Financials Diageo plc Buenos Aires S.E.

Equities

DEO

ARDEUT112505

Distillers & Wineries

End-of-day quote Buenos Aires S.E. Other stock markets 23:00:00 17/06/2024 BST			5-day change	1st Jan Change
27,410 ^ARS	-1.60%		-5.31%	+15.37%

06-18	DIAGEO : Bernstein reiterates its Buy rating	ZD
06-13	Diageo Sells Stake in Guinness Nigeria to Tolaram	MT

Valuation

Fiscal Period: Juni	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	101,786	77,540	111,731	97,827	96,323	72,051	-	-
Enterprise Value (EV) ¹	115,863	94,835	128,602	114,485	115,518	92,533	92,059	91,653
P/E ratio	26.5 x	42.5 x	30.2 x	25.3 x	20.5 x	18.3 x	17.1 x	15.8 x
Yield	1.99%	2.75%	2.12%	2.15%	2.38%	3.16%	3.28%	3.5%
Capitalization / Revenue	6.34 x	5.05 x	6.28 x	5.22 x	4.42 x	3.55 x	3.42 x	3.26 x
EV / Revenue	7.21 x	6.18 x	7.23 x	6.11 x	5.3 x	4.56 x	4.38 x	4.15 x
EV / EBITDA	20.7 x	18.2 x	22 x	16.8 x	14.8 x	13.8 x	13.3 x	12.6 x
EV / FCF	35.6 x	44.5 x	30.4 x	33.3 x	32.9 x	30 x	26.2 x	26.2 x
FCF Yield	2.81%	2.25%	3.29%	3.01%	3.04%	3.33%	3.81%	3.82%
Price to Book	9.95 x	8.81 x	11.6 x	10.3 x	9.76 x	6.72 x	5.73 x	5.15 x
Nbr of stocks (in thousands)	2,369,149	2,334,335	2,334,775	2,278,906	2,245,879	2,219,979	-	-
Reference price ²	42.96	33.22	47.86	42.93	42.89	32.46	32.46	32.46
Announcement Date	25/07/19	04/08/20	29/07/21	28/07/22	01/08/23	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: Juni	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	16,062	15,348	17,787	18,740	21,807	20,284	21,038	22,098
EBITDA ¹	5,605	5,208	5,857	6,822	7,799	6,717	6,927	7,265
EBIT ¹	5,138	4,563	5,233	5,818	6,695	6,025	6,221	6,545
Operating Margin	31.99%	29.73%	29.42%	31.04%	30.7%	29.71%	29.57%	29.62%
Earnings before Tax (EBT) ¹	5,287	2,668	5,177	5,320	6,035	5,480	5,841	6,320
Net income ¹	3,945	1,840	3,716	3,940	4,758	3,946	4,177	4,481
Net margin	24.56%	11.99%	20.89%	21.03%	21.82%	19.46%	19.85%	20.28%
EPS ²	1.624	0.7823	1.584	1.694	2.095	1.776	1.902	2.055
Free Cash Flow ¹	3,256	2,133	4,230	3,442	3,511	3,081	3,509	3,499
FCF margin	20.27%	13.9%	23.78%	18.37%	16.1%	15.19%	16.68%	15.83%
FCF Conversion (EBITDA)	58.08%	40.96%	72.22%	50.45%	45.02%	45.87%	50.66%	48.16%
FCF Conversion (Net income)	82.53%	115.94%	113.83%	87.35%	73.78%	78.06%	84.02%	78.08%
Dividend per Share ²	0.8560	0.9127	1.013	0.9239	1.019	1.024	1.066	1.136
Announcement Date	25/07/19	04/08/20	29/07/21	28/07/22	01/08/23	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: Juni	2020 S1	2020 S2	2021 S1	2021 S2	2022 S1	2022 S2	2023 Q1	2023 S1	2023 S2	2024 S1	2024 S2	2025 S1	2025 S2
Net sales ¹	9,430	5,945	9,434	8,184	10,659	9,090	5,823	11,645	9,803	10,962	9,608	14,345	9,802
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT	3,276	1,297	3,096	2,081	3,674	2,491	-	3,948	2,625	3,510	2,571	-	2,543
Operating Margin	34.74%	21.81%	32.82%	25.43%	34.47%	27.4%	-	33.91%	26.78%	32.02%	26.76%	-	25.94%
Earnings before Tax (EBT)	3,227	-549.8	-	2,107	3,646	2,019	-	3,779	2,140	3,079	2,463	4,184	2,537
Net income	2,443	-595.5	-	1,509	2,632	1,557	-	2,837	1,834	2,210	1,822	3,039	1,852
Net margin	25.9%	-10.02%	-	18.43%	24.7%	17.13%	-	24.36%	18.71%	20.16%	18.96%	21.19%	18.9%
EPS	1.032	-0.2468	-	0.6426	1.125	0.6755	-	1.244	0.8130	0.9840	0.7700	1.376	0.8472
Dividend per Share	0.3590	0.5545	0.3837	0.6212	0.3933	0.5678	-	-	0.6266	0.4050	0.6079	0.5244	0.6294
Announcement Date	30/01/20	04/08/20	28/01/21	29/07/21	27/01/22	28/07/22	26/01/23	26/01/23	01/08/23	30/01/24	-	-	-

¹USD in Million

Estimates

Balance Sheet Analysis

Fiscal Period: Juni	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	14,077	17,295	16,871	16,657	19,195	20,482	20,008	19,602
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.512 x	3.321 x	2.88 x	2.442 x	2.461 x	3.049 x	2.888 x	2.698 x
Free Cash Flow ¹	3,256	2,133	4,230	3,442	3,511	3,081	3,509	3,499
ROE (net income / shareholders' equity)	34.6%	33.9%	40.2%	47.9%	47.4%	39.6%	39.4%	37.2%
ROA (Net income/ Total Assets)	10.4%	7.94%	8.42%	10.3%	10.3%	9.15%	9.11%	9.41%
Assets ¹	38,031	23,165	44,156	38,322	46,372	43,125	45,857	47,602
Book Value Per Share ²	4.320	3.770	4.110	4.150	4.390	4.830	5.670	6.310
Cash Flow per Share ²	1.670	1.290	2.170	2.050	1.700	2.140	2.240	2.370
Capex ¹	798	896	874	1,330	1,504	1,381	1,380	1,367
Capex / Sales	4.97%	5.84%	4.92%	7.1%	6.9%	6.81%	6.56%	6.19%
Announcement Date	25/07/19	04/08/20	29/07/21	28/07/22	01/08/23	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Diageo plc

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

32.46 USD

Average target price

37.94 USD

Spread / Average Target

+16.90%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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