Financials London Stock Exchange plc

Equities

LSE

GB00B0SWJX34

Financial & Commodity Market Operators

Market Closed - London Stock Exchange Other stock markets 11:35:08 2023-12-08 am EST			5-day change	1st Jan Change
9,100 ^GBX	+1.31%		+1.20%	+27.52%

Dec. 08	Top Stories at Midday: Unemployment Rate Falls; Carrier Global Rises on Honeywell Deal; Tesla's Norway Labor Woes; FDA Approves Casgevy, Lyfgenia; Putin's 2024 Presidential Run	MT
Dec. 08	Britain's Labour Party reviews financial services to 'unleash' City for growth	RE

Valuation

Fiscal Period : December	2018	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	14 104	27 061	31 622	38 591	39 525	49 226	-	-
Enterprise Value (EV) ¹	14 797	27 691	31 805	44 320	45 187	54 586	54 027	52 600
P/E ratio	29,9x	65,6x	75,8x	12,0x	30,7x	30,2x	25,0x	25,4x
Yield	1,49%	0,90%	0,83%	1,37%	1,50%	1,25%	1,40%	1,56%
Capitalization / Revenue	6,61x	11,7x	12,9x	5,67x	5,10x	5,99x	5,63x	5,29x
EV / Revenue	6,93x	12,0x	13,0x	6,51x	5,84x	6,64x	6,18x	5,65x
EV / EBITDA	13,9x	21,9x	23,9x	13,5x	12,7x	14,4x	13,0x	11,6x
EV / FCF	28,0x	43,1x	42,4x	22,8x	25,5x	27,9x	23,9x	20,2x
FCF Yield	3,57%	2,32%	2,36%	4,38%	3,92%	3,58%	4,18%	4,95%
Price to Book	4,27x	7,87x	8,52x	1,63x	1,52x	1,90x	1,82x	1,75x
Nbr of stocks (in thousands)	347 214	349 169	351 046	556 873	553 881	540 950	-	-
Reference price ²	40,6	77,5	90,1	69,3	71,4	91,0	91,0	91,0
Announcement Date	3/1/19	2/28/20	3/5/21	3/3/22	3/2/23	-	-	-

¹GBP in Million²GBP

Estimates

Income Statement Evolution (Annual data)

Fiscal Period : December	2018	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	2 135	2 314	2 444	6 811	7 743	8 222	8 743	9 313
EBITDA ¹	1 066	1 265	1 329	3 283	3 550	3 796	4 142	4 518
EBIT ¹	931	1 065	1 118	2 509	2 728	2 861	3 187	3 586
Operating Margin	43,6%	46,0%	45,7%	36,8%	35,2%	34,8%	36,4%	38,5%
Earnings before Tax (EBT) ¹	685	651	685	987	1 241	2 235	2 608	2 960
Net income ¹	480	417	421	3 129	1 302	1 497	1 733	1 837
Net margin	22,5%	18,0%	17,2%	45,9%	16,8%	18,2%	19,8%	19,7%
EPS ²	1,36	1,18	1,19	5,78	2,33	3,01	3,64	3,58
Free Cash Flow ¹	528	642	750	1 940	1 771	1 954	2 261	2 604
FCF margin	24,7%	27,7%	30,7%	28,5%	22,9%	23,8%	25,9%	28,0%
FCF Conversion (EBITDA)	49,5%	50,8%	56,4%	59,1%	49,9%	51,5%	54,6%	57,6%
FCF Conversion (Net income)	110%	154%	178%	62,0%	136%	130%	130%	142%
Dividend per Share ²	0,60	0,70	0,75	0,95	1,07	1,14	1,28	1,42
Announcement Date	3/1/19	2/28/20	3/5/21	3/3/22	3/2/23	-	-	-

¹GBP in Million²GBP

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period : December	2019 S1	2019 S2	2020 S1	2020 S2	2021 Q2	2021 S1	2021 Q4	2021 S2	2022 Q1	2022 Q2	2022 S1	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 S2
Net sales ¹	1 140	1 174	1 235	1 209	1 675	3 356	1 691	3 455	1 751	1 984	3 735	4 008	2 100	2 079	4 179	2 054	2 128	4 189	2 214	2 216	4 424	2 234	4 484
EBITDA	621	644	674	655	-	1 657	-	1 626	-	757	1 799	1 751	-	-	1 872	-	-	1 894	-	-	2 043	-	2 082
EBIT	533	532	575	543	-	1 294	-	1 215	-	465	1 408	1 320	-	-	1 418	-	-	1 446	-	-	1 573	-	1 605
Operating Margin	46,8%	45,3%	46,6%	44,9%	-	38,6%	-	35,2%	-	23,4%	37,7%	32,9%	-	-	33,9%	-	-	34,5%	-	-	35,6%	-	35,8%
Earnings before Tax (EBT)	363	288	362	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income	246	171	226	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net margin	21,6%	14,6%	18,3%	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EPS	-	0,49	0,64	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Dividend per Share	0,20	0,50	0,23	0,52	-	-	-	-	-	-	0,32	0,75	-	-	0,36	-	-	-	-	-	-	-	-
Announcement Date	8/1/19	2/28/20	7/31/20	3/5/21	8/6/21	8/6/21	3/3/22	3/3/22	5/5/22	8/5/22	8/5/22	3/2/23	4/27/23	8/3/23	8/3/23	10/19/23	-	-	-	-	-	-	-

¹GBP in Million

Estimates

Balance Sheet Analysis

Fiscal Period : December	2018	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	693	630	183	5 729	5 662	5 359	4 800	3 374
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0,65x	0,50x	0,14x	1,75x	1,59x	1,41x	1,16x	0,75x
Free Cash Flow ¹	528	642	750	1 940	1 771	1 954	2 261	2 604
ROE (net income / shareholders' equity)	18,4%	20,6%	20,5%	11,9%	7,13%	7,19%	7,82%	8,96%
Shareholders' equity ¹	2 615	2 028	2 055	26 333	18 256	20 807	22 157	20 507
ROA (Net income/ Total Assets)	0,08%	0,08%	0,05%	0,20%	0,22%	0,21%	0,27%	0,28%
Assets ¹	630 749	491 166	842 000	1 575 529	596 700	721 420	644 392	645 727
Book Value Per Share ²	9,52	9,84	10,6	42,4	46,9	47,9	49,9	52,1
Cash Flow per Share ²	2,05	2,37	2,75	4,81	4,89	4,65	5,97	6,48
Capex ¹	194	195	222	662	966	866	889	830
Capex / Sales	9,09%	8,43%	9,08%	9,72%	12,5%	10,5%	10,2%	8,91%
Announcement Date	3/1/19	2/28/20	3/5/21	3/3/22	3/2/23	-	-	-

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

Ratings for London Stock Exchange plc

Trading Rating :

Investor Rating :

ESG Refinitiv :

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

91GBP

Average target price

100.58GBP

Spread / Average Target

+10.52%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

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