Financials Serco Group plc

Equities

Market Closed - London S.E. Other stock markets 11:35:08 2024-04-29 EDT			5-day change	1st Jan Change
184.3 ^GBX	+1.32%		+1.60%	+13.70%

04-29	Deutsche Bank likes Frasers; Barclays cuts JD	AN
04-29	Hipgnosis Songs Fund backs new Blackstone bid	AN

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,976	1,468	1,610	1,788	1,774	1,987	-	-
Enterprise Value (EV) ¹	2,561	1,929	2,218	2,438	1,774	2,599	2,480	2,337
P/E ratio	20 x	11.2 x	5.51 x	12.2 x	9.04 x	13.5 x	11.7 x	10.9 x
Yield	-	1.17%	1.79%	1.84%	-	2.16%	2.5%	2.95%
Capitalization / Revenue	0.61 x	0.38 x	0.36 x	0.39 x	0.36 x	0.41 x	0.4 x	0.38 x
EV / Revenue	0.79 x	0.5 x	0.5 x	0.54 x	0.36 x	0.54 x	0.5 x	0.45 x
EV / EBITDA	13.2 x	6.51 x	5.76 x	5.96 x	4.45 x	6.22 x	5.69 x	5.06 x
EV / FCF	32.2 x	14.3 x	11.7 x	15.3 x	-	17.9 x	14.7 x	12.1 x
FCF Yield	3.11%	6.99%	8.56%	6.52%	-	5.58%	6.81%	8.25%
Price to Book	3.5 x	2.07 x	1.63 x	1.84 x	-	1.88 x	1.64 x	1.53 x
Nbr of stocks (in thousands)	1,220,595	1,228,575	1,195,806	1,150,897	1,094,402	1,078,183	-	-
Reference price ²	1.619	1.195	1.346	1.554	1.621	1.843	1.843	1.843
Announcement Date	20-02-26	21-02-25	22-02-24	23-02-28	24-02-29	-	-	-

¹GBP in Million²GBP

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	3,248	3,885	4,425	4,534	4,874	4,810	4,989	5,170
EBITDA ¹	194.6	296.2	385.1	409.2	399.1	417.9	435.6	462
EBIT ¹	120.2	163.1	228.9	237	248.7	260.6	274.4	286.6
Operating Margin	3.7%	4.2%	5.17%	5.23%	5.1%	5.42%	5.5%	5.54%
Earnings before Tax (EBT) ¹	79.2	153.3	192.2	196.8	247	203.9	221.1	234.4
Net income ¹	90.9	133.8	303.9	155.4	202.4	151.9	163.5	174.4
Net margin	2.8%	3.44%	6.87%	3.43%	4.15%	3.16%	3.28%	3.37%
EPS ²	0.0808	0.1067	0.2443	0.1279	0.1793	0.1366	0.1572	0.1685
Free Cash Flow ¹	79.6	134.9	190	159.1	-	145.2	169	192.7
FCF margin	2.45%	3.47%	4.29%	3.51%	-	3.02%	3.39%	3.73%
FCF Conversion (EBITDA)	40.9%	45.54%	49.34%	38.88%	-	34.74%	38.79%	41.72%
FCF Conversion (Net income)	87.57%	100.82%	62.52%	102.38%	-	95.54%	103.37%	110.54%
Dividend per Share ²	-	0.0140	0.0241	0.0286	-	0.0398	0.0461	0.0544
Announcement Date	20-02-26	21-02-25	22-02-24	23-02-28	24-02-29	-	-	-

¹GBP in Million²GBP

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	584	460	609	650	-	612	493	350
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.003 x	1.554 x	1.581 x	1.588 x	-	1.465 x	1.132 x	0.7569 x
Free Cash Flow ¹	79.6	135	190	159	-	145	169	193
ROE (net income / shareholders' equity)	10.9%	21.3%	18.2%	16.6%	-	15.5%	16.3%	14.6%
ROA (Net income/ Total Assets)	2.77%	5.96%	6.08%	6.15%	-	-	-	-
Assets ¹	3,276	2,245	5,001	2,526	-	-	-	-
Book Value Per Share ²	0.4600	0.5800	0.8300	0.8500	-	0.9800	1.120	1.200
Cash Flow per Share ²	0.0900	0.2100	0.2800	0.2700	-	0.2000	0.2300	0.2400
Capex ¹	23.3	50.1	25.1	18.7	-	25	26	23.8
Capex / Sales	0.72%	1.29%	0.57%	0.41%	-	0.52%	0.52%	0.46%
Announcement Date	20-02-26	21-02-25	22-02-24	23-02-28	24-02-29	-	-	-

¹GBP in Million²GBP

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

C+

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

1.843 GBP

Average target price

2.24 GBP

Spread / Average Target

+21.54%