Stock ABF ASSOCIATED BRITISH FOODS PLC
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Financials Associated British Foods plc

Equities

ABF

GB0006731235

Food Processing

Market Closed - London S.E.
Other stock markets
 11:35:25 2024-05-31 am EDT 		5-day change 1st Jan Change
2,550 GBX -4.14% Intraday chart for Associated British Foods plc -6.32% +7.73%
May. 31 FTSE 100 outperforms European counterparts AN
May. 31 Majority shareholder Wittington sells 1.4% stake in AB Foods AN

Valuation

Fiscal Period: Septiembre 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 18,418 15,865 14,919 10,468 15,919 19,014 - -
Enterprise Value (EV) 1 17,482 17,946 16,299 12,232 18,184 21,026 20,812 21,070
P/E ratio 21 x 34.9 x 31.2 x 14.9 x 15.5 x 13.6 x 12.9 x 12.2 x
Yield 1.99% - 1.41% 3.3% 2.88% 2.71% 2.83% 3.04%
Capitalization / Revenue 1.16 x 1.14 x 1.07 x 0.62 x 0.81 x 0.93 x 0.88 x 0.85 x
EV / Revenue 1.1 x 1.29 x 1.17 x 0.72 x 0.92 x 1.02 x 0.97 x 0.94 x
EV / EBITDA 8.8 x 9.54 x 8.77 x 5.41 x 7.7 x 7.34 x 6.86 x 6.57 x
EV / FCF 21.1 x 15.1 x 18.9 x 25.9 x 27.7 x 14.8 x 18.9 x 19.2 x
FCF Yield 4.74% 6.64% 5.29% 3.87% 3.61% 6.78% 5.28% 5.22%
Price to Book 1.95 x 1.68 x 1.5 x 0.91 x 1.46 x 1.64 x 1.51 x 1.41 x
Nbr of stocks (in thousands) 789,448 788,892 790,004 790,327 764,973 745,655 - -
Reference price 2 23.33 20.11 18.88 13.24 20.81 25.50 25.50 25.50
Announcement Date 11/5/19 11/3/20 11/9/21 11/8/22 11/7/23 - - -
1GBP in Million2GBP
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: Septiembre 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 15,824 13,937 13,884 16,997 19,750 20,541 21,490 22,475
EBITDA 1 1,986 1,881 1,858 2,261 2,361 2,866 3,036 3,208
EBIT 1 1,421 1,024 1,011 1,435 1,513 2,006 2,098 2,196
Operating Margin 8.98% 7.35% 7.28% 8.44% 7.66% 9.76% 9.76% 9.77%
Earnings before Tax (EBT) 1 1,173 686 725 1,076 1,340 1,883 1,964 2,052
Net income 1 878 455 478 700 1,044 1,416 1,476 1,549
Net margin 5.55% 3.26% 3.44% 4.12% 5.29% 6.89% 6.87% 6.89%
EPS 2 1.111 0.5760 0.6050 0.8860 1.342 1.876 1.972 2.090
Free Cash Flow 1 829 1,192 862 473 657 1,425 1,100 1,099
FCF margin 5.24% 8.55% 6.21% 2.78% 3.33% 6.94% 5.12% 4.89%
FCF Conversion (EBITDA) 41.74% 63.37% 46.39% 20.92% 27.83% 49.73% 36.22% 34.27%
FCF Conversion (Net income) 94.42% 261.98% 180.33% 67.57% 62.93% 100.69% 74.48% 70.97%
Dividend per Share 2 0.4635 - 0.2670 0.4370 0.6000 0.6900 0.7226 0.7750
Announcement Date 11/5/19 11/3/20 11/9/21 11/8/22 11/7/23 - - -
1GBP in Million2GBP
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: September 2020 S1 2020 S2 2021 S1 2021 S2 2022 S1 2022 S2 2023 S1 2023 S2 2024 S1 2024 S2
Net sales 1 7,646 6,291 6,313 7,571 7,882 9,115 9,560 10,190 9,734 10,506
EBITDA - - - - - - - - - -
EBIT 682 - 369 642 706 729 684 829 951 -
Operating Margin 8.92% - 5.85% 8.48% 8.96% 8% 7.15% 8.14% 9.77% -
Earnings before Tax (EBT) - - - - 635 - - - - -
Net income - - 162 - - - - - - -
Net margin - - 2.57% - - - - - - -
EPS - - - - 0.6030 - - - - -
Dividend per Share - - - 0.2050 0.1380 0.2990 - - - -
Announcement Date 4/21/20 11/3/20 4/20/21 11/9/21 4/26/22 11/8/22 4/25/23 11/7/23 4/23/24 -
1GBP in Million
Estimates

Balance Sheet Analysis

Fiscal Period: September 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - 2,081 1,380 1,764 2,265 2,012 1,797 2,056
Net Cash position 1 936 - - - - - - -
Leverage (Debt/EBITDA) - 1.106 x 0.7427 x 0.7802 x 0.9593 x 0.7018 x 0.5921 x 0.641 x
Free Cash Flow 1 829 1,192 862 473 657 1,425 1,100 1,099
ROE (net income / shareholders' equity) 11.3% 6.75% 4.96% 6.55% 9.26% 12.5% 12.3% 12.2%
ROA (Net income/ Total Assets) 7.69% 4.21% 2.85% 3.82% 5.41% 7.43% 7.23% 7.26%
Assets 1 11,413 10,805 16,784 18,335 19,308 19,062 20,418 21,347
Book Value Per Share 2 12.00 11.90 12.60 14.50 14.30 15.60 16.80 18.10
Cash Flow per Share 2 1.910 2.220 1.790 1.460 2.130 2.640 2.420 2.570
Capex 1 680 561 551 680 997 1,200 1,221 1,263
Capex / Sales 4.3% 4.03% 3.97% 4% 5.05% 5.84% 5.68% 5.62%
Announcement Date 11/5/19 11/3/20 11/9/21 11/8/22 11/7/23 - - -
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

Ratings for Associated British Foods plc

Trading Rating
Investor Rating
ESG Refinitiv
A-
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
19
Last Close Price
25.5 GBP
Average target price
26.83 GBP
Spread / Average Target
+5.20%
Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

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