Company Valuation: Next plc

Data adjusted to current consolidation scope
Fiscal Period: January 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 9,584 8,204 10,242 11,658 15,414 17,779 - -
Change - -14.4% 24.85% 13.82% 32.22% 15.35% - -
Enterprise Value (EV) 1 11,241 10,015 11,101 13,332 17,127 19,492 19,499 19,453
Change - -10.91% 10.84% 20.1% 28.46% 13.81% 0.04% -0.24%
P/E 14.3x 11.6x 12.9x 16.4x 17.8x 19.2x 18x 16.8x
PBR 9.86x 7x 7.24x 7.14x 9.77x 9.85x 8.98x 8.16x
PEG - 1.31x 0.9x -2.13x 0.8x 2.2x 2.73x 2.3x
Capitalization / Revenue 1.97x 1.52x 1.88x 1.84x 2.2x 2.43x 2.3x 2.18x
EV / Revenue 2.31x 1.85x 2.03x 2.11x 2.45x 2.66x 2.52x 2.38x
EV / EBITDA 10.1x 9.04x 8.99x 9.52x 10.6x 11.9x 11.3x 10.8x
EV / EBIT 12.4x 10.6x 11.2x 12.4x 13.4x 14.6x 13.8x 13.1x
EV / FCF 14.3x 16.9x 11.3x 13.3x 16.1x 23.1x 21.6x 19.6x
FCF Yield 7% 5.93% 8.86% 7.54% 6.2% 4.33% 4.63% 5.11%
Dividend per Share 2 3.97 2.06 2.06 2.33 2.68 2.894 3.095 3.354
Rate of return 5.29% 3.11% 2.43% 2.34% 2.02% 1.86% 1.99% 2.15%
EPS 2 5.24 5.705 6.559 6.055 7.454 8.105 8.64 9.272
Distribution rate 75.8% 36.1% 31.4% 38.5% 36% 35.7% 35.8% 36.2%
Net sales 1 4,862 5,414 5,459 6,321 7,004 7,328 7,743 8,163
EBITDA 1 1,113 1,108 1,235 1,400 1,619 1,635 1,719 1,794
EBIT 1 905.4 941.5 987.9 1,075 1,279 1,335 1,409 1,486
Net income 1 677.5 711.7 802.3 736.1 888.5 934 988.8 1,045
Net Debt 1 1,658 1,811 858.5 1,675 1,713 1,712 1,720 1,674
Reference price 2 74.98 66.18 84.68 99.52 132.65 155.75 155.75 155.75
Nbr of stocks (in thousands) 127,818 123,961 120,955 117,141 116,198 114,152 - -
Announcement Date 3/24/22 3/29/23 3/21/24 3/27/25 3/26/26 - - -
1GBP in Million2GBP
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
19.22x2.66x11.92x1.86% 24.11B
26.78x4.13x14.59x3.32% 211B
42.63x5.26x21.77x0.88% 137B
26.65x2.71x17.45x0.78% 73.31B
48.21x2.71x10.4x1.34% 36.17B
22.51x1.5x8.49x4.18% 29.14B
15.82x3.08x11.8x1.49% 25.02B
23.77x1.41x11.93x-.--% 17.15B
14.78x1.76x7.48x4.38% 10.44B
8.02x0.45x4.2x2.94% 8.25B
Average 24.84x 2.57x 12.00x 2.12% 57.11B
Weighted average by Cap. 30.32x 3.71x 15.50x 2.1%

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