Drax Group (DRX)

Sector:

Electricity Generation and Distribution

Index:

FTSE 250

553.00p
   
  • Change Today:
      3.00p
  • 52 Week High: 635.00p
  • 52 Week Low: 401.50p
  • Currency: UK Pounds
  • Shares Issued: 386.70m
  • Volume: 821,543
  • Market Cap: £2,138.46m
  • RiskGrade: 140

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 4.7% 3.0% 3.1% 4.6% 5.1%
           
Continuing Operations          
PE Ratio - Adjusted 4.1 8.3 27.1 15.4 12.6
PE Ratio - Diluted 3.5
4.4		 34.3
8.6		 44.8
41.8		 n/a
n/a		 n/a
5.4
PEG - Adjusted 0.1 0.0 n/a n/a 0.1
PEG - Diluted 0.0
0.1		 0.7
0.0		 n/a
n/a		 n/a
n/a		 n/a
0.0
Return on Capital Employed 26.16%
23.29%		 6.16%
16.36%		 0.08%
0.06%		 n/a
n/a		 1.71%
4.12%
Operating Margin 11.08%
9.86%		 2.02%
5.36%		 3.78%
2.92%		 (3.74%)
(5.01%)		 (0.35%)
2.64%
           
Continuing & Discontinued Operations          
PE Ratio - Adjusted 4.1 8.3 2,261.8 12.7 10.5
PE Ratio - Diluted 3.5
4.4		 34.3
8.6		 3,105.5
3,236.9		 n/a
n/a		 3,140.0
5.0
PEG - Adjusted 0.1 0.0 n/a n/a 0.1
PEG - Diluted 0.0
0.1		 0.0
0.0		 n/a
n/a		 n/a
n/a		 n/a
0.0

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Gearing 31-Dec-23 31-Dec-22 31-Dec-21 31-Dec-20 31-Dec-19
Net Gearing 59.95% 103.45% 90.99% 60.18% 50.92%

  £ (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 1.3 3.7 3.4 1.6 1.0
Price/Tangible Book Value 1.3 3.8 3.5 1.6 1.0
Price/ Cash Flow 2.3 13.6 7.9 4.9 3.0
Price/Revenue 0.24 0.36 46.93 0.35 0.28
Price/R&D n/a n/a n/a n/a n/a
Net Asset Value per Share (exc. Intangibles) 377.04p 189.24p 176.18p 229.18p 318.71p
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 8,125.30 7,775.30 51.36 4,244.70 4,467.60
EBITDA 1,125.40
1,026.50		 395.80
656.00		 3.95
3.51		 (158.90)
(212.70)		 (15.60)
117.80
Depreciation (225.00)
(225.00)		 (239.00)
(239.00)		 (2.01)
(2.01)		 n/a
n/a		 n/a
n/a
Net Interest (102.40)
(102.40)		 (79.20)
(79.20)		 (0.71)
(0.71)		 (75.80)
(75.80)		 n/a
n/a
Profit Before Tax 796.40
697.50		 78.10
338.30		 1.23
0.79		 (234.70)
(289.10)		 (15.60)
117.80
           
Revenue per Share 2,063.31p 1,941.88p 12.89p 1,069.73p 1,129.61p
Pre-Tax Profit per Share 202.24p
177.12p		 19.50p
84.49p		 0.31p
0.20p		 (59.15p)
(72.86p)		 (3.94p)
29.79p
Market Capitalisation £ (Millions) 2,080.85 2,916.55 2,499.06 1,540.68 1,288.89
Enterprise Value (EV) £ (Millions) 2,981.35 3,925.85 2,795.96 2,047.18 2,210.19
EBITDA/EV 37.75%
34.43%		 10.08%
16.71%		 0.14%
0.13%		 (7.76%)
(10.39%)		 (0.71%)
5.33%
Operating Margin 11.08%
9.86%		 2.02%
5.36%		 3.78%
2.92%		 (3.74%)
(5.01%)		 (0.35%)
2.64%
Capital Employed £ (Millions) 3,435.20 2,551.90 2,500.50 2,318.50 2,861.30
Return on Capital Employed 26.16%
23.29%		 6.16%
16.36%		 0.08%
0.06%		 n/a
n/a		 1.71%
4.12%
Invested Equity Capital £ (Millions) 2,360.30 1,511.00 1,597.00 1,652.60 2,038.70
           
Earnings per Share - Basic 142.80p
114.91p		 21.30p
85.06p		 13.90p
14.98p		 (49.00p)
(62.75p)		 (2.50p)
58.66p
Earnings per Share - Diluted 139.50p
112.25p		 20.50p
82.19p		 13.50p
14.47p		 (49.00p)
(61.48p)		 (0.25p)
58.38p
Earnings per Share - Adjusted 119.60p 85.10p 22.30p 24.30p 24.90p
Earnings per Share Growth - Basic 570%
35%		 53%
468%		 n/a
n/a		 n/a
n/a		 n/a
463%
Earnings per Share Growth - Diluted 580%
37%		 52%
468%		 n/a
n/a		 n/a
n/a		 n/a
467%
Earnings per Share Growth - Adjusted 40% 282% -8% -2% 139%
PE Ratio - Diluted 3.5
4.4		 34.3
8.6		 44.8
41.8		 n/a
n/a		 n/a
5.4
PEG - Diluted 0.0
0.1		 0.7
0.0		 n/a
n/a		 n/a
n/a		 n/a
0.0
Tax Rate 29.51% (5.67%) 54.65% 17.09% 37.82%
Dividend Cover 5.18
4.97		 4.05
4.05		 1.19
0.80		 1.42
(3.67)		 1.57
3.69
Interest Cover 7.90
7.04		 1.94
5.05		 2.71
2.09		 (2.08)
(2.79)		 n/a
n/a
           
Continuing & Discontinued Operations          
Earnings per Share - Basic 142.80p
114.91p		 21.30p
85.06p		 0.20p
0.19p		 (39.80p)
(53.35p)		 0.100p
63.59p
Earnings per Share - Diluted 139.50p
112.25p		 20.50p
82.19p		 0.20p
0.19p		 (39.80p)
(52.27p)		 0.100p
63.29p
Earnings per Share - Adjusted 119.60p 85.10p 0.27p 29.60p 29.90p
Earnings per Share Growth - Basic 570%
35%		 10,451%
43,845%		 n/a
n/a		 n/a
n/a		 -98%
511%
Earnings per Share Growth - Diluted 580%
37%		 10,423%
43,874%		 n/a
n/a		 n/a
n/a		 -98%
515%
Earnings per Share Growth - Adjusted 40% 31,714% -99% -1% 188%
PE Ratio - Diluted 3.5
4.4		 34.3
8.6		 3,105.5
3,236.9		 n/a
n/a		 3,140.0
5.0
PEG - Diluted 0.0
0.1		 0.0
0.0		 n/a
n/a		 n/a
n/a		 n/a
0.0
Dividend Cover 5.18
4.97		 4.05
4.05		 0.01
0.01		 1.73
(3.12)		 1.88
4.00
Return on Equity (ROE) 23.82%
19.17%		 5.63%
22.54%		 0.05%
0.05%		 (9.55%)
(12.81%)		 0.02%
12.34%
Operating Cash Flow per Share 212.19p 51.87p 76.93p 77.17p 104.53p
Gross Cash Flow per Share cn/a cn/a cn/a cn/a cn/a
Cash Incr/Decr per Share 37.05p (21.20p) 0.069p (28.78p) 30.82p
Capital Expenditure per Share n/a n/a n/a n/a n/a
Dividend per Share 23.10p 21.00p 18.80p 17.10p 15.90p
Dividend per Share Growth 10.00% 11.70% 9.94% 7.55% 12.77%
Dividend Yield 4.7% 3.0% 3.1% 4.6% 5.1%
Shareholders Funds 1,971.00 1,310.80 1,285.30 1,339.40 1,715.60
Net Borrowings £ (Millions) 1,181.60 1,356.00 1,169.50 806.10 873.60
Net Asset Value per Share (inc. Intangibles) 374.00p 185.89p 170.78p 229.18p 318.71p

  £ (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 1,971.00 1,310.80 1,285.30 1,339.40 1,715.60
Net Borrowings £ (Millions) 1,181.60 1,356.00 1,169.50 806.10 873.60
Net Gearing 59.95% 103.45% 90.99% 60.18% 50.92%
Cash & Near Cash 379.50 238.00 317.40 289.80 404.10
Cash 19.25% 18.16% 24.69% 21.64% 23.55%
Gross Borrowings 1,561.10 1,594.00 1,486.90 1,095.90 1,277.70
Gross Gearing 79.20% 121.61% 115.69% 81.82% 74.48%
Borrowings Under 5 years 1,561.10 1,594.00 1,486.90 1,095.90 1,277.70
Under 5 years 79.20% 121.61% 115.69% 81.82% 74.48%
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 1,472.80 744.30 680.40 909.40 1,260.50
Net Borrowings £ (Millions) 1,181.60 1,356.00 1,169.50 806.10 873.60
Net Gearing 80.23% 182.18% 171.88% 88.64% 69.31%
Cash & Near Cash 379.50 238.00 317.40 289.80 404.10
Cash 25.77% 31.98% 46.65% 31.87% 32.06%
Gross Borrowings 1,561.10 1,594.00 1,486.90 1,095.90 1,277.70
Gross Gearing 106.00% 214.16% 218.53% 120.51% 101.36%
Borrowings Under 5 years 1,561.10 1,594.00 1,486.90 1,095.90 1,277.70
Under 5 years 106.00% 214.16% 218.53% 120.51% 101.36%
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 0.97 0.93 0.96 1.07 1.05
Current Ratio 1.12 1.09 1.05 1.23 1.28

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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