Financials Associated British Foods plc

Equities

ABF

GB0006731235

Food Processing

Real-time Estimate Cboe Europe 04:44:09 2024-04-23 am EDT 5-day change 1st Jan Change
2,744 GBX +9.50% Intraday chart for Associated British Foods plc +15.79% +15.89%

Valuation

Fiscal Period: September 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 18,418 15,865 14,919 10,468 15,919 18,735 - -
Enterprise Value (EV) 1 17,482 17,946 16,299 12,232 18,184 20,851 20,572 20,654
P/E ratio 21 x 34.9 x 31.2 x 14.9 x 15.5 x 14.8 x 13.5 x 12.7 x
Yield 1.99% - 1.41% 3.3% 2.88% 2.45% 2.65% 2.85%
Capitalization / Revenue 1.16 x 1.14 x 1.07 x 0.62 x 0.81 x 0.91 x 0.87 x 0.83 x
EV / Revenue 1.1 x 1.29 x 1.17 x 0.72 x 0.92 x 1.01 x 0.95 x 0.91 x
EV / EBITDA 8.8 x 9.54 x 8.77 x 5.41 x 7.7 x 7.58 x 7.02 x 6.58 x
EV / FCF 21.1 x 15.1 x 18.9 x 25.9 x 27.7 x 16.9 x 19.1 x 20 x
FCF Yield 4.74% 6.64% 5.29% 3.87% 3.61% 5.91% 5.24% 5.01%
Price to Book 1.95 x 1.68 x 1.5 x 0.91 x 1.46 x 1.63 x 1.5 x 1.39 x
Nbr of stocks (in thousands) 789,448 788,892 790,004 790,327 764,973 747,607 - -
Reference price 2 23.33 20.11 18.88 13.24 20.81 25.06 25.06 25.06
Announcement Date 11/5/19 11/3/20 11/9/21 11/8/22 11/7/23 - - -
1GBP in Million2GBP
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: September 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 15,824 13,937 13,884 16,997 19,750 20,698 21,627 22,579
EBITDA 1 1,986 1,881 1,858 2,261 2,361 2,749 2,930 3,141
EBIT 1 1,421 1,024 1,011 1,435 1,513 1,885 2,009 2,139
Operating Margin 8.98% 7.35% 7.28% 8.44% 7.66% 9.1% 9.29% 9.47%
Earnings before Tax (EBT) 1 1,173 686 725 1,076 1,340 1,740 1,847 1,900
Net income 1 878 455 478 700 1,044 1,289 1,397 1,467
Net margin 5.55% 3.26% 3.44% 4.12% 5.29% 6.23% 6.46% 6.5%
EPS 2 1.111 0.5760 0.6050 0.8860 1.342 1.697 1.860 1.966
Free Cash Flow 1 829 1,192 862 473 657 1,232 1,079 1,035
FCF margin 5.24% 8.55% 6.21% 2.78% 3.33% 5.95% 4.99% 4.58%
FCF Conversion (EBITDA) 41.74% 63.37% 46.39% 20.92% 27.83% 44.82% 36.82% 32.94%
FCF Conversion (Net income) 94.42% 261.98% 180.33% 67.57% 62.93% 95.59% 77.24% 70.55%
Dividend per Share 2 0.4635 - 0.2670 0.4370 0.6000 0.6142 0.6636 0.7148
Announcement Date 11/5/19 11/3/20 11/9/21 11/8/22 11/7/23 - - -
1GBP in Million2GBP
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: September 2019 S2 2020 S1 2020 S2 2021 S1 2021 S2 2022 S1 2022 S2 2023 S1 2023 S2 2024 S1 2024 S2
Net sales 1 8,292 7,646 6,291 6,313 7,571 7,882 9,115 9,560 10,190 9,828 10,584
EBITDA - - - - - - - - - - -
EBIT 1 782 682 - 369 642 706 729 684 829 833 -
Operating Margin 9.43% 8.92% - 5.85% 8.48% 8.96% 8% 7.15% 8.14% 8.48% -
Earnings before Tax (EBT) - - - - - 635 - - - - -
Net income - - - 162 - - - - - - -
Net margin - - - 2.57% - - - - - - -
EPS - - - - - 0.6030 - - - - -
Dividend per Share 0.3430 - - - 0.2050 0.1380 0.2990 - - - -
Announcement Date 11/5/19 4/21/20 11/3/20 4/20/21 11/9/21 4/26/22 11/8/22 4/25/23 11/7/23 - -
1GBP in Million
Estimates

Balance Sheet Analysis

Fiscal Period: September 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - 2,081 1,380 1,764 2,265 2,116 1,837 1,919
Net Cash position 1 936 - - - - - - -
Leverage (Debt/EBITDA) - 1.106 x 0.7427 x 0.7802 x 0.9593 x 0.7696 x 0.6269 x 0.6109 x
Free Cash Flow 1 829 1,192 862 473 657 1,232 1,079 1,035
ROE (net income / shareholders' equity) 11.3% 6.75% 4.96% 6.55% 9.26% 11.7% 11.8% 11.9%
ROA (Net income/ Total Assets) 7.69% 4.21% 2.85% 3.82% 5.41% 6.68% 6.86% 6.96%
Assets 1 11,413 10,805 16,784 18,335 19,308 19,301 20,353 21,079
Book Value Per Share 2 12.00 11.90 12.60 14.50 14.30 15.40 16.70 18.00
Cash Flow per Share 2 1.910 2.220 1.790 1.460 2.130 2.950 3.010 2.980
Capex 1 680 561 551 680 997 1,180 1,203 1,247
Capex / Sales 4.3% 4.03% 3.97% 4% 5.05% 5.7% 5.56% 5.52%
Announcement Date 11/5/19 11/3/20 11/9/21 11/8/22 11/7/23 - - -
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
A-
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
19
Last Close Price
25.06 GBP
Average target price
24.98 GBP
Spread / Average Target
-0.33%
Consensus

Quarterly revenue - Rate of surprise

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