Financials Ferguson plc London S.E.

Equities

WOS

JE00BJVNSS43

Construction Supplies & Fixtures

Market Closed - London S.E. Other stock markets 11:35:00 2024-04-26 am EDT			5-day change	1st Jan Change
17,100 ^GBX	+1.69%		+1.06%	+13.36%

Apr. 21	Ocado facing call to shift listing from London - Telegraph	AN
Apr. 10	Shell former head believes US listing is more beneficial	AN

Valuation

Fiscal Period: Juli	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	17,104	19,976	31,017	26,643	32,927	43,151	-	-
Enterprise Value (EV) ¹	18,321	22,373	33,483	29,837	36,127	46,630	46,056	45,331
P/E ratio	-	-	20.9 x	13 x	17.7 x	23.6 x	20.9 x	18.2 x
Yield	-	-	1.71%	2.18%	1.86%	1.46%	1.53%	1.75%
Capitalization / Revenue	0.78 x	0.92 x	1.36 x	0.93 x	1.11 x	1.44 x	1.37 x	1.27 x
EV / Revenue	0.83 x	1.03 x	1.47 x	1.04 x	1.22 x	1.56 x	1.46 x	1.34 x
EV / EBITDA	10.2 x	12.4 x	14.8 x	9.46 x	11.6 x	15.4 x	14.1 x	12.7 x
EV / FCF	20.2 x	13.5 x	24.5 x	34.7 x	15.8 x	26 x	25.6 x	22.8 x
FCF Yield	4.96%	7.39%	4.08%	2.88%	6.32%	3.85%	3.91%	4.39%
Price to Book	-	-	-	5.68 x	6.58 x	7.64 x	6.82 x	6.34 x
Nbr of stocks (in thousands)	228,570	223,566	221,473	211,316	203,734	202,274	-	-
Reference price ²	74.83	89.35	140.0	126.1	161.6	213.3	213.3	213.3
Announcement Date	10/1/19	9/29/20	9/28/21	9/27/22	9/26/23	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: Juli	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	22,010	21,819	22,792	28,566	29,734	29,891	31,477	33,914
EBITDA ¹	1,788	1,797	2,266	3,153	3,105	3,028	3,258	3,577
EBIT ¹	1,606	1,603	2,099	2,951	2,917	2,803	3,023	3,328
Operating Margin	7.3%	7.35%	9.21%	10.33%	9.81%	9.38%	9.6%	9.81%
Earnings before Tax (EBT) ¹	1,324	1,261	1,891	2,708	2,464	2,474	2,707	3,034
Net income ¹	1,108	961	1,508	2,122	1,889	1,856	2,039	2,291
Net margin	5.03%	4.4%	6.62%	7.43%	6.35%	6.21%	6.48%	6.75%
EPS ²	-	-	6.705	9.690	9.120	9.036	10.22	11.70
Free Cash Flow ¹	908	1,653	1,367	859	2,282	1,794	1,801	1,989
FCF margin	4.13%	7.58%	6%	3.01%	7.67%	6%	5.72%	5.86%
FCF Conversion (EBITDA)	50.78%	91.99%	60.33%	27.24%	73.49%	59.26%	55.28%	55.6%
FCF Conversion (Net income)	81.95%	172.01%	90.65%	40.48%	120.8%	96.67%	88.34%	86.82%
Dividend per Share ²	-	-	2.394	2.750	3.000	3.116	3.259	3.732
Announcement Date	10/1/19	9/29/20	9/28/21	9/27/22	9/26/23	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: July	2020 S1	2020 S2	2021 S1	2021 S2	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2	2025 Q1	2025 Q2	2025 S1	2025 Q3	2025 S2
Net sales ¹	10,966	10,853	10,309	12,483	6,803	6,508	13,311	7,284	7,971	15,255	7,931	6,825	14,756	7,140	7,838	14,978	7,708	6,673	14,381	7,330	8,143	15,708	8,093	7,130	15,600	7,793	17,000
EBITDA ¹	872	-	918	-	-	648	-	795	896	-	912	630	-	705	858	-	819	568	-	735	905.7	-	890.3	656	-	808.4	-
EBIT ¹	777	-	886	1,281	767	588	1,355	747	849	1,596	864	582	1,446	657	814	1,471	773	520	1,293	674.4	843.6	1,622	843.6	613.2	1,591	755	-
Operating Margin	7.09%	-	8.59%	10.26%	11.27%	9.04%	10.18%	10.26%	10.65%	10.46%	10.89%	8.53%	9.8%	9.2%	10.39%	9.82%	10.03%	7.79%	8.99%	9.2%	10.36%	10.32%	10.42%	8.6%	10.2%	9.69%	-
Earnings before Tax (EBT) ¹	-	621	-	-	-	532	-	690	775	-	792	-	-	447	730	-	691	433	-	593.5	748.7	-	759	538	-	660.5	-
Net income ¹	-	494	-	-	-	436	-	546	580	-	595	-	-	336	584	-	519	322	-	449.6	562.9	-	570.5	401.9	-	505.9	-
Net margin	-	4.55%	-	-	-	6.7%	-	7.5%	7.28%	-	7.5%	-	-	4.71%	7.45%	-	6.73%	4.83%	-	6.13%	6.91%	-	7.05%	5.64%	-	6.49%	-
EPS ²	-	-	-	-	-	-	-	-	-	-	-	-	-	1.630	2.850	-	2.540	1.580	-	2.180	2.759	-	2.810	1.910	-	2.542	-
Dividend per Share ²	-	-	-	-	-	-	-	-	-	-	-	-	-	0.7500	0.7500	-	0.7900	-	-	0.7900	0.7900	-	0.7900	0.8295	-	0.8295	-
Announcement Date	3/17/20	9/29/20	3/16/21	9/28/21	12/7/21	3/15/22	3/15/22	6/14/22	9/27/22	9/27/22	12/6/22	3/7/23	3/7/23	6/6/23	9/26/23	9/26/23	12/5/23	3/5/24	3/5/24	-	-	-	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: July	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	1,217	2,397	2,466	3,194	3,200	3,479	2,905	2,179
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.6806 x	1.334 x	1.088 x	1.013 x	1.031 x	1.149 x	0.8917 x	0.6093 x
Free Cash Flow ¹	908	1,653	1,367	859	2,282	1,794	1,801	1,989
ROE (net income / shareholders' equity)	28.3%	26.4%	33.7%	43.9%	38.9%	35.6%	33.2%	34%
ROA (Net income/ Total Assets)	11.1%	9.26%	11.2%	14.5%	11.9%	11.9%	12.1%	12.4%
Assets ¹	10,017	10,380	13,471	14,685	15,828	15,588	16,868	18,495
Book Value Per Share ²	-	-	-	22.20	24.60	27.90	31.30	33.60
Cash Flow per Share ²	-	-	6.850	3.950	13.20	10.70	10.10	10.50
Capex ¹	382	215	174	290	441	421	436	465
Capex / Sales	1.74%	0.99%	0.76%	1.02%	1.48%	1.41%	1.39%	1.37%
Announcement Date	10/1/19	9/29/20	9/28/21	9/27/22	9/26/23	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Ferguson plc

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

213.3 USD

Average target price

214.5 USD

Spread / Average Target

+0.54%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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Construction Supplies & Fixtures Wholesale