WH Smith (SMWH)

Sector:

Retailers

Index:

FTSE 250

1,120.00p
   
  • Change Today:
    -62.00p
  • 52 Week High: 1,665.00
  • 52 Week Low: 1,120.00
  • Currency: UK Pounds
  • Shares Issued: 130.91m
  • Volume: 674,145
  • Market Cap: £1,466.22m
  • RiskGrade: 324

Key Financials

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Growth Metrics 31-Aug-23 31-Aug-22 31-Aug-21 31-Aug-20 31-Aug-19
Annualisation Factor 1.0 1.0 n/a 1.0 1.0
Dividend Yield 2.0% 0.6% 0.0% 0.0% 3.0%
           
Continuing Operations          
PE Ratio - Adjusted 18.9 29.5 n/a n/a 17.1
PE Ratio - Diluted 24.5
19.2		 40.2
30.0		 n/a
n/a		 n/a
n/a		 20.1
17.4
PEG - Adjusted 0.3 n/a n/a n/a 2.8
PEG - Diluted 0.4
0.3		 n/a
n/a		 n/a
n/a		 n/a
n/a		 n/a
4.3
Return on Capital Employed 19.45%
22.69%		 12.39%
14.94%		 n/a
n/a		 n/a
n/a		 56.45%
63.71%
Operating Margin 8.70%
10.15%		 6.93%
8.36%		 (10.38%)
(3.39%)		 (25.47%)
(5.00%)		 10.02%
11.31%
           
Continuing & Discontinued Operations          
PE Ratio - Adjusted 18.9 29.5 n/a n/a 17.1
PE Ratio - Diluted 24.5
19.2		 40.2
30.0		 n/a
n/a		 n/a
n/a		 20.1
17.4
PEG - Adjusted 0.3 n/a n/a n/a 0.1
PEG - Diluted 0.4
0.3		 n/a
n/a		 n/a
n/a		 n/a
n/a		 0.1
0.1

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Gearing 31-Aug-23 31-Aug-22 31-Aug-21 31-Aug-20 31-Aug-19
Net Gearing 282.33% 294.58% 436.42% 383.33% 76.60%

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Value Metrics 31-Aug-23 31-Aug-22 31-Aug-21 31-Aug-20 31-Aug-19
Price/Book Value (11.6) (8.0) (7.4) (5.3) 176.2
Price/Tangible Book Value (10.1) (7.5) (7.1) (5.2) 211.5
Price/ Cash Flow 7.6 9.9 21.4 17.4 14.2
Price/Revenue 1.06 1.33 239.05 1.38 1.51
Price/R&D n/a n/a n/a n/a n/a
Net Asset Value per Share (exc. Intangibles) (126.92p) (178.46p) (221.37p) (221.67p) 11.11p
Net Cash per Share n/a n/a n/a n/a n/a

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Annualised Fundamentals 31-Aug-23 31-Aug-22 31-Aug-21 31-Aug-20 31-Aug-19
Continuing Operations          
Revenue 1,793.00 1,400.00 8.94 1,021.00 1,397.00
EBITDA 208.00
234.00		 146.00
166.00		 0.42
1.05		 (95.00)
114.00		 138.00
156.00
Depreciation (52.00)
(52.00)		 (49.00)
(49.00)		 (1.35)
(1.35)		 (165.00)
(165.00)		 2.00
2.00
Net Interest (46.00)
(45.00)		 (34.00)
(34.00)		 (0.24)
(0.24)		 (20.00)
(20.00)		 (5.00)
(5.00)
Profit Before Tax 110.00
137.00		 63.00
83.00		 (1.17)
(0.55)		 (280.00)
(71.00)		 135.00
153.00
           
Revenue per Share 1,379.23p 1,076.92p 6.83p 850.83p 1,293.52p
Pre-Tax Profit per Share 84.61p
105.39p		 48.46p
63.85p		 (0.89p)
(0.42p)		 (233.33p)
(59.17p)		 125.00p
141.67p
Market Capitalisation £ (Millions) 1,921.77 1,872.65 2,136.43 1,541.87 2,114.64
Enterprise Value (EV) £ (Millions) 2,871.77 2,872.65 3,021.43 2,492.87 2,341.64
EBITDA/EV 7.24%
8.15%		 5.08%
5.78%		 0.01%
0.03%		 (3.81%)
4.57%		 5.89%
6.66%
Operating Margin 8.70%
10.15%		 6.93%
8.36%		 (10.38%)
(3.39%)		 (25.47%)
(5.00%)		 10.02%
11.31%
Capital Employed £ (Millions) 802.00 783.00 607.00 704.00 248.00
Return on Capital Employed 19.45%
22.69%		 12.39%
14.94%		 n/a
n/a		 n/a
n/a		 56.45%
63.71%
Invested Equity Capital £ (Millions) 333.00 309.00 185.00 233.00 242.00
           
Earnings per Share - Basic 60.80p
77.69p		 36.20p
48.46p		 (62.60p)
(23.58p)		 (199.20p)
(45.54p)		 98.10p
113.89p
Earnings per Share - Diluted 59.80p
76.52p		 35.60p
47.73p		 (62.60p)
(23.58p)		 (199.20p)
(45.54p)		 97.20p
112.84p
Earnings per Share - Adjusted 77.70p 48.50p (22.10)p (43.30)p 114.70p
Earnings per Share Growth - Basic 68%
60%		 n/a
n/a		 n/a
n/a		 n/a
n/a		 -1%
4%
Earnings per Share Growth - Diluted 68%
60%		 n/a
n/a		 n/a
n/a		 n/a
n/a		 -1%
4%
Earnings per Share Growth - Adjusted 60% n/a n/a n/a 6%
PE Ratio - Diluted 24.5
19.2		 40.2
30.0		 n/a
n/a		 n/a
n/a		 20.1
17.4
PEG - Diluted 0.4
0.3		 n/a
n/a		 n/a
n/a		 n/a
n/a		 n/a
4.3
Tax Rate 20.00% 15.87% 31.03% 14.64% 20.00%
Dividend Cover 2.69
2.69		 5.33
5.33		 n/a
n/a		 n/a
n/a		 1.97
1.96
Interest Cover 3.39
4.04		 2.85
3.44		 (3.83)
(1.25)		 (13.00)
(2.55)		 28.00
31.60
           
Continuing & Discontinued Operations          
Earnings per Share - Basic 60.80p
77.69p		 36.20p
48.46p		 (0.63p)
(0.28p)		 (199.20p)
(45.54p)		 98.10p
113.89p
Earnings per Share - Diluted 59.80p
76.52p		 35.60p
47.73p		 (0.63p)
(0.28p)		 (199.20p)
(45.54p)		 97.20p
112.84p
Earnings per Share - Adjusted 77.70p 48.50p (0.22p) (43.30p) 114.70p
Earnings per Share Growth - Basic 68%
60%		 n/a
n/a		 n/a
n/a		 n/a
n/a		 197%
213%
Earnings per Share Growth - Diluted 68%
60%		 n/a
n/a		 n/a
n/a		 n/a
n/a		 197%
213%
Earnings per Share Growth - Adjusted 60% n/a n/a n/a 218%
PE Ratio - Diluted 24.5
19.2		 40.2
30.0		 n/a
n/a		 n/a
n/a		 20.1
17.4
PEG - Diluted 0.4
0.3		 n/a
n/a		 n/a
n/a		 n/a
n/a		 0.1
0.1
Dividend Cover 2.69
2.69		 5.33
5.33		 n/a
n/a		 n/a
n/a		 1.97
1.96
Return on Equity (ROE) 23.72%
30.33%		 15.21%
20.39%		 (0.45%)
(0.20%)		 (102.58%)
(23.45%)		 43.80%
50.83%
Operating Cash Flow per Share 193.08p 143.85p 76.34p 67.50p 137.96p
Gross Cash Flow per Share cn/a cn/a cn/a cn/a cn/a
Cash Incr/Decr per Share (56.92p) n/a 0.17p 50.00p 3.70p
Capital Expenditure per Share n/a n/a n/a n/a n/a
Dividend per Share 28.90p 9.10p n/a n/a 58.20p
Dividend per Share Growth 217.58% n/a n/a n/a 7.58%
Dividend Yield 2.0% 0.6% 0.0% 0.0% 3.0%
Shareholders Funds 317.00 295.00 173.00 222.00 235.00
Net Borrowings £ (Millions) 895.00 869.00 755.00 851.00 180.00
Net Asset Value per Share (inc. Intangibles) (144.62p) (190.77p) (229.01p) (225.83p) 9.26p

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Gearing - inc Intangibles 31-Aug-23 31-Aug-22 31-Aug-21 31-Aug-20 31-Aug-19
Shareholders' Funds inc Intangibles 317.00 295.00 173.00 222.00 235.00
Net Borrowings £ (Millions) 895.00 869.00 755.00 851.00 180.00
Net Gearing 282.33% 294.58% 436.42% 383.33% 76.60%
Cash & Near Cash 56.00 132.00 130.00 108.00 49.00
Cash 17.67% 44.75% 75.14% 48.65% 20.85%
Gross Borrowings 951.00 1,001.00 885.00 959.00 229.00
Gross Gearing 300.00% 339.32% 511.56% 431.98% 97.45%
Borrowings Under 5 years 951.00 1,001.00 885.00 959.00 229.00
Under 5 years 300.00% 339.32% 511.56% 431.98% 97.45%
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-Aug-23 31-Aug-22 31-Aug-21 31-Aug-20 31-Aug-19
Shareholders' Funds exc Intangibles (188.00) (248.00) (300.00) (271.00) 10.00
Net Borrowings £ (Millions) 895.00 869.00 755.00 851.00 180.00
Net Gearing n/a n/a n/a n/a 1,800.00%
Cash & Near Cash 56.00 132.00 130.00 108.00 49.00
Cash (29.79%) (53.23%) (43.33%) (39.85%) 490.00%
Gross Borrowings 951.00 1,001.00 885.00 959.00 229.00
Gross Gearing 505.85% 403.63% 295.00% 353.87% 2,290.00%
Borrowings Under 5 years 951.00 1,001.00 885.00 959.00 229.00
Under 5 years (505.85%) (403.63%) (295.00%) (353.87%) 2,290.00%
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-Aug-23 31-Aug-22 31-Aug-21 31-Aug-20 31-Aug-19
Quick Ratio 0.32 0.43 0.47 0.44 0.44
Current Ratio 0.69 0.81 0.82 0.84 1.07

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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