Projected Income Statement: National Grid plc

Forecast Balance Sheet: National Grid plc

Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Net Debt 1 42,809 40,973 43,607 41,371 44,160 50,654 56,796 64,514
Change - -4.29% 6.43% -5.13% 6.74% 14.71% 12.13% 13.59%
Announcement Date 19/05/22 18/05/23 23/05/24 15/05/25 14/05/26 - - -
1GBP in Million
Estimates

Cash Flow Forecast: National Grid plc

Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
CAPEX 1 5,098 6,325 6,904 8,780 9,989 12,014 12,911 14,384
Change - 24.07% 9.15% 27.17% 13.77% 20.27% 7.47% 11.4%
Free Cash Flow (FCF) 1 1,174 6 -514 -1,972 -2,160 -3,969 -4,622 -5,326
Change - -99.49% -8,666.67% -283.66% -9.53% -83.74% -16.45% -15.24%
Announcement Date 19/05/22 18/05/23 23/05/24 15/05/25 14/05/26 - - -
1GBP in Million
Estimates

Forecast Financial Ratios: National Grid plc

Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029

Profitability

        
EBITDA Margin (%) 30.59% 28.99% 37.9% 40.98% 44.82% 45.92% 48.43% 49.02%
EBIT Margin (%) 20.67% 19.83% 27.52% 25.93% 32.11% 33.2% 35.05% 35.41%
EBT Margin (%) 18.65% 16.58% 15.36% 19.86% 23.64% 25.69% 27.01% 27.08%
Net margin (%) 12.75% 36% 11.54% 15.79% 18.32% 22.4% 22.83% 22.61%
FCF margin (%) 6.36% 0.03% -2.59% -10.73% -12.21% -19.87% -21.74% -22.7%
FCF / Net Income (%) 49.89% 0.08% -22.45% -67.95% -66.65% -88.71% -95.2% -100.38%

Profitability

        
ROA 2.9% 8.31% 2.4% 2.83% 2.44% 3.78% 4.02% 3.97%
ROE 11.4% 11% 8.9% 9% 9.8% 10.93% 11.27% 11.48%

Financial Health

        
Leverage (Debt/EBITDA) 7.59x 6.53x 5.8x 5.49x 5.57x 5.52x 5.52x 5.61x
Debt / Free cash flow 36.46x 6,828.83x -84.84x -20.98x -20.44x -12.76x -12.29x -12.11x

Capital Intensity

        
CAPEX / Current Assets (%) 27.63% 29.2% 34.78% 47.77% 56.48% 60.14% 60.73% 61.31%
CAPEX / EBITDA (%) 90.34% 100.75% 91.77% 116.57% 126.01% 130.96% 125.38% 125.05%
CAPEX / FCF (%) 434.24% 105,416.67% -1,343.19% -445.23% -462.45% -302.71% -279.36% -270.07%

Items per share

        
Cash flow per share 1 1.735 1.876 1.871 1.44 1.575 1.628 1.699 1.931
Change - 8.19% -0.3% -23.05% 9.4% 3.38% 4.33% 13.69%
Dividend per Share 1 0.5097 0.5544 0.5852 0.4672 0.4849 0.4966 0.5075 0.5188
Change - 8.77% 5.56% -20.16% 3.79% 2.41% 2.19% 2.22%
Book Value Per Share 1 6.622 8.073 8.09 8.031 7.946 8.316 8.797 9.31
Change - 21.91% 0.21% -0.72% -1.07% 4.66% 5.79% 5.84%
EPS 1 0.65 2.121 0.617 0.614 0.652 0.8938 0.9601 1.038
Change - 226.31% -70.91% -0.49% 6.19% 37.09% 7.41% 8.09%
Nbr of stocks (in thousands) 3,644,928 3,676,413 3,719,722 4,892,261 4,971,309 4,975,645 4,975,645 4,975,645
Announcement Date 19/05/22 18/05/23 23/05/24 15/05/25 14/05/26 - - -
1GBP
Estimates
2027 *2028 *
P/E ratio 13.5x 12.5x
PBR 1.45x 1.37x
EV / Sales 5.53x 5.49x
Yield 4.13% 4.22%

EPS & Dividend

Y-o-Y evolution of P/E

Year-on-year evolution of the Yield

Trader
Investor
Global
Quality
ESG MSCI
AAA
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
16
Last Close Price
12.02GBP
Average target price
13.69GBP
Spread / Average Target
+13.85%

Quarterly revenue - Rate of surprise

  1. Stock Market
  2. Stocks
  3. NG. Stock
  4. Financials National Grid plc
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