Financials Nichols plc

Equities

Market Closed - London S.E. Other stock markets 11:35:12 2024-04-26 am EDT			5-day change	1st Jan Change
994 ^GBX	-0.40%		-0.60%	-12.81%

Apr. 24	EARNINGS AND TRADING: Nichols trading in line; Ondine revenue doubles	AN
Apr. 24	Nichols plc Reports Revenue Results for the Three Months to 31 March 2024	CI

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	506.4	582.2	498.5	550.2	391.2	363	363	-
Enterprise Value (EV) ¹	467.5	541.2	451.2	493.5	334.9	348.8	288.8	278.2
P/E ratio	19.8 x	21.7 x	103 x	-24.9 x	33.7 x	22.7 x	20 x	16.2 x
Yield	2.78%	2.56%	2.73%	1.55%	2.58%	2.47%	3.01%	3.19%
Capitalization / Revenue	3.57 x	3.96 x	4.2 x	3.81 x	2.37 x	2.44 x	2.05 x	1.97 x
EV / Revenue	3.29 x	3.68 x	3.8 x	3.42 x	2.03 x	2.04 x	1.63 x	1.51 x
EV / EBITDA	13.8 x	14.6 x	27.3 x	20.8 x	11.5 x	12.7 x	9.61 x	8.68 x
EV / FCF	24.1 x	24.3 x	24 x	26.4 x	22.2 x	17.9 x	15.7 x	12.1 x
FCF Yield	4.15%	4.12%	4.17%	3.78%	4.51%	5.6%	6.38%	8.29%
Price to Book	4.51 x	4.65 x	4.16 x	5.92 x	4.42 x	4.27 x	3.49 x	3.15 x
Nbr of stocks (in thousands)	36,899	36,905	36,922	36,861	36,476	36,521	36,521	-
Reference price ²	13.72	15.78	13.50	14.92	10.72	9.940	9.940	9.940
Announcement Date	2/27/19	2/26/20	3/3/21	3/2/22	3/1/23	3/6/24	-	-

¹GBP in Million²GBP

Estimates

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	142	147	118.7	144.3	164.9	170.7	176.7	184.1
EBITDA ¹	33.8	37	16.5	23.7	29.12	27.54	30.04	32.04
EBIT ¹	31.64	32.44	11.65	21.92	24.6	25.19	27.07	29.13
Operating Margin	22.27%	22.07%	9.82%	15.19%	14.92%	14.76%	15.32%	15.82%
Earnings before Tax (EBT) ¹	31.8	32.42	6.54	-17.66	13.84	24.26	23.25	28.1
Net income ¹	25.52	26.84	4.854	-22.17	11.64	18.36	17.45	21.05
Net margin	17.96%	18.26%	4.09%	-15.36%	7.05%	10.75%	9.88%	11.43%
EPS ²	0.6919	0.7277	0.1313	-0.6004	0.3182	0.5032	0.4965	0.6132
Free Cash Flow ¹	19.41	22.28	18.81	18.66	15.09	19.53	18.42	23.06
FCF margin	13.66%	15.16%	15.85%	12.93%	9.15%	11.44%	10.42%	12.52%
FCF Conversion (EBITDA)	57.41%	60.21%	113.98%	78.74%	51.82%	70.94%	61.3%	71.98%
FCF Conversion (Net income)	76.06%	83.02%	387.45%	-	129.7%	106.38%	105.54%	109.55%
Dividend per Share ²	0.3810	0.4040	0.3680	0.2310	0.2770	0.2820	0.2991	0.3172
Announcement Date	2/27/19	2/26/20	3/3/21	3/2/22	3/1/23	3/6/24	-	-

¹GBP in Million²GBP

Estimates

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	38.9	40.9	47.3	56.7	56.3	67	74.2	84.8
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	19.4	22.3	18.8	18.7	15.1	19.5	18.4	23.1
ROE (net income / shareholders' equity)	-	22.6%	7.7%	16%	22.3%	19.7%	21.9%	21.3%
ROA (Net income/ Total Assets)	-	-	-	-	-	-	-	-
Assets ¹	-	-	-	-	-	-	-	-
Book Value Per Share ²	3.040	3.390	3.250	2.520	2.430	2.670	2.850	3.150
Cash Flow per Share ²	0.6300	0.7600	0.5800	0.5400	0.4500	0.5500	0.5600	0.7000
Capex ¹	3.86	5.91	2.7	1.24	1.25	0.48	0.85	1.07
Capex / Sales	2.72%	4.02%	2.28%	0.86%	0.75%	0.28%	0.48%	0.58%
Announcement Date	2/27/19	2/26/20	3/3/21	3/2/22	3/1/23	3/6/24	-	-

¹GBP in Million²GBP

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

D+

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

9.94 GBP

Average target price

12.04 GBP

Spread / Average Target

+21.14%

	1st Jan change	Capi.
NICHOLS PLC	-12.81%	452M
THE COCA-COLA COMPANY	+4.77%	266B
KEURIG DR PEPPER INC.	+1.20%	45.71B
VARUN BEVERAGES LIMITED	+18.01%	22.74B
ARCA CONTINENTAL, S.A.B. DE C.V.	-9.31%	16.6B
CELSIUS HOLDINGS, INC.	+34.19%	17.05B
COCA-COLA HELLENIC	+11.50%	11.7B
SWIRE PACIFIC LIMITED	-1.51%	10.8B
SUNTORY BEVERAGE & FOOD LIMITED	+8.37%	9.89B
COCA-COLA CONSOLIDATED, INC.	-11.41%	7.71B