RENTOKIL INITIAL PLC |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 412.2 GBX | +0.41% |
|
-2.48% | -6.49% |
| Apr. 23 | Corporate results bound the become the next catalyst for markets |  |
| Apr. 23 | JPMorgan Resumes Rentokil Initial Coverage with Neutral Rating | MT |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 8,340 | 9,410 | 10,814 | 12,754 | 11,033 | 10,353 | - | - |
| Enterprise Value (EV) 1 | 9,413 | 10,411 | 12,076 | 15,979 | 14,202 | 13,360 | 13,031 | 12,725 |
| P/E ratio | 29.7 x | 51.1 x | 41.4 x | 44.1 x | 29.3 x | 26.3 x | 20.1 x | 17.5 x |
| Yield | 1.14% | 1.06% | 1.09% | 1.49% | 1.97% | 2.2% | 2.48% | 2.74% |
| Capitalization / Revenue | 3.07 x | 3.33 x | 3.66 x | 3.43 x | 2.05 x | 1.87 x | 1.79 x | 1.7 x |
| EV / Revenue | 3.47 x | 3.69 x | 4.08 x | 4.3 x | 2.64 x | 2.42 x | 2.25 x | 2.09 x |
| EV / EBITDA | 15.8 x | 16.9 x | 18.5 x | 18.9 x | 11.6 x | 10.8 x | 9.51 x | 8.62 x |
| EV / FCF | 37.5 x | 30.9 x | 37 x | 38.5 x | 28.4 x | 29.8 x | 20.7 x | 17.9 x |
| FCF Yield | 2.66% | 3.23% | 2.7% | 2.6% | 3.52% | 3.35% | 4.84% | 5.57% |
| Price to Book | 8.36 x | 8.37 x | 8.59 x | 3.12 x | 2.72 x | 2.44 x | 2.29 x | 2.14 x |
| Nbr of stocks (in thousands) | 1,841,133 | 1,846,633 | 1,851,633 | 2,510,640 | 2,502,940 | 2,511,540 | - | - |
| Reference price 2 | 4.530 | 5.096 | 5.840 | 5.080 | 4.408 | 4.122 | 4.122 | 4.122 |
| Announcement Date | 2/27/20 | 3/4/21 | 3/3/22 | 3/16/23 | 3/7/24 | - | - | - |
1GBP in Million2GBP
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 2,714 | 2,824 | 2,957 | 3,714 | 5,375 | 5,527 | 5,796 | 6,086 |
| EBITDA 1 | 596.7 | 616.2 | 654.1 | 847 | 1,228 | 1,238 | 1,370 | 1,477 |
| EBIT 1 | 365.4 | 384 | 441.5 | 571 | 898 | 939.1 | 1,045 | 1,132 |
| Operating Margin | 13.46% | 13.6% | 14.93% | 15.37% | 16.71% | 16.99% | 18.03% | 18.6% |
| Earnings before Tax (EBT) 1 | 338.5 | 229.8 | 325.1 | 296 | 493 | 541.3 | 710.1 | 819.6 |
| Net income 1 | 283.5 | 185.9 | 263.2 | 232 | 381 | 399 | 521.6 | 599.3 |
| Net margin | 10.44% | 6.58% | 8.9% | 6.25% | 7.09% | 7.22% | 9% | 9.85% |
| EPS 2 | 0.1524 | 0.0998 | 0.1410 | 0.1151 | 0.1507 | 0.1566 | 0.2052 | 0.2355 |
| Free Cash Flow 1 | 250.7 | 336.8 | 326.5 | 415 | 500 | 447.8 | 630.9 | 709.1 |
| FCF margin | 9.24% | 11.93% | 11.04% | 11.17% | 9.3% | 8.1% | 10.88% | 11.65% |
| FCF Conversion (EBITDA) | 42.01% | 54.66% | 49.92% | 49% | 40.72% | 36.16% | 46.05% | 48.01% |
| FCF Conversion (Net income) | 88.43% | 181.17% | 124.05% | 178.88% | 131.23% | 112.21% | 120.95% | 118.32% |
| Dividend per Share 2 | 0.0515 | 0.0541 | 0.0639 | 0.0755 | 0.0868 | 0.0907 | 0.1023 | 0.1128 |
| Announcement Date | 2/27/20 | 3/4/21 | 3/3/22 | 3/16/23 | 3/7/24 | - | - | - |
1GBP in Million2GBP
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 2019 S2 | 2020 S1 | 2020 S2 | 2021 S1 | 2021 S2 | 2022 Q1 | 2022 Q2 | 2022 S1 | 2022 S2 | 2023 S1 | 2023 S2 | 2024 S1 | 2024 S2 | 2025 S1 | 2025 S2 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 1,416 | 1,291 | 1,532 | 1,463 | 1,494 | 786 | 786 | 1,572 | 2,142 | 2,671 | 2,704 | 2,725 | 2,811 | 2,855 | 2,933 |
| EBITDA | - | - | - | - | - | - | - | - | 500.8 | 602 | - | 624 | - | - | - |
| EBIT 1 | 213.3 | 139 | - | 208.6 | - | - | 98.75 | - | 338.5 | 437 | - | - | - | - | - |
| Operating Margin | 15.07% | 10.77% | - | 14.26% | - | - | 12.56% | - | 15.8% | 16.36% | - | - | - | - | - |
| Earnings before Tax (EBT) | - | - | - | - | - | - | - | - | 134.1 | 240 | - | 339 | - | - | - |
| Net income | - | - | - | - | - | - | - | - | 107.8 | 185 | - | 254 | - | - | - |
| Net margin | - | - | - | - | - | - | - | - | 5.03% | 6.93% | - | 9.32% | - | - | - |
| EPS | - | - | - | - | - | - | - | - | 0.0486 | 0.0731 | - | - | - | - | - |
| Dividend per Share | - | - | - | - | - | - | - | 0.0240 | 0.0515 | - | - | - | - | - | - |
| Announcement Date | 2/27/20 | 7/30/20 | 3/4/21 | 7/29/21 | 3/3/22 | 4/21/22 | 7/28/22 | 7/28/22 | 3/16/23 | 7/27/23 | 3/7/24 | - | - | - | - |
1GBP in Million
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 1,073 | 1,001 | 1,262 | 3,225 | 3,169 | 3,007 | 2,679 | 2,372 |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 1.798 x | 1.624 x | 1.93 x | 3.808 x | 2.581 x | 2.428 x | 1.955 x | 1.606 x |
| Free Cash Flow 1 | 251 | 337 | 327 | 415 | 500 | 448 | 631 | 709 |
| ROE (net income / shareholders' equity) | 29.1% | 26.7% | 28% | 8.65% | 14.3% | 14.1% | 14.3% | 15% |
| ROA (Net income/ Total Assets) | 8.76% | 5.65% | 5.31% | 2.86% | 5.06% | 4.84% | 5.8% | 6.57% |
| Assets 1 | 3,238 | 3,293 | 4,957 | 8,123 | 7,525 | 8,243 | 8,997 | 9,121 |
| Book Value Per Share 2 | 0.5400 | 0.6100 | 0.6800 | 1.630 | 1.620 | 1.690 | 1.800 | 1.930 |
| Cash Flow per Share 2 | 0.2500 | 0.2900 | 0.3000 | 0.3000 | 0.2900 | 0.2700 | 0.3300 | 0.3900 |
| Capex 1 | 168 | 146 | 153 | 185 | 197 | 255 | 266 | 280 |
| Capex / Sales | 6.18% | 5.18% | 5.16% | 4.98% | 3.67% | 4.61% | 4.58% | 4.59% |
| Announcement Date | 2/27/20 | 3/4/21 | 3/3/22 | 3/16/23 | 3/7/24 | - | - | - |
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
A-
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
17
Last Close Price
4.122
GBP
Average target price
5.482
GBP
Spread / Average Target
+32.99%
EPS Revisions
Quarterly revenue - Rate of surprise
- Stock Market
- Equities
- RTO Stock
- Financials Rentokil Initial plc
