Company Valuation: Admiral Group

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 9,195 6,302 7,991 7,947 9,623 11,784 - -
Change - -31.46% 26.8% -0.55% 21.09% 22.46% - -
Enterprise Value (EV) 1 9,493 6,944 8,849 9,035 11,215 13,797 13,797 13,797
Change - -26.85% 27.43% 2.11% 24.13% 23.02% 0% 0%
P/E 9.44x 17.3x 24.2x 12.2x 13.1x 16.1x 14.5x 13.3x
PBR 6.73x 6.78x 8.26x 5.91x 6.74x 7.37x 6.37x 5.63x
PEG - -0.3x -2.3x 0.1x 1.1x -447.28x 1.4x 1.44x
Capitalization / Revenue 10.8x 6.92x 2.29x 1.66x 1.87x 2.3x 2.22x 2.3x
EV / Revenue 11.1x 7.62x 2.54x 1.89x 2.18x 2.69x 2.6x 2.69x
EV / EBITDA 12.7x 13.3x 17x - - 17.1x - -
EV / EBIT 13.1x 14.4x 19.1x 10.4x 11.4x 13.2x 12.2x 11.6x
EV / FCF 54.1x 26.1x - 29.4x 31x 21.7x 19.7x 18.4x
FCF Yield 1.85% 3.83% - 3.4% 3.23% 4.61% 5.08% 5.44%
Dividend per Share 2 2.79 1.12 1.03 1.92 2.05 1.612 1.936 2.143
Rate of return 8.84% 5.24% 3.84% 7.26% 6.45% 4.15% 4.98% 5.51%
EPS 2 3.345 1.237 1.108 2.166 2.417 2.416 2.675 2.922
Distribution rate 83.4% 90.5% 93% 88.6% 84.8% 66.7% 72.4% 73.3%
Net sales 1 855 911 3,486 4,776 5,153 5,126 5,308 5,120
EBITDA 1 749 522.8 521.6 - - 808 - -
EBIT 1 725.4 480.9 462.9 865.7 981.9 1,043 1,130 1,187
Net income 1 997.9 373 338 663.3 742.6 726.8 802.9 870.4
Net Debt 1 298.2 642.1 857.9 1,088 1,592 2,013 2,013 2,013
Reference price 2 31.57 21.37 26.84 26.44 31.76 38.88 38.88 38.88
Nbr of stocks (in thousands) 291,245 294,894 297,726 300,565 302,980 305,124 - -
Announcement Date 3/3/22 3/8/23 3/7/24 3/6/25 3/5/26 - - -
1GBP in Million2GBP
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
11.99x - - 4.16% 129B
7.46x0.6x - 5.16% 47.61B
16.09x2.71x17.17x4.15% 16B
20.01x2.46x - 5.64% 14.03B
6.99x - - 1.24% 5.68B
10.94x - - 5.79% 3.5B
76.47x - - - 1.43B
9.46x1.04x3.68x6.66% 1.27B
Average 19.93x 1.70x 10.43x 4.68% 27.27B
Weighted average by Cap. 12.08x 1.37x 16.18x 4.44%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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