Derwent London (DLN)

Sector:

Property Investment Trusts

Index:

FTSE 250

 1,933.00p
   
  • Change Today:
      0.000p
  • 52 Week High: 2,726.00
  • 52 Week Low: 1,812.00
  • Currency: UK Pounds
  • Shares Issued: 112.29m
  • Volume: 615,136
  • Market Cap: £2,170.58m
  • RiskGrade: 145

Key Financials

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Growth Metrics 31-Dec-22 31-Dec-21 31-Dec-20 31-Dec-19 31-Dec-18
Annualisation Factor 1.0 n/a 1.0 1.0 1.0
Dividend Yield 3.3% 2.2% 2.4% 1.8% 2.3%
           
Continuing Operations          
PE Ratio - Adjusted 22.2 31.5 31.2 38.9 28.8
PE Ratio - Diluted n/a
21.2		 15.2
30.8		 n/a
n/a		 15.8
9.4		 14.3
15.9
PEG - Adjusted n/a 3.5 n/a 9.7 5.8
PEG - Diluted n/a
21.2		 n/a
n/a		 n/a
n/a		 0.6
0.1		 n/a
0.2
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 (93.57%)
(103.86%)		 122.05%
63.70%		 (19.73%)
(21.63%)		 121.84%
204.78%		 106.58%
96.89%
           
Continuing & Discontinued Operations          
PE Ratio - Adjusted 22.2 3,118.1 31.2 38.9 28.8
PE Ratio - Diluted n/a
21.2		 1,507.4
3,070.0		 n/a
n/a		 15.8
9.4		 14.3
15.9
PEG - Adjusted 0.0 n/a n/a 9.7 0.1
PEG - Diluted n/a
0.0		 n/a
n/a		 n/a
n/a		 0.6
0.1		 0.1
0.0

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Gearing 31-Dec-22 31-Dec-21 31-Dec-20 31-Dec-19 31-Dec-18
Net Gearing 29.63% 27.34% 24.61% 22.20% 21.33%

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Value Metrics 31-Dec-22 31-Dec-21 31-Dec-20 31-Dec-19 31-Dec-18
Price/Book Value 0.7 0.9 0.8 1.0 0.7
Price/Tangible Book Value 0.7 0.9 0.8 1.0 0.8
Price/ Cash Flow 23.9 29.7 29.9 46.2 27.6
Price/Revenue 10.69 1,574.40 12.90 19.46 13.95
Price/R&D n/a n/a n/a n/a n/a
Net Asset Value per Share (exc. Intangibles) 3,630.09p 3,955.61p 3,855.80p 4,005.34p 3,822.96p
Net Cash per Share n/a n/a n/a n/a n/a

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Annualised Fundamentals 31-Dec-22 31-Dec-21 31-Dec-20 31-Dec-19 31-Dec-18
Continuing Operations          
Revenue 248.80 2.44 268.60 230.30 228.00
EBITDA (227.80)
(253.40)		 3.02
1.60		 (48.80)
(53.90)		 280.60
471.60		 243.70
221.60
Depreciation (5.00)
(5.00)		 (0.05)
(0.05)		 (4.20)
(4.20)		 n/a
n/a		 (0.70)
(0.70)
Net Interest (39.40)
(39.40)		 (0.28)
(0.28)		 (30.00)
(29.90)		 n/a
n/a		 (23.50)
(23.50)
Profit Before Tax (279.50)
126.30		 2.55
1.27		 (83.00)
(88.00)		 280.60
471.60		 221.60
199.50
           
Revenue per Share 221.61p 2.17p 240.01p 206.04p 204.45p
Pre-Tax Profit per Share (248.95p)
112.50p		 2.27p
1.13p		 (74.17p)
(78.63p)		 251.04p
421.93p		 198.71p
178.89p
Market Capitalisation £ (Millions) 2,658.65 3,831.92 3,466.33 4,482.11 3,182.23
Enterprise Value (EV) £ (Millions) 3,942.75 5,151.92 4,566.13 5,518.21 4,060.43
EBITDA/EV (5.78%)
(6.43%)		 0.06%
0.03%		 (1.07%)
(1.18%)		 5.08%
8.55%		 6.00%
5.46%
Operating Margin (93.57%)
(103.86%)		 122.05%
63.70%		 (19.73%)
(21.63%)		 121.84%
204.78%		 106.58%
96.89%
Capital Employed £ (Millions) 5,360.40 5,762.10 5,415.80 5,515.70 5,180.00
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) 4,076.30 4,442.10 4,264.10 4,423.90 4,204.00
           
Earnings per Share - Basic (249.84p)
111.87p		 224.99p
110.96p		 (69.34p)
(79.26p)		 253.82p
424.43p		 199.33p
179.79p
Earnings per Share - Diluted (249.84p)
111.73p		 224.44p
110.83p		 (69.34p)
(79.01p)		 253.11p
424.43p		 198.91p
179.40p
Earnings per Share - Adjusted 106.60p 108.50p 99.20p 103.10p 99.08p
Earnings per Share Growth - Basic n/a
1%		 n/a
n/a		 n/a
n/a		 27%
136%		 -29%
91%
Earnings per Share Growth - Diluted n/a
1%		 n/a
n/a		 n/a
n/a		 27%
137%		 -29%
91%
Earnings per Share Growth - Adjusted -2% 9% -4% 4% 5%
PE Ratio - Diluted n/a
21.2		 15.2
30.8		 n/a
n/a		 15.8
9.4		 14.3
15.9
PEG - Diluted n/a
21.2		 n/a
n/a		 n/a
n/a		 0.6
0.1		 n/a
0.2
Tax Rate (0.37%) (0.49%) 1.93% 0.89% 1.23%
Dividend Cover 1.36
1.43		 1.42
1.45		 1.33
(1.06)		 1.42
5.86		 1.50
2.73
Interest Cover (6.04)
4.18		 9.99
5.48		 (1.75)
(1.92)		 n/a
n/a		 10.43
9.49
           
Continuing & Discontinued Operations          
Earnings per Share - Basic (249.84p)
111.61p		 2.27p
1.11p		 (69.34p)
(79.26p)		 253.82p
424.43p		 199.33p
179.79p
Earnings per Share - Diluted (249.84p)
111.47p		 2.27p
1.11p		 (69.34p)
(79.01p)		 253.11p
424.43p		 198.91p
179.40p
Earnings per Share - Adjusted 106.60p 1.09p 99.20p 103.10p 99.08p
Earnings per Share Growth - Basic n/a
9,921%		 n/a
n/a		 n/a
n/a		 27%
136%		 112%
473%
Earnings per Share Growth - Diluted n/a
9,920%		 n/a
n/a		 n/a
n/a		 27%
137%		 112%
473%
Earnings per Share Growth - Adjusted 9,633% -99% -4% 4% 216%
PE Ratio - Diluted n/a
21.2		 1,507.4
3,070.0		 n/a
n/a		 15.8
9.4		 14.3
15.9
PEG - Diluted n/a
0.0		 n/a
n/a		 n/a
n/a		 0.6
0.1		 0.1
0.0
Dividend Cover 1.36
1.42		 0.01
0.01		 1.33
(1.06)		 1.42
5.86		 1.50
2.73
Return on Equity (ROE) (6.88%)
3.07%		 0.06%
0.03%		 (1.82%)
(2.08%)		 6.41%
10.72%		 5.29%
4.77%
Operating Cash Flow per Share 99.22p 114.79p 103.56p 86.87p 103.30p
Gross Cash Flow per Share cn/a cn/a cn/a cn/a cn/a
Cash Incr/Decr per Share (25.74p) 0.15p (3.40p) 32.39p (61.60p)
Capital Expenditure per Share n/a n/a n/a n/a n/a
Dividend per Share 78.50p 76.50p 74.45p 72.45p 65.85p
Dividend per Share Growth 2.61% 2.75% 2.76% 10.02% 10.25%
Dividend Yield 3.3% 2.2% 2.4% 1.8% 2.3%
Shareholders Funds 4,075.50 4,441.80 4,263.20 4,421.20 4,201.90
Net Borrowings £ (Millions) 1,207.50 1,214.50 1,049.10 981.60 896.20
Net Asset Value per Share (inc. Intangibles) 3,630.09p 3,955.61p 3,809.42p 3,955.51p 3,767.81p

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Gearing - inc Intangibles 31-Dec-22 31-Dec-21 31-Dec-20 31-Dec-19 31-Dec-18
Shareholders' Funds inc Intangibles 4,075.50 4,441.80 4,263.20 4,421.20 4,201.90
Net Borrowings £ (Millions) 1,207.50 1,214.50 1,049.10 981.60 896.20
Net Gearing 29.63% 27.34% 24.61% 22.20% 21.33%
Cash & Near Cash 76.60 105.50 50.70 54.50 18.30
Cash 1.88% 2.38% 1.19% 1.23% 0.44%
Gross Borrowings 1,284.10 1,320.00 1,099.80 1,036.10 914.50
Gross Gearing 31.51% 29.72% 25.80% 23.43% 21.76%
Borrowings Under 5 years 1,284.10 1,320.00 1,099.80 1,036.10 914.50
Under 5 years 31.51% 29.72% 25.80% 23.43% 21.76%
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-22 31-Dec-21 31-Dec-20 31-Dec-19 31-Dec-18
Shareholders' Funds exc Intangibles 4,075.50 4,441.80 4,263.20 4,421.20 4,201.90
Net Borrowings £ (Millions) 1,207.50 1,214.50 1,049.10 981.60 896.20
Net Gearing 29.63% 27.34% 24.61% 22.20% 21.33%
Cash & Near Cash 76.60 105.50 50.70 54.50 18.30
Cash 1.88% 2.38% 1.19% 1.23% 0.44%
Gross Borrowings 1,284.10 1,320.00 1,099.80 1,036.10 914.50
Gross Gearing 31.51% 29.72% 25.80% 23.43% 21.76%
Borrowings Under 5 years 1,284.10 1,320.00 1,099.80 1,036.10 914.50
Under 5 years 31.51% 29.72% 25.80% 23.43% 21.76%
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 31-Dec-22 31-Dec-21 31-Dec-20 31-Dec-19 31-Dec-18
Quick Ratio 0.70 0.70 1.18 0.99 n/a
Current Ratio 0.95 0.85 1.30 1.35 0.46
Interest Cover (6.04)
4.18		 9.99
5.48		 (1.75)
(1.92)		 n/a
n/a		 10.43
9.49

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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