Walgreens Boots

Walgreens Boots's net profit fell 30.5% yoy to USD 3,703 mil in 2019

By Helgi Analytics - August 11, 2020

Walgreens Boots made a net profit of USD 3,703 mil with revenues of USD 137,412 mil in 2019, down by 30.5% and up by 2....

Walgreens Boots's price/earnings (P/E) fell 9.94% yoy to 11.6 in 2019

By Helgi Analytics - August 11, 2020

Walgreens Boots stock traded at USD 49.8 per share at the end 2019 translating into a market capitalization of USD 45,835 mil. Si...

Walgreens Boots's Net Debt/EBITDA rose 200% yoy to 5.64 in 2019

By Helgi Analytics - August 11, 2020

Walgreens Boots's net debt stood at USD 41,244 mil and accounted for 170% of equity at the end of 2019. The ratio is up ...

Profit Statement 2017 2018 2019
Sales USD mil 120,453 134,590 137,412
Gross Profit USD mil 29,387 31,092 29,698
EBITDA USD mil 7,074 7,994 7,312
EBIT USD mil 5,423 6,150 4,472
Financing Cost USD mil 669 628 709
Pre-Tax Profit USD mil 4,614 6,204 4,144
Net Profit USD mil 3,845 5,326 3,703
Dividends USD mil 1,639 1,645 1,626
Balance Sheet 2017 2018 2019
Total Assets USD mil 66,618 69,941 90,807
Non-Current Assets USD mil 46,937 49,858 71,203
Current Assets USD mil 19,681 20,083 19,604
Working Capital USD mil 3,298 3,460 2,570
Shareholders' Equity USD mil 26,756 26,263 24,313
Liabilities USD mil 39,862 43,678 66,494
Total Debt USD mil 14,005 15,990 42,055
Net Debt USD mil 12,175 15,010 41,244
Ratios 2017 2018 2019
ROE % 13.6 20.1 14.6
ROCE % 7.67 10.3 5.83
Gross Margin % 24.4 23.1 21.6
EBITDA Margin % 5.87 5.94 5.32
EBIT Margin % 4.50 4.57 3.25
Net Margin % 3.19 3.96 2.69
Net Debt/EBITDA 1.72 1.88 5.64
Net Debt/Equity % 45.5 57.2 170
Cost of Financing % 4.07 4.19 2.44
Valuation 2017 2018 2019
Market Capitalisation USD mil 83,444 65,278 45,835
Enterprise Value (EV) USD mil 95,619 80,288 87,079
Number Of Shares mil 1,079 995 924
Share Price USD 75.2 64.8 49.8
EV/EBITDA 13.5 10.0 11.9
EV/Sales 0.794 0.597 0.634
Price/Earnings (P/E) 19.9 12.8 11.6
Price/Book Value (P/BV) 3.03 2.46 1.89
Dividend Yield % 2.03 2.53 3.57

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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 2019
income statement                                                      
Sales USD mil                                         73,230 77,617 112,923 116,819 120,453    
Gross Profit USD mil                                         21,172 21,713 28,977 29,571 29,387    
EBIT USD mil                                         3,668 3,644 4,981 5,926 5,423    
Net Profit USD mil                                         2,732 2,067 4,480 4,117 3,845    
                                                         
ROE %                                         14.2 10.1 17.3 13.5 13.6    
EBIT Margin %                                         5.01 4.69 4.41 5.07 4.50    
Net Margin %                                         3.73 2.66 3.97 3.52 3.19    
Employees                                         175,000 245,000 240,000 354,000 354,000   ...
balance sheet                                                      
Total Assets USD mil                                         36,481 48,612 68,657 71,912 66,618    
Non-Current Assets USD mil                                         24,759 25,332 48,426 45,244 46,937    
Current Assets USD mil                                         11,722 23,280 20,231 26,668 19,681    
                                                         
Shareholders' Equity USD mil                                         20,056 20,767 31,154 29,692 26,756    
Liabilities USD mil                                         16,425 27,845 37,503 42,220 39,862    
Non-Current Liabilities USD mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...  
Current Liabilities USD mil                                         8,821 9,877 16,874 17,729 20,517    
                                                         
Net Debt/EBITDA                                         0.826 0.337 1.73 1.04 1.72    
Net Debt/Equity %                                         20.5 8.04 37.6 31.2 45.5    
Cost of Financing %                     ... ... ... ...             3.58 1.80 4.95 3.95 4.07    
cash flow                                                      
Total Cash From Operations USD mil                                         3,833 4,791 5,365 12,829 7,729    
Total Cash From Investing USD mil                                         -2,112 -861 -4,492 -5,118 -1,531    
Total Cash From Financing USD mil                                         -2,581 7,972 -11,017 -213 -14,013    
Net Change In Cash USD mil                                         -860 11,892 -10,291 7,319 -7,721    
valuation                                                      
Market Capitalisation USD mil                                         45,503 57,517 94,332 87,408 83,444    
Enterprise Value (EV) USD mil                                         49,606 59,186 106,039 96,682 95,619    
Number Of Shares mil                                         955 965 1,054 1,091 1,079    
Share Price USD                                         41.2 52.9 77.0 73.1 75.2    
Price/Earnings (P/E)                                         16.1 26.5 19.2 19.1 19.9    
Price/Cash Earnings (P/CE)       ... ... ... ... ... ... ... ... ... ... ... ... ...         10.8 18.0 13.9 14.6 15.5    
EV/EBITDA                                         9.98 12.0 15.6 10.8 13.5    
Price/Book Value (P/BV)                                         1.96 2.46 2.60 2.69 3.03    
Dividend Yield %                                         2.77 2.42 1.78 1.99 2.03    
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 2019
income statement                                                      
Sales USD mil                                         73,230 77,617 112,923 116,819 120,453    
Cost of Goods & Services USD mil                                         52,058 55,904 83,946 87,248 91,066    
Gross Profit USD mil                                         21,172 21,713 28,977 29,571 29,387    
Selling, General & Admin USD mil ... ... ... ... ... ... ... ... ... ...                     17,524 18,069 23,996 23,645 23,964    
Research & Development USD mil             ... ... ... ... ... ... ... ... ... ...         0 0 0 0 0    
Other Operating Expense USD mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...         -20.0 0 0 0 0    
Other Operating Cost (Income) USD mil ... ... ... ... ... ... ... ... ... ...       ... ... ...         0 0 0 0 0    
EBITDA USD mil                                         4,970 4,947 6,786 8,952 7,074    
Depreciation USD mil       ... ... ... ... ... ... ... ... ... ... ... ... ...         910 768 1,342 1,337 1,401    
EBIT USD mil                                         3,668 3,644 4,981 5,926 5,423    
Net Financing Cost USD mil ... ... ... ... ... ... ... ... ... ... ... ...                 169 170 688 631 669    
Financing Cost USD mil                     ... ...                 205 176 713 655 669    
Financing Income USD mil ... ... ... ... ... ...                             36.0 6.00 25.0 24.0 0    
FX (Gain) Loss USD mil                                         0 0 0 0 0   ...
(Income) / Loss from Affiliates USD mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... -491 -639 -101 -54.0 -6.00    
Extraordinary Cost USD mil                     ...                   0 0 0 0 0    
Pre-Tax Profit USD mil                                         4,335 3,606 5,386 5,146 4,614    
Tax USD mil                                         1,594 1,422 902 1,050 767    
Minorities USD mil                     ...                   9.00 117 39.0 24.0 11.0    
Net Profit USD mil                                         2,732 2,067 4,480 4,117 3,845    
Net Profit Avail. to Common USD mil                                         2,732 2,067 4,480 4,117 3,845    
Dividends USD mil                                         1,121 1,245 1,507 1,590 1,639    
growth rates                                                      
Total Revenue Growth % ...                                       3.44 5.99 45.5 3.45 3.11    
Operating Cost Growth % ...                                       2.53 3.23 32.8 -1.46 1.35    
EBITDA Growth % ...                                       11.3 -0.463 37.2 31.9 -21.0    
EBIT Growth % ...                                       12.3 -0.654 36.7 19.0 -8.49    
Pre-Tax Profit Growth % ...                                       37.1 -16.8 49.4 -4.46 -10.3    
Net Profit Growth % ...                                       37.6 -24.3 117 -8.10 -6.61    
ratios                                                      
ROE %                                         14.2 10.1 17.3 13.5 13.6    
ROA %                                         7.62 4.86 7.64 5.86 5.55    
ROCE %                                         9.29 6.81 10.6 7.88 7.67    
Gross Margin %                                         28.9 28.0 25.7 25.3 24.4    
EBITDA Margin %                                         6.79 6.37 6.01 7.66 5.87    
EBIT Margin %                                         5.01 4.69 4.41 5.07 4.50    
Net Margin %                                         3.73 2.66 3.97 3.52 3.19    
Payout Ratio %                                         41.0 60.2 33.6 38.6 42.6    
Cost of Financing %                     ... ... ... ...             3.58 1.80 4.95 3.95 4.07    
Net Debt/EBITDA                                         0.826 0.337 1.73 1.04 1.72    
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 2019
balance sheet                                                      
Cash & Cash Equivalents USD mil                                         969 12,861 2,570 9,598 1,830    
Receivables USD mil                                         2,727 3,579 6,821 6,138 6,858    
Inventories USD mil                                         7,729 6,518 9,884 10,039 10,010    
Other ST Assets USD mil                                         297 322 956 893 983    
Current Assets USD mil                                         11,722 23,280 20,231 26,668 19,681    
Property, Plant & Equipment USD mil                                         12,351 12,103 14,878 13,709 13,693    
LT Investments & Receivables USD mil                                         0 0 0 0 0    
Intangible Assets USD mil                                         5,107 4,598 28,235 24,931 26,519    
Goodwill USD mil                                         2,491 2,356 16,195 15,203 15,931    
Non-Current Assets USD mil                                         24,759 25,332 48,426 45,244 46,937    
Total Assets USD mil                                         36,481 48,612 68,657 71,912 66,618    
                                                         
Trade Payables USD mil                                         4,762 5,189 10,643 11,372 13,570    
Short-Term Debt USD mil                                         571 774 1,083 1,095 1,268    
Other ST Liabilities USD mil                                         0 96.0 0 0 15.0    
Current Liabilities USD mil                                         8,821 9,877 16,874 17,729 20,517    
Long-Term Debt USD mil                                         4,501 13,756 13,194 17,777 12,737    
Other LT Liabilities USD mil                                         3,519 4,378 7,619 6,885 6,772    
Non-Current Liabilities USD mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...  
Liabilities USD mil                                         16,425 27,845 37,503 42,220 39,862    
Preferred Equity and Hybrid Capital USD mil                                         0 0 0 0 0    
Share Capital USD mil                                         1,133 1,259 10,009 10,144 10,371    
Treasury Stock USD mil                                         3,042 3,558 4,446 5,341 12,459    
Equity Before Minority Interest USD mil                                         20,021 20,636 30,709 29,325 25,929    
Minority Interest USD mil                                         35.0 131 445 367 827    
Equity USD mil                                         20,056 20,767 31,154 29,692 26,756    
growth rates                                                      
Total Asset Growth % ...                                       3.47 33.3 41.2 4.74 -7.36    
Shareholders' Equity Growth % ...                                       9.12 3.55 50.0 -4.69 -9.89    
Net Debt Growth % ...                                       -9.94 -59.3 601 -20.8 31.3    
Total Debt Growth % ...                   ... ... ... ... ...           -20.6 186 -1.74 32.2 -25.8    
ratios                                                      
Total Debt USD mil                                         5,072 14,530 14,277 18,872 14,005    
Net Debt USD mil                                         4,103 1,669 11,707 9,274 12,175    
Working Capital USD mil                                         5,694 4,908 6,062 4,805 3,298    
Capital Employed USD mil                                         30,453 30,240 54,488 50,049 50,235    
Net Debt/Equity %                                         20.5 8.04 37.6 31.2 45.5    
Current Ratio                                         1.33 2.36 1.20 1.50 0.959    
Quick Ratio                                         0.419 1.66 0.557 0.888 0.423    
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 2019
cash flow                                                      
Net Profit USD mil                                         2,732 2,067 4,480 4,117 3,845    
Depreciation USD mil       ... ... ... ... ... ... ... ... ... ... ... ... ...         910 768 1,342 1,337 1,401    
Non-Cash Items USD mil                                         -150 246 -333 942 168    
Change in Working Capital USD mil                                         -51.0 1,175 -587 1,601 2,065    
Total Cash From Operations USD mil                                         3,833 4,791 5,365 12,829 7,729    
                                                         
Capital Expenditures USD mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...         -1,091 -1,102 -1,035 -2,010 -1,305    
Net Change in LT Investment USD mil                     ...                   0 0 0 0 0    
Net Cash From Acquisitions USD mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...         -382 620 -3,775 156 -250    
Other Investing Activities USD mil                                         -639 -379 318 -3,264 24.0    
Total Cash From Investing USD mil                                         -2,112 -861 -4,492 -5,118 -1,531    
                                                         
Dividends Paid USD mil                                         -1,078 -1,223 -1,455 -2,750 -1,730    
Issuance Of Shares USD mil                                         -156 -284 -793 -1,852 -7,080    
Issuance Of Debt USD mil                                         -1,300 242 -8,422 3,879 -5,164    
Other Financing Activities USD mil                                         -47.0 -94.0 -347 -185 -39.0    
Total Cash From Financing USD mil                                         -2,581 7,972 -11,017 -213 -14,013    
                                                         
Effect of FX Rates USD mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...         0 -29.8 -147 -179 94.0    
Net Change In Cash USD mil                                         -860 11,892 -10,291 7,319 -7,721    
ratios                                                      
Days Sales Outstanding days                                         13.6 16.8 22.0 19.2 20.8    
Days Sales Of Inventory days                                         54.2 42.6 43.0 42.0 40.1    
Days Payable Outstanding days                                         33.4 33.9 46.3 47.6 54.4    
Cash Conversion Cycle days                                         34.4 25.5 18.7 13.6 6.51    
Cash Earnings USD mil       ... ... ... ... ... ... ... ... ... ... ... ... ...         3,642 2,835 5,822 5,454 5,246    
Free Cash Flow USD mil                                         1,721 3,930 873 7,711 6,198    
Capital Expenditures (As % of Sales) %                                         1.49 1.42 0.917 1.72 1.08    
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 2019
                                                       
Employees                                         175,000 245,000 240,000 354,000 354,000   ...
Employee Turnover % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 32.0 21.0 21.0   ...
Women (As % of Workforce) % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...   65.2 ... 66.0 66.0 67.0   ...
Operating Cost (As % of Sales) %                                         23.9 23.3 21.2 20.2 19.9    
Research & Development (As % of Sales) %             ... ... ... ... ... ... ... ... ... ...         0 0 0 0 0    
Effective Tax Rate %                                         36.8 39.4 16.7 20.4 16.6    
Total Revenue Growth (5-year average) % ... ... ... ... ...                               4.08 3.69 10.5 9.86 11.2    
Total Revenue Growth (10-year average) % ... ... ... ... ... ... ... ... ... ...                     8.05 7.21 10.1 9.03 8.14    
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 2019
                                                       
Market Capitalisation USD mil                                         45,503 57,517 94,332 87,408 83,444    
Enterprise Value (EV) USD mil                                         49,606 59,186 106,039 96,682 95,619    
Number Of Shares mil                                         955 965 1,054 1,091 1,079    
Share Price USD                                         41.2 52.9 77.0 73.1 75.2    
EV/EBITDA                                         9.98 12.0 15.6 10.8 13.5    
Price/Earnings (P/E)                                         16.1 26.5 19.2 19.1 19.9    
Price/Cash Earnings (P/CE)       ... ... ... ... ... ... ... ... ... ... ... ... ...         10.8 18.0 13.9 14.6 15.5    
P/FCF                                         22.9 13.0 92.9 10.3 13.1    
Price/Book Value (P/BV)                                         1.96 2.46 2.60 2.69 3.03    
Dividend Yield %                                         2.77 2.42 1.78 1.99 2.03    
Free Cash Flow Yield %                                         3.78 6.83 0.925 8.82 7.43    
Earnings Per Share (EPS) USD                                         2.56 2.00 4.00 3.82 3.78    
Cash Earnings Per Share USD       ... ... ... ... ... ... ... ... ... ... ... ... ...         3.81 2.94 5.52 5.00 4.86    
Free Cash Flow Per Share USD                                         1.80 4.07 0.828 7.07 5.75    
Book Value Per Share USD                                         21.0 21.5 29.6 27.2 24.8    
Dividend Per Share USD                                         1.14 1.28 1.37 1.46 1.53    
EV/Sales                                         0.677 0.763 0.939 0.828 0.794    
EV/EBIT                                         13.5 16.2 21.3 16.3 17.6    
EV/Free Cash Flow                                         28.8 15.1 121 12.5 15.4    
EV/Capital Employed                                         1.63 1.96 1.95 1.93 1.90    
Earnings Per Share Growth % ...                                       5.79 -21.9 100 -4.50 -1.05    
Cash Earnings Per Share Growth % ...     ... ... ... ... ... ... ... ... ... ... ... ... ... ...       20.3 -23.0 88.1 -9.51 -2.69    
Book Value Per Share Growth % ...                                       0.545 2.47 37.4 -7.94 -8.84    

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Walgreens Boots's ROCE fell 43.3% yoy to 5.83% in 2019

By Helgi Analytics - August 11, 2020

Walgreens Boots made a net profit of USD 3,703 mil in 2019, down 30.5% compared to the previous year. Historically, between 1993 and 2019, the company's net profit reached a high of USD 5,326 mil in 2018 and a low of USD 226 mil in 1993. The result implie...

Walgreens Boots's Net Margin fell 31.9% yoy to 2.69% in 2019

By Helgi Analytics - August 11, 2020

Walgreens Boots made a net profit of USD 3,703 mil with revenues of USD 137,412 mil in 2019, down by 30.5% and up by 2.10%, respectively, compared to the previous year. This translates into a net margin of 2.69%. Historically, between 1993 and 2019, ...

Walgreens Boots's Share Price fell 23.1% yoy to USD 49.8 in 2019

By Helgi Analytics - August 11, 2020

Walgreens Boots stock traded at USD 49.8 per share at the end 2019 implying a market capitalization of USD 45,835 mil. Since the end of 2014, stock has appreciated by -5.88% implying an annual average growth of -1.20% In absolute terms, the value of the company ...

Walgreens Boots's P/FCF fell 61.4% yoy to 11.2 in 2019

By Helgi Analytics - August 11, 2020

Walgreens Boots stock traded at USD 49.8 per share at the end 2019 translating into a market capitalization of USD 45,835 mil. Since the end of 2014, the stock has depreciated by 5.88% representing an annual average growth of -1.20%. At the end of 2019, ...

Walgreens Boots's Capital Expenditures fell 91.9% yoy to USD 1,510 mil in 2019

By Helgi Analytics - August 11, 2020

Walgreens Boots invested a total of USD 1,510 mil in 2019, up 91.9% compared to the previous year. Historically, between 2009 - 2019, the company's investments stood at a high of USD 2,010 mil in 2016 and a low of USD 787 mil in 2018. ...

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Walgreens Boots Alliance is a pharmacy-led health and wellbeing company. It operates retail drugstores that offer a wide variety of prescription and non-prescription drugs as well as general goods. The Company also offers health services, including primary and acute care, wellness, pharmacy and disease management services, and health and fitness. The company’s portfolio of retail and business brands includes Walgreens, Duane Reade, Boots and Alliance Healthcare, as well as increasingly global health and beauty product brands, such as No7, Soap & Glory, Liz Earle, Botanics, Sleek MakeUP and YourGoodSkin.

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Finance

Walgreens Boots has been growing its sales by 12.1% a year on average in the last 5 years. EBITDA has grown on average by 8.130000000000001% a year during that time to total of USD 7,312 mil in 2019, or 5.32% of sales. That’s compared to 6.16% average margin seen in last five years.

The company netted USD 3,703 mil in 2019 implying ROE of 14.6% and ROCE of 5.83%. Again, the average figures were 15.8% and 8.45%, respectively when looking at the previous 5 years.

Walgreens Boots’s net debt amounted to USD 41,244 mil at the end of 2019, or 170% of equity. When compared to EBITDA, net debt was 5.64x, up when compared to average of 2.40x seen in the last 5 years.

Valuation

Walgreens Boots stock traded at USD 49.8 per share at the end of 2019 resulting in a market capitalization of USD 45,835 mil. Over the previous five years, stock price fell by 5.88% or -1.20% a year on average. The closing price put stock at a 12-month trailing EV/EBITDA of 11.9x and price to earnings (PE) of 11.6x as of 2019.

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