NATIONAL GRID PLC |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 882.4 GBX | +4.67% |
|
-0.79% | -16.60% |
| May. 31 | European Equities Traded in US as American Depositary Receipts Rise Friday, Poised to End Week Lower | MT |
| May. 31 | NATIONAL GRID : RBC reaffirms its Buy rating | ZD |
Valuation
| Fiscal Period: March | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 33,209 | 30,665 | 42,733 | 40,312 | 39,652 | 32,837 | - | - |
| Enterprise Value (EV) 1 | 61,799 | 59,211 | 85,542 | 81,285 | 83,259 | 78,771 | 84,276 | 88,371 |
| P/E ratio | 26.1 x | 18.7 x | 18 x | 5.17 x | 17.3 x | 12.7 x | 11.7 x | 10.6 x |
| Yield | 5.13% | 5.69% | 4.35% | 5.06% | 5.49% | 5.78% | 6.08% | 6.18% |
| Capitalization / Revenue | 2.28 x | 2.07 x | 2.32 x | 1.86 x | 2 x | 1.58 x | 1.56 x | 1.4 x |
| EV / Revenue | 4.25 x | 4.01 x | 4.64 x | 3.75 x | 4.19 x | 3.79 x | 4.02 x | 3.76 x |
| EV / EBITDA | 12.5 x | 12.9 x | 15.2 x | 12.9 x | 11.1 x | 10.6 x | 10.4 x | 9.67 x |
| EV / FCF | -219 x | -181 x | 72.9 x | 13,547 x | -162 x | -20.7 x | -20.6 x | -23.6 x |
| FCF Yield | -0.46% | -0.55% | 1.37% | 0.01% | -0.62% | -4.83% | -4.84% | -4.23% |
| Price to Book | 1.67 x | 1.53 x | 1.77 x | 1.36 x | 1.32 x | 1.15 x | 1.08 x | 1.02 x |
| Nbr of stocks (in thousands) | 3,508,281 | 3,549,181 | 3,644,928 | 3,676,413 | 3,719,722 | 3,721,351 | - | - |
| Reference price 2 | 9.466 | 8.640 | 11.72 | 10.96 | 10.66 | 8.824 | 8.824 | 8.824 |
| Announcement Date | 6/18/20 | 5/20/21 | 5/19/22 | 5/18/23 | 5/23/24 | - | - | - |
1GBP in Million2GBP
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: März | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 14,540 | 14,779 | 18,449 | 21,659 | 19,850 | 20,775 | 20,983 | 23,498 |
| EBITDA 1 | 4,947 | 4,598 | 5,643 | 6,278 | 7,523 | 7,463 | 8,107 | 9,143 |
| EBIT 1 | 3,307 | 2,926 | 3,813 | 4,294 | 5,462 | 5,120 | 5,557 | 6,285 |
| Operating Margin | 22.74% | 19.8% | 20.67% | 19.83% | 27.52% | 24.64% | 26.48% | 26.75% |
| Earnings before Tax (EBT) 1 | 1,754 | 2,083 | 3,441 | 3,590 | 3,048 | 3,667 | 3,846 | 4,364 |
| Net income 1 | 1,264 | 1,640 | 2,353 | 7,797 | 2,290 | 3,000 | 3,141 | 3,486 |
| Net margin | 8.69% | 11.1% | 12.75% | 36% | 11.54% | 14.44% | 14.97% | 14.84% |
| EPS 2 | 0.3630 | 0.4630 | 0.6500 | 2.121 | 0.6170 | 0.6926 | 0.7514 | 0.8290 |
| Free Cash Flow 1 | -282 | -327 | 1,174 | 6 | -514 | -3,806 | -4,083 | -3,741 |
| FCF margin | -1.94% | -2.21% | 6.36% | 0.03% | -2.59% | -18.32% | -19.46% | -15.92% |
| FCF Conversion (EBITDA) | - | - | 20.8% | 0.1% | - | - | - | - |
| FCF Conversion (Net income) | - | - | 49.89% | 0.08% | - | - | - | - |
| Dividend per Share 2 | 0.4857 | 0.4916 | 0.5097 | 0.5544 | 0.5852 | 0.5105 | 0.5361 | 0.5451 |
| Announcement Date | 6/18/20 | 5/20/21 | 5/19/22 | 5/18/23 | 5/23/24 | - | - | - |
1GBP in Million2GBP
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: März | 2020 S2 | 2021 S1 | 2021 S2 | 2022 S1 | 2022 S2 | 2023 S1 | 2023 S2 | 2024 S1 | 2024 S2 |
|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 8,251 | 6,535 | 8,244 | 7,651 | 10,798 | 9,444 | 12,215 | 8,489 | 11,361 |
| EBITDA | - | - | - | - | - | 3,049 | - | - | - |
| EBIT | - | 1,047 | - | 1,693 | - | 2,117 | - | 1,796 | - |
| Operating Margin | - | 16.02% | - | 22.13% | - | 22.42% | - | 21.16% | - |
| Earnings before Tax (EBT) | - | 720 | - | - | - | 1,572 | - | - | - |
| Net income | - | 601 | - | - | - | 1,256 | - | 1,128 | - |
| Net margin | - | 9.2% | - | - | - | 13.3% | - | 13.29% | - |
| EPS | - | 0.1710 | - | - | - | 0.3420 | - | 0.3050 | - |
| Dividend per Share | 0.3200 | 0.1700 | - | 0.1721 | - | 0.1784 | 0.3760 | 0.1940 | - |
| Announcement Date | 6/18/20 | 11/12/20 | 5/20/21 | 11/18/21 | 5/19/22 | 11/10/22 | 5/18/23 | 11/9/23 | 5/23/24 |
1GBP in Million
Estimates
Balance Sheet Analysis
| Fiscal Period: März | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 28,590 | 28,546 | 42,809 | 40,973 | 43,607 | 45,933 | 51,439 | 55,534 |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 5.779 x | 6.208 x | 7.586 x | 6.526 x | 5.796 x | 6.155 x | 6.345 x | 6.074 x |
| Free Cash Flow 1 | -282 | -327 | 1,174 | 6 | -514 | -3,806 | -4,083 | -3,741 |
| ROE (net income / shareholders' equity) | 11.7% | 10.6% | 11.4% | 11% | 8.9% | 9.28% | 8.94% | 9.25% |
| ROA (Net income/ Total Assets) | 1.94% | 2.43% | 2.9% | 8.31% | 2.4% | 2.5% | 2.89% | 2.78% |
| Assets 1 | 65,027 | 67,490 | 81,037 | 93,778 | 95,511 | 119,981 | 108,700 | 125,490 |
| Book Value Per Share 2 | 5.650 | 5.630 | 6.620 | 8.070 | 8.090 | 7.660 | 8.140 | 8.620 |
| Cash Flow per Share 2 | 1.330 | 1.260 | 1.730 | 1.880 | 1.870 | 1.170 | 1.580 | 1.820 |
| Capex 1 | 4,832 | 4,362 | 5,098 | 6,325 | 6,904 | 9,413 | 10,127 | 10,611 |
| Capex / Sales | 33.23% | 29.51% | 27.63% | 29.2% | 34.78% | 45.31% | 48.26% | 45.16% |
| Announcement Date | 6/18/20 | 5/20/21 | 5/19/22 | 5/18/23 | 5/23/24 | - | - | - |
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
15
Last Close Price
8.824
GBP
Average target price
11.35
GBP
Spread / Average Target
+28.59%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| -16.60% | 41.78B | |
| -25.71% | 79.58B | |
| +56.89% | 78.59B | |
| -.--% | 51.55B | |
| +3.08% | 48.75B | |
| -2.41% | 40.8B | |
| +23.89% | 37.73B | |
| +1.07% | 34.78B | |
| -15.40% | 28.1B | |
| -7.45% | 24.25B |
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- Financials National Grid plc
