Associated British Foods (ABF)

Sector:

Food

Index:

FTSE 100

2,421.00p
   
  • Change Today:
      27.00p
  • 52 Week High: 2,514.00
  • 52 Week Low: 1,825.50
  • Currency: UK Pounds
  • Shares Issued: 752.22m
  • Volume: 71,127
  • Market Cap: £18,211m
  • RiskGrade: 161

Key Financials

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Growth Metrics 16-Sep-23 17-Sep-22 18-Sep-21 12-Sep-20 14-Sep-19
Annualisation Factor 1.0 1.0 n/a 1.0 1.0
Dividend Yield 2.3% 3.3% 1.4% 0.0% 2.0%
           
Continuing Operations          
PE Ratio - Adjusted 14.7 10.1 23.6 23.9 17.0
PE Ratio - Diluted 15.5
15.3		 14.9
10.6		 31.2
25.5		 33.7
26.0		 21.1
17.6
PEG - Adjusted 1.8 0.2 n/a n/a 8.5
PEG - Diluted 0.3
1.7		 0.3
0.2		 6.2
n/a		 n/a
n/a		 n/a
n/a
Return on Capital Employed 10.35%
10.98%		 8.20%
9.80%		 0.07%
0.08%		 6.56%
7.93%		 13.54%
15.66%
Operating Margin 6.56%
7.03%		 6.23%
7.57%		 5.39%
6.35%		 5.30%
6.52%		 7.15%
8.32%
           
Continuing & Discontinued Operations          
PE Ratio - Adjusted 14.7 10.1 2,337.2 23.9 21.1
PE Ratio - Diluted 15.5
14.9		 14.9
10.6		 3,094.4
2,515.2		 33.7
26.0		 21.1
17.6
PEG - Adjusted 1.8 0.0 n/a n/a n/a
PEG - Diluted 0.3
1.2		 0.0
0.0		 n/a
n/a		 n/a
n/a		 n/a
n/a

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Gearing 16-Sep-23 17-Sep-22 18-Sep-21 12-Sep-20 14-Sep-19
Net Gearing 20.42% 15.44% 14.23% 22.61% (9.60%)

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Value Metrics 16-Sep-23 17-Sep-22 18-Sep-21 12-Sep-20 14-Sep-19
Price/Book Value 1.7 1.1 1.8 2.0 2.4
Price/Tangible Book Value 1.8 1.1 1.8 2.0 2.4
Price/ Cash Flow 9.8 9.1 10.6 8.7 12.3
Price/Revenue 0.82 0.61 106.52 1.10 1.17
Price/R&D n/a n/a n/a n/a n/a
Net Asset Value per Share (exc. Intangibles) 1,198.33p 1,227.63p 1,066.20p 988.61p 996.08p
Net Cash per Share n/a n/a n/a n/a n/a

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Annualised Fundamentals 16-Sep-23 17-Sep-22 18-Sep-21 12-Sep-20 14-Sep-19
Continuing Operations          
Revenue 19,750.00 16,997.00 140.17 13,937.00 15,824.00
EBITDA 2,182.00
2,274.00		 1,929.00
2,156.00		 16.62
17.96		 1,655.00
1,824.00		 1,743.00
1,929.00
Depreciation (886.00)
(886.00)		 (870.00)
(870.00)		 (9.06)
(9.06)		 (916.00)
(916.00)		 (612.00)
(612.00)
Net Interest (80.00)
(80.00)		 (92.00)
(92.00)		 (1.04)
(1.04)		 (110.00)
(110.00)		 (15.00)
(15.00)
Profit Before Tax 1,340.00
1,427.00		 1,076.00
1,304.00		 7.32
8.63		 686.00
855.00		 1,173.00
1,359.00
           
Revenue per Share 2,538.56p 2,154.25p 17.74p 1,764.18p 2,003.04p
Pre-Tax Profit per Share 172.24p
183.42p		 136.38p
165.27p		 0.93p
1.09p		 86.83p
108.23p		 148.48p
172.03p
Market Capitalisation £ (Millions) 15,981.10 10,485.72 14,962.64 15,346.60 18,548.93
Enterprise Value (EV) £ (Millions) 19,406.10 13,682.72 18,369.64 19,178.60 18,886.93
EBITDA/EV 11.24%
11.72%		 14.10%
15.76%		 0.09%
0.10%		 8.63%
9.51%		 9.23%
10.21%
Operating Margin 6.56%
7.03%		 6.23%
7.57%		 5.39%
6.35%		 5.30%
6.52%		 7.15%
8.32%
Capital Employed £ (Millions) 13,719.00 14,248.00 12,504.00 12,172.00 8,772.00
Return on Capital Employed 10.35%
10.98%		 8.20%
9.80%		 0.07%
0.08%		 6.56%
7.93%		 13.54%
15.66%
Invested Equity Capital £ (Millions) 11,767.00 12,121.00 10,315.00 9,606.00 9,767.00
           
Earnings per Share - Basic 134.20p
135.86p		 88.60p
124.46p		 60.50p
74.05p		 57.60p
74.43p		 111.10p
132.78p
Earnings per Share - Diluted 134.20p
135.86p		 88.60p
124.46p		 60.50p
74.05p		 57.60p
74.43p		 111.10p
132.78p
Earnings per Share - Adjusted 141.80p 131.10p 80.10p 81.10p 137.50p
Earnings per Share Growth - Basic 52%
9%		 46%
68%		 5%
-0%		 -48%
-44%		 -13%
-1%
Earnings per Share Growth - Diluted 52%
9%		 46%
68%		 5%
-0%		 -48%
-44%		 -13%
-1%
Earnings per Share Growth - Adjusted 8% 64% -1% -41% 2%
PE Ratio - Diluted 15.5
15.3		 14.9
10.6		 31.2
25.5		 33.7
26.0		 21.1
17.6
PEG - Diluted 0.3
1.7		 0.3
0.2		 6.2
n/a		 n/a
n/a		 n/a
n/a
Tax Rate 22.37% 36.81% 35.14% 35.14% 24.82%
Dividend Cover 3.00
2.87		 3.00
2.85		 3.00
2.77		 n/a
n/a		 2.97
2.86
Interest Cover 11.47
12.15		 10.69
12.75		 7.47
8.63		 6.53
7.90		 28.93
33.36
           
Continuing & Discontinued Operations          
Earnings per Share - Basic 134.20p
139.72p		 88.60p
125.09p		 0.61p
0.75p		 57.60p
74.43p		 111.10p
132.78p
Earnings per Share - Diluted 134.20p
139.72p		 88.60p
125.09p		 0.61p
0.75p		 57.60p
74.43p		 111.10p
132.78p
Earnings per Share - Adjusted 141.80p 131.10p 0.81p 81.10p 111.10p
Earnings per Share Growth - Basic 52%
12%		 14,406%
16,548%		 -99%
-99%		 -48%
-44%		 -13%
-4%
Earnings per Share Growth - Diluted 52%
12%		 14,406%
16,548%		 -99%
-99%		 -48%
-44%		 -13%
-4%
Earnings per Share Growth - Adjusted 8% 16,112% -99% -27% -13%
PE Ratio - Diluted 15.5
14.9		 14.9
10.6		 3,094.4
2,515.2		 33.7
26.0		 21.1
17.6
PEG - Diluted 0.3
1.2		 0.0
0.0		 n/a
n/a		 n/a
n/a		 n/a
n/a
Dividend Cover 3.00
2.95		 3.00
2.86		 0.03
0.03		 n/a
n/a		 2.40
2.86
Return on Equity (ROE) 8.87%
9.24%		 5.78%
8.14%		 0.05%
0.06%		 4.74%
6.12%		 8.99%
10.74%
Operating Cash Flow per Share 212.60p 146.13p 178.86p 221.90p 191.01p
Gross Cash Flow per Share cn/a cn/a cn/a cn/a cn/a
Cash Incr/Decr per Share (68.64p) (33.97p) 0.43p 70.51p 11.01p
Capital Expenditure per Share n/a n/a n/a n/a n/a
Dividend per Share 47.30p 43.70p 26.70p n/a 46.35p
Dividend per Share Growth 8.24% 63.67% n/a n/a 3.00%
Dividend Yield 2.3% 3.3% 1.4% 0.0% 2.0%
Shareholders Funds 11,093.00 11,448.00 9,921.00 9,355.00 9,452.00
Net Borrowings £ (Millions) 2,265.00 1,768.00 1,412.00 2,115.00 (907.00)
Net Asset Value per Share (inc. Intangibles) 1,185.48p 1,214.19p 1,055.70p 977.98p 983.67p

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Gearing - inc Intangibles 16-Sep-23 17-Sep-22 18-Sep-21 12-Sep-20 14-Sep-19
Shareholders' Funds inc Intangibles 11,093.00 11,448.00 9,921.00 9,355.00 9,452.00
Net Borrowings £ (Millions) 2,265.00 1,768.00 1,412.00 2,115.00 (907.00)
Net Gearing 20.42% 15.44% 14.23% 22.61% (9.60%)
Cash & Near Cash 1,457.00 2,121.00 2,275.00 1,996.00 1,495.00
Cash 13.13% 18.53% 22.93% 21.34% 15.82%
Gross Borrowings 3,722.00 3,889.00 3,687.00 4,111.00 588.00
Gross Gearing 33.55% 33.97% 37.16% 43.94% 6.22%
Borrowings Under 5 years 3,722.00 3,889.00 3,687.00 4,111.00 588.00
Under 5 years 33.55% 33.97% 37.16% 43.94% 6.22%
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 16-Sep-23 17-Sep-22 18-Sep-21 12-Sep-20 14-Sep-19
Shareholders' Funds exc Intangibles 9,223.00 9,580.00 8,340.00 7,726.00 7,771.00
Net Borrowings £ (Millions) 2,265.00 1,768.00 1,412.00 2,115.00 (907.00)
Net Gearing 24.56% 18.46% 16.93% 27.38% (11.67%)
Cash & Near Cash 1,457.00 2,121.00 2,275.00 1,996.00 1,495.00
Cash 15.80% 22.14% 27.28% 25.83% 19.24%
Gross Borrowings 3,722.00 3,889.00 3,687.00 4,111.00 588.00
Gross Gearing 40.36% 40.59% 44.21% 53.21% 7.57%
Borrowings Under 5 years 3,722.00 3,889.00 3,687.00 4,111.00 588.00
Under 5 years 40.36% 40.59% 44.21% 53.21% 7.57%
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 16-Sep-23 17-Sep-22 18-Sep-21 12-Sep-20 14-Sep-19
Quick Ratio 0.96 1.13 1.20 1.14 1.05
Current Ratio 1.83 1.93 1.86 1.82 1.82

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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