PENNON GROUP PLC |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 665.5 GBX | +1.45% |
|
+0.68% | -11.44% |
| Apr. 17 | The market is pinning its hopes on earnings reports |  |
| Apr. 17 | Bernstein Cuts Pennon to Market-perform from Outperform, Lowers PT | MT |
Valuation
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 3,124 | 4,564 | 4,110 | 2,842 | 2,282 | 1,903 | - | - |
| Enterprise Value (EV) 1 | 6,203 | 7,613 | 4,046 | 5,525 | 5,247 | 5,371 | 5,723 | 6,010 |
| P/E ratio | 14.6 x | 22.9 x | 2.34 x | 219 x | - | 103 x | 40.8 x | 14.9 x |
| Yield | 5.52% | 5.68% | 2.23% | 3.58% | 4.89% | 6.77% | 7.05% | 6.92% |
| Capitalization / Revenue | 2.11 x | 3.28 x | 6.59 x | 3.59 x | 2.86 x | 2.16 x | 2.02 x | 1.76 x |
| EV / Revenue | 4.2 x | 5.48 x | 6.48 x | 6.97 x | 6.58 x | 6.09 x | 6.07 x | 5.57 x |
| EV / EBITDA | 11.4 x | 13.5 x | 12.1 x | 14.4 x | 17 x | 15.6 x | 14.1 x | 11.2 x |
| EV / FCF | -89.5 x | 229 x | 198 x | 207 x | -29.4 x | -32 x | -35 x | -38.3 x |
| FCF Yield | -1.12% | 0.44% | 0.5% | 0.48% | -3.4% | -3.12% | -2.85% | -2.61% |
| Price to Book | 1.86 x | 3.22 x | 1.38 x | 2.23 x | 2.03 x | 1.57 x | 1.74 x | 1.73 x |
| Nbr of stocks (in thousands) | 280,048 | 280,316 | 281,015 | 264,418 | 261,066 | 285,888 | - | - |
| Reference price 2 | 11.15 | 16.28 | 14.62 | 10.75 | 8.740 | 6.655 | 6.655 | 6.655 |
| Announcement Date | 5/30/19 | 6/4/20 | 6/3/21 | 5/31/22 | 6/1/23 | - | - | - |
1GBP in Million2GBP
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 1,478 | 1,390 | 624.1 | 792.3 | 797.2 | 881.5 | 943.4 | 1,079 |
| EBITDA 1 | 546.2 | 563.4 | 334.7 | 383.9 | 307.8 | 344.4 | 405.1 | 536.3 |
| EBIT 1 | 351 | 361.5 | 215.3 | 237.2 | 153.1 | 174.5 | 213 | 337 |
| Operating Margin | 23.75% | 26.01% | 34.5% | 29.94% | 19.2% | 19.8% | 22.58% | 31.22% |
| Earnings before Tax (EBT) 1 | 260.3 | 301.5 | 132.1 | 127.7 | -8.5 | 15.66 | 43.1 | 147.2 |
| Net income 1 | 214.3 | 200.4 | 1,762 | 15.4 | 0.1 | 23.25 | 62.61 | 124 |
| Net margin | 14.5% | 14.42% | 282.36% | 1.94% | 0.01% | 2.64% | 6.64% | 11.49% |
| EPS 2 | 0.7635 | 0.7125 | 6.254 | 0.0490 | - | 0.0647 | 0.1633 | 0.4474 |
| Free Cash Flow 1 | -69.3 | 33.2 | 20.4 | 26.7 | -178.6 | -167.7 | -163.3 | -157 |
| FCF margin | -4.69% | 2.39% | 3.27% | 3.37% | -22.4% | -19.02% | -17.31% | -14.54% |
| FCF Conversion (EBITDA) | - | 5.89% | 6.1% | 6.95% | - | - | - | - |
| FCF Conversion (Net income) | - | 16.57% | 1.16% | 173.38% | - | - | - | - |
| Dividend per Share 2 | 0.6159 | 0.9255 | 0.3261 | 0.3853 | 0.4273 | 0.4507 | 0.4690 | 0.4608 |
| Announcement Date | 5/30/19 | 6/4/20 | 6/3/21 | 5/31/22 | 6/1/23 | - | - | - |
1GBP in Million2GBP
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: Maart | 2020 S1 | 2020 S2 | 2021 S1 | 2021 S2 | 2022 S1 | 2022 S2 | 2023 S1 | 2023 S2 | 2024 S1 | 2024 S2 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 712.4 | 677.5 | 299.2 | 324.9 | 389.3 | 403 | 425.5 | 371.7 | 448.6 | 437.5 |
| EBITDA | 283.9 | - | 174.5 | - | 199.4 | - | 174.6 | - | 168.5 | - |
| EBIT | 180.7 | - | 114.8 | - | 127.4 | - | 97.2 | - | 85.9 | - |
| Operating Margin | 25.36% | - | 38.37% | - | 32.73% | - | 22.84% | - | 19.15% | - |
| Earnings before Tax (EBT) | - | - | - | - | - | - | - | - | - | - |
| Net income | - | - | - | - | -22.3 | - | - | - | - | - |
| Net margin | - | - | - | - | -5.73% | - | - | - | - | - |
| EPS | - | - | - | - | -0.0630 | - | - | - | - | - |
| Dividend per Share | 0.2049 | - | - | - | 0.1170 | - | 0.1296 | - | 0.1404 | - |
| Announcement Date | 11/26/19 | 6/4/20 | 11/24/20 | 6/3/21 | 11/30/21 | 5/31/22 | 11/30/22 | 6/1/23 | 11/29/23 | - |
1GBP in Million
Estimates
Balance Sheet Analysis
| Fiscal Period: Maart | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 3,080 | 3,049 | - | 2,683 | 2,965 | 3,468 | 3,820 | 4,107 |
| Net Cash position 1 | - | - | 64.3 | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 5.638 x | 5.412 x | - | 6.989 x | 9.634 x | 10.07 x | 9.43 x | 7.659 x |
| Free Cash Flow 1 | -69.3 | 33.2 | 20.4 | 26.7 | -179 | -168 | -163 | -157 |
| ROE (net income / shareholders' equity) | 12.9% | 14.3% | 5.71% | 6.49% | 1.7% | 1.65% | 4.43% | 11.1% |
| ROA (Net income/ Total Assets) | 3.4% | 3.03% | 26.7% | 2.35% | 0.39% | 0.26% | 0.68% | 1.37% |
| Assets 1 | 6,312 | 6,611 | 6,591 | 654.3 | 25.79 | 8,895 | 9,157 | 9,032 |
| Book Value Per Share 2 | 6.000 | 5.050 | 10.60 | 4.810 | 4.300 | 4.230 | 3.810 | 3.850 |
| Cash Flow per Share 2 | 1.020 | 1.300 | 0.7500 | 0.8000 | 0.5800 | 0.7300 | 1.010 | 1.230 |
| Capex 1 | 356 | 333 | 190 | 226 | 331 | 459 | 468 | 532 |
| Capex / Sales | 24.08% | 23.94% | 30.46% | 28.47% | 41.55% | 52.09% | 49.58% | 49.26% |
| Announcement Date | 5/30/19 | 6/4/20 | 6/3/21 | 5/31/22 | 6/1/23 | - | - | - |
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
B-
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
12
Last Close Price
6.655
GBP
Average target price
8.108
GBP
Spread / Average Target
+21.84%
EPS Revisions
Quarterly revenue - Rate of surprise
| 1st Jan change | Capi. | |
|---|---|---|
| -11.44% | 2.37B | |
| -3.37% | 9.87B | |
| -4.69% | 9.16B | |
| -1.98% | 8.82B | |
| +7.06% | 2.92B | |
| +24.08% | 2.89B | |
| -7.60% | 2.77B | |
| -13.07% | 2.6B | |
| -5.83% | 1.69B | |
| +9.71% | 1.62B |
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- Financials Pennon Group Plc
