Admiral Group (ADM)

Sector:

Insurance

Index:

FTSE 100

2,674.00p
   
  • Change Today:
    -22.00p
  • 52 Week High: 2,837.00
  • 52 Week Low: 2,029.00
  • Currency: UK Pounds
  • Shares Issued: 302.84m
  • Volume: 450,851
  • Market Cap: £8,098m
  • RiskGrade: 91

Key Financials

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Growth Metrics 31-Dec-23 31-Dec-22 31-Dec-21 31-Dec-20 31-Dec-19
Annualisation Factor 1.0 1.0 n/a 1.0 1.0
Dividend Yield 2.7% 3.8% 4.1% 4.9% 4.2%
           
Continuing Operations          
PE Ratio - Basic 24.1
23.8		 22.4
22.2		 16.0
16.1		 17.0
17.0		 16.1
16.0
PE Ratio - Diluted 24.2
23.9		 22.5
22.3		 16.1
16.1		 17.1
17.0		 16.1
16.1
PE Ratio - Adjusted 24.1 22.4 16.0 17.0 16.1
PEG - Basic 1.4
1.4		 n/a
n/a		 1.1
1.1		 0.9
0.9		 3.2
3.2
PEG - Diluted 1.4
1.4		 n/a
n/a		 1.1
1.1		 0.9
0.9		 3.2
3.2
PEG - Adjusted 1.4 n/a 1.1 0.9 3.2
Return on Capital Employed n/a
n/a		 n/a
n/a		 n/a
n/a		 n/a
n/a		 n/a
n/a
Operating Margin 12.47%
12.47%		 23.50%
23.50%		 27.88%
27.88%		 25.54%
25.54%		 23.54%
23.54%
           
Continuing & Discontinued Operations          
PE Ratio - Basic 24.1
21.6		 22.4
6.4		 932.2
932.4		 16.2
16.2		 15.6
15.6
PE Ratio - Diluted 24.2
21.7		 22.5
6.4		 935.0
935.1		 16.2
16.2		 15.6
15.6
PE Ratio - Adjusted 24.1 22.4 932.2 16.2 15.6
PEG - Basic 1.4
n/a		 0.0
0.0		 n/a
n/a		 0.8
0.8		 1.9
1.9
PEG - Diluted 1.4
n/a		 0.0
0.0		 n/a
n/a		 0.8
0.8		 2.0
1.9
PEG - Adjusted 1.4 0.0 n/a 0.8 1.9

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Gearing 31-Dec-23 31-Dec-22 31-Dec-21 31-Dec-20 31-Dec-19
Net Gearing 86.50% 82.48% 28.69% 28.15% 42.39%

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Value Metrics 31-Dec-23 31-Dec-22 31-Dec-21 31-Dec-20 31-Dec-19
Price/Book Value 10.7 9.5 7.6 8.9 8.9
Price/Tangible Book Value 10.8 9.5 7.7 9.0 9.0
Price/ Cash Flow 28.9 13.3 38.4 14.1 28.4
Price/Revenue 2.31 2.15 373.31 3.78 3.06
Price/R&D n/a n/a n/a n/a n/a
Net Asset Value per Share (exc. Intangibles) 249.79p 225.02p 413.00p 324.79p 260.12p
Net Cash per Share n/a n/a n/a n/a n/a

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Annualised Fundamentals 31-Dec-23 31-Dec-22 31-Dec-21 31-Dec-20 31-Dec-19
Continuing Operations          
Revenue 3,486.10 2,956.90 25.16 2,265.30 2,198.40
Net Interest 34.20
34.20		 18.60
18.60		 0.19
0.19		 29.60
29.60		 (12.50)
(12.50)
Profit Before Tax 442.80
442.80		 361.20
361.20		 7.20
7.20		 608.20
608.20		 505.10
505.10
           
Revenue per Share 1,161.23p 993.98p 8.46p 769.03p 754.13p
Pre-Tax Profit per Share 147.50p
147.50p		 121.42p
121.42p		 2.42p
2.42p		 206.47p
206.47p		 173.27p
173.27p
Market Capitalisation £ (Millions) 8,128.16 6,401.48 9,456.94 8,621.87 6,850.62
Enterprise Value (EV) £ (Millions) 9,155.76 7,177.68 10,233.14 8,873.47 7,517.82
EBITDA/EV 4.75%
4.75%		 9.68%
9.68%		 0.07%
0.07%		 6.52%
6.52%		 6.88%
6.88%
Operating Margin 12.47%
12.47%		 23.50%
23.50%		 27.88%
27.88%		 25.54%
25.54%		 23.54%
23.54%
Capital Employed £ (Millions) 1,960.90 1,697.00 2,004.80 1,569.00 1,425.90
Return on Capital Employed n/a
n/a		 n/a
n/a		 n/a
n/a		 n/a
n/a		 n/a
n/a
Invested Equity Capital £ (Millions) 991.80 885.80 1,406.20 1,113.60 909.80
           
Earnings per Share - Basic 111.20p
112.72p		 95.40p
96.31p		 196.70p
196.48p		 170.70p
170.76p		 143.70p
144.04p
Earnings per Share - Diluted 110.80p
112.22p		 95.00p
96.03p		 196.10p
195.91p		 170.40p
170.49p		 143.40p
143.75p
Earnings per Share - Adjusted 111.20p 95.40p 196.70p 170.70p 143.70p
Earnings per Share Growth - Basic 17%
17%		 -52%
-51%		 15%
15%		 19%
18%		 5%
5%
Earnings per Share Growth - Diluted 17%
17%		 -52%
-51%		 15%
15%		 19%
19%		 5%
5%
Earnings per Share Growth - Adjusted 17% -52% 15% 19% 5%
PE Ratio - Diluted 24.2
23.9		 22.5
22.3		 16.1
16.1		 17.1
17.0		 16.1
16.1
PEG - Diluted 1.4
1.4		 n/a
n/a		 1.1
1.1		 0.9
0.9		 3.2
3.2
Tax Rate 21.95% 36.05% 18.25% 17.46% 17.66%
Dividend Cover 1.51
1.54		 1.17
1.18		 1.51
1.51		 1.21
1.21		 1.46
1.47
           
Continuing & Discontinued Operations          
Earnings per Share - Basic 111.20p
124.25p		 95.40p
335.45p		 3.39p
3.39p		 179.50p
179.52p		 148.30p
148.33p
Earnings per Share - Diluted 110.80p
123.70p		 95.00p
334.47p		 3.38p
3.38p		 179.20p
179.23p		 148.00p
148.03p
Earnings per Share - Adjusted 111.20p 95.40p 3.39p 179.50p 148.30p
Earnings per Share Growth - Basic 17%
-63%		 2,717%
9,807%		 -98%
-98%		 21%
21%		 8%
8%
Earnings per Share Growth - Diluted 17%
-63%		 2,714%
9,807%		 -98%
-98%		 21%
21%		 8%
8%
Earnings per Share Growth - Adjusted 17% 2,717% -98% 21% 8%
PE Ratio - Diluted 24.2
21.7		 22.5
6.4		 935.0
935.1		 16.2
16.2		 15.6
15.6
PEG - Diluted 1.4
n/a		 0.0
0.0		 n/a
n/a		 0.8
0.8		 2.0
1.9
Dividend Cover 1.51
1.69		 1.17
4.11		 0.03
0.03		 1.27
1.27		 1.51
1.51
Return on Equity (ROE) 37.61%
37.61%		 112.66%
112.66%		 0.72%
0.72%		 47.49%
47.49%		 47.53%
47.53%
Operating Cash Flow per Share 92.94p 160.31p 82.22p 206.68p 81.16p
Gross Cash Flow per Share cn/a cn/a cn/a cn/a cn/a
Cash Incr/Decr per Share 10.43p (16.50p) 0.23p 22.95p (34.95p)
Dividend per Share 73.40p 81.70p 130.10p 141.00p 98.10p
Dividend per Share Growth (10.16%) (37.20%) (7.73%) 43.73% 8.52%
Dividend Yield 2.7% 3.8% 4.1% 4.9% 4.2%
Shareholders Funds 991.80 885.80 1,406.20 1,112.70 909.40
Net Borrowings £ (Millions) 674.50 479.20 403.50 313.20 385.50
Net Asset Value per Share (inc. Intangibles) 249.46p 224.62p 412.23p 321.15p 256.97p

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Gearing - inc Intangibles 31-Dec-23 31-Dec-22 31-Dec-21 31-Dec-20 31-Dec-19
Shareholders' Funds inc Intangibles 991.80 885.80 1,406.20 1,112.70 909.40
Net Borrowings £ (Millions) 674.50 479.20 403.50 313.20 385.50
Net Gearing 86.50% 82.48% 28.69% 28.15% 42.39%
Cash & Near Cash 353.10 297.00 372.70 298.20 281.70
Cash 35.60% 33.53% 26.50% 26.80% 30.98%
Gross Borrowings 1,027.60 776.20 776.20 611.40 667.20
Gross Gearing 122.10% 116.01% 55.20% 54.95% 73.37%
Borrowings Under 5 years 1,027.60 776.20 776.20 611.40 667.20
Under 5 years 103.61% 87.63% 55.20% 54.95% 73.37%
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 31-Dec-23 31-Dec-22 31-Dec-21 31-Dec-20 31-Dec-19
Shareholders' Funds exc Intangibles 748.90 668.20 1,226.30 946.00 749.10
Net Borrowings £ (Millions) 674.50 479.20 403.50 313.20 385.50
Net Gearing 114.55% 109.34% 32.90% 33.11% 51.46%
Cash & Near Cash 353.10 297.00 372.70 298.20 281.70
Cash 47.15% 44.45% 30.39% 31.52% 37.61%
Gross Borrowings 1,027.60 776.20 776.20 611.40 667.20
Gross Gearing 161.70% 153.79% 63.30% 64.63% 89.07%
Borrowings Under 5 years 1,027.60 776.20 776.20 611.40 667.20
Under 5 years 137.21% 116.16% 63.30% 64.63% 89.07%
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

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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