Associated British Foods (ABF)

Sector:

Food

Index:

FTSE 100

1,945.00p
   
  • Change Today:
    -30.00p
  • 52 Week High: 2,708.00p
  • 52 Week Low: 1,607.50p
  • Currency: UK Pounds
  • Shares Issued: 791.67m
  • Volume: 815,550
  • Market Cap: £15,398m
  • RiskGrade: 230

Key Financials

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Growth Metrics 15-Sep-18 16-Sep-17 17-Sep-16 12-Sep-15 13-Sep-14
Annualisation Factor 1.0 1.0 1.0 1.0 1.0
Dividend Yield 2.0% 1.3% 1.4% 1.1% 1.3%
           
Continuing Operations          
PE Ratio - Adjusted 16.6 24.8 25.5 30.4 25.2
PE Ratio - Diluted 17.5
16.7
20.8
27.4
26.2
12.9
46.2
30.1
27.2
26.7
PEG - Adjusted 2.8 1.2 5.1 n/a 4.2
PEG - Diluted n/a
1.0
0.4
n/a
0.5
0.1
n/a
7.5
0.9
n/a
Return on Capital Employed 14.90%
15.57%
19.99%
16.66%
15.98%
28.25%
12.09%
15.41%
16.47%
16.67%
Operating Margin 8.09%
8.69%
10.18%
8.26%
7.72%
13.98%
5.15%
7.20%
8.23%
8.33%
           
Continuing & Discontinued Operations          
PE Ratio - Adjusted 17.5 24.8 25.5 30.4 25.2
PE Ratio - Diluted 17.5
16.1
20.8
24.5
26.2
12.9
46.2
30.1
27.2
26.7
PEG - Adjusted n/a 1.2 5.1 n/a 4.2
PEG - Diluted n/a
2.0
0.4
n/a
0.5
0.1
n/a
7.5
0.9
n/a

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Gearing 15-Sep-18 16-Sep-17 17-Sep-16 12-Sep-15 13-Sep-14
Net Gearing (6.34%) (8.07%) 4.68% 3.07% 6.93%

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Value Metrics 15-Sep-18 16-Sep-17 17-Sep-16 12-Sep-15 13-Sep-14
Price/Book Value 2.3 3.6 3.7 4.7 3.9
Price/Tangible Book Value 2.3 3.6 3.8 4.9 4.2
Price/ Cash Flow 12.4 15.2 16.4 20.7 14.4
Price/Revenue 1.13 1.62 1.60 1.90 1.60
Price/R&D n/a n/a n/a n/a 544.9
Net Asset Value per Share (exc. Intangibles) 970.13p 885.82p 729.96p 651.14p 669.11p
Net Cash per Share n/a n/a n/a n/a 4.81p

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Annualised Fundamentals 15-Sep-18 16-Sep-17 17-Sep-16 12-Sep-15 13-Sep-14
Continuing Operations          
Revenue 15,574.00 15,357.00 13,399.00 12,800.00 12,943.00
EBITDA 1,260.00
1,354.00
1,563.00
1,269.00
1,035.00
1,873.00
659.00
921.00
1,561.00
1,574.00
Depreciation n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
(496.00)
(496.00)
Net Interest (35.00)
(35.00)
(50.00)
(50.00)
(50.00)
(50.00)
n/a
n/a
(58.00)
(58.00)
Profit Before Tax 1,279.00
1,338.00
1,576.00
1,305.00
1,042.00
1,880.00
707.00
969.00
1,020.00
1,033.00
           
Revenue per Share 1,971.39p 1,943.92p 1,693.93p 1,620.25p 1,638.35p
Pre-Tax Profit per Share 161.90p
169.37p
199.49p
165.19p
131.73p
237.67p
89.49p
122.66p
129.11p
130.76p
Market Capitalisation £ (Millions) 17,701.84 25,001.07 21,462.29 24,431.07 20,669.51
Enterprise Value (EV) £ (Millions) 18,209.84 25,681.07 21,910.29 25,183.07 21,451.51
EBITDA/EV 6.92%
7.44%
6.09%
4.94%
4.72%
8.55%
2.62%
3.66%
7.28%
7.34%
Operating Margin 8.09%
8.69%
10.18%
8.26%
7.72%
13.98%
5.15%
7.20%
8.23%
8.33%
Capital Employed £ (Millions) 8,818.00 8,133.00 6,832.00 6,288.00 6,546.00
Return on Capital Employed 14.90%
15.57%
19.99%
16.66%
15.98%
28.25%
12.09%
15.41%
16.47%
16.67%
Invested Equity Capital £ (Millions) 9,587.00 8,597.00 7,227.00 6,569.00 6,732.00
           
Earnings per Share - Basic 127.50p
134.18p
151.60p
115.44p
103.40p
209.35p
66.80p
102.41p
96.50p
98.23p
Earnings per Share - Diluted 127.50p
134.18p
151.60p
115.44p
103.40p
209.35p
66.80p
102.41p
96.50p
98.23p
Earnings per Share - Adjusted 134.90p 127.10p 106.20p 101.50p 104.10p
Earnings per Share Growth - Basic -16%
16%
47%
-45%
55%
104%
-31%
4%
30%
0%
Earnings per Share Growth - Diluted -16%
16%
47%
-45%
55%
104%
-31%
4%
30%
0%
Earnings per Share Growth - Adjusted 6% 20% 5% -2% 6%
PE Ratio - Diluted 17.5
16.7
20.8
27.4
26.2
12.9
46.2
30.1
27.2
26.7
PEG - Diluted n/a
1.0
0.4
n/a
0.5
0.1
n/a
7.5
0.9
n/a
Tax Rate 20.98% 24.12% 22.44% 28.98% 23.54%
Dividend Cover 3.00
2.98
3.10
2.82
2.89
5.70
2.90
2.93
3.06
2.89
Interest Cover 26.58
27.76
27.71
23.12
19.61
34.57
n/a
n/a
(67.00)
(67.87)
           
Continuing & Discontinued Operations          
Earnings per Share - Basic 127.50p
138.61p
151.60p
128.99p
103.40p
209.35p
66.80p
102.41p
96.50p
98.23p
Earnings per Share - Diluted 127.50p
138.61p
151.60p
128.99p
103.40p
209.35p
66.80p
102.41p
96.50p
98.23p
Earnings per Share - Adjusted 127.50p 127.10p 106.20p 101.50p 104.10p
Earnings per Share Growth - Basic -16%
8%
47%
-38%
55%
104%
-31%
4%
30%
0%
Earnings per Share Growth - Diluted -16%
8%
47%
-38%
55%
104%
-31%
4%
30%
0%
Earnings per Share Growth - Adjusted 0% 20% 5% -2% 6%
PE Ratio - Diluted 17.5
16.1
20.8
24.5
26.2
12.9
46.2
30.1
27.2
26.7
PEG - Diluted n/a
2.0
0.4
n/a
0.5
0.1
n/a
7.5
0.9
n/a
Dividend Cover 2.83
3.08
3.10
3.15
2.89
5.70
2.90
2.93
3.06
2.89
Return on Equity (ROE) 10.50%
11.42%
13.94%
11.85%
11.32%
22.91%
8.04%
12.32%
11.32%
11.53%
Operating Cash Flow per Share 181.01p 207.72p 165.61p 148.73p 182.15p
Gross Cash Flow per Share cn/a cn/a cn/a cn/a cn/a
Cash Incr/Decr per Share (13.04p) 118.86p (20.86p) 23.67p 23.67p
Capital Expenditure per Share n/a n/a n/a n/a n/a
Dividend per Share 45.00p 41.00p 36.75p 35.00p 34.00p
Dividend per Share Growth 9.76% 11.56% 5.00% 2.94% 6.25%
Dividend Yield 2.0% 1.3% 1.4% 1.1% 1.3%
Shareholders Funds 9,211.00 8,339.00 7,054.00 6,321.00 6,437.00
Net Borrowings £ (Millions) (584.00) (673.00) 405.00 194.00 446.00
Net Asset Value per Share (inc. Intangibles) 959.37p 876.58p 721.37p 627.09p 629.11p

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Gearing - inc Intangibles 15-Sep-18 16-Sep-17 17-Sep-16 12-Sep-15 13-Sep-14
Shareholders' Funds inc Intangibles 9,211.00 8,339.00 7,054.00 6,321.00 6,437.00
Net Borrowings £ (Millions) (584.00) (673.00) 405.00 194.00 446.00
Net Gearing (6.34%) (8.07%) 4.68% 3.07% 6.93%
Cash & Near Cash 1,362.00 1,550.00 555.00 702.00 519.00
Cash 14.79% 18.59% 7.87% 11.11% 8.06%
Gross Borrowings 778.00 877.00 960.00 896.00 965.00
Gross Gearing 8.45% 10.52% 12.55% 14.17% 14.99%
Borrowings Under 5 years 778.00 877.00 960.00 896.00 965.00
Under 5 years 8.45% 10.52% 13.61% 14.17% 14.99%
Borrowings Under 1 year n/a n/a n/a n/a n/a
Under 1 year n/a n/a n/a n/a n/a

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Gearing - exc Intangibles 15-Sep-18 16-Sep-17 17-Sep-16 12-Sep-15 13-Sep-14
Shareholders' Funds exc Intangibles 7,579.00 6,925.00 5,706.00 4,954.00 4,970.00
Net Borrowings £ (Millions) (584.00) (673.00) 405.00 194.00 446.00
Net Gearing (7.71%) (9.72%) 5.78% 3.92% 8.97%
Cash & Near Cash 1,362.00 1,550.00 555.00 702.00 519.00
Cash 17.97% 22.38% 9.73% 14.17% 10.44%
Gross Borrowings 778.00 877.00 960.00 896.00 965.00
Gross Gearing 10.27% 12.66% 15.51% 18.09% 19.42%
Borrowings Under 5 years 778.00 877.00 960.00 896.00 965.00
Under 5 years 10.27% 12.66% 16.82% 18.09% 19.42%
Borrowings Under 1 year n/a n/a n/a n/a n/a
Under 1 year n/a n/a n/a n/a n/a

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Cover 15-Sep-18 16-Sep-17 17-Sep-16 12-Sep-15 13-Sep-14
Quick Ratio 0.95 0.98 0.81 0.74 0.74
Current Ratio 1.63 1.65 1.50 1.40 1.35

Key

* GAAP

a. Includes discontinued activities

b. Based on operating cash flow before tax

c. Not disclosed under IFRS

d. Includes non-current assets

Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

Note 3: Above ratios are on a 'per annum' basis, adjusted for corporate actions and based on the fundamentals of the primary listed security.

Note 4: Under IFRS, all figures are based on 'Continuing' operations unless otherwise stated.

Note 5: Normalised ratios are shown in blue text

Note 6: Forecast figures based on normalised accounts.

 

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