Financials Woolworths Group Limited

Equities

WOW

AU000000WOW2

Food Retail & Distribution

Market Closed - Australian Stock Exchange Other stock markets 12:10:11 2023-12-08 am EST			5-day change	1st Jan Change
35.77 ^AUD	-0.22%		+3.50%	+6.59%

Dec. 05	Investors want Origin Energy to consider green push, asset sale post takeover failure	RE
Dec. 03	Australian Food Retailers Face Inquiry Into Alleged Price Gouging	DJ

Valuation

Fiscal Period : June	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	41 689	45 453	46 570	42 865	48 386	43 650	-	-
Enterprise Value (EV) ¹	43 288	62 044	60 430	58 642	63 046	57 962	57 588	57 096
P/E ratio	16,2x	39,1x	22,4x	5,50x	30,1x	23,6x	22,3x	20,9x
Yield	3,07%	2,61%	2,94%	2,59%	2,61%	3,12%	3,33%	3,54%
Capitalization / Revenue	0,69x	0,71x	0,69x	0,70x	0,75x	0,64x	0,63x	0,60x
EV / Revenue	0,72x	0,97x	0,90x	0,96x	0,98x	0,85x	0,83x	0,79x
EV / EBITDA	11,0x	10,9x	9,64x	11,6x	11,1x	9,74x	9,27x	8,76x
EV / FCF	45,2x	25,7x	27,0x	61,0x	28,2x	25,9x	23,7x	21,3x
FCF Yield	2,21%	3,89%	3,70%	1,64%	3,55%	3,86%	4,23%	4,69%
Price to Book	4,22x	5,19x	3,38x	7,20x	7,56x	6,20x	5,70x	5,23x
Nbr of stocks (in thousands)	1 253 790	1 260 492	1 266 170	1 208 827	1 213 902	1 217 584	-	-
Reference price ²	33,3	36,1	36,8	35,5	39,9	35,9	35,9	35,9
Announcement Date	8/28/19	8/26/20	8/25/21	8/24/22	8/22/23	-	-	-

¹AUD in Million²AUD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period : June	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	59 984	63 675	67 278	60 849	64 294	67 799	69 802	72 427
EBITDA ¹	3 946	5 677	6 271	5 051	5 694	5 950	6 214	6 519
EBIT ¹	2 724	3 219	3 663	2 690	3 116	3 316	3 481	3 697
Operating Margin	4,54%	5,06%	5,44%	4,42%	4,85%	4,89%	4,99%	5,10%
Earnings before Tax (EBT) ¹	2 598	1 785	2 950	8 478	2 322	2 615	2 791	3 008
Net income ¹	2 693	1 165	2 074	7 934	1 618	1 848	1 964	2 114
Net margin	4,49%	1,83%	3,08%	13,0%	2,52%	2,73%	2,81%	2,92%
EPS ²	2,05	0,92	1,64	6,45	1,32	1,52	1,61	1,71
Free Cash Flow ¹	957	2 412	2 235	962	2 235	2 239	2 433	2 678
FCF margin	1,60%	3,79%	3,32%	1,58%	3,48%	3,30%	3,49%	3,70%
FCF Conversion (EBITDA)	24,3%	42,5%	35,6%	19,0%	39,3%	37,6%	39,2%	41,1%
FCF Conversion (Net income)	35,5%	207%	108%	12,1%	138%	121%	124%	127%
Dividend per Share ²	1,02	0,94	1,08	0,92	1,04	1,12	1,20	1,27
Announcement Date	8/28/19	8/26/20	8/25/21	8/24/22	8/22/23	-	-	-

¹AUD in Million²AUD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period : June	2019 S2	2020 S1	2020 S2	2021 S1	2021 Q3	2021 Q4	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	29 397	32 410	31 265	35 845	13 099	13 099	31 433	15 947	15 947	31 894	28 955	33 169	31 125	34 414	32 296	35 903	33 572
EBITDA	1 890	3 141	2 536	3 415	-	-	2 856	-	-	2 596	2 455	2 924	2 770	-	-	-	-
EBIT	1 279	1 893	1 326	2 092	-	-	-	-	-	1 382	1 308	1 637	1 479	1 642	1 649	1 642	1 871
Operating Margin	4,35%	5,84%	4,24%	5,84%	-	-	-	-	-	4,33%	4,52%	4,94%	4,75%	4,77%	5,10%	4,57%	5,57%
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-	-	-	1 215	-	-	-	-	-
Net income	1 714	887	278	1 135	-	-	939	-	-	-	871	845	773	-	-	-	-
Net margin	5,83%	2,74%	0,89%	3,17%	-	-	2,99%	-	-	-	3,01%	2,55%	2,48%	-	-	-	-
EPS	-	0,71	0,22	0,90	-	-	0,74	-	-	-	0,77	0,67	0,66	-	-	-	-
Dividend per Share	0,57	0,46	0,48	0,53	-	-	0,55	-	-	0,39	0,53	0,46	0,58	-	-	-	-
Announcement Date	8/28/19	2/26/20	8/26/20	2/23/21	5/25/21	8/25/21	8/25/21	11/22/21	2/22/22	2/22/22	8/24/22	2/21/23	8/22/23	-	-	-	-

¹AUD in Million

Estimates

Balance Sheet Analysis

Fiscal Period : June	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	1 599	16 591	13 860	15 777	14 660	14 311	13 938	13 446
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0,41x	2,92x	2,21x	3,12x	2,57x	2,41x	2,24x	2,06x
Free Cash Flow ¹	957	2 412	2 235	962	2 235	2 239	2 433	2 678
ROE (net income / shareholders' equity)	16,9%	17,0%	29,7%	41,1%	24,8%	27,1%	26,4%	26,0%
Shareholders' equity ¹	15 961	6 853	6 978	19 282	6 534	6 827	7 446	8 126
ROA (Net income/ Total Assets)	7,47%	5,14%	3,87%	4,18%	4,59%	5,33%	5,53%	5,88%
Assets ¹	36 031	22 665	53 578	189 990	35 249	34 679	35 492	35 943
Book Value Per Share ²	7,88	6,95	10,9	4,93	5,27	5,78	6,29	6,85
Cash Flow per Share ²	2,25	3,60	3,66	2,75	3,89	3,57	3,85	3,90
Capex ¹	1 991	2 149	2 389	2 416	2 519	2 008	1 946	1 963
Capex / Sales	3,32%	3,37%	3,55%	3,97%	3,92%	2,96%	2,79%	2,71%
Announcement Date	8/28/19	8/26/20	8/25/21	8/24/22	8/22/23	-	-	-

¹AUD in Million²AUD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Woolworths Group Limited

Trading Rating :

Investor Rating :

ESG Refinitiv :

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

35.85AUD

Average target price

37.84AUD

Spread / Average Target

+5.56%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Food Retail & Distribution

	1st Jan change	Capi.
WOOLWORTHS GROUP LIMITED	+6.38%	28 551 M $
WALMART INC.	+7.53%	415 B $
SYSCO CORPORATION	-2.97%	36 844 M $
LOBLAW COMPANIES LIMITED	+3.06%	28 394 M $
AHOLD DELHAIZE N.V.	+0.89%	27 874 M $
TESCO PLC	+28.68%	25 354 M $
AEON CO., LTD.	+9.88%	17 958 M $
GEORGE WESTON LIMITED	-3.38%	16 200 M $
CP ALL	-21.98%	13 597 M $
ALBERTSONS COMPANIES, INC.	+6.27%	12 583 M $

Other Food Retail & Distribution