Financials JTC PLC

Equities

Real-time Estimate Cboe Europe Other stock markets 06:20:13 2024-05-03 am EDT			5-day change	1st Jan Change
869.5 ^GBX	+0.75%		+3.18%	+7.30%

Apr. 22	JTC sights acquisition to expand US trust administration services	AN
Apr. 22	JTC to Buy First Republic Trust Company of Delaware for $21 Million	MT

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	468	671.6	1,311	1,082	1,315	1,398	-	-
Enterprise Value (EV) ¹	528.9	790.7	1,428	1,203	1,315	1,537	1,505	1,476
P/E ratio	26.9 x	62.3 x	45.3 x	31.7 x	58 x	25.5 x	20.3 x	18.3 x
Yield	1.28%	1.21%	0.84%	1.33%	-	1.47%	1.64%	1.85%
Capitalization / Revenue	4.71 x	5.84 x	8.89 x	5.41 x	5.11 x	4.57 x	4.11 x	3.72 x
EV / Revenue	5.33 x	6.87 x	9.68 x	6.01 x	5.11 x	5.03 x	4.43 x	3.93 x
EV / EBITDA	16.7 x	20.4 x	29.5 x	18.2 x	15.3 x	14.9 x	13.1 x	11.6 x
EV / FCF	29.1 x	34.1 x	57.4 x	-	-	26.6 x	20.6 x	18.1 x
FCF Yield	3.43%	2.93%	1.74%	-	-	3.76%	4.85%	5.51%
Price to Book	3.66 x	4.32 x	3.46 x	-	-	2.6 x	2.41 x	2.25 x
Nbr of stocks (in thousands)	113,327	120,361	143,135	144,686	161,256	161,989	-	-
Reference price ²	4.130	5.580	9.160	7.480	8.155	8.630	8.630	8.630
Announcement Date	4/22/20	4/13/21	4/19/22	4/11/23	4/9/24	-	-	-

¹GBP in Million²GBP

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	99.27	115.1	147.5	200	257.4	305.7	339.8	375.4
EBITDA ¹	31.69	38.72	48.4	66.04	85.91	102.9	115	127.6
EBIT ¹	24.35	24.9	30.8	43.8	60.8	78.68	89.78	99.64
Operating Margin	24.53%	21.64%	20.88%	21.9%	23.62%	25.74%	26.42%	26.55%
Earnings before Tax (EBT) ¹	17.64	11.24	27.78	35.94	24.31	53.7	58.83	72.8
Net income ¹	17.18	10.53	26.65	34.71	21.82	48.7	53.03	65.73
Net margin	17.31%	9.15%	18.07%	17.35%	8.48%	15.93%	15.61%	17.51%
EPS ²	0.1535	0.0896	0.2021	0.2360	0.1407	0.3385	0.4256	0.4708
Free Cash Flow ¹	18.16	23.18	24.86	-	-	57.82	73.02	81.38
FCF margin	18.3%	20.14%	16.86%	-	-	18.91%	21.49%	21.68%
FCF Conversion (EBITDA)	57.32%	59.86%	51.37%	-	-	56.18%	63.52%	63.8%
FCF Conversion (Net income)	105.72%	220.09%	93.31%	-	-	118.74%	137.7%	123.8%
Dividend per Share ²	0.0530	0.0675	0.0767	0.0998	-	0.1269	0.1415	0.1596
Announcement Date	4/22/20	4/13/21	4/19/22	4/11/23	4/9/24	-	-	-

¹GBP in Million²GBP

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	60.9	119	117	120	-	139	107	77.8
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.921 x	3.076 x	2.421 x	1.823 x	-	1.348 x	0.9343 x	0.6098 x
Free Cash Flow ¹	18.2	23.2	24.9	-	-	57.8	73	81.4
ROE (net income / shareholders' equity)	14.5%	18.3%	10.6%	-	-	11.9%	13.7%	14.3%
ROA (Net income/ Total Assets)	-	-	-	-	-	-	-	-
Assets ¹	-	-	-	-	-	-	-	-
Book Value Per Share ²	1.130	1.290	2.650	-	-	3.320	3.590	3.840
Cash Flow per Share ²	0.1900	0.2300	0.2200	-	-	0.4000	0.5000	0.5400
Capex ¹	3.43	4.4	4	-	-	9.84	10.7	11.5
Capex / Sales	3.45%	3.82%	2.71%	-	-	3.22%	3.14%	3.05%
Announcement Date	4/22/20	4/13/21	4/19/22	4/11/23	4/9/24	-	-	-

¹GBP in Million²GBP

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

8.63 GBP

Average target price

9.952 GBP

Spread / Average Target

+15.32%

	1st Jan change	Capi.
JTC PLC	+7.05%	1.75B
BLACKROCK, INC.	-6.75%	113B
UBS GROUP AG	-6.36%	85.41B
BROOKFIELD CORPORATION	+7.17%	62.94B
APOLLO GLOBAL MANAGEMENT, INC.	+16.30%	63.77B
BANK OF NEW YORK MELLON CORPORATION (THE)	+8.74%	42.33B
AMERIPRISE FINANCIAL, INC.	+9.65%	41.48B
3I GROUP PLC	+18.30%	34.25B
T. ROWE PRICE GROUP INC.	+3.22%	24.82B
STATE STREET CORPORATION	-5.50%	22.05B