Financials National Grid plc Nyse

Equities

NGG

US6362744095

Multiline Utilities

Market Closed - Nyse Other stock markets 16:00:02 2024-07-15 EDT			5-day change	1st Jan Change
60.81 ^USD	-2.16%		+0.16%	-10.56%

07-15	FTSE 100 ends lower on Burberry profit warning, US political worries	RE
07-15	Global AI drives local power supply concerns

Valuation

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	33,209	30,665	42,733	40,312	39,652	44,720	-	-
Enterprise Value (EV) ¹	61,799	59,211	85,542	81,285	83,259	86,576	93,480	98,495
P/E ratio	26.1 x	18.7 x	18 x	5.17 x	17.3 x	13.3 x	12.7 x	11.5 x
Yield	5.13%	5.69%	4.35%	5.06%	5.49%	5%	5.33%	5.44%
Capitalization / Revenue	2.28 x	2.07 x	2.32 x	1.86 x	2 x	2.22 x	2.17 x	2 x
EV / Revenue	4.25 x	4.01 x	4.64 x	3.75 x	4.19 x	4.3 x	4.53 x	4.41 x
EV / EBITDA	12.5 x	12.9 x	15.2 x	12.9 x	11.1 x	11.5 x	11.4 x	10.7 x
EV / FCF	-219 x	-181 x	72.9 x	13,547 x	-162 x	-20.3 x	-22 x	-21.7 x
FCF Yield	-0.46%	-0.55%	1.37%	0.01%	-0.62%	-4.93%	-4.54%	-4.62%
Price to Book	1.67 x	1.53 x	1.77 x	1.36 x	1.32 x	1.17 x	1.12 x	1.08 x
Nbr of stocks (in thousands)	3,508,281	3,549,181	3,644,928	3,676,413	3,719,722	4,811,740	-	-
Reference price ²	9.466	8.640	11.72	10.96	10.66	9.294	9.294	9.294
Announcement Date	6/18/20	5/20/21	5/19/22	5/18/23	5/23/24	-	-	-

¹GBP in Million²GBP

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	14,540	14,779	18,449	21,659	19,850	20,112	20,618	22,343
EBITDA ¹	4,947	4,598	5,643	6,278	7,523	7,520	8,166	9,200
EBIT ¹	3,307	2,926	3,813	4,294	5,462	5,146	5,596	6,362
Operating Margin	22.74%	19.8%	20.67%	19.83%	27.52%	25.59%	27.14%	28.47%
Earnings before Tax (EBT) ¹	1,754	2,083	3,441	3,590	3,048	4,140	3,952	4,496
Net income ¹	1,264	1,640	2,353	7,797	2,290	3,369	3,344	3,732
Net margin	8.69%	11.1%	12.75%	36%	11.54%	16.75%	16.22%	16.7%
EPS ²	0.3630	0.4630	0.6500	2.121	0.6170	0.7012	0.7303	0.8092
Free Cash Flow ¹	-282	-327	1,174	6	-514	-4,271	-4,244	-4,548
FCF margin	-1.94%	-2.21%	6.36%	0.03%	-2.59%	-21.24%	-20.59%	-20.36%
FCF Conversion (EBITDA)	-	-	20.8%	0.1%	-	-	-	-
FCF Conversion (Net income)	-	-	49.89%	0.08%	-	-	-	-
Dividend per Share ²	0.4857	0.4916	0.5097	0.5544	0.5852	0.4647	0.4955	0.5060
Announcement Date	6/18/20	5/20/21	5/19/22	5/18/23	5/23/24	-	-	-

¹GBP in Million²GBP

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S2	2021 S1	2021 S2	2022 S1	2022 S2	2023 S1	2023 S2	2024 S1	2024 S2
Net sales ¹	8,251	6,535	8,244	7,651	10,798	9,444	12,215	8,489	11,361
EBITDA	-	-	-	-	-	3,049	-	-	-
EBIT	-	1,047	-	1,693	-	2,117	-	1,796	-
Operating Margin	-	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	0.3200	0.1700	-	0.1721	-	0.1784	0.3760	0.1940	-
Announcement Date	6/18/20	11/12/20	5/20/21	11/18/21	5/19/22	11/10/22	5/18/23	11/9/23	5/23/24

¹GBP in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	28,590	28,546	42,809	40,973	43,607	41,856	48,760	53,774
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	5.779 x	6.208 x	7.586 x	6.526 x	5.796 x	5.566 x	5.971 x	5.845 x
Free Cash Flow ¹	-282	-327	1,174	6	-514	-4,271	-4,244	-4,548
ROE (net income / shareholders' equity)	11.7%	10.6%	11.4%	11%	8.9%	9.37%	8.73%	9.41%
ROA (Net income/ Total Assets)	1.94%	2.43%	2.9%	8.31%	2.4%	3.16%	3.08%	3.15%
Assets ¹	65,027	67,490	81,037	93,778	95,511	106,733	108,548	118,604
Book Value Per Share ²	5.650	5.630	6.620	8.070	8.090	7.930	8.270	8.630
Cash Flow per Share ²	1.330	1.260	1.730	1.880	1.870	1.220	1.650	1.790
Capex ¹	4,832	4,362	5,098	6,325	6,904	9,889	10,282	11,434
Capex / Sales	33.23%	29.51%	27.63%	29.2%	34.78%	49.17%	49.87%	51.18%
Announcement Date	6/18/20	5/20/21	5/19/22	5/18/23	5/23/24	-	-	-

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 National Grid plc

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

9.294 GBP

Average target price

11.04 GBP

Spread / Average Target

+18.82%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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