Financials Tesco PLC

Equities

TSCO

GB00BLGZ9862

Food Retail & Distribution

Market Closed - London S.E. Other stock markets 16:35:25 26/04/2024 BST			5-day change	1st Jan Change
288.9 ^GBX	-0.31%		+2.67%	-0.55%

04-25	Barclays: 1st quarter boosted by cost reductions	CF
04-25	Sainsbury's profit falls but revenue up, maintains dividend	AN

Valuation

Fiscal Period: February	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	21,747	23,657	17,460	21,704	17,946	20,133	-	-
Enterprise Value (EV) ¹	24,610	35,955	29,460	32,220	28,439	19,541	29,891	30,187
P/E ratio	16.5 x	25.5 x	30.1 x	14.6 x	24.5 x	11.4 x	11.2 x	10.8 x
Yield	2.58%	3.77%	4.03%	3.8%	4.41%	3.97%	4.49%	4.78%
Capitalization / Revenue	0.34 x	0.37 x	0.3 x	0.35 x	0.27 x	0.29 x	0.29 x	0.28 x
EV / Revenue	0.39 x	0.56 x	0.51 x	0.53 x	0.43 x	0.29 x	0.43 x	0.42 x
EV / EBITDA	7.03 x	7.28 x	8.79 x	7.09 x	6.57 x	4.3 x	6.44 x	6.33 x
EV / FCF	28.5 x	-37.3 x	-51.8 x	11.5 x	10.3 x	14.9 x	19.4 x	19.8 x
FCF Yield	3.51%	-2.68%	-1.93%	8.72%	9.67%	6.7%	5.16%	5.04%
Price to Book	1.46 x	1.77 x	1.77 x	1.4 x	1.48 x	1.64 x	1.67 x	1.68 x
Nbr of stocks (in thousands)	7,685,113	7,685,869	7,685,051	7,574,252	7,268,607	6,968,930	-	-
Reference price ²	2.830	3.078	2.272	2.866	2.469	2.889	2.889	2.889
Announcement Date	10/04/19	08/04/20	14/04/21	13/04/22	13/04/23	10/04/24	-	-

¹GBP in Million²GBP

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: February	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	63,911	64,760	57,887	61,344	65,762	68,187	70,073	71,574
EBITDA ¹	3,503	4,942	3,353	4,543	4,330	4,544	4,642	4,767
EBIT ¹	2,206	3,005	1,815	2,825	2,630	2,821	2,949	3,052
Operating Margin	3.45%	4.64%	3.14%	4.61%	4%	4.14%	4.21%	4.26%
Earnings before Tax (EBT) ¹	1,674	1,315	825	2,033	1,000	2,277	2,421	2,446
Net income ¹	1,322	971	6,143	1,481	745	1,736	1,763	1,815
Net margin	2.07%	1.5%	10.61%	2.41%	1.13%	2.55%	2.52%	2.54%
EPS ²	0.1716	0.1208	0.0754	0.1964	0.1008	0.2453	0.2570	0.2679
Free Cash Flow ¹	865	-965	-569	2,808	2,751	2,026	1,542	1,523
FCF margin	1.35%	-1.49%	-0.98%	4.58%	4.18%	2.94%	2.2%	2.13%
FCF Conversion (EBITDA)	24.69%	-	-	61.81%	63.53%	43.97%	33.23%	31.94%
FCF Conversion (Net income)	65.43%	-	-	189.6%	369.26%	117.99%	87.51%	83.9%
Dividend per Share ²	0.0731	0.1159	0.0915	0.1090	0.1090	0.1148	0.1298	0.1381
Announcement Date	10/04/19	08/04/20	14/04/21	13/04/22	13/04/23	10/04/24	-	-

¹GBP in Million²GBP

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: February	2020 S1	2020 S2	2021 S1	2021 S2	2022 S1	2022 S2	2023 S1	2024 S1	2024 S2	2025 S1	2025 S2
Net sales ¹	31,909	32,851	28,718	29,169	30,416	30,928	32,456	-	34,038	34,784	35,399
EBITDA	2,435	2,507	1,926	-	-	-	-	-	-	-	-
EBIT	1,406	1,599	1,037	778	1,458	1,367	-	-	-	-	-
Operating Margin	4.41%	4.87%	3.61%	2.67%	4.79%	4.42%	-	-	-	-	-
Earnings before Tax (EBT)	-	821	-	-	-	-	-	-	-	-	-
Net income	-	-	460	-	-	-	-	927	-	-	-
Net margin	-	-	1.6%	-	-	-	-	-	-	-	-
EPS	0.0419	0.0789	-	-	-	-	-	0.1283	-	-	-
Dividend per Share	0.0336	0.0823	-	-	-	-	-	-	-	-	-
Announcement Date	02/10/19	08/04/20	07/10/20	14/04/21	06/10/21	13/04/22	05/10/22	10/09/23	10/04/24	-	-

¹GBP in Million

Estimates

Balance Sheet Analysis

Fiscal Period: February	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	2,863	12,298	12,000	10,516	10,493	10,098	9,757	10,053
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.8173 x	2.488 x	3.579 x	2.315 x	2.423 x	2.192 x	2.102 x	2.109 x
Free Cash Flow ¹	865	-965	-569	2,808	2,751	2,026	1,542	1,523
ROE (net income / shareholders' equity)	10.4%	7.27%	7.84%	10.7%	12.1%	14.1%	15.4%	16.5%
ROA (Net income/ Total Assets)	2.81%	1.78%	2.04%	4.5%	3.54%	3.59%	3.8%	3.77%
Assets ¹	46,966	54,612	301,138	32,911	21,033	47,876	46,383	48,193
Book Value Per Share ²	1.940	1.740	1.280	2.040	1.670	1.760	1.730	1.720
Cash Flow per Share ²	0.2600	0.0100	0.0600	0.4900	0.5000	0.5600	0.3900	0.4900
Capex ¹	1,292	1,003	1,171	949	971	1,237	1,235	1,286
Capex / Sales	2.02%	1.55%	2.02%	1.55%	1.48%	1.8%	1.76%	1.8%
Announcement Date	10/04/19	08/04/20	14/04/21	13/04/22	13/04/23	10/04/24	-	-

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

Ratings for Tesco PLC

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

2.889 GBP

Average target price

3.304 GBP

Spread / Average Target

+14.37%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Food Retail & Distribution

	1st Jan change	Capi.
TESCO PLC	-0.55%	25.08B
WALMART INC.	+14.48%	485B
KROGER CO. (THE)	+21.40%	40.05B
SYSCO CORPORATION	+5.39%	38.37B
AHOLD DELHAIZE N.V.	+7.63%	28.47B
WOOLWORTHS GROUP LIMITED	-15.08%	25.16B
AEON CO., LTD.	+4.35%	17.88B
GEORGE WESTON LIMITED	+11.96%	17.99B
CP ALL	+1.34%	13.77B
US FOODS HOLDING CORP.	+13.08%	12.59B

Other Food Retail & Distribution