Stock DLN DERWENT LONDON PLC
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Financials Derwent London Plc

Equities

DLN

GB0002652740

Commercial REITs

Market Closed - London S.E.
Other stock markets
 11:35:00 2024-06-07 am EDT 		5-day change 1st Jan Change
2,294 GBX +0.35% Intraday chart for Derwent London Plc -1.46% -2.80%
May. 31 Derwent London plc Appoints Rob Wilkinson as Non-Executive Director, Member of the Nominations and Audit Committees, Effect from 1 June 2024 CI
May. 17 Fitch Affirms Derwent London Ratings Over In-demand Office Portfolio MT

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 4,482 3,466 3,832 2,659 2,650 2,576 - -
Enterprise Value (EV) 1 5,464 4,515 5,083 3,916 4,007 3,878 3,871 3,863
P/E ratio 15.8 x -44.6 x 15.2 x -9.48 x -5.56 x 29.4 x 9.14 x 10.7 x
Yield 1.81% 2.4% 2.24% 3.32% 3.37% 3.55% 3.62% 3.82%
Capitalization / Revenue 23.4 x 17.1 x 19.7 x 12.8 x 12.5 x 12.2 x 11.4 x 10.4 x
EV / Revenue 28.5 x 22.3 x 26.2 x 18.9 x 18.8 x 18.4 x 17.1 x 15.6 x
EV / EBITDA 34.6 x 26.7 x 33.4 x 24.6 x 26.1 x 23.1 x 20.8 x 19.9 x
EV / FCF 56.4 x 53.1 x 41 x 35.8 x -73.5 x 126 x 76.3 x 40.4 x
FCF Yield 1.77% 1.88% 2.44% 2.79% -1.36% 0.8% 1.31% 2.48%
Price to Book 1.01 x 0.81 x 0.87 x 0.65 x 0.76 x 0.74 x 0.69 x 0.66 x
Nbr of stocks (in thousands) 111,773 111,961 112,209 112,291 112,291 112,291 - -
Reference price 2 40.10 30.96 34.15 23.68 23.60 22.94 22.94 22.94
Announcement Date 2/25/20 3/11/21 2/24/22 2/28/23 2/28/24 - - -
1GBP in Million2GBP
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 191.7 202.9 194.2 207 212.8 210.8 226.2 247.7
EBITDA 1 157.9 169.1 152 159.2 153.5 167.7 185.8 194.3
EBIT 1 155.7 166.9 151.1 158.2 152.4 154.3 166 175.2
Operating Margin 81.22% 82.26% 77.81% 76.43% 71.62% 73.19% 73.39% 70.73%
Earnings before Tax (EBT) 1 280.6 -83 252.5 -279.5 -475.9 24.26 212.7 249.8
Net income 1 283.4 -77.6 252.3 -280.5 -476.4 139.7 267.5 271.5
Net margin 147.84% -38.25% 129.92% -135.51% -223.87% 66.25% 118.3% 109.59%
EPS 2 2.531 -0.6934 2.244 -2.498 -4.242 0.7808 2.511 2.137
Free Cash Flow 1 96.9 85 124.1 109.4 -54.5 30.87 50.73 95.7
FCF margin 50.55% 41.89% 63.9% 52.85% -25.61% 14.64% 22.43% 38.63%
FCF Conversion (EBITDA) 61.37% 50.27% 81.64% 68.72% - 18.41% 27.31% 49.24%
FCF Conversion (Net income) 34.19% - 49.19% - - 22.1% 18.96% 35.25%
Dividend per Share 2 0.7245 0.7445 0.7650 0.7850 0.7950 0.8150 0.8295 0.8758
Announcement Date 2/25/20 3/11/21 2/24/22 2/28/23 2/28/24 - - -
1GBP in Million2GBP
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2020 S1 2021 S1 2021 S2 2022 S1 2022 S2 2023 S1 2023 S2 2024 S1 2024 S2 2025 S1 2025 S2
Net sales 119.3 120.4 - - - - - - - - -
EBITDA - 75.7 - - - - - - - - -
EBIT 1 - 75.9 75.2 79.2 79 75.3 77.1 78.79 75.52 79.52 82.99
Operating Margin - 63.04% - - - - - - - - -
Earnings before Tax (EBT) -14 121.1 - - - - - - - - -
Net income -9.5 - - - - - - - - - -
Net margin -7.96% - - - - - - - - - -
EPS -0.0849 - - - - - - - - - -
Dividend per Share 0.2200 0.2300 - 0.2400 - 0.2450 - - - - -
Announcement Date 8/11/20 8/10/21 2/24/22 8/11/22 2/28/23 8/10/23 2/28/24 - - - -
1GBP in Million
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 982 1,049 1,252 1,257 1,357 1,302 1,295 1,287
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 6.217 x 6.204 x 8.234 x 7.897 x 8.839 x 7.766 x 6.973 x 6.623 x
Free Cash Flow 1 96.9 85 124 109 -54.5 30.9 50.7 95.7
ROE (net income / shareholders' equity) 2.67% 2.51% 2.8% 2.81% 2.69% 3.23% 4.74% 4.14%
ROA (Net income/ Total Assets) 2.1% -1.39% 2.14% 2.1% 1.94% 2.08% 4.71% 4.63%
Assets 1 13,521 5,583 11,812 -13,379 -24,557 6,702 5,682 5,867
Book Value Per Share 2 39.60 38.10 39.50 36.20 31.20 31.20 33.10 35.00
Cash Flow per Share 2 0.8700 0.7600 1.120 0.9900 0.8600 0.9700 1.090 1.170
Capex 1 201 175 174 123 152 186 129 174
Capex / Sales 104.59% 86.05% 89.44% 59.28% 71.19% 88.4% 57.18% 70.37%
Announcement Date 2/25/20 3/11/21 2/24/22 2/28/23 2/28/24 - - -
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

Ratings for Derwent London Plc

Trading Rating
Investor Rating
ESG Refinitiv
B
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
17
Last Close Price
22.94 GBP
Average target price
23.84 GBP
Spread / Average Target
+3.91%
Consensus

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

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