Ninety One (N91)

Sector:

Financials

Index:

FTSE 250

176.00p
   
  • Change Today:
    -1.30p
  • 52 Week High: 186.20
  • 52 Week Low: 156.80
  • Currency: UK Pounds
  • Shares Issued: 918.93m
  • Volume: 108,029
  • Market Cap: £1,617.32m

Key Financials

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Growth Metrics 31-Mar-23 31-Mar-22 31-Mar-21 31-Mar-20 31-Mar-19
Annualisation Factor 1.0 1.0 n/a 1.0 1.0
Dividend Yield 7.1% 5.7% 5.3% 0.0% 0.0%
           
Continuing Operations          
PE Ratio - Adjusted 10.7 13.3 14.0 10.3 n/a
PE Ratio - Diluted 10.2
10.9		 11.4
13.5		 14.2
14.0		 10.3
9.9		 n/a
n/a
PEG - Adjusted n/a 1.0 14.0 0.9 n/a
PEG - Diluted n/a
n/a		 0.3
1.4		 n/a
n/a		 0.9
0.6		 n/a
n/a
Return on Capital Employed 43.36%
41.39%		 55.50%
47.88%		 0.53%
0.53%		 76.16%
78.68%		 81.85%
81.66%
Operating Margin 27.74%
27.74%		 33.61%
29.51%		 27.20%
27.45%		 25.86%
24.99%		 24.79%
24.73%
           
Continuing & Discontinued Operations          
PE Ratio - Adjusted 10.7 13.3 1,391.6 10.3 n/a
PE Ratio - Diluted 10.2
10.9		 11.4
13.2		 1,408.2
1,385.9		 10.3
10.7		 n/a
n/a
PEG - Adjusted n/a 0.0 n/a 0.9 n/a
PEG - Diluted n/a
n/a		 0.0
0.0		 n/a
n/a		 0.9
1.5		 n/a
n/a

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Gearing 31-Mar-23 31-Mar-22 31-Mar-21 31-Mar-20 31-Mar-19
Net Gearing (79.16%) (87.03%) (89.69%) (61.65%) n/a

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Value Metrics 31-Mar-23 31-Mar-22 31-Mar-21 31-Mar-20 31-Mar-19
Price/Book Value 4.8 6.8 8.6 10.6 n/a
Price/Tangible Book Value 4.8 6.8 8.6 10.6 n/a
Price/ Cash Flow 22.3 10.0 4.7 2.0 n/a
Price/Revenue 2.23 2.91 285.65 2.10 n/a
Price/R&D n/a n/a n/a n/a n/a
Net Asset Value per Share (exc. Intangibles) 38.90p 37.63p 27.75p 16.38p 21.21p
Net Cash per Share n/a n/a n/a n/a n/a

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Annualised Fundamentals 31-Mar-23 31-Mar-22 31-Mar-21 31-Mar-20 31-Mar-19
Continuing Operations          
Revenue 745.50 795.10 7.63 761.00 696.60
EBITDA 221.60
221.60		 282.20
249.60		 2.24
2.26		 196.80
190.20		 172.70
172.30
Depreciation (14.80)
(14.80)		 (15.00)
(15.00)		 (0.17)
(0.17)		 n/a
n/a		 n/a
n/a
Net Interest 5.80
5.80		 (0.10)
(0.10)		 (0.02)
(0.02)		 1.70
1.70		 5.70
5.70
Profit Before Tax 212.60
203.20		 267.10
230.40		 2.06
2.08		 198.50
205.00		 178.40
178.00
           
Revenue per Share 82.87p 87.58p 0.84p 82.49p 75.50p
Pre-Tax Profit per Share 23.63p
22.59p		 29.42p
25.38p		 0.23p
0.23p		 21.52p
22.22p		 19.33p
19.29p
Market Capitalisation £ (Millions) 1,708.84 2,351.04 2,203.41 1,595.37 n/a
Enterprise Value (EV) £ (Millions) 1,802.34 2,450.04 2,307.91 (5,295.93) (8,174.90)
EBITDA/EV 12.30%
12.30%		 11.52%
10.19%		 0.10%
0.10%		 (3.72%)
(3.59%)		 (2.11%)
(2.11%)
Operating Margin 27.74%
27.74%		 33.61%
29.51%		 27.20%
27.45%		 25.86%
24.99%		 24.79%
24.73%
Capital Employed £ (Millions) 476.90 481.40 392.70 258.40 211.00
Return on Capital Employed 43.36%
41.39%		 55.50%
47.88%		 0.53%
0.53%		 76.16%
78.68%		 81.85%
81.66%
Invested Equity Capital £ (Millions) 374.10 371.90 282.20 156.40 210.40
           
Earnings per Share - Basic 18.20p
17.16p		 22.60p
19.07p		 16.90p
17.15p		 16.80p
17.55p		 15.10p
15.05p
Earnings per Share - Diluted 18.10p
17.07p		 22.40p
18.86p		 16.80p
17.07p		 16.80p
17.55p		 15.10p
15.05p
Earnings per Share - Adjusted 17.30p 19.20p 17.00p 16.80p 15.10p
Earnings per Share Growth - Basic -20%
-10%		 34%
11%		 1%
-2%		 11%
17%		 n/a
n/a
Earnings per Share Growth - Diluted -19%
-10%		 33%
10%		 n/a
-3%		 11%
17%		 n/a
n/a
Earnings per Share Growth - Adjusted -10% 13% 1% 11% n/a
PE Ratio - Diluted 10.2
10.9		 11.4
13.5		 14.2
14.0		 10.3
9.9		 n/a
n/a
PEG - Diluted n/a
n/a		 0.3
1.4		 n/a
n/a		 0.9
0.6		 n/a
n/a
Tax Rate 22.95% 23.14% 24.25% 21.41% 21.64%
Dividend Cover 1.31
1.30		 1.32
1.31		 1.35
1.36		 n/a
n/a		 n/a
n/a
Interest Cover 56.95
54.47		 67.78
58.60		 53.33
53.82		 n/a
n/a		 n/a
n/a
           
Continuing & Discontinued Operations          
Earnings per Share - Basic 18.20p
17.16p		 22.60p
19.52p		 0.17p
0.17p		 16.80p
16.13p		 15.10p
15.05p
Earnings per Share - Diluted 18.10p
17.07p		 22.40p
19.31p		 0.17p
0.17p		 16.80p
16.13p		 15.10p
15.05p
Earnings per Share - Adjusted 17.30p 19.20p 0.17p 16.80p 15.10p
Earnings per Share Growth - Basic -20%
-12%		 13,148%
11,178%		 -99%
-99%		 11%
7%		 n/a
n/a
Earnings per Share Growth - Diluted -19%
-12%		 13,109%
11,106%		 -99%
-99%		 11%
7%		 n/a
n/a
Earnings per Share Growth - Adjusted -10% 11,089% -99% 11% n/a
PE Ratio - Diluted 10.2
10.9		 11.4
13.2		 1,408.2
1,385.9		 10.3
10.7		 n/a
n/a
PEG - Diluted n/a
n/a		 0.0
0.0		 n/a
n/a		 0.9
1.5		 n/a
n/a
Dividend Cover 1.31
1.30		 1.32
1.34		 0.01
0.01		 n/a
n/a		 n/a
n/a
Return on Equity (ROE) 43.79%
41.27%		 55.20%
47.65%		 0.55%
0.56%		 99.36%
95.14%		 66.21%
66.02%
Operating Cash Flow per Share 8.29p 25.59p 50.33p 88.19p n/a
Gross Cash Flow per Share cn/a cn/a cn/a cn/a cn/a
Cash Incr/Decr per Share (9.70p) 12.76p (0.020p) 3.12p (4.24p)
Capital Expenditure per Share n/a n/a n/a n/a n/a
Dividend per Share 13.20p 14.60p 12.60p n/a n/a
Dividend per Share Growth (9.59%) 15.87% n/a n/a n/a
Dividend Yield 7.1% 5.7% 5.3% 0.0% 0.0%
Shareholders Funds 349.80 341.50 253.20 150.70 195.10
Net Borrowings £ (Millions) (276.90) (297.20) (227.10) (92.90) (269.20)
Net Asset Value per Share (inc. Intangibles) 38.88p 37.62p 27.74p 16.34p 21.14p

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Gearing - inc Intangibles 31-Mar-23 31-Mar-22 31-Mar-21 31-Mar-20 31-Mar-19
Shareholders' Funds inc Intangibles 349.80 341.50 253.20 150.70 195.10
Net Borrowings £ (Millions) (276.90) (297.20) (227.10) (92.90) (269.20)
Net Gearing (79.16%) (87.03%) (89.69%) (61.65%) n/a
Cash & Near Cash 379.60 406.60 337.50 194.50 269.20
Cash 108.52% 119.06% 133.29% 129.06% 137.98%
Gross Borrowings 102.70 109.40 110.40 101.60 n/a
Gross Gearing 29.36% 32.04% 43.60% 67.42% n/a
Borrowings Under 5 years 102.70 109.40 110.40 101.60 n/a
Under 5 years 29.36% 32.04% 43.60% 67.42% n/a
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-Mar-23 31-Mar-22 31-Mar-21 31-Mar-20 31-Mar-19
Shareholders' Funds exc Intangibles 349.80 341.50 253.20 150.70 195.10
Net Borrowings £ (Millions) (276.90) (297.20) (227.10) (92.90) (269.20)
Net Gearing (79.16%) (87.03%) (89.69%) (61.65%) n/a
Cash & Near Cash 379.60 406.60 337.50 194.50 269.20
Cash 108.52% 119.06% 133.29% 129.06% 137.98%
Gross Borrowings 102.70 109.40 110.40 101.60 n/a
Gross Gearing 29.36% 32.04% 43.60% 67.42% n/a
Borrowings Under 5 years 102.70 109.40 110.40 101.60 n/a
Under 5 years 29.36% 32.04% 43.60% 67.42% n/a
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-Mar-23 31-Mar-22 31-Mar-21 31-Mar-20 31-Mar-19
Quick Ratio n/a n/a n/a n/a n/a
Current Ratio 1.03 1.03 1.03 1.02 1.02

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: Above ratios are on a 'per annum' basis, adjusted for corporate actions and based on the fundamentals of the primary listed security.

Note 3: Under IFRS, all figures are based on 'Continuing' operations unless otherwise stated.

Note 4: Normalised ratios are shown in blue text

Note 5: Forecast figures based on normalised accounts.

 

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