JNJ Trading Comp.xlsx

	A	B	C	D	E	F	G	H	I	J	K	L	M	N	O	P	W	X
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2	Name of Target Company		JNJ				Median	1									Median	1
3																	25th Percentile	2
4			Industry Multiple Range		Implied EV-JNJ		Minority Interest	Total Debt	Debt Equivalent	Cash & Cash Eq	Investments	Implied Equity-JNJ		Diluted Shares O/S	Implied Per Share Value-JNJ		75th Percentile	3
5		Metrics	Lower	Higher	Lower	Higher	Minority Interest	Total Debt	Debt Equivalent	Cash & Cash Eq	Investments	Lower	Higher	Diluted Shares O/S	Lower	Higher
6			10%	10%
7	LTM EV/EBITDA	30,414	16.4x	20.1x	499,636	610,666	-	41,491	1,020	24,878	597	482,600	593,630	2581.5	186.9	230.0
8	FY1 EV/EBITDA	30,213	10.9x	13.3x	327,913	400,782	-	41,491	1,020	24,878	597	310,877	383,746	2581.5	120.4	148.7
9	FY2 EV/EBITDA	32,621	10.0x	12.2x	326,797	399,418	-	41,491	1,020	24,878	597	309,761	382,382	2581.5	120.0	148.1
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11												JNJ Valuation Range as per Trading Comps			120.4	148.7
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13			Industry Multiple Range		Implied EV-JNJ		Minority Interest	Total Debt	Debt Equivalent	Cash & Cash Eq	Investments	Implied Equity-JNJ		Diluted Shares O/S	Implied Per Share Value-JNJ
14		Metrics	Lower	Higher	Lower	Higher	Minority Interest	Total Debt	Debt Equivalent	Cash & Cash Eq	Investments	Lower	Higher	Diluted Shares O/S	Lower	Higher
15			10%	10%
16	LTM EV/EBIT	27,460	18.0x	22.0x	493,570	603,252	-	41,491	1,020	24,878	597	476,534	586,216	2581.5	184.6	227.1
17	FY1 EV/EBIT	26,973	12.6x	15.5x	341,162	416,976	-	41,491	1,020	24,878	597	324,126	399,940	2581.5	125.6	154.9
18	FY2 EV/EBIT	29,444	11.1x	13.5x	325,751	398,140	-	41,491	1,020	24,878	597	308,715	381,104	2581.5	119.6	147.6
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20												JNJ Valuation Range as per Trading Comps			125.6	154.9
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22			Industry Multiple Range		Implied EV-JNJ		Minority Interest	Total Debt	Debt Equivalent	Cash & Cash Eq	Investments	Implied Equity-JNJ		Diluted Shares O/S	Implied Per Share Value-JNJ
23		Metrics	Lower	Higher	Lower	Higher	Minority Interest	Total Debt	Debt Equivalent	Cash & Cash Eq	Investments	Lower	Higher	Diluted Shares O/S	Lower	Higher
24			10%	10%
25	LTM EV/Sales	85,159	5.3x	6.5x	450,481	550,588	-	41,491	1,020	24,878	597	433,445	533,552	2581.5	167.9	206.7
26	FY1 EV/Sales	88,778	5.2x	6.3x	459,550	561,673	-	41,491	1,020	24,878	597	442,514	544,637	2581.5	171.4	211.0
27	FY2 EV/Sales	91,325	4.9x	6.0x	447,873	547,400	-	41,491	1,020	24,878	597	430,837	530,364	2581.5	166.9	205.4
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29												JNJ Valuation Range as per Trading Comps			167.9	206.7
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31			Industry Multiple Range												Implied Per Share Value-JNJ
32		Metrics	Lower	Higher											Lower	Higher
33			10%	10%
34	FY1 P/E	6.9	23.7x	28.9x											162.2	198.2
35	FY2 P/E	8.7	17.8x	21.8x											155.8	190.5
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37												JNJ Valuation Range as per Trading Comps			159.0	194.3
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42	Calculation of Diluted Shares-JNJ
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44	Basic Shares o/s		2,533.5
45	Diluted Shares o/s		2,581.5
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48	JNJ CMP (31 July 2024)		66.8
49	ESoPS/Warrants etc. Treasury Stock Method
50			Exercise		Notional			Net
51		O/S	Price	ITM?	Shares Issued	Cash	Buyback	Dilution
52		112.2	45.9	Yes	112.2	5,155	77.1	35.1
53		12.9	-	Yes	12.9	-	-	12.9
54								48.0
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60	JNJ	2023	2024	2025	2026
61	Sales	85,159	88,778	91,325	94,687
62	EBITDA	30,414	30,213	32,621	34,886
63	EBIT	27,460	26,973	29,444	31,126
64	Source- Marketscreener.com					(Taken on 31 July 2024)
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