ASSOCIATED BRITISH FOODS PLC |
Real-time Estimate
Other stock markets
|
5-day change | 1st Jan Change | ||
| 2,508 GBX | -0.36% |
|
-2.86% | +6.08% |
| 05-31 | FTSE 100 outperforms European counterparts | AN |
| 05-31 | Majority shareholder Wittington sells 1.4% stake in AB Foods | AN |
Valuation
| Fiscal Period: September | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 18,418 | 15,865 | 14,919 | 10,468 | 15,919 | 18,747 | - | - |
| Enterprise Value (EV) 1 | 17,482 | 17,946 | 16,299 | 12,232 | 18,184 | 20,758 | 20,544 | 20,803 |
| P/E ratio | 21 x | 34.9 x | 31.2 x | 14.9 x | 15.5 x | 13.4 x | 12.8 x | 12 x |
| Yield | 1.99% | - | 1.41% | 3.3% | 2.88% | 2.74% | 2.87% | 3.08% |
| 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 | 0.96 x | 0.93 x |
| EV / EBITDA | 8.8 x | 9.54 x | 8.77 x | 5.41 x | 7.7 x | 7.24 x | 6.77 x | 6.48 x |
| EV / FCF | 21.1 x | 15.1 x | 18.9 x | 25.9 x | 27.7 x | 14.6 x | 18.7 x | 18.9 x |
| FCF Yield | 4.74% | 6.64% | 5.29% | 3.87% | 3.61% | 6.87% | 5.35% | 5.28% |
| Price to Book | 1.95 x | 1.68 x | 1.5 x | 0.91 x | 1.46 x | 1.62 x | 1.49 x | 1.39 x |
| Nbr of stocks (in thousands) | 789,448 | 788,892 | 790,004 | 790,327 | 764,973 | 744,806 | - | - |
| Reference price 2 | 23.33 | 20.11 | 18.88 | 13.24 | 20.81 | 25.17 | 25.17 | 25.17 |
| Announcement Date | 05/11/19 | 03/11/20 | 09/11/21 | 08/11/22 | 07/11/23 | - | - | - |
1GBP in Million2GBP
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: Septiembre | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 15,824 | 13,937 | 13,884 | 16,997 | 19,750 | 20,541 | 21,490 | 22,475 |
| EBITDA 1 | 1,986 | 1,881 | 1,858 | 2,261 | 2,361 | 2,866 | 3,036 | 3,208 |
| EBIT 1 | 1,421 | 1,024 | 1,011 | 1,435 | 1,513 | 2,000 | 2,089 | 2,196 |
| Operating Margin | 8.98% | 7.35% | 7.28% | 8.44% | 7.66% | 9.74% | 9.72% | 9.77% |
| Earnings before Tax (EBT) 1 | 1,173 | 686 | 725 | 1,076 | 1,340 | 1,883 | 1,964 | 2,052 |
| Net income 1 | 878 | 455 | 478 | 700 | 1,044 | 1,416 | 1,476 | 1,549 |
| Net margin | 5.55% | 3.26% | 3.44% | 4.12% | 5.29% | 6.89% | 6.87% | 6.89% |
| EPS 2 | 1.111 | 0.5760 | 0.6050 | 0.8860 | 1.342 | 1.876 | 1.972 | 2.090 |
| Free Cash Flow 1 | 829 | 1,192 | 862 | 473 | 657 | 1,425 | 1,100 | 1,099 |
| FCF margin | 5.24% | 8.55% | 6.21% | 2.78% | 3.33% | 6.94% | 5.12% | 4.89% |
| FCF Conversion (EBITDA) | 41.74% | 63.37% | 46.39% | 20.92% | 27.83% | 49.73% | 36.22% | 34.27% |
| FCF Conversion (Net income) | 94.42% | 261.98% | 180.33% | 67.57% | 62.93% | 100.69% | 74.48% | 70.97% |
| Dividend per Share 2 | 0.4635 | - | 0.2670 | 0.4370 | 0.6000 | 0.6900 | 0.7226 | 0.7750 |
| Announcement Date | 05/11/19 | 03/11/20 | 09/11/21 | 08/11/22 | 07/11/23 | - | - | - |
1GBP in Million2GBP
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: September | 2020 S1 | 2020 S2 | 2021 S1 | 2021 S2 | 2022 S1 | 2022 S2 | 2023 S1 | 2023 S2 | 2024 S1 | 2024 S2 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 7,646 | 6,291 | 6,313 | 7,571 | 7,882 | 9,115 | 9,560 | 10,190 | 9,734 | 10,506 |
| EBITDA | - | - | - | - | - | - | - | - | - | - |
| EBIT | 682 | - | 369 | 642 | 706 | 729 | 684 | 829 | 951 | - |
| Operating Margin | 8.92% | - | 5.85% | 8.48% | 8.96% | 8% | 7.15% | 8.14% | 9.77% | - |
| Earnings before Tax (EBT) | - | - | - | - | 635 | - | - | - | - | - |
| Net income | - | - | 162 | - | - | - | - | - | - | - |
| Net margin | - | - | 2.57% | - | - | - | - | - | - | - |
| EPS | - | - | - | - | 0.6030 | - | - | - | - | - |
| Dividend per Share | - | - | - | 0.2050 | 0.1380 | 0.2990 | - | - | - | - |
| Announcement Date | 21/04/20 | 03/11/20 | 20/04/21 | 09/11/21 | 26/04/22 | 08/11/22 | 25/04/23 | 07/11/23 | 23/04/24 | - |
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 | 2,012 | 1,797 | 2,056 |
| Net Cash position 1 | 936 | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | - | 1.106 x | 0.7427 x | 0.7802 x | 0.9593 x | 0.7018 x | 0.5921 x | 0.641 x |
| Free Cash Flow 1 | 829 | 1,192 | 862 | 473 | 657 | 1,425 | 1,100 | 1,099 |
| ROE (net income / shareholders' equity) | 11.3% | 6.75% | 4.96% | 6.55% | 9.26% | 12.5% | 12.3% | 12.2% |
| ROA (Net income/ Total Assets) | 7.69% | 4.21% | 2.85% | 3.82% | 5.41% | 7.43% | 7.23% | 7.26% |
| Assets 1 | 11,413 | 10,805 | 16,784 | 18,335 | 19,308 | 19,062 | 20,418 | 21,347 |
| Book Value Per Share 2 | 12.00 | 11.90 | 12.60 | 14.50 | 14.30 | 15.60 | 16.80 | 18.10 |
| Cash Flow per Share 2 | 1.910 | 2.220 | 1.790 | 1.460 | 2.130 | 2.640 | 2.420 | 2.570 |
| Capex 1 | 680 | 561 | 551 | 680 | 997 | 1,200 | 1,221 | 1,263 |
| Capex / Sales | 4.3% | 4.03% | 3.97% | 4% | 5.05% | 5.84% | 5.68% | 5.62% |
| Announcement Date | 05/11/19 | 03/11/20 | 09/11/21 | 08/11/22 | 07/11/23 | - | - | - |
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-
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
19
Last Close Price
25.17
GBP
Average target price
26.83
GBP
Spread / Average Target
+6.58%
EPS Revisions
Quarterly revenue - Rate of surprise
| 1st Jan change | Capi. | |
|---|---|---|
| +6.08% | 23.85B | |
| -2.25% | 276B | |
| -6.70% | 90.65B | |
| +2.22% | 41.09B | |
| -9.00% | 40.86B | |
| +2.24% | 38.55B | |
| +2.82% | 37.81B | |
| -14.86% | 30.4B | |
| -4.76% | 29.32B | |
| -12.01% | 21.97B |
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