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General information
Pfizer Inc. operates as a pharmaceutical company. The Company offers medicines, vaccines, medical devices, and consumer healthcare products for oncology, inflammation, cardiovascular, and other therapeutic areas. Pfizer serves customers worldwide.
  • Bad financial results growth rate -18.9% (average between last period year over year growth for revenue and EBITDA), there is slowdown compared to average historical growth rates (4.8%)
  • Dividend yield for the last twelve months 4.3%
  • Free cash flow yield -0.5% (LTM)
  • Share price is 23.4% higher than minimum and 23.3% lower than maximum for the last 3 years
  • The company is undervalued by EV / LTM EBITDA multiple compared to target level (9.4x vs 13.0x)
  • Fundamental value created in LTM (estimate) -46.5%
Key Financials
Ticker: PFE
Share price, USD: 35.45
Common stocks: 5 534 122 363

Dividend Yield:  4.3%
FCF Yield LTM: -0.5%
EV / LTM EBITDA: 9.4x
Last revenue growth (y/y):  -11.0%
Last growth of EBITDA (y/y):  -26.8%
Historical revenue growth:  -1.9%
Historical growth of EBITDA:  11.5%
Target EV / EBITDA (hist 75% percentile): 13.0x
Fundamental value created in LTM: -46.5%
EV / LTM EBITDA mutiple calculation
Market Cap ($m): 196 185
Net Debt ($m): 42 267
EV (Enterprise Value): 238 452
EBITDA LTM ($m): 25 341
EV / LTM EBITDA: 9.4x

Revenue and EBITDA

Quarterly values ($m)

Change (y/y)

Cash Flow

Free Cash Flow ($m)

Net Debt / Cash and Equivalents ($m)

Share price and dividends

Share price

Payment USD per share

Multiple and potential

EV / LTM EBITDA and 75% percentile

Potential dynamics

Value Creation

Fundamental Value Creation is calculated as ratio of value created in the last period to current market cap of the company.

The fundamental value can be created in two ways:
• cash generation in form of dividend payments or debt reduction or share buybacks
growth of the company enterprise value through improving financial results

The growth of enterprise value in the last period is estimated as product of:
• annualized increase of EBITDA in the last reporting period year over year
• relevant EV/EBITDA multiple (average between actual EV/EBITDA for the company and average general level of 10.0x is applied)

Parameter
#
Formula
Value
    
    
            EBITDA (pre LTM Q)
(1)
5 883
            EBITDA (last Q)
(2)
4 309
            EBITDA LTM
(3)
25 341
    
    
        EBITDA LTM / last Q
(4)
(3) / (2)
5.881
    Gain of EBITDA (mln $)
(5)
( (2)-(1) ) * (4)
-9 257
    
    
            EV
(6)
240 555
        Mult
(7)
(6) / (3)
9.5x
        Mult common
(8)
const
10.0x
    Mult avg
(9)
avgerage
9.7x
    
    
    Equity+
(10)
(5) * (9)
-90 218
    FCF LTM
(11)
-1 009
    
    
Value+
(12)
(10) + (11)
-91 227
Cap
(13)
196 185
    
    
Fundamental value creation
(14)
(12) / (13)
-46.5%

Potential

EBITDA LTM       25 341
 
EBITDA E       20 823
Mult aim       13.0x
 
EV E       269 705
NetDebt corr       44 704
 
Cap E       225 001
Cap       196 185
Growth potential            14.7%