Financials Tesco PLC

Equities

TSCO

GB00BLGZ9862

Food Retail & Distribution

Market Closed - London S.E. Other stock markets 11:35:28 2024-06-07 am EDT			5-day change	1st Jan Change
307.6 ^GBX	-0.65%		-1.09%	+5.89%

Jun. 07	UK's Asda says TDR Capital to become majority owner	RE
May. 31	Tesco: expands renewable electricity production	CF

Valuation

Fiscal Period: February	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	24,270	17,507	21,183	17,946	19,492	21,220	-	-
Enterprise Value (EV) ¹	36,568	29,507	31,699	28,439	29,256	30,978	31,274	31,183
P/E ratio	26.1 x	30.2 x	14.2 x	24.5 x	11.4 x	12.3 x	11.7 x	11.2 x
Yield	3.67%	4.02%	3.9%	4.41%	4.33%	4.17%	4.49%	4.78%
Capitalization / Revenue	0.37 x	0.3 x	0.35 x	0.27 x	0.29 x	0.3 x	0.3 x	0.29 x
EV / Revenue	0.56 x	0.51 x	0.52 x	0.43 x	0.43 x	0.44 x	0.44 x	0.43 x
EV / EBITDA	7.4 x	8.8 x	6.98 x	6.57 x	6.44 x	6.68 x	6.55 x	6.39 x
EV / FCF	-37.9 x	-51.9 x	11.3 x	10.3 x	11.9 x	18.5 x	18.7 x	18.1 x
FCF Yield	-2.64%	-1.93%	8.86%	9.67%	8.38%	5.39%	5.35%	5.52%
Price to Book	1.82 x	1.78 x	1.37 x	1.48 x	1.72 x	1.8 x	1.75 x	1.75 x
Nbr of stocks (in thousands)	7,685,869	7,685,051	7,574,786	7,268,607	6,968,930	6,898,604	-	-
Reference price ²	3.158	2.278	2.796	2.469	2.797	3.076	3.076	3.076
Announcement Date	4/8/20	4/14/21	4/13/22	4/13/23	4/10/24	-	-	-

¹GBP in Million²GBP

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: February	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	64,760	57,887	61,344	65,762	68,187	70,025	71,570	73,156
EBITDA ¹	4,942	3,353	4,543	4,330	4,544	4,638	4,775	4,880
EBIT ¹	3,005	1,815	2,825	2,630	2,821	2,936	3,048	3,139
Operating Margin	4.64%	3.14%	4.61%	4%	4.14%	4.19%	4.26%	4.29%
Earnings before Tax (EBT) ¹	1,315	825	2,033	1,000	2,277	2,424	2,526	2,734
Net income ¹	971	6,143	1,481	745	1,736	1,772	1,837	1,936
Net margin	1.5%	10.61%	2.41%	1.13%	2.55%	2.53%	2.57%	2.65%
EPS ²	0.1208	0.0754	0.1964	0.1008	0.2453	0.2499	0.2640	0.2744
Free Cash Flow ¹	-965	-569	2,808	2,751	2,453	1,670	1,675	1,723
FCF margin	-1.49%	-0.98%	4.58%	4.18%	3.6%	2.38%	2.34%	2.35%
FCF Conversion (EBITDA)	-	-	61.81%	63.53%	53.98%	36.01%	35.07%	35.3%
FCF Conversion (Net income)	-	-	189.6%	369.26%	141.3%	94.24%	91.17%	88.98%
Dividend per Share ²	0.1159	0.0915	0.1090	0.1090	0.1210	0.1282	0.1381	0.1472
Announcement Date	4/8/20	4/14/21	4/13/22	4/13/23	4/10/24	-	-	-

¹GBP in Million²GBP

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: February	2020 S2	2021 S1	2021 S2	2022 S1	2022 S2	2023 S1	2024 S1	2024 S2	2025 Q1	2025 Q2	2025 S1	2025 Q3	2025 Q4	2025 S2
Net sales ¹	32,851	28,718	29,169	30,416	30,928	32,456	-	34,038	17,314	17,535	34,784	16,585	19,051	35,399
EBITDA	2,507	1,926	-	-	-	-	-	-	-	-	-	-	-	-
EBIT	1,599	1,037	778	1,458	1,367	-	-	-	-	-	-	-	-	-
Operating Margin	4.87%	3.61%	2.67%	4.79%	4.42%	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT)	821	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income	-	460	-	-	-	-	927	-	-	-	-	-	-	-
Net margin	-	1.6%	-	-	-	-	-	-	-	-	-	-	-	-
EPS	0.0789	-	-	-	-	-	0.1283	-	-	-	-	-	-	-
Dividend per Share	0.0823	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	4/8/20	10/7/20	4/14/21	10/6/21	4/13/22	10/5/22	9/10/23	4/10/24	-	-	-	-	-	-

¹GBP in Million

Estimates

Balance Sheet Analysis

Fiscal Period: February	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	12,298	12,000	10,516	10,493	9,764	9,758	10,053	9,963
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.488 x	3.579 x	2.315 x	2.423 x	2.149 x	2.104 x	2.105 x	2.042 x
Free Cash Flow ¹	-965	-569	2,808	2,751	2,453	1,670	1,675	1,723
ROE (net income / shareholders' equity)	7.27%	7.84%	10.7%	12.1%	14.7%	15.5%	17%	17.9%
ROA (Net income/ Total Assets)	1.78%	2.04%	4.5%	3.54%	3.79%	3.6%	3.69%	3.72%
Assets ¹	54,612	301,138	32,911	21,033	45,820	49,296	49,845	51,984
Book Value Per Share ²	1.740	1.280	2.040	1.670	1.630	1.700	1.760	1.760
Cash Flow per Share ²	0.0100	0.0600	0.4900	0.5000	0.5400	0.4600	0.5000	0.6100
Capex ¹	1,003	1,171	949	971	1,386	1,297	1,356	1,399
Capex / Sales	1.55%	2.02%	1.55%	1.48%	2.03%	1.85%	1.89%	1.91%
Announcement Date	4/8/20	4/14/21	4/13/22	4/13/23	4/10/24	-	-	-

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 Tesco PLC

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

3.076 GBP

Average target price

3.357 GBP

Spread / Average Target

+9.13%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Other Food Retail & Distribution

	1st Jan change	Capi.
TESCO PLC	+5.89%	27B
WALMART INC.	+25.37%	531B
KROGER CO. (THE)	+13.72%	37.51B
SYSCO CORPORATION	-0.64%	36.18B
LOBLAW COMPANIES LIMITED	+25.45%	35.72B
AHOLD DELHAIZE N.V.	+7.94%	28.65B
WOOLWORTHS GROUP LIMITED	-12.80%	26.08B
AEON CO., LTD.	+11.77%	19.25B
GEORGE WESTON LIMITED	+18.70%	18.87B
CP ALL	+3.57%	14.16B

Other Food Retail & Distribution