Financials National Grid plc

Equities

NG.

GB00BDR05C01

Multiline Utilities

Market Closed - London S.E. 11:35:20 2024-05-17 am EDT 5-day change 1st Jan Change
1,136 GBX -0.57% Intraday chart for National Grid plc +1.70% +7.37%

Valuation

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 29,013 33,209 30,665 42,733 40,312 42,275 - -
Enterprise Value (EV) 1 55,542 61,799 59,211 85,542 81,285 86,822 91,237 96,587
P/E ratio 19.2 x 26.1 x 18.7 x 18 x 5.17 x 15 x 14.7 x 14.1 x
Yield 5.56% 5.13% 5.69% 4.35% 5.06% 5.12% 5.27% 5.38%
Capitalization / Revenue 1.94 x 2.28 x 2.07 x 2.32 x 1.86 x 1.96 x 1.99 x 1.95 x
EV / Revenue 3.72 x 4.25 x 4.01 x 4.64 x 3.75 x 4.03 x 4.29 x 4.45 x
EV / EBITDA 11 x 12.5 x 12.9 x 15.2 x 12.9 x 12.5 x 12.3 x 12 x
EV / FCF 147 x -219 x -181 x 72.9 x 13,547 x -33.2 x -25.3 x -24.1 x
FCF Yield 0.68% -0.46% -0.55% 1.37% 0.01% -3.01% -3.96% -4.15%
Price to Book 1.49 x 1.67 x 1.53 x 1.77 x 1.36 x 1.37 x 1.34 x 1.3 x
Nbr of stocks (in thousands) 3,410,131 3,508,281 3,549,181 3,644,928 3,676,413 3,721,351 - -
Reference price 2 8.508 9.466 8.640 11.72 10.96 11.36 11.36 11.36
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: März 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 14,933 14,540 14,779 18,449 21,659 21,564 21,255 21,727
EBITDA 1 5,030 4,947 4,598 5,643 6,278 6,950 7,426 8,039
EBIT 1 3,442 3,307 2,926 3,813 4,294 4,786 5,117 5,531
Operating Margin 23.05% 22.74% 19.8% 20.67% 19.83% 22.2% 24.08% 25.46%
Earnings before Tax (EBT) 1 1,841 1,754 2,083 3,441 3,590 3,384 3,560 3,763
Net income 1 1,511 1,264 1,640 2,353 7,797 2,768 2,889 3,066
Net margin 10.12% 8.69% 11.1% 12.75% 36% 12.84% 13.59% 14.11%
EPS 2 0.4440 0.3630 0.4630 0.6500 2.121 0.7564 0.7718 0.8059
Free Cash Flow 1 377 -282 -327 1,174 6 -2,612 -3,613 -4,007
FCF margin 2.52% -1.94% -2.21% 6.36% 0.03% -12.11% -17% -18.44%
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 0.5819 0.5982 0.6113
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 44,547 48,963 54,313
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 5.274 x 5.779 x 6.208 x 7.586 x 6.526 x 6.41 x 6.594 x 6.757 x
Free Cash Flow 1 377 -282 -327 1,174 6 -2,612 -3,613 -4,007
ROE (net income / shareholders' equity) 11.8% 11.7% 10.6% 11.4% 11% 8.64% 8.97% 9.12%
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 95,382 98,725 106,109
Book Value Per Share 2 5.710 5.650 5.630 6.620 8.070 8.300 8.510 8.750
Cash Flow per Share 2 1.270 1.330 1.260 1.730 1.880 1.600 1.590 1.700
Capex 1 3,941 4,832 4,362 5,098 6,325 8,232 9,133 9,851
Capex / Sales 26.39% 33.23% 29.51% 27.63% 29.2% 38.18% 42.97% 45.34%
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+
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
15
Last Close Price
11.36 GBP
Average target price
12 GBP
Spread / Average Target
+5.62%
Consensus
  1. Stock Market
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  4. Financials National Grid plc
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