Unite Group (UTG)

Sector:

Property Investment Trusts

Index:

FTSE 100

971.50p
   
  • Change Today:
      20.50p
  • 52 Week High: 1,057.00
  • 52 Week Low: 847.00
  • Currency: UK Pounds
  • Shares Issued: 435.87m
  • Volume: 759,418
  • Market Cap: £4,234.43m
  • RiskGrade: 154

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% 3.6% 2.0% 1.2% 0.8%
           
Continuing Operations          
PE Ratio - Adjusted 23.6 22.2 40.2 41.0 32.2
PE Ratio - Diluted 42.4
37.1		 10.4
22.3		 13.0
24.0		 n/a
41.4		 n/a
27.7
PEG - Adjusted 2.9 0.5 5.0 n/a 2.1
PEG - Diluted n/a
n/a		 5.2
n/a		 n/a
0.3		 n/a
n/a		 n/a
0.8
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 43.06%
48.39%		 91.79%
19.63%		 96.18%
36.68%		 (12.76%)
81.17%		 (43.73%)
94.94%
           
Continuing & Discontinued Operations          
PE Ratio - Adjusted 23.6 22.2 3,986.1 41.0 32.2
PE Ratio - Diluted 42.4
37.1		 10.4
22.3		 1,283.7
2,376.2		 n/a
44.0		 n/a
27.7
PEG - Adjusted 2.9 0.0 n/a n/a 2.1
PEG - Diluted n/a
n/a		 0.0
0.0		 n/a
n/a		 n/a
n/a		 n/a
0.8

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Gearing 31-Dec-23 31-Dec-22 31-Dec-21 31-Dec-20 31-Dec-19
Net Gearing 27.73% 34.86% 32.58% 44.91% 51.62%

  £ (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 1.1 1.0 1.2 1.2 1.2
Price/Tangible Book Value 1.1 1.0 1.3 1.2 1.2
Price/ Cash Flow 28.3 23.6 25.8 54.4 45.4
Price/Revenue 15.72 14.02 1,643.61 18.49 22.81
Price/R&D n/a n/a n/a n/a n/a
Net Asset Value per Share (exc. Intangibles) 984.55p 954.48p 891.40p 854.79p 1,095.47p
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 276.10 259.30 2.69 215.60 156.20
EBITDA 189.30
204.00		 303.20
116.10		 2.66
1.06		 (18.30)
188.50		 (68.30)
148.30
Depreciation (70.40)
(70.40)		 (65.20)
(65.20)		 (0.07)
(0.07)		 (9.20)
(13.50)		 n/a
n/a
Net Interest (43.40)
(43.40)		 33.50
33.50		 (0.36)
(0.36)		 (81.00)
(81.00)		 (32.90)
(32.90)
Profit Before Tax 102.50
117.20		 351.90
164.80		 3.46
1.86		 (120.10)
97.30		 (101.20)
115.40
           
Revenue per Share 66.41p 64.89p 0.68p 56.53p 55.23p
Pre-Tax Profit per Share 24.66p
28.19p		 88.07p
41.24p		 0.87p
0.47p		 (31.49p)
25.51p		 (35.78p)
40.81p
Market Capitalisation £ (Millions) 4,550.32 3,642.89 4,432.45 4,160.88 4,581.26
Enterprise Value (EV) £ (Millions) 5,690.02 5,001.09 5,456.95 5,951.88 6,253.66
EBITDA/EV 3.33%
3.59%		 6.06%
2.32%		 0.05%
0.02%		 (0.31%)
3.17%		 (1.09%)
2.37%
Operating Margin 43.06%
48.39%		 91.79%
19.63%		 96.18%
36.68%		 (12.76%)
81.17%		 (43.73%)
94.94%
Capital Employed £ (Millions) 5,258.50 5,172.10 4,813.20 5,051.00 4,770.40
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) 4,067.00 3,787.50 3,527.80 3,234.90 3,071.50
           
Earnings per Share - Basic 24.70p
28.19p		 87.70p
40.89p		 85.90p
46.40p		 (31.80p)
25.28p		 (31.50p)
45.62p
Earnings per Share - Diluted 24.60p
28.11p		 87.60p
40.83p		 85.70p
46.30p		 (31.80p)
25.22p		 (31.40p)
45.43p
Earnings per Share - Adjusted 44.30p 40.90p 27.60p 25.50p 39.10p
Earnings per Share Growth - Basic -72%
-31%		 2%
-12%		 n/a
84%		 n/a
-45%		 n/a
34%
Earnings per Share Growth - Diluted -72%
-31%		 2%
-12%		 n/a
84%		 n/a
-44%		 n/a
34%
Earnings per Share Growth - Adjusted 8% 48% 8% -35% 15%
PE Ratio - Diluted 42.4
37.1		 10.4
22.3		 13.0
24.0		 n/a
41.4		 n/a
27.7
PEG - Diluted n/a
n/a		 5.2
n/a		 n/a
0.3		 n/a
n/a		 n/a
0.8
Tax Rate (1.46%) 0.04% (0.63%) (1.94%) 13.44%
Dividend Cover 1.25
0.80		 1.25
1.25		 1.25
2.10		 2.00
1.98		 3.81
4.45
Interest Cover 3.36
3.70		 (9.50)
(3.92)		 n/a
n/a		 (0.39)
2.12		 (1.64)
4.01
           
Continuing & Discontinued Operations          
Earnings per Share - Basic 24.70p
28.19p		 87.70p
40.89p		 0.87p
0.47p		 (31.80p)
23.78p		 (31.50p)
45.62p
Earnings per Share - Diluted 24.60p
28.11p		 87.60p
40.83p		 0.86p
0.47p		 (31.80p)
23.73p		 (31.40p)
45.43p
Earnings per Share - Adjusted 44.30p 40.90p 0.28p 25.50p 39.10p
Earnings per Share Growth - Basic -72%
-31%		 10,014%
8,632%		 n/a
-98%		 n/a
-48%		 n/a
34%
Earnings per Share Growth - Diluted -72%
-31%		 10,026%
8,637%		 n/a
-98%		 n/a
-48%		 n/a
34%
Earnings per Share Growth - Adjusted 8% 14,581% -99% -35% 15%
PE Ratio - Diluted 42.4
37.1		 10.4
22.3		 1,283.7
2,376.2		 n/a
44.0		 n/a
27.7
PEG - Diluted n/a
n/a		 0.0
0.0		 n/a
n/a		 n/a
n/a		 n/a
0.8
Dividend Cover 1.25
0.80		 1.25
1.25		 0.01
0.02		 2.00
1.87		 3.81
4.45
Return on Equity (ROE) 2.52%
2.88%		 9.25%
4.31%		 0.10%
0.05%		 (3.74%)
2.80%		 (2.85%)
4.20%
Operating Cash Flow per Share 36.85p 38.56p 42.96p 19.22p 27.76p
Gross Cash Flow per Share cn/a cn/a cn/a cn/a cn/a
Cash Incr/Decr per Share (0.12p) (17.87p) (0.58p) 65.92p (12.98p)
Capital Expenditure per Share n/a n/a n/a n/a n/a
Dividend per Share 35.40p 32.70p 22.10p 12.75p 10.25p
Dividend per Share Growth 8.26% 47.96% 73.33% 24.39% (64.66%)
Dividend Yield 3.4% 3.6% 2.0% 1.2% 0.8%
Shareholders Funds 4,067.00 3,787.50 3,527.80 3,234.90 3,071.50
Net Borrowings £ (Millions) 1,127.90 1,320.30 1,149.40 1,452.70 1,585.50
Net Asset Value per Share (inc. Intangibles) 978.27p 947.87p 884.73p 848.21p 1,086.10p

  £ (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 4,067.00 3,787.50 3,527.80 3,234.90 3,071.50
Net Borrowings £ (Millions) 1,127.90 1,320.30 1,149.40 1,452.70 1,585.50
Net Gearing 27.73% 34.86% 32.58% 44.91% 51.62%
Cash & Near Cash 37.50 37.90 109.40 338.30 86.90
Cash 0.92% 1.00% 3.10% 10.46% 2.83%
Gross Borrowings 1,165.40 1,358.20 1,258.80 1,791.00 1,672.40
Gross Gearing 28.66% 35.86% 35.68% 55.36% 54.45%
Borrowings Under 5 years 1,165.40 1,358.20 1,258.80 1,791.00 1,672.40
Under 5 years 28.66% 35.86% 35.68% 55.36% 54.45%
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-Dec-23 31-Dec-22 31-Dec-21 31-Dec-20 31-Dec-19
Shareholders' Funds exc Intangibles 4,067.00 3,787.50 3,527.80 3,234.90 3,071.50
Net Borrowings £ (Millions) 1,127.90 1,320.30 1,149.40 1,452.70 1,585.50
Net Gearing 27.73% 34.86% 32.58% 44.91% 51.62%
Cash & Near Cash 37.50 37.90 109.40 338.30 86.90
Cash 0.92% 1.00% 3.10% 10.46% 2.83%
Gross Borrowings 1,165.40 1,358.20 1,258.80 1,791.00 1,672.40
Gross Gearing 28.66% 35.86% 35.68% 55.36% 54.45%
Borrowings Under 5 years 1,165.40 1,358.20 1,258.80 1,791.00 1,672.40
Under 5 years 28.66% 35.86% 35.68% 55.36% 54.45%
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)
Cover 31-Dec-23 31-Dec-22 31-Dec-21 31-Dec-20 31-Dec-19
Quick Ratio 0.38 0.63 1.86 2.64 0.71
Current Ratio 0.43 0.69 1.91 2.69 0.73

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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