Derwent London (DLN)

Sector:

Property Investment Trusts

Index:

FTSE 250

1,992.00p
   
  • Change Today:
    -38.00p
  • 52 Week High: 2,434.00
  • 52 Week Low: 1,779.00
  • Currency: UK Pounds
  • Shares Issued: 112.29m
  • Volume: 156,066
  • Market Cap: £2,236.84m
  • RiskGrade: 145

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 3.4% 3.3% 2.2% 2.4% 1.8%
           
Continuing Operations          
PE Ratio - Adjusted 23.1 22.2 31.5 31.2 38.9
PE Ratio - Diluted n/a
23.2		 n/a
22.2		 15.2
30.8		 n/a
n/a		 15.8
9.4
PEG - Adjusted n/a n/a 3.5 n/a 9.7
PEG - Diluted n/a
n/a		 n/a
n/a		 n/a
n/a		 n/a
n/a		 0.6
0.1
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 (161.41%)
60.77%		 (93.57%)
67.16%		 122.05%
63.70%		 (19.73%)
(21.63%)		 121.84%
204.78%
           
Continuing & Discontinued Operations          
PE Ratio - Adjusted 23.1 22.2 3,118.1 31.2 38.9
PE Ratio - Diluted n/a
23.2		 n/a
22.2		 1,507.4
3,070.0		 n/a
n/a		 15.8
9.4
PEG - Adjusted n/a 0.0 n/a n/a 9.7
PEG - Diluted n/a
n/a		 n/a
0.0		 n/a
n/a		 n/a
n/a		 0.6
0.1

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Gearing 31-Dec-23 31-Dec-22 31-Dec-21 31-Dec-20 31-Dec-19
Net Gearing 36.98% 29.63% 27.34% 24.61% 22.20%

  £ (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 0.8 0.7 0.9 0.8 1.0
Price/Tangible Book Value 0.8 0.7 0.9 0.8 1.0
Price/ Cash Flow 27.3 23.9 29.7 29.9 46.2
Price/Revenue 9.97 10.69 1,574.40 12.90 19.46
Price/R&D n/a n/a n/a n/a n/a
Net Asset Value per Share (exc. Intangibles) 3,124.74p 3,630.09p 3,955.61p 3,855.80p 4,005.34p
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 265.90 248.80 2.44 268.60 230.30
EBITDA (428.20)
162.60		 (230.70)
169.20		 3.02
1.60		 (48.80)
(53.90)		 280.60
471.60
Depreciation (1.00)
(1.00)		 (2.10)
(2.10)		 (0.05)
(0.05)		 (4.20)
(4.20)		 n/a
n/a
Net Interest (39.50)
(39.50)		 (39.40)
(39.40)		 (0.28)
(0.28)		 (30.00)
(29.90)		 n/a
n/a
Profit Before Tax (475.90)
114.90		 (279.50)
120.40		 2.55
1.27		 (83.00)
(88.00)		 280.60
471.60
           
Revenue per Share 236.79p 221.61p 2.17p 240.01p 206.04p
Pre-Tax Profit per Share (423.81p)
102.32p		 (248.95p)
107.24p		 2.27p
1.13p		 (74.17p)
(78.63p)		 251.04p
421.93p
Market Capitalisation £ (Millions) 2,650.07 2,659.04 3,831.92 3,466.33 4,482.11
Enterprise Value (EV) £ (Millions) 4,020.37 3,943.14 5,151.92 4,566.13 5,518.21
EBITDA/EV (10.65%)
4.04%		 (5.85%)
4.29%		 0.06%
0.03%		 (1.07%)
(1.18%)		 5.08%
8.55%
Operating Margin (161.41%)
60.77%		 (93.57%)
67.16%		 122.05%
63.70%		 (19.73%)
(21.63%)		 121.84%
204.78%
Capital Employed £ (Millions) 4,879.90 5,360.40 5,762.10 5,415.80 5,515.70
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) 3,509.20 4,076.30 4,442.10 4,264.10 4,423.90
           
Earnings per Share - Basic (424.25p)
101.97p		 (249.84p)
106.62p		 224.99p
110.96p		 (69.34p)
(79.26p)		 253.82p
424.43p
Earnings per Share - Diluted (424.25p)
101.75p		 (249.84p)
106.48p		 224.44p
110.83p		 (69.34p)
(79.01p)		 253.11p
424.43p
Earnings per Share - Adjusted 102.00p 106.60p 108.50p 99.20p 103.10p
Earnings per Share Growth - Basic n/a
-4%		 n/a
-4%		 n/a
n/a		 n/a
n/a		 27%
136%
Earnings per Share Growth - Diluted n/a
-4%		 n/a
-4%		 n/a
n/a		 n/a
n/a		 27%
137%
Earnings per Share Growth - Adjusted -4% -2% 9% -4% 4%
PE Ratio - Diluted n/a
23.2		 n/a
22.2		 15.2
30.8		 n/a
n/a		 15.8
9.4
PEG - Diluted n/a
n/a		 n/a
n/a		 n/a
n/a		 n/a
n/a		 0.6
0.1
Tax Rate (0.11%) (0.37%) (0.49%) 1.93% 0.89%
Dividend Cover 1.28
1.28		 1.36
1.36		 1.42
1.45		 1.33
(1.06)		 1.42
5.86
Interest Cover (10.78)
3.84		 (6.04)
4.03		 9.99
5.48		 (1.75)
(1.92)		 n/a
n/a
           
Continuing & Discontinued Operations          
Earnings per Share - Basic (424.25p)
101.97p		 (249.84p)
106.62p		 2.27p
1.11p		 (69.34p)
(79.26p)		 253.82p
424.43p
Earnings per Share - Diluted (424.25p)
101.75p		 (249.84p)
106.48p		 2.27p
1.11p		 (69.34p)
(79.01p)		 253.11p
424.43p
Earnings per Share - Adjusted 102.00p 106.60p 1.09p 99.20p 103.10p
Earnings per Share Growth - Basic n/a
-4%		 n/a
9,473%		 n/a
n/a		 n/a
n/a		 27%
136%
Earnings per Share Growth - Diluted n/a
-4%		 n/a
9,472%		 n/a
n/a		 n/a
n/a		 27%
137%
Earnings per Share Growth - Adjusted -4% 9,633% -99% -4% 4%
PE Ratio - Diluted n/a
23.2		 n/a
22.2		 1,507.4
3,070.0		 n/a
n/a		 15.8
9.4
PEG - Diluted n/a
n/a		 n/a
0.0		 n/a
n/a		 n/a
n/a		 0.6
0.1
Dividend Cover 1.28
1.28		 1.36
1.36		 0.01
0.01		 1.33
(1.06)		 1.42
5.86
Return on Equity (ROE) (13.58%)
3.26%		 (6.88%)
2.94%		 0.06%
0.03%		 (1.82%)
(2.08%)		 6.41%
10.72%
Operating Cash Flow per Share 86.38p 99.22p 114.79p 103.56p 86.87p
Gross Cash Flow per Share cn/a cn/a cn/a cn/a cn/a
Cash Incr/Decr per Share (3.21p) (25.74p) 0.15p (3.40p) 32.39p
Capital Expenditure per Share n/a n/a n/a n/a n/a
Dividend per Share 79.50p 78.50p 76.50p 74.45p 72.45p
Dividend per Share Growth 1.27% 2.61% 2.75% 2.76% 10.02%
Dividend Yield 3.4% 3.3% 2.2% 2.4% 1.8%
Shareholders Funds 3,508.80 4,075.50 4,441.80 4,263.20 4,421.20
Net Borrowings £ (Millions) 1,297.70 1,207.50 1,214.50 1,049.10 981.60
Net Asset Value per Share (inc. Intangibles) 3,124.74p 3,630.09p 3,955.61p 3,809.42p 3,955.51p

  £ (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 3,508.80 4,075.50 4,441.80 4,263.20 4,421.20
Net Borrowings £ (Millions) 1,297.70 1,207.50 1,214.50 1,049.10 981.60
Net Gearing 36.98% 29.63% 27.34% 24.61% 22.20%
Cash & Near Cash 73.00 76.60 105.50 50.70 54.50
Cash 2.08% 1.88% 2.38% 1.19% 1.23%
Gross Borrowings 1,370.70 1,284.10 1,320.00 1,099.80 1,036.10
Gross Gearing 39.06% 31.51% 29.72% 25.80% 23.43%
Borrowings Under 5 years 1,370.70 1,284.10 1,320.00 1,099.80 1,036.10
Under 5 years 39.06% 31.51% 29.72% 25.80% 23.43%
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 3,508.80 4,075.50 4,441.80 4,263.20 4,421.20
Net Borrowings £ (Millions) 1,297.70 1,207.50 1,214.50 1,049.10 981.60
Net Gearing 36.98% 29.63% 27.34% 24.61% 22.20%
Cash & Near Cash 73.00 76.60 105.50 50.70 54.50
Cash 2.08% 1.88% 2.38% 1.19% 1.23%
Gross Borrowings 1,370.70 1,284.10 1,320.00 1,099.80 1,036.10
Gross Gearing 39.06% 31.51% 29.72% 25.80% 23.43%
Borrowings Under 5 years 1,370.70 1,284.10 1,320.00 1,099.80 1,036.10
Under 5 years 39.06% 31.51% 29.72% 25.80% 23.43%
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-23 31-Dec-22 31-Dec-21 31-Dec-20 31-Dec-19
Quick Ratio 0.46 0.70 0.70 1.18 0.99
Current Ratio 0.74 0.95 0.85 1.30 1.35
Interest Cover (10.78)
3.84		 (6.04)
4.03		 9.99
5.48		 (1.75)
(1.92)		 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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