Financials XPS Pensions Group plc

Equities

Market Closed - London S.E. Other stock markets 11:35:01 2024-04-26 am EDT			5-day change	1st Jan Change
255 ^GBX	+0.39%		+3.66%	+9.44%

Apr. 11	Mears Group ups dividend on higher profit	AN
Apr. 11	XPS Pensions confident of meeting targets on strong annual performance	AN

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	278.8	223.5	250.6	252	326.8	525.4	-	-
Enterprise Value (EV) ¹	330.5	279.6	301	306.6	326.8	548	538.4	531.3
P/E ratio	-	-	28.5 x	28.2 x	21.9 x	25 x	19.8 x	17.6 x
Yield	4.78%	6%	5.47%	5.81%	-	3.73%	4.17%	4.43%
Capitalization / Revenue	2.54 x	1.87 x	1.96 x	1.82 x	1.96 x	2.66 x	2.4 x	2.25 x
EV / Revenue	3.01 x	2.34 x	2.35 x	2.21 x	1.96 x	2.77 x	2.46 x	2.28 x
EV / EBITDA	12.1 x	9.19 x	9.4 x	8.98 x	7.7 x	10.2 x	8.92 x	8.08 x
EV / FCF	25.7 x	13.9 x	10.8 x	11.1 x	-	26 x	16.6 x	14 x
FCF Yield	3.89%	7.17%	9.29%	9%	-	3.84%	6.02%	7.16%
Price to Book	1.79 x	1.46 x	1.68 x	1.75 x	-	2.81 x	2.67 x	2.52 x
Nbr of stocks (in thousands)	202,026	203,213	204,591	203,256	204,274	206,027	-	-
Reference price ²	1.380	1.100	1.225	1.240	1.600	2.550	2.550	2.550
Announcement Date	6/27/19	6/25/20	6/24/21	6/23/22	6/22/23	-	-	-

¹GBP in Million²GBP

Estimates

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	109.9	119.8	127.9	138.6	166.6	197.6	218.6	233.3
EBITDA ¹	27.4	30.43	32.01	34.14	42.45	53.58	60.37	65.73
EBIT ¹	26.03	26.26	27.08	28.8	36.94	47.52	53.43	58.33
Operating Margin	23.69%	21.93%	21.17%	20.77%	22.18%	24.05%	24.45%	25.01%
Earnings before Tax (EBT) ¹	-	-	11.37	16.94	19.14	32.24	40.56	45.55
Net income ¹	-	-	8.963	9.423	15.84	21.99	28.36	32.33
Net margin	-	-	7.01%	6.8%	9.51%	11.13%	12.98%	13.86%
EPS ²	-	-	0.0430	0.0440	0.0730	0.1020	0.1290	0.1445
Free Cash Flow ¹	12.86	20.06	27.98	27.61	-	21.05	32.4	38.05
FCF margin	11.71%	16.75%	21.87%	19.92%	-	10.65%	14.82%	16.31%
FCF Conversion (EBITDA)	46.95%	65.92%	87.4%	80.87%	-	39.28%	53.67%	57.89%
FCF Conversion (Net income)	-	-	312.15%	293%	-	95.73%	114.25%	117.69%
Dividend per Share ²	0.0660	0.0660	0.0670	0.0720	-	0.0952	0.1064	0.1130
Announcement Date	6/27/19	6/25/20	6/24/21	6/23/22	6/22/23	-	-	-

¹GBP in Million²GBP

Estimates

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	51.7	56.1	50.4	54.6	-	22.6	13.1	5.9
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.887 x	1.844 x	1.574 x	1.599 x	-	0.4222 x	0.2166 x	0.0898 x
Free Cash Flow ¹	12.9	20.1	28	27.6	-	21.1	32.4	38.1
ROE (net income / shareholders' equity)	-	13%	13.6%	14.8%	-	20.6%	22.1%	22.5%
ROA (Net income/ Total Assets)	-	-	-	-	-	-	-	-
Assets ¹	-	-	-	-	-	-	-	-
Book Value Per Share ²	0.7700	0.7500	0.7300	0.7100	-	0.9100	0.9600	1.010
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex ¹	-	-	1.15	-	-	6.5	7.2	7.7
Capex / Sales	-	-	0.9%	-	-	3.29%	3.29%	3.3%
Announcement Date	6/27/19	6/25/20	6/24/21	6/23/22	6/22/23	-	-	-

¹GBP in Million²GBP

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

B-

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

2.55 GBP

Average target price

2.856 GBP

Spread / Average Target

+12.00%

	1st Jan change	Capi.
XPS PENSIONS GROUP PLC	+9.44%	654M
BLACKROCK, INC.	-6.03%	113B
UBS GROUP AG	-3.98%	87.91B
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BROOKFIELD CORPORATION	+5.29%	61.9B
BANK OF NEW YORK MELLON CORPORATION (THE)	+10.12%	42.86B
AMERIPRISE FINANCIAL, INC.	+7.95%	40.84B
3I GROUP PLC	+18.92%	34.58B
T. ROWE PRICE GROUP INC.	+5.88%	25.46B
STATE STREET CORPORATION	-5.25%	22.13B