Mitchells & Butlers (MAB)

Sector:

Tourism and Leisure Services

Index:

FTSE 250

257.50p
   
  • Change Today:
      1.50p
  • 52 Week High: 269.60
  • 52 Week Low: 199.10
  • Currency: UK Pounds
  • Shares Issued: 597.74m
  • Volume: 36,095
  • Market Cap: £1,539.18m
  • RiskGrade: 371

Key Financials

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Growth Metrics 30-Sep-23 24-Sep-22 25-Sep-21 26-Sep-20 28-Sep-19
Annualisation Factor 1.0 1.0 n/a 1.0 1.0
Dividend Yield 0.0% 0.0% 0.0% 0.0% 0.0%
           
Continuing Operations          
PE Ratio - Adjusted 14.5 8.4 n/a n/a 9.3
PE Ratio - Diluted n/a
14.0		 68.9
8.4		 n/a
n/a		 n/a
n/a		 10.4
9.3
PEG - Adjusted n/a n/a n/a n/a 0.4
PEG - Diluted n/a
n/a		 n/a
n/a		 n/a
n/a		 n/a
n/a		 0.2
0.7
Return on Capital Employed 2.22%
5.21%		 2.74%
5.34%		 0.02%
0.01%		 0.09%
2.21%		 7.21%
7.71%
Operating Margin 3.80%
8.91%		 5.53%
10.78%		 7.32%
2.44%		 0.27%
6.03%		 12.96%
13.86%
           
Continuing & Discontinued Operations          
PE Ratio - Adjusted 14.5 8.4 n/a n/a 9.3
PE Ratio - Diluted n/a
14.0		 68.9
8.4		 n/a
n/a		 n/a
n/a		 10.4
9.3
PEG - Adjusted n/a n/a n/a n/a 0.0
PEG - Diluted n/a
n/a		 n/a
n/a		 n/a
n/a		 n/a
n/a		 0.0
0.0

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Gearing 30-Sep-23 24-Sep-22 25-Sep-21 26-Sep-20 28-Sep-19
Net Gearing 78.26% 81.10% 86.07% 128.09% 83.15%

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Value Metrics 30-Sep-23 24-Sep-22 25-Sep-21 26-Sep-20 28-Sep-19
Price/Book Value 0.6 0.4 0.7 0.3 0.8
Price/Tangible Book Value 0.6 0.4 0.7 0.3 0.8
Price/ Cash Flow 5.4 3.8 60.7 4.6 5.6
Price/Revenue 0.54 0.41 141.25 0.39 0.66
Price/R&D n/a n/a n/a n/a n/a
Net Asset Value per Share (exc. Intangibles) 355.13p 357.81p 368.78p 350.84p 452.69p
Net Cash per Share n/a n/a n/a n/a n/a

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Annualised Fundamentals 30-Sep-23 24-Sep-22 25-Sep-21 26-Sep-20 28-Sep-19
Continuing Operations          
Revenue 2,503.00 2,208.00 10.75 1,475.00 2,237.00
EBITDA 228.00
356.00		 255.00
371.00		 2.19
1.67		 4.00
89.00		 290.00
310.00
Depreciation (133.00)
(133.00)		 (133.00)
(133.00)		 (1.40)
(1.40)		 n/a
n/a		 n/a
n/a
Net Interest (108.00)
(108.00)		 (114.00)
(114.00)		 (1.21)
(1.21)		 (127.00)
(127.00)		 (113.00)
(113.00)
Profit Before Tax (13.00)
115.00		 8.00
124.00		 (0.42)
(0.95)		 (123.00)
(32.00)		 177.00
197.00
           
Revenue per Share 420.67p 371.09p 1.90p 311.18p 523.89p
Pre-Tax Profit per Share (2.19p)
19.33p		 1.34p
20.84p		 (0.075p)
(0.17p)		 (25.95p)
(6.75p)		 41.45p
46.14p
Market Capitalisation £ (Millions) 1,350.86 905.63 1,597.75 523.44 446.53
Enterprise Value (EV) £ (Millions) 3,140.86 2,844.63 3,656.75 2,841.44 2,195.53
EBITDA/EV 7.26%
11.33%		 8.96%
13.04%		 0.06%
0.05%		 0.14%
3.13%		 13.21%
14.12%
Operating Margin 3.80%
8.91%		 5.53%
10.78%		 7.32%
2.44%		 0.27%
6.03%		 12.96%
13.86%
Capital Employed £ (Millions) 4,284.00 4,459.00 4,509.00 4,291.00 4,022.00
Return on Capital Employed 2.22%
5.21%		 2.74%
5.34%		 0.02%
0.01%		 0.09%
2.21%		 7.21%
7.71%
Invested Equity Capital £ (Millions) 2,508.00 2,528.00 2,459.00 1,984.00 2,284.00
           
Earnings per Share - Basic (0.70p)
16.13p		 2.20p
17.98p		 (11.50p)
(13.58p)		 (26.20p)
(4.43p)		 33.50p
37.24p
Earnings per Share - Diluted (0.70p)
16.13p		 2.20p
17.95p		 (11.50p)
(13.56p)		 (26.10p)
(4.42p)		 33.30p
37.15p
Earnings per Share - Adjusted 15.60p 18.00p (13.60)p (6.30)p 37.20p
Earnings per Share Growth - Basic n/a
-10%		 n/a
n/a		 n/a
n/a		 n/a
n/a		 51%
14%
Earnings per Share Growth - Diluted n/a
-10%		 n/a
n/a		 n/a
n/a		 n/a
n/a		 51%
14%
Earnings per Share Growth - Adjusted -13% n/a n/a n/a 21%
PE Ratio - Diluted n/a
14.0		 68.9
8.4		 n/a
n/a		 n/a
n/a		 10.4
9.3
PEG - Diluted n/a
n/a		 n/a
n/a		 n/a
n/a		 n/a
n/a		 0.2
0.7
Tax Rate 69.23% (62.50%) (54.76%) 8.94% 19.21%
Dividend Cover n/a
n/a		 n/a
n/a		 n/a
n/a		 n/a
n/a		 n/a
n/a
Interest Cover 0.89
1.99		 1.07
2.08		 0.66
0.23		 0.04
0.75		 2.55
2.73
           
Continuing & Discontinued Operations          
Earnings per Share - Basic (0.70p)
16.13p		 2.20p
17.98p		 (0.12p)
(0.14p)		 (26.20p)
(5.70p)		 33.50p
37.24p
Earnings per Share - Diluted (0.70p)
16.13p		 2.20p
17.95p		 (0.12p)
(0.14p)		 (26.10p)
(5.68p)		 33.30p
37.15p
Earnings per Share - Adjusted 15.60p 18.00p (0.14p) (6.30p) 37.20p
Earnings per Share Growth - Basic n/a
-10%		 n/a
n/a		 n/a
n/a		 n/a
n/a		 356%
243%
Earnings per Share Growth - Diluted n/a
-10%		 n/a
n/a		 n/a
n/a		 n/a
n/a		 355%
244%
Earnings per Share Growth - Adjusted -13% n/a n/a n/a 264%
PE Ratio - Diluted n/a
14.0		 68.9
8.4		 n/a
n/a		 n/a
n/a		 10.4
9.3
PEG - Diluted n/a
n/a		 n/a
n/a		 n/a
n/a		 n/a
n/a		 0.0
0.0
Dividend Cover n/a
n/a		 n/a
n/a		 n/a
n/a		 n/a
n/a		 n/a
n/a
Return on Equity (ROE) (0.16%)
3.83%		 0.51%
4.23%		 (0.03%)
(0.03%)		 (5.65%)
(1.36%)		 6.26%
6.96%
Operating Cash Flow per Share 41.68p 40.00p 4.41p 26.79p 62.30p
Gross Cash Flow per Share cn/a cn/a cn/a cn/a cn/a
Cash Incr/Decr per Share (14.45p) (6.55p) 0.12p 5.06p 2.58p
Capital Expenditure per Share n/a n/a n/a n/a n/a
Dividend per Share n/a n/a n/a n/a n/a
Dividend per Share Growth n/a n/a n/a n/a n/a
Dividend Yield 0.0% 0.0% 0.0% 0.0% 0.0%
Shareholders Funds 2,130.00 2,143.00 2,104.00 1,677.00 1,947.00
Net Borrowings £ (Millions) 1,667.00 1,738.00 1,811.00 2,148.00 1,619.00
Net Asset Value per Share (inc. Intangibles) 355.13p 357.81p 368.78p 350.84p 452.69p

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Gearing - inc Intangibles 30-Sep-23 24-Sep-22 25-Sep-21 26-Sep-20 28-Sep-19
Shareholders' Funds inc Intangibles 2,130.00 2,143.00 2,104.00 1,677.00 1,947.00
Net Borrowings £ (Millions) 1,667.00 1,738.00 1,811.00 2,148.00 1,619.00
Net Gearing 78.26% 81.10% 86.07% 128.09% 83.15%
Cash & Near Cash 126.00 207.00 252.00 173.00 133.00
Cash 5.92% 9.66% 11.98% 10.32% 6.83%
Gross Borrowings 1,793.00 1,945.00 2,063.00 2,321.00 1,752.00
Gross Gearing 84.18% 90.76% 98.05% 138.40% 89.98%
Borrowings Under 5 years 1,793.00 1,945.00 2,063.00 2,321.00 1,752.00
Under 5 years 84.18% 90.76% 98.05% 138.40% 89.98%
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 30-Sep-23 24-Sep-22 25-Sep-21 26-Sep-20 28-Sep-19
Shareholders' Funds exc Intangibles 2,113.00 2,129.00 2,091.00 1,663.00 1,933.00
Net Borrowings £ (Millions) 1,667.00 1,738.00 1,811.00 2,148.00 1,619.00
Net Gearing 78.89% 81.63% 86.61% 129.16% 83.76%
Cash & Near Cash 126.00 207.00 252.00 173.00 133.00
Cash 5.96% 9.72% 12.05% 10.40% 6.88%
Gross Borrowings 1,793.00 1,945.00 2,063.00 2,321.00 1,752.00
Gross Gearing 84.86% 91.36% 98.66% 139.57% 90.64%
Borrowings Under 5 years 1,793.00 1,945.00 2,063.00 2,321.00 1,752.00
Under 5 years 84.86% 91.36% 98.66% 139.57% 90.64%
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 30-Sep-23 24-Sep-22 25-Sep-21 26-Sep-20 28-Sep-19
Quick Ratio 0.38 0.48 0.50 0.31 0.38
Current Ratio 0.41 0.52 0.53 0.34 0.43

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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