Financials WPP plc Deutsche Boerse AG

Equities

0WP

JE00B8KF9B49

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Market Closed - Deutsche Boerse AG Other stock markets 07:05:21 05/07/2024 BST			5-day change	1st Jan Change
8.65 ^EUR	+1.17%		0.00%	+1.17%

07-03	European Equities Traded in the US as American Depositary Receipts Trend Higher in Wednesday Trading	MT
07-01	Tihama Secures Extension for ICG Saudi Arabia Launch	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	13,253	9,729	12,859	8,736	8,050	7,979	-	-
Enterprise Value (EV) ¹	14,793	10,424	13,760	11,216	10,554	10,397	9,965	9,427
P/E ratio	21.5 x	-3.3 x	21.3 x	13.4 x	74.6 x	11.3 x	9.3 x	8.3 x
Yield	2.13%	3%	2.79%	4.8%	5.23%	5.15%	5.35%	5.52%
Capitalization / Revenue	1.22 x	1 x	1.24 x	0.74 x	0.68 x	0.68 x	0.66 x	0.64 x
EV / Revenue	1.36 x	1.07 x	1.32 x	0.95 x	0.89 x	0.88 x	0.83 x	0.76 x
EV / EBITDA	6.94 x	5.75 x	6.8 x	4.95 x	4.73 x	4.83 x	4.5 x	4.12 x
EV / FCF	9.79 x	5.68 x	7.91 x	22.8 x	9.95 x	10.8 x	8.81 x	7.67 x
FCF Yield	10.2%	17.6%	12.6%	4.39%	10.1%	9.23%	11.3%	13%
Price to Book	1.65 x	2.02 x	3.79 x	2.54 x	2.4 x	2.22 x	1.97 x	1.76 x
Nbr of stocks (in thousands)	1,242,655	1,216,111	1,148,624	1,065,133	1,069,034	1,072,751	-	-
Reference price ²	10.66	8.000	11.20	8.202	7.530	7.438	7.438	7.438
Announcement Date	27/02/20	11/03/21	24/02/22	23/02/23	22/02/24	-	-	-

¹GBP in Million²GBP

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	10,847	9,762	10,397	11,799	11,860	11,775	12,063	12,440
EBITDA ¹	2,131	1,812	2,024	2,267	2,233	2,153	2,212	2,289
EBIT ¹	1,623	1,271	1,580	1,816	1,786	1,808	1,899	1,968
Operating Margin	14.96%	13.02%	15.19%	15.39%	15.06%	15.36%	15.74%	15.82%
Earnings before Tax (EBT) ¹	982.1	-2,791	950.8	1,160	346	1,181	1,340	1,542
Net income ¹	624.1	-2,974	637.7	682.7	110.4	770.6	896	1,009
Net margin	5.75%	-30.46%	6.13%	5.79%	0.93%	6.54%	7.43%	8.11%
EPS ²	0.4950	-2.427	0.5250	0.6120	0.1010	0.6553	0.8000	0.8965
Free Cash Flow ¹	1,511	1,836	1,740	492.5	1,061	959.6	1,131	1,229
FCF margin	13.93%	18.81%	16.73%	4.17%	8.95%	8.15%	9.37%	9.88%
FCF Conversion (EBITDA)	70.9%	101.32%	85.97%	21.73%	47.51%	44.58%	51.12%	53.69%
FCF Conversion (Net income)	242.14%	-	272.81%	72.14%	961.05%	124.53%	126.19%	121.78%
Dividend per Share ²	0.2270	0.2400	0.3120	0.3940	0.3940	0.3834	0.3981	0.4105
Announcement Date	27/02/20	11/03/21	24/02/22	23/02/23	22/02/24	-	-	-

¹GBP in Million²GBP

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2021 Q3	2021 Q4	2021 S2	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	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
Net sales ¹	4,698	5,583	4,179	6,133	2,640	2,858	5,498	2,574	2,935	6,755	2,986	3,304	6,290	2,829	4,392	7,221	2,837	1,802	4,639	2,687	2,936	5,623	2,852	3,235	6,086
EBITDA	1,088	479.6	1,178	838.6	-	-	1,185	-	-	874.8	-	-	1,392	-	-	895.9	-	-	1,337	-	-	791.5	-	-	1,450
EBIT	872.2	381.8	888.8	590	-	-	960.9	-	-	639.1	-	-	-	-	-	666.3	-	-	-	-	-	636	-	-	-
Operating Margin	18.57%	6.84%	21.27%	9.62%	-	-	17.48%	-	-	9.46%	-	-	-	-	-	9.23%	-	-	-	-	-	11.31%	-	-	-
Earnings before Tax (EBT)	503.9	-2,571	-209.6	394.4	-	-	556.4	-	-	418.6	-	-	741.2	-	-	204.3	-	-	141.7	-	-	186.5	-	-	755.4
Net income	311.7	-2,633	-340.5	252.7	-	-	385	-	-	257.9	-	-	424.8	-	-	112	-	-	-	-	-	136.1	-	-	551.4
Net margin	6.63%	-47.17%	-8.15%	4.12%	-	-	7%	-	-	3.82%	-	-	6.75%	-	-	1.55%	-	-	-	-	-	2.42%	-	-	9.06%
EPS	0.2470	-2.150	-0.2770	0.2060	-	-	0.1790	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Dividend per Share	-	0.1000	0.1400	0.1250	-	-	0.1870	-	-	0.1500	-	-	-	-	-	-	-	-	-	-	-	0.1560	-	-	-
Announcement Date	27/02/20	27/08/20	11/03/21	05/08/21	24/11/21	24/02/22	24/02/22	27/04/22	05/08/22	05/08/22	26/10/22	23/02/23	23/02/23	27/04/23	04/08/23	04/08/23	26/10/23	22/02/24	22/02/24	25/04/24	-	-	-	-	-

¹GBP in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	1,540	696	901	2,479	2,504	2,417	1,986	1,448
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.7223 x	0.3838 x	0.4453 x	1.094 x	1.121 x	1.123 x	0.8976 x	0.6323 x
Free Cash Flow ¹	1,511	1,837	1,740	493	1,061	960	1,131	1,229
ROE (net income / shareholders' equity)	11.3%	11.5%	22.9%	30.1%	29.1%	24.4%	23.6%	22.4%
ROA (Net income/ Total Assets)	3.02%	1.95%	2.98%	3.88%	3.7%	2.75%	3.28%	3.55%
Assets ¹	20,671	-152,503	21,392	17,593	2,983	28,023	27,359	28,461
Book Value Per Share ²	6.460	3.960	2.950	3.220	3.140	3.340	3.780	4.220
Cash Flow per Share ²	1.470	1.680	1.670	0.6300	1.130	1.040	1.210	1.280
Capex ¹	339	218	263	208	177	260	250	245
Capex / Sales	3.13%	2.24%	2.53%	1.77%	1.49%	2.21%	2.07%	1.97%
Announcement Date	27/02/20	11/03/21	24/02/22	23/02/23	22/02/24	-	-	-

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

Ratings for WPP plc

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

7.438 GBP

Average target price

8.8 GBP

Spread / Average Target

+18.31%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

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