NATIONAL GRID PLC |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 1,048 GBX | +0.14% |
|
+0.82% | -0.90% |
| Apr. 23 | NATIONAL GRID : UBS reiterates its Buy rating | ZD |
| Apr. 19 | New York fails to reach contracts with 3 major offshore wind farms | RE |
Valuation
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 29,013 | 33,209 | 30,665 | 42,733 | 40,312 | 39,002 | - | - |
| Enterprise Value (EV) 1 | 55,542 | 61,799 | 59,211 | 85,542 | 81,285 | 83,588 | 87,853 | 93,132 |
| P/E ratio | 19.2 x | 26.1 x | 18.7 x | 18 x | 5.17 x | 14.3 x | 13.5 x | 13 x |
| Yield | 5.56% | 5.13% | 5.69% | 4.35% | 5.06% | 5.53% | 5.69% | 5.81% |
| Capitalization / Revenue | 1.94 x | 2.28 x | 2.07 x | 2.32 x | 1.86 x | 1.81 x | 1.84 x | 1.8 x |
| EV / Revenue | 3.72 x | 4.25 x | 4.01 x | 4.64 x | 3.75 x | 3.88 x | 4.15 x | 4.3 x |
| EV / EBITDA | 11 x | 12.5 x | 12.9 x | 15.2 x | 12.9 x | 12 x | 11.8 x | 11.6 x |
| EV / FCF | 147 x | -219 x | -181 x | 72.9 x | 13,547 x | -28.7 x | -23 x | -22.2 x |
| FCF Yield | 0.68% | -0.46% | -0.55% | 1.37% | 0.01% | -3.48% | -4.35% | -4.51% |
| Price to Book | 1.49 x | 1.67 x | 1.53 x | 1.77 x | 1.36 x | 1.27 x | 1.24 x | 1.2 x |
| Nbr of stocks (in thousands) | 3,410,131 | 3,508,281 | 3,549,181 | 3,644,928 | 3,676,413 | 3,719,747 | - | - |
| Reference price 2 | 8.508 | 9.466 | 8.640 | 11.72 | 10.96 | 10.48 | 10.48 | 10.48 |
| Announcement Date | 5/16/19 | 6/18/20 | 5/20/21 | 5/19/22 | 5/18/23 | - | - | - |
1GBP in Million2GBP
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 14,933 | 14,540 | 14,779 | 18,449 | 21,659 | 21,542 | 21,194 | 21,676 |
| EBITDA 1 | 5,030 | 4,947 | 4,598 | 5,643 | 6,278 | 6,950 | 7,422 | 8,017 |
| EBIT 1 | 3,442 | 3,307 | 2,926 | 3,813 | 4,294 | 4,781 | 5,113 | 5,513 |
| Operating Margin | 23.05% | 22.74% | 19.8% | 20.67% | 19.83% | 22.2% | 24.13% | 25.44% |
| Earnings before Tax (EBT) 1 | 1,841 | 1,754 | 2,083 | 3,441 | 3,590 | 3,427 | 3,525 | 3,737 |
| Net income 1 | 1,511 | 1,264 | 1,640 | 2,353 | 7,797 | 2,668 | 2,843 | 3,031 |
| Net margin | 10.12% | 8.69% | 11.1% | 12.75% | 36% | 12.38% | 13.41% | 13.98% |
| EPS 2 | 0.4440 | 0.3630 | 0.4630 | 0.6500 | 2.121 | 0.7308 | 0.7746 | 0.8084 |
| Free Cash Flow 1 | 377 | -282 | -327 | 1,174 | 6 | -2,911 | -3,819 | -4,196 |
| FCF margin | 2.52% | -1.94% | -2.21% | 6.36% | 0.03% | -13.51% | -18.02% | -19.36% |
| FCF Conversion (EBITDA) | 7.5% | - | - | 20.8% | 0.1% | - | - | - |
| FCF Conversion (Net income) | 24.95% | - | - | 49.89% | 0.08% | - | - | - |
| Dividend per Share 2 | 0.4734 | 0.4857 | 0.4916 | 0.5097 | 0.5544 | 0.5803 | 0.5964 | 0.6094 |
| Announcement Date | 5/16/19 | 6/18/20 | 5/20/21 | 5/19/22 | 5/18/23 | - | - | - |
1GBP in Million2GBP
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: March | 2020 S1 | 2020 S2 | 2021 S1 | 2021 S2 | 2022 S1 | 2022 S2 | 2023 S1 | 2023 S2 | 2024 S1 | 2024 S2 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 6,289 | 8,251 | 6,535 | 8,244 | 7,651 | 10,798 | 9,444 | 12,215 | 8,489 | 11,303 |
| EBITDA | - | - | - | - | - | - | 3,049 | - | - | - |
| EBIT | 1,088 | - | 1,047 | - | 1,693 | - | 2,117 | - | 1,796 | - |
| Operating Margin | 17.3% | - | 16.02% | - | 22.13% | - | 22.42% | - | 21.16% | - |
| Earnings before Tax (EBT) | - | - | 720 | - | - | - | 1,572 | - | - | - |
| Net income | - | - | 601 | - | - | - | 1,256 | - | 1,128 | - |
| Net margin | - | - | 9.2% | - | - | - | 13.3% | - | 13.29% | - |
| EPS | - | - | 0.1710 | - | - | - | 0.3420 | - | 0.3050 | - |
| Dividend per Share | 0.1657 | 0.3200 | 0.1700 | - | 0.1721 | - | 0.1784 | 0.3760 | 0.1940 | - |
| Announcement Date | 11/14/19 | 6/18/20 | 11/12/20 | 5/20/21 | 11/18/21 | 5/19/22 | 11/10/22 | 5/18/23 | 11/9/23 | - |
1GBP in Million
Estimates
Balance Sheet Analysis
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 26,529 | 28,590 | 28,546 | 42,809 | 40,973 | 44,586 | 48,851 | 54,130 |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 5.274 x | 5.779 x | 6.208 x | 7.586 x | 6.526 x | 6.416 x | 6.582 x | 6.752 x |
| Free Cash Flow 1 | 377 | -282 | -327 | 1,174 | 6 | -2,911 | -3,819 | -4,196 |
| ROE (net income / shareholders' equity) | 11.8% | 11.7% | 10.6% | 11.4% | 11% | 8.96% | 9.43% | 9.58% |
| ROA (Net income/ Total Assets) | 2.48% | 1.94% | 2.43% | 2.9% | 8.31% | 2.9% | 2.93% | 2.89% |
| Assets 1 | 60,876 | 65,027 | 67,490 | 81,037 | 93,778 | 91,927 | 97,153 | 104,914 |
| Book Value Per Share 2 | 5.710 | 5.650 | 5.630 | 6.620 | 8.070 | 8.270 | 8.470 | 8.700 |
| Cash Flow per Share 2 | 1.270 | 1.330 | 1.260 | 1.730 | 1.880 | 1.640 | 1.600 | 1.700 |
| Capex 1 | 3,941 | 4,832 | 4,362 | 5,098 | 6,325 | 8,245 | 9,098 | 9,910 |
| Capex / Sales | 26.39% | 33.23% | 29.51% | 27.63% | 29.2% | 38.27% | 42.93% | 45.72% |
| Announcement Date | 5/16/19 | 6/18/20 | 5/20/21 | 5/19/22 | 5/18/23 | - | - | - |
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
C+
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
15
Last Close Price
10.48
GBP
Average target price
11.88
GBP
Spread / Average Target
+13.32%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| -0.90% | 48.66B | |
| -20.00% | 88.15B | |
| +63.42% | 81.88B | |
| -.--% | 51.55B | |
| -4.56% | 45.53B | |
| +1.14% | 41.71B | |
| +2.14% | 34.83B | |
| +10.91% | 33.95B | |
| -21.83% | 25.41B | |
| +1.68% | 22.14B |
- Stock Market
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- Financials National Grid plc
