Pearson (PSON)

Sector:

Media

Index:

FTSE 100

950.00p
   
  • Change Today:
    -10.60p
  • 52 Week High: 1,042.00
  • 52 Week Low: 811.00
  • Currency: UK Pounds
  • Shares Issued: 669.70m
  • Volume: 1,156,912
  • Market Cap: £6,362m
  • RiskGrade: 238

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 2.4% 2.3% 3.3% 2.9% 3.1%
           
Continuing Operations          
PE Ratio - Adjusted 16.6 18.1 17.6 16.6 18.7
PE Ratio - Diluted 18.3
16.7		 28.8
17.3		 26.3
95.0		 16.6
13.3		 18.7
18.8
PEG - Adjusted 1.4 0.4 n/a 0.8 n/a
PEG - Diluted 0.3
2.8		 0.7
0.0		 n/a
n/a		 0.8
0.3		 n/a
n/a
Return on Capital Employed 23.50%
25.72%		 10.76%
16.83%		 0.06%
0.04%		 13.20%
15.64%		 8.74%
8.45%
Operating Margin 13.53%
14.81%		 7.03%
10.39%		 5.31%
11.20%		 12.10%
9.36%		 6.88%
6.88%
           
Continuing & Discontinued Operations          
PE Ratio - Adjusted 16.6 18.1 1,740.7 16.6 18.7
PE Ratio - Diluted 18.3
16.7		 28.8
18.4		 2,607.2
1,223.2		 16.6
13.0		 18.7
18.8
PEG - Adjusted 1.4 0.0 n/a 0.8 0.4
PEG - Diluted 0.3
1.3		 0.0
0.0		 n/a
n/a		 0.8
0.2		 0.5
0.5

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Gearing 31-Dec-23 31-Dec-22 31-Dec-21 31-Dec-20 31-Dec-19
Net Gearing 21.36% 15.27% 10.84% 13.43% 28.45%

  £ (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 7.6 5.6 3.1 3.7 3.5
Price/Tangible Book Value 7.8 5.7 3.1 3.7 3.5
Price/ Cash Flow 13.1 19.2 14.2 13.2 13.4
Price/Revenue 1.87 1.80 133.64 1.51 1.28
Price/R&D n/a n/a n/a n/a n/a
Net Asset Value per Share (exc. Intangibles) 126.07p 167.73p 200.37p 184.27p 183.14p
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 3,674.00 3,841.00 34.60 3,397.00 3,869.00
EBITDA 756.00
803.00		 585.00
714.00		 10.24
12.27		 411.00
318.00		 266.00
266.00
Depreciation (259.00)
(259.00)		 (315.00)
(315.00)		 (8.40)
(8.40)		 n/a
n/a		 n/a
n/a
Net Interest (5.00)
(5.00)		 52.00
52.00		 (0.06)
(0.06)		 (57.00)
(57.00)		 (34.00)
(34.00)
Profit Before Tax 493.00
540.00		 323.00
476.00		 1.79
1.15		 354.00
430.00		 232.00
232.00
           
Revenue per Share 516.37p 520.39p 4.59p 449.70p 497.94p
Pre-Tax Profit per Share 69.29p
75.90p		 43.76p
64.49p		 0.24p
0.15p		 46.86p
56.92p		 29.86p
29.86p
Market Capitalisation £ (Millions) 6,723.36 6,722.16 4,631.08 5,125.17 4,981.97
Enterprise Value (EV) £ (Millions) 6,906.36 6,952.16 5,109.08 5,853.17 5,750.97
EBITDA/EV 10.95%
11.63%		 8.41%
10.27%		 0.20%
0.24%		 7.02%
5.43%		 4.63%
4.63%
Operating Margin 13.53%
14.81%		 7.03%
10.39%		 5.31%
11.20%		 12.10%
9.36%		 6.88%
6.88%
Capital Employed £ (Millions) 2,119.00 2,519.00 2,958.00 3,113.00 3,148.00
Return on Capital Employed 23.50%
25.72%		 10.76%
16.83%		 0.06%
0.04%		 13.20%
15.64%		 8.74%
8.45%
Invested Equity Capital £ (Millions) 4,035.00 4,453.00 4,317.00 4,195.00 4,374.00
           
Earnings per Share - Basic 53.10p
58.19p		 32.80p
54.60p		 23.50p
6.50p		 41.00p
51.10p		 34.00p
33.98p
Earnings per Share - Diluted 52.70p
57.72p		 32.60p
54.31p		 23.30p
6.46p		 41.00p
51.10p		 34.00p
33.95p
Earnings per Share - Adjusted 58.20p 51.80p 34.90p 41.00p 34.00p
Earnings per Share Growth - Basic 62%
7%		 40%
740%		 -43%
-87%		 21%
50%		 -55%
-55%
Earnings per Share Growth - Diluted 62%
6%		 40%
741%		 -43%
-87%		 21%
50%		 -55%
-55%
Earnings per Share Growth - Adjusted 12% 48% -15% 21% -52%
PE Ratio - Diluted 18.3
16.7		 28.8
17.3		 26.3
95.0		 16.6
13.3		 18.7
18.8
PEG - Diluted 0.3
2.8		 0.7
0.0		 n/a
n/a		 0.8
0.3		 n/a
n/a
Tax Rate 22.97% 24.53% (0.57%) 12.43% (14.66%)
Dividend Cover 2.56
2.56		 2.41
2.54		 1.70
0.32		 2.10
2.62		 1.74
1.74
Interest Cover (5.49)
(6.11)		 (1.63)
(2.87)		 3.60
2.68		 4.31
5.02		 3.76
3.76
           
Continuing & Discontinued Operations          
Earnings per Share - Basic 53.10p
58.19p		 32.80p
51.35p		 0.24p
0.51p		 41.00p
52.29p		 34.00p
33.98p
Earnings per Share - Diluted 52.70p
57.72p		 32.60p
51.08p		 0.23p
0.50p		 41.00p
52.29p		 34.00p
33.95p
Earnings per Share - Adjusted 58.20p 51.80p 0.35p 41.00p 34.00p
Earnings per Share Growth - Basic 62%
13%		 13,727%
10,075%		 -99%
-99%		 21%
54%		 35%
35%
Earnings per Share Growth - Diluted 62%
13%		 13,761%
10,089%		 -99%
-99%		 21%
54%		 35%
35%
Earnings per Share Growth - Adjusted 12% 14,604% -99% 21% 45%
PE Ratio - Diluted 18.3
16.7		 28.8
18.4		 2,607.2
1,223.2		 16.6
13.0		 18.7
18.8
PEG - Diluted 0.3
1.3		 0.0
0.0		 n/a
n/a		 0.8
0.2		 0.5
0.5
Dividend Cover 2.56
2.56		 2.41
2.39		 0.02
0.02		 2.10
2.68		 1.74
1.74
Return on Equity (ROE) 9.37%
10.26%		 5.43%
8.51%		 0.04%
0.09%		 7.39%
9.42%		 6.04%
6.04%
Operating Cash Flow per Share 73.79p 48.91p 43.23p 51.50p 47.49p
Gross Cash Flow per Share cn/a cn/a cn/a cn/a cn/a
Cash Incr/Decr per Share (32.89p) (53.38p) (0.24p) 89.89p (11.71p)
Capital Expenditure per Share n/a n/a n/a n/a n/a
Dividend per Share 22.70p 21.50p 20.50p 19.50p 19.50p
Dividend per Share Growth 5.58% 4.88% 5.13% n/a 5.41%
Dividend Yield 2.4% 2.3% 3.3% 2.9% 3.1%
Shareholders Funds 3,974.00 4,402.00 4,270.00 4,125.00 4,313.00
Net Borrowings £ (Millions) 849.00 672.00 463.00 554.00 1,227.00
Net Asset Value per Share (inc. Intangibles) 124.10p 165.97p 199.04p 183.08p 181.85p

  £ (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 3,974.00 4,402.00 4,270.00 4,125.00 4,313.00
Net Borrowings £ (Millions) 849.00 672.00 463.00 554.00 1,227.00
Net Gearing 21.36% 15.27% 10.84% 13.43% 28.45%
Cash & Near Cash 312.00 558.00 937.00 1,097.00 437.00
Cash 7.85% 12.68% 21.94% 26.59% 10.13%
Gross Borrowings 1,161.00 1,230.00 1,400.00 1,651.00 1,664.00
Gross Gearing 29.21% 27.94% 32.79% 40.02% 38.58%
Borrowings Under 5 years 1,161.00 1,230.00 1,400.00 1,651.00 1,664.00
Under 5 years 29.21% 27.94% 32.79% 40.02% 38.58%
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 883.00 1,225.00 1,501.00 1,383.00 1,413.00
Net Borrowings £ (Millions) 849.00 672.00 463.00 554.00 1,227.00
Net Gearing 96.15% 54.86% 30.85% 40.06% 86.84%
Cash & Near Cash 312.00 558.00 937.00 1,097.00 437.00
Cash 35.33% 45.55% 62.43% 79.32% 30.93%
Gross Borrowings 1,161.00 1,230.00 1,400.00 1,651.00 1,664.00
Gross Gearing 131.48% 100.41% 93.27% 119.38% 117.76%
Borrowings Under 5 years 1,161.00 1,230.00 1,400.00 1,651.00 1,664.00
Under 5 years 131.48% 100.41% 93.27% 119.38% 117.76%
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 1.67 1.82 1.97 2.00 1.75
Current Ratio 1.73 1.89 2.03 2.08 1.86

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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