helgi Analytics - August 11, 2020

McKesson Europe's operating cash flow stood at EUR 77.4 mil in 1Q2019, up 39.6% when compared to the previous year. Historically, between 1Q2001 - 1Q2019, the firm’s operating cash flow reached a high of EUR 402 mil in 2Q2007 and a low of EUR -266 mil ...

McKesson Europe's net profit rose 80.3% yoy to EUR -59.0 mil in 2018

By Helgi Analytics - August 11, 2020

McKesson Europe made a net profit of EUR -59.0 mil with revenues of EUR 21,177 mil in 2018, up by 80.3% and up by 0.412%, respectively, compared to the previous year. This translates into a net margin of -0.279%. Historically, between 1993 - 2018, ...

McKesson Europe's price/earnings (P/E) fell 248% yoy to -17.1 in 2018

By Helgi Analytics - August 11, 2020

McKesson Europe stock traded at EUR 25.2 per share at the end 2018 translating into a market capitalization of USD 6,714 mil. Since the end of 2013, stock has appreciated by 30.8% representing an annual average growth of 5.52%. In absolute terms, the va...

McKesson Europe's employees fell 3.32% yoy to 24,878 in 2018

By Helgi Analytics - August 11, 2020

McKesson Europe employed 24,878 employees in 2018, down 3.32% compared to the previous year. Historically, between 1993 and 2018, the firm's workforce hit a high of 46,977 employees in 2010 and a low of 11,313 employees in 1993. Average personnel cos...

McKesson Europe's Share Price rose 7.53% yoy to EUR 25.2 in 2018

By Helgi Analytics - August 11, 2020

McKesson Europe stock traded at EUR 25.2 per share at the end 2018 implying a market capitalization of USD 6,714 mil. Since the end of 2013, stock has appreciated by 30.8% implying an annual average growth of 5.52% In absolute terms, the value of the company ...

McKesson Europe's Net Debt/EBITDA fell 71.7% yoy to 1.09 in 2018

By Helgi Analytics - August 11, 2020

McKesson Europe's net debt stood at EUR 160 mil and accounted for 8.05% of equity at the end of 2018. The ratio is down 21.7 pp compared to the previous year. Historically, the firm’s net debt to equity reached a high of 136% in 2000 and a low of...

McKesson Europe's Net Margin rose 80.3% yoy to -0.279% in 2018

By Helgi Analytics - August 11, 2020

McKesson Europe made a net profit of EUR -59.0 mil with revenues of EUR 21,177 mil in 2018, up by 80.3% and up by 0.412%, respectively, compared to the previous year. This translates into a net margin of -0.279%. Historically, between 1993 and 2018, ...

McKesson Europe's ROCE rose 77.6% yoy to -2.28% in 2018

By Helgi Analytics - August 11, 2020

McKesson Europe made a net profit of EUR -59.0 mil in 2018, up 80.3% compared to the previous year. Historically, between 1993 and 2018, the company's net profit reached a high of EUR 435 mil in 1995 and a low of EUR -967 mil in 2016. The result implies a...

McKesson Europe's P/FCF rose 157% yoy to 35.8 in 2018

By Helgi Analytics - August 11, 2020

McKesson Europe stock traded at EUR 25.2 per share at the end 2018 translating into a market capitalization of USD 6,714 mil. Since the end of 2013, the stock has appreciated by 30.8% representing an annual average growth of 5.52%. At the end of 2018, th...

McKesson Europe's Capital Expenditures fell 16.2% yoy to EUR 136 mil in 2018

By Helgi Analytics - August 11, 2020

McKesson Europe invested a total of EUR 136 mil in 2018, up 16.2% compared to the previous year. Historically, between 2008 - 2018, the company's investments stood at a high of EUR 151 mil in 2015 and a low of EUR 88.0 mil in 2009. As...

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McKesson Europe (formerly Celesio) is one of Europe's largest drug wholesalers, holding market-leading positions in several of the countries it serves. Its largest wholesale markets are France, Germany, and the UK. In addition to more than 130 wholesale distribution branches serving 65,000 pharmacies, McKesson Europe owns retail chains consisting of 2,200 pharmacies in Europe, including Norway, Italy, and the UK. The company, which was founded in 1835 and was acquired by North American pharmaceuticals distributor McKesson in 2014, has a presence in 14 countries.

McKesson Europe Logo

Finance

McKesson Europe has been growing its sales by -1.05% a year on average in the last 5 years. EBITDA has fallen on average by 21.4% a year during that time to total of EUR 146 mil in 2018, or 0.689% of sales. That’s compared to 1.77% average margin seen in last five years.

The company netted EUR -59.0 mil in 2018 implying ROE of -3.02% and ROCE of -2.28%. Again, the average figures were -10.7% and -6.90%, respectively when looking at the previous 5 years.

McKesson Europe’s net debt amounted to EUR 160 mil at the end of 2018, or 8.05% of equity. When compared to EBITDA, net debt was 1.09x, down when compared to average of 2.10x seen in the last 5 years.

Valuation

McKesson Europe stock traded at EUR 25.2 per share at the end of 2018 resulting in a market capitalization of USD 6,714 mil. Over the previous five years, stock price grew by 30.8% or 5.52% a year on average. The closing price put stock at a 12-month trailing EV/EBITDA of 40.4x and price to earnings (PE) of -17.1x as of 2018.