Financials National Grid plc Nyse

Equities

NGG

US6362744095

Multiline Utilities

Market Closed - Nyse Other stock markets 04:00:02 2024-06-06 pm EDT			5-day change	1st Jan Change
58.64 ^USD	-0.44%		+0.10%	-13.75%

Jun. 06	Green returns to Europe ahead of the ECB decision
Jun. 06	London stocks edge up in anticipation of ECB rate cut	RE

Valuation

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	33,209	30,665	42,733	40,312	39,652	32,154	-	-
Enterprise Value (EV) ¹	61,799	59,211	85,542	81,285	83,259	75,636	81,835	86,108
P/E ratio	26.1 x	18.7 x	18 x	5.17 x	17.3 x	12.4 x	11.6 x	10.6 x
Yield	5.13%	5.69%	4.35%	5.06%	5.49%	5.47%	5.93%	5.89%
Capitalization / Revenue	2.28 x	2.07 x	2.32 x	1.86 x	2 x	1.55 x	1.55 x	1.39 x
EV / Revenue	4.25 x	4.01 x	4.64 x	3.75 x	4.19 x	3.65 x	3.93 x	3.72 x
EV / EBITDA	12.5 x	12.9 x	15.2 x	12.9 x	11.1 x	10.1 x	10.1 x	9.34 x
EV / FCF	-219 x	-181 x	72.9 x	13,547 x	-162 x	-17.7 x	-19.3 x	-18.9 x
FCF Yield	-0.46%	-0.55%	1.37%	0.01%	-0.62%	-5.65%	-5.19%	-5.28%
Price to Book	1.67 x	1.53 x	1.77 x	1.36 x	1.32 x	1.09 x	1.04 x	1 x
Nbr of stocks (in thousands)	3,508,281	3,549,181	3,644,928	3,676,413	3,719,722	3,721,539	-	-
Reference price ²	9.466	8.640	11.72	10.96	10.66	8.640	8.640	8.640
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: March	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	14,540	14,779	18,449	21,659	19,850	20,734	20,800	23,161
EBITDA ¹	4,947	4,598	5,643	6,278	7,523	7,507	8,133	9,217
EBIT ¹	3,307	2,926	3,813	4,294	5,462	5,158	5,565	6,370
Operating Margin	22.74%	19.8%	20.67%	19.83%	27.52%	24.88%	26.76%	27.5%
Earnings before Tax (EBT) ¹	1,754	2,083	3,441	3,590	3,048	4,140	3,946	4,496
Net income ¹	1,264	1,640	2,353	7,797	2,290	3,321	3,302	3,711
Net margin	8.69%	11.1%	12.75%	36%	11.54%	16.02%	15.88%	16.02%
EPS ²	0.3630	0.4630	0.6500	2.121	0.6170	0.6987	0.7468	0.8138
Free Cash Flow ¹	-282	-327	1,174	6	-514	-4,271	-4,244	-4,548
FCF margin	-1.94%	-2.21%	6.36%	0.03%	-2.59%	-20.6%	-20.41%	-19.64%
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	0.4724	0.5125	0.5087
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: March	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: March	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	28,590	28,546	42,809	40,973	43,607	43,481	49,681	53,954
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	5.779 x	6.208 x	7.586 x	6.526 x	5.796 x	5.792 x	6.109 x	5.854 x
Free Cash Flow ¹	-282	-327	1,174	6	-514	-4,271	-4,244	-4,548
ROE (net income / shareholders' equity)	11.7%	10.6%	11.4%	11%	8.9%	9.36%	8.82%	9.42%
ROA (Net income/ Total Assets)	1.94%	2.43%	2.9%	8.31%	2.4%	2.9%	2.99%	3.03%
Assets ¹	65,027	67,490	81,037	93,778	95,511	114,504	110,469	122,560
Book Value Per Share ²	5.650	5.630	6.620	8.070	8.090	7.930	8.340	8.620
Cash Flow per Share ²	1.330	1.260	1.730	1.880	1.870	1.220	1.650	1.800
Capex ¹	4,832	4,362	5,098	6,325	6,904	9,869	10,332	11,431
Capex / Sales	33.23%	29.51%	27.63%	29.2%	34.78%	47.6%	49.67%	49.35%
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

Ratings for National Grid plc

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

8.64 GBP

Average target price

11.22 GBP

Spread / Average Target

+29.88%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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