Financials Redrow plc

Equities

RDW

GB00BG11K365

Homebuilding

Market Closed - London S.E. Other stock markets 16:35:26 31/05/2024 BST			5-day change	1st Jan Change
712 ^GBX	+0.56%		-2.13%	+15.68%

05-30	BHP pursuit of Anglo American highlights corporate-led UK M&A upswing	RE
05-15	Confident trade as US inflation rate cools	AN

Valuation

Fiscal Period: July	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,884	1,518	2,164	1,688	1,412	2,285	-	-
Enterprise Value (EV) ¹	1,760	1,644	2,004	1,400	1,177	2,073	2,050	2,040
P/E ratio	5.96 x	13.5 x	8.57 x	8.55 x	4.85 x	18 x	15.5 x	12.7 x
Yield	5.57%	-	3.89%	6.51%	6.8%	1.89%	2.25%	2.74%
Capitalization / Revenue	0.89 x	1.13 x	1.12 x	0.79 x	0.66 x	1.38 x	1.32 x	1.21 x
EV / Revenue	0.83 x	1.23 x	1.03 x	0.65 x	0.55 x	1.25 x	1.19 x	1.08 x
EV / EBITDA	4.25 x	10.6 x	6.11 x	3.34 x	2.92 x	10.9 x	9.49 x	7.94 x
EV / FCF	6.11 x	-10.5 x	6.64 x	5.45 x	7.64 x	38.3 x	35.5 x	31.7 x
FCF Yield	16.4%	-9.49%	15.1%	18.4%	13.1%	2.61%	2.82%	3.15%
Price to Book	1.23 x	0.93 x	1.16 x	0.86 x	0.71 x	1.1 x	1.05 x	0.99 x
Nbr of stocks (in thousands)	343,832	343,077	343,349	343,349	320,144	320,988	-	-
Reference price ²	5.480	4.424	6.304	4.916	4.410	7.120	7.120	7.120
Announcement Date	05/09/19	16/09/20	15/09/21	14/09/22	13/09/23	-	-	-

¹GBP in Million²GBP

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: July	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	2,112	1,339	1,939	2,140	2,127	1,653	1,728	1,888
EBITDA ¹	414	155	328	419	403	189.8	216	256.8
EBIT ¹	411	148	321	414	399	184.8	211.6	255.9
Operating Margin	19.46%	11.05%	16.55%	19.35%	18.76%	11.18%	12.25%	13.56%
Earnings before Tax (EBT) ¹	406	140	314	246	395	180.3	209.5	254.7
Net income ¹	329	113	254	197	298	128.8	147.6	179.1
Net margin	15.58%	8.44%	13.1%	9.21%	14.01%	7.79%	8.54%	9.49%
EPS ²	0.9200	0.3280	0.7360	0.5750	0.9090	0.3950	0.4590	0.5586
Free Cash Flow ¹	288	-156	302	257	154	54.15	57.75	64.27
FCF margin	13.64%	-11.65%	15.58%	12.01%	7.24%	3.28%	3.34%	3.4%
FCF Conversion (EBITDA)	69.57%	-	92.07%	61.34%	38.21%	28.52%	26.73%	25.03%
FCF Conversion (Net income)	87.54%	-	118.9%	130.46%	51.68%	42.04%	39.13%	35.89%
Dividend per Share ²	0.3050	-	0.2450	0.3200	0.3000	0.1346	0.1600	0.1954
Announcement Date	05/09/19	16/09/20	15/09/21	14/09/22	13/09/23	-	-	-

¹GBP in Million²GBP

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: July	2020 S1	2021 S1	2021 S2	2022 S1
Net sales ¹	870	1,041	898	1,052
EBITDA	-	-	-	-
EBIT ¹	-	178	143	205
Operating Margin	-	17.1%	15.92%	19.49%
Earnings before Tax (EBT) ¹	-	174	140	203
Net income ¹	-	141	113	164
Net margin	-	13.54%	12.58%	15.59%
EPS	-	0.4100	-	-
Dividend per Share	-	0.0600	-	-
Announcement Date	05/02/20	10/02/21	15/09/21	10/02/22

¹GBP in Million

Estimates

Balance Sheet Analysis

Fiscal Period: July	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	126	-	-	-	-	-	-
Net Cash position ¹	124	-	160	288	235	212	236	246
Leverage (Debt/EBITDA)	-	0.8129 x	-	-	-	-	-	-
Free Cash Flow ¹	288	-156	302	257	154	54.2	57.7	64.3
ROE (net income / shareholders' equity)	21.4%	7.04%	14.5%	10.3%	15%	6.28%	7.03%	7.89%
ROA (Net income/ Total Assets)	13.2%	4.15%	9.11%	6.55%	9.52%	4.33%	5.15%	5.8%
Assets ¹	2,495	2,722	2,788	3,009	3,131	2,977	2,864	3,085
Book Value Per Share ²	4.450	4.740	5.460	5.700	6.200	6.460	6.790	7.180
Cash Flow per Share ²	0.8200	-0.4300	0.8800	0.7600	0.4800	0.2600	0.1900	0.1600
Capex ¹	4	7	2	4	4	3.67	3.67	3.83
Capex / Sales	0.19%	0.52%	0.1%	0.19%	0.19%	0.22%	0.21%	0.2%
Announcement Date	05/09/19	16/09/20	15/09/21	14/09/22	13/09/23	-	-	-

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 Redrow plc

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

7.12 GBP

Average target price

7.062 GBP

Spread / Average Target

-0.82%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Other Homebuilding

	1st Jan change	Capi.
REDROW PLC	+15.68%	2.91B
DR HORTON	-2.75%	48.67B
PULTEGROUP, INC.	+13.66%	24.68B
DAIWA HOUSE INDUSTRY CO., LTD.	-0.63%	16.99B
SEKISUI HOUSE, LTD.	+15.07%	14.56B
TOLL BROTHERS, INC.	+18.34%	12.49B
SUMITOMO FORESTRY CO., LTD.	+29.72%	7.06B
THE BERKELEY GROUP HOLDINGS PLC	+11.77%	7.06B
TAYLOR WIMPEY PLC	+0.07%	6.63B
BARRATT DEVELOPMENTS PLC	-10.56%	6.21B

Other Homebuilding