Financials Diageo plc London S.E.

Equities

DGED

US25243Q2057

Distillers & Wineries

Delayed London S.E. Other stock markets 15:43:01 20/09/2019 BST			5-day change	1st Jan Change
162.2 ^USD	-3.95%		+25.19%	+11.36%

07:00am	Chinese liquor makers endeavour to give Westerners a taste for baijiu	RE
06-24	DIAGEO : Gets a Buy rating from Bernstein	ZD

Valuation

Fiscal Period: June	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	101,786	77,540	111,731	97,827	96,323	72,375	-	-
Enterprise Value (EV) ¹	115,863	94,835	128,602	114,485	115,518	92,940	92,432	91,989
P/E ratio	26.5 x	42.5 x	30.2 x	25.3 x	20.5 x	18.7 x	17.2 x	15.9 x
Yield	1.99%	2.75%	2.12%	2.15%	2.38%	3.13%	3.26%	3.47%
Capitalization / Revenue	6.34 x	5.05 x	6.28 x	5.22 x	4.42 x	3.58 x	3.45 x	3.29 x
EV / Revenue	7.21 x	6.18 x	7.23 x	6.11 x	5.3 x	4.59 x	4.41 x	4.19 x
EV / EBITDA	20.7 x	18.2 x	22 x	16.8 x	14.8 x	14 x	13.4 x	12.8 x
EV / FCF	35.6 x	44.5 x	30.4 x	33.3 x	32.9 x	31.1 x	27.1 x	27.2 x
FCF Yield	2.81%	2.25%	3.29%	3.01%	3.04%	3.22%	3.69%	3.68%
Price to Book	9.95 x	8.81 x	11.6 x	10.3 x	9.76 x	6.79 x	5.78 x	5.17 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	32.60	32.60	32.60
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: June	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	16,062	15,348	17,787	18,740	21,807	20,244	20,967	21,972
EBITDA ¹	5,605	5,208	5,857	6,822	7,799	6,660	6,876	7,204
EBIT ¹	5,138	4,563	5,233	5,818	6,695	5,955	6,166	6,482
Operating Margin	31.99%	29.73%	29.42%	31.04%	30.7%	29.42%	29.41%	29.5%
Earnings before Tax (EBT) ¹	5,287	2,668	5,177	5,320	6,035	5,485	5,816	6,282
Net income ¹	3,945	1,840	3,716	3,940	4,758	3,883	4,152	4,456
Net margin	24.56%	11.99%	20.89%	21.03%	21.82%	19.18%	19.8%	20.28%
EPS ²	1.624	0.7823	1.584	1.694	2.095	1.747	1.892	2.054
Free Cash Flow ¹	3,256	2,133	4,230	3,442	3,511	2,991	3,415	3,385
FCF margin	20.27%	13.9%	23.78%	18.37%	16.1%	14.78%	16.29%	15.41%
FCF Conversion (EBITDA)	58.08%	40.96%	72.22%	50.45%	45.02%	44.91%	49.66%	46.98%
FCF Conversion (Net income)	82.53%	115.94%	113.83%	87.35%	73.78%	77.02%	82.25%	75.96%
Dividend per Share ²	0.8560	0.9127	1.013	0.9239	1.019	1.020	1.062	1.130
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: June	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	9,508	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%	27.04%	-	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%	19.16%	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: June	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	14,077	17,295	16,871	16,657	19,195	20,565	20,057	19,613
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.512 x	3.321 x	2.88 x	2.442 x	2.461 x	3.088 x	2.917 x	2.722 x
Free Cash Flow ¹	3,256	2,133	4,230	3,442	3,511	2,991	3,415	3,385
ROE (net income / shareholders' equity)	34.6%	33.9%	40.2%	47.9%	47.4%	41%	39.9%	38%
ROA (Net income/ Total Assets)	10.4%	7.94%	8.42%	10.3%	10.3%	8.98%	8.87%	9.15%
Assets ¹	38,031	23,165	44,156	38,322	46,372	43,225	46,786	48,719
Book Value Per Share ²	4.320	3.770	4.110	4.150	4.390	4.800	5.640	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	1,420	1,399	1,399
Capex / Sales	4.97%	5.84%	4.92%	7.1%	6.9%	7.02%	6.67%	6.37%
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

32.6 USD

Average target price

37.45 USD

Spread / Average Target

+14.87%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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