Financials London Stock Exchange plc

Equities

LSEG

GB00B0SWJX34

Financial & Commodity Market Operators

Market Closed - London S.E. 16:35:28 24/06/2024 BST 5-day change 1st Jan Change
9,626 GBX -0.29% Intraday chart for London Stock Exchange plc +2.04% +3.80%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 27,061 31,622 38,591 39,525 50,168 51,027 - -
Enterprise Value (EV) 1 27,691 31,805 44,320 45,187 56,264 57,040 55,619 54,233
P/E ratio 65.6 x 75.8 x 12 x 30.7 x 67.2 x 60.4 x 45.2 x 36.7 x
Yield 0.9% 0.83% 1.37% 1.5% 1.24% 1.29% 1.44% 1.62%
Capitalization / Revenue 11.7 x 12.9 x 5.67 x 5.1 x 5.99 x 5.85 x 5.45 x 5.08 x
EV / Revenue 12 x 13 x 6.51 x 5.84 x 6.71 x 6.54 x 5.94 x 5.4 x
EV / EBITDA 21.9 x 23.9 x 13.5 x 12.7 x 14.9 x 14 x 12.4 x 11 x
EV / FCF 43.1 x 42.4 x 22.8 x 25.5 x 30.3 x 27.9 x 22.9 x 19.5 x
FCF Yield 2.32% 2.36% 4.38% 3.92% 3.3% 3.58% 4.37% 5.12%
Price to Book 7.87 x 8.52 x 1.63 x 1.52 x 2.11 x 2.11 x 2.04 x 1.96 x
Nbr of stocks (in thousands) 349,169 351,046 556,873 553,881 540,950 530,096 - -
Reference price 2 77.50 90.08 69.30 71.36 92.74 96.26 96.26 96.26
Announcement Date 28/02/20 05/03/21 03/03/22 02/03/23 29/02/24 - - -
1GBP in Million2GBP
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 2,314 2,444 6,811 7,743 8,379 8,717 9,361 10,051
EBITDA 1 1,265 1,329 3,283 3,550 3,777 4,078 4,489 4,939
EBIT 1 1,065 1,118 2,509 2,728 2,862 3,117 3,500 3,950
Operating Margin 46.02% 45.74% 36.84% 35.23% 34.16% 35.75% 37.39% 39.3%
Earnings before Tax (EBT) 1 651 685 987 1,241 1,195 1,763 2,171 2,572
Net income 1 417 421 3,129 1,302 761 858.2 1,153 1,446
Net margin 18.02% 17.23% 45.94% 16.82% 9.08% 9.84% 12.31% 14.38%
EPS 2 1.181 1.189 5.781 2.325 1.381 1.593 2.129 2.626
Free Cash Flow 1 642 750 1,940 1,771 1,858 2,044 2,431 2,779
FCF margin 27.74% 30.69% 28.48% 22.87% 22.17% 23.45% 25.97% 27.65%
FCF Conversion (EBITDA) 50.75% 56.43% 59.09% 49.89% 49.19% 50.12% 54.15% 56.26%
FCF Conversion (Net income) 153.96% 178.15% 62% 136.02% 244.15% 238.17% 210.88% 192.2%
Dividend per Share 2 0.7000 0.7500 0.9500 1.070 1.150 1.244 1.391 1.559
Announcement Date 28/02/20 05/03/21 03/03/22 02/03/23 29/02/24 - - -
1GBP in Million2GBP
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2019 S2 2020 S1 2020 S2 2021 S1 2021 Q4 2021 S2 2022 Q1 2022 Q2 2022 S1 2022 S2 2023 Q1 2023 Q2 2023 S1 2023 Q3 2023 Q4 2023 S2 2024 Q1 2024 Q2 2024 S1 2024 Q3 2024 Q4 2024 S2 2025 Q1 2025 S1 2025 S2
Net sales 1 1,174 1,235 1,209 3,356 1,691 3,455 1,751 1,984 3,735 4,008 2,100 2,079 4,179 2,054 2,146 4,200 2,182 1,983 4,375 2,086 2,245 4,451 2,206 4,675 4,745
EBITDA 644 674 655 1,657 - 1,626 - 756.5 1,799 1,751 - - 1,872 - - 1,905 - - 2,042 - - 2,056 - 2,222 2,246
EBIT 532 575 543 1,294 - 1,215 - 464.5 1,408 1,320 - - 1,418 - - 1,444 - - 1,555 - - 1,556 - 1,728 1,753
Operating Margin 45.32% 46.56% 44.91% 38.56% - 35.17% - 23.41% 37.7% 32.93% - - 33.93% - - 34.38% - - 35.55% - - 34.96% - 36.96% 36.94%
Earnings before Tax (EBT) 288 362 - - - - - - - - - - - - - - - - - - - - - - -
Net income 171 226 - - - - - - - - - - - - - - - - - - - - - - -
Net margin 14.57% 18.3% - - - - - - - - - - - - - - - - - - - - - - -
EPS 0.4860 0.6380 - - - - - - - - - - - - - - - - - - - - - - -
Dividend per Share 0.4990 0.2330 0.5170 - - - - - 0.3170 0.7530 - - 0.3570 - - - - - - - - - - - -
Announcement Date 28/02/20 31/07/20 05/03/21 06/08/21 03/03/22 03/03/22 05/05/22 05/08/22 05/08/22 02/03/23 27/04/23 03/08/23 03/08/23 19/10/23 29/02/24 29/02/24 25/04/24 - - - - - - - -
1GBP in Million
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 630 183 5,729 5,662 6,096 6,013 4,592 3,206
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 0.498 x 0.1377 x 1.745 x 1.595 x 1.614 x 1.475 x 1.023 x 0.6491 x
Free Cash Flow 1 642 750 1,940 1,771 1,858 2,044 2,431 2,779
ROE (net income / shareholders' equity) 20.6% 20.5% 11.9% 7.13% 7.13% 8.1% 9.46% 10.6%
ROA (Net income/ Total Assets) 0.08% 0.05% 0.2% 0.22% 0.22% 0.17% 0.19% 0.26%
Assets 1 491,166 842,000 1,575,529 596,700 351,664 500,391 616,431 561,504
Book Value Per Share 2 9.840 10.60 42.40 46.90 44.00 45.70 47.30 49.20
Cash Flow per Share 2 2.370 2.750 4.810 4.890 5.340 5.240 5.940 6.470
Capex 1 195 222 662 966 1,084 985 906 885
Capex / Sales 8.43% 9.08% 9.72% 12.48% 12.94% 11.3% 9.68% 8.81%
Announcement Date 28/02/20 05/03/21 03/03/22 02/03/23 29/02/24 - - -
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
B+
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
17
Last Close Price
96.54 GBP
Average target price
105.7 GBP
Spread / Average Target
+9.46%
Consensus

Quarterly revenue - Rate of surprise

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