AJ BELL PLC |
Real-time Estimate
Other stock markets
|
5-day change | 1st Jan Change | ||
| 334.5 GBX | +3.40% |
|
+8.86% | +6.77% |
| 10:28am | UBS double upgrades AJ Bell to 'buy' | AN |
| Apr. 30 | Pinterest forecasts quarterly revenue above estimates on robust ad spend | RE |
Valuation
| Fiscal Period: September | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 1,684 | 1,843 | 1,633 | 1,105 | 1,130 | 1,333 | - | - |
| Enterprise Value (EV) 1 | 1,615 | 1,773 | 1,536 | 1,021 | 983.4 | 1,177 | 1,170 | 1,148 |
| P/E ratio | 55.4 x | 47.6 x | 37.4 x | 23.7 x | 16.6 x | 17.4 x | 16.6 x | 15.3 x |
| Yield | 1.17% | 1.37% | 1.74% | 1.71% | 3.92% | 4.5% | 3.86% | 4.13% |
| Capitalization / Revenue | 16.1 x | 14.5 x | 11.2 x | 6.74 x | 5.18 x | 5.31 x | 4.95 x | 4.54 x |
| EV / Revenue | 15.4 x | 14 x | 10.5 x | 6.23 x | 4.51 x | 4.69 x | 4.35 x | 3.91 x |
| EV / EBITDA | 40.9 x | 33.6 x | 25.8 x | 16.3 x | 10.8 x | 11.5 x | 11.2 x | 10.2 x |
| EV / FCF | 51.9 x | 45.7 x | 33 x | 24.1 x | 10 x | 17.8 x | 15 x | 13.7 x |
| FCF Yield | 1.93% | 2.19% | 3.03% | 4.15% | 9.96% | 5.63% | 6.66% | 7.27% |
| Price to Book | 19.4 x | 16.8 x | 12.5 x | 8.28 x | 6.8 x | 6.84 x | 6.49 x | 5.81 x |
| Nbr of stocks (in thousands) | 407,360 | 408,758 | 409,253 | 410,507 | 411,700 | 411,928 | - | - |
| Reference price 2 | 4.135 | 4.510 | 3.990 | 2.692 | 2.744 | 3.235 | 3.235 | 3.235 |
| Announcement Date | 12/5/19 | 12/3/20 | 12/2/21 | 12/1/22 | 12/7/23 | - | - | - |
1GBP in Million2GBP
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: September | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 104.9 | 126.7 | 145.8 | 163.8 | 218.2 | 250.8 | 269 | 293.3 |
| EBITDA 1 | 39.52 | 52.81 | 59.47 | 62.62 | 91.01 | 102.6 | 104.6 | 113 |
| EBIT 1 | 37.41 | 49.24 | 55.85 | 58.98 | 86.22 | 98.3 | 103.3 | 110.5 |
| Operating Margin | 35.66% | 38.85% | 38.3% | 36% | 39.51% | 39.2% | 38.4% | 37.69% |
| Earnings before Tax (EBT) 1 | 37.7 | 48.55 | 55.08 | 58.41 | 87.66 | 101.5 | 108.2 | 115.4 |
| Net income 1 | 30.35 | 38.83 | 43.82 | 46.74 | 68.22 | 76.42 | 81.63 | 87.63 |
| Net margin | 28.93% | 30.63% | 30.05% | 28.53% | 31.26% | 30.47% | 30.34% | 29.88% |
| EPS 2 | 0.0747 | 0.0947 | 0.1067 | 0.1135 | 0.1653 | 0.1860 | 0.1951 | 0.2116 |
| Free Cash Flow 1 | 31.14 | 38.83 | 46.56 | 42.42 | 97.91 | 66.28 | 77.94 | 83.47 |
| FCF margin | 29.69% | 30.64% | 31.93% | 25.89% | 44.86% | 26.43% | 28.97% | 28.46% |
| FCF Conversion (EBITDA) | 78.81% | 73.53% | 78.28% | 67.74% | 107.58% | 64.59% | 74.49% | 73.83% |
| FCF Conversion (Net income) | 102.6% | 100.01% | 106.24% | 90.76% | 143.52% | 86.73% | 95.48% | 95.25% |
| Dividend per Share 2 | 0.0483 | 0.0616 | 0.0696 | 0.0459 | 0.1075 | 0.1457 | 0.1249 | 0.1335 |
| Announcement Date | 12/5/19 | 12/3/20 | 12/2/21 | 12/1/22 | 12/7/23 | - | - | - |
1GBP in Million2GBP
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: September | 2021 S1 | 2022 S1 | 2022 S2 | 2023 S1 |
|---|---|---|---|---|
| Net sales 1 | 73.9 | - | 88.32 | 103.6 |
| EBITDA | - | - | - | - |
| EBIT 1 | 32.04 | - | - | 41.59 |
| Operating Margin | 43.35% | - | - | 40.14% |
| Earnings before Tax (EBT) 1 | - | - | 32.3 | 41.9 |
| Net income 1 | - | 20.9 | - | 32.84 |
| Net margin | - | - | - | 31.69% |
| EPS 2 | - | 0.0508 | 0.0627 | 0.0796 |
| Dividend per Share 2 | 0.0246 | - | - | 0.0350 |
| Announcement Date | 5/27/21 | 5/26/22 | 12/1/22 | 5/25/23 |
1GBP in Million2GBP
Estimates
Balance Sheet Analysis
| Fiscal Period: September | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | - | - | - | - | - | - | - | - |
| Net Cash position 1 | 69.1 | 70 | 97.1 | 84 | 146 | 155 | 163 | 185 |
| Leverage (Debt/EBITDA) | - | - | - | - | - | - | - | - |
| Free Cash Flow 1 | 31.1 | 38.8 | 46.6 | 42.4 | 97.9 | 66.3 | 77.9 | 83.5 |
| ROE (net income / shareholders' equity) | 40.4% | 39.7% | 36.5% | 35.4% | 45.6% | 42.4% | 38.2% | 36.7% |
| ROA (Net income/ Total Assets) | - | - | - | - | - | - | - | - |
| Assets 1 | - | - | - | - | - | - | - | - |
| Book Value Per Share 2 | 0.2100 | 0.2700 | 0.3200 | 0.3300 | 0.4000 | 0.4700 | 0.5000 | 0.5600 |
| Cash Flow per Share 2 | 0.0800 | 0.1000 | 0.1200 | 0.1100 | 0.2500 | 0.1800 | 0.1900 | 0.2100 |
| Capex 1 | 0.86 | 0.86 | 1.17 | 3.38 | 3.5 | 4.74 | 4.02 | 4.17 |
| Capex / Sales | 0.82% | 0.68% | 0.81% | 2.06% | 1.6% | 1.89% | 1.49% | 1.42% |
| Announcement Date | 12/5/19 | 12/3/20 | 12/2/21 | 12/1/22 | 12/7/23 | - | - | - |
1GBP in Million2GBP
Estimates
EPS & Dividend
Year-on-year evolution of the PER
Year-on-year evolution of the Yield
Change in Enterprise Value/EBITDA
Trading Rating
Investor Rating
ESG Refinitiv
C+
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
14
Last Close Price
3.235
GBP
Average target price
3.688
GBP
Spread / Average Target
+14.00%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +6.20% | 1.67B | |
| +1.21% | 44.37B | |
| +10.84% | 12.09B | |
| +19.17% | 7.38B | |
| -6.58% | 6.91B | |
| -4.48% | 5.73B | |
| -1.20% | 3.33B | |
| +14.52% | 1.92B | |
| +0.68% | 1.21B | |
| -6.11% | 1.19B |
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- Financials AJ Bell plc
