Serco Group (SRP)

Sector:

Support

Index:

FTSE 250

175.10p
   
  • Change Today:
    -2.30p
  • 52 Week High: 193.10p
  • 52 Week Low: 143.00p
  • Currency: UK Pounds
  • Shares Issued: 1,038.42m
  • Volume: 7,864,471
  • Market Cap: £1,818.28m
  • RiskGrade: 174

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 2.1% 1.8% 1.8% 1.2% 0.0%
           
Continuing Operations          
PE Ratio - Adjusted 10.4 11.0 10.5 12.1 24.8
PE Ratio - Diluted 9.0
12.8		 12.2
11.2		 5.5
11.6		 11.2
10.2		 38.5
38.5
PEG - Adjusted 1.0 1.0 0.4 0.2 n/a
PEG - Diluted 0.2
n/a		 n/a
0.6		 0.0
n/a		 0.1
0.1		 n/a
n/a
Return on Capital Employed 33.44%
27.24%		 28.47%
31.07%		 0.22%
0.06%		 18.54%
20.06%		 17.76%
13.98%
Operating Margin 4.98%
3.87%		 4.53%
4.96%		 4.69%
1.08%		 4.29%
4.64%		 2.48%
2.48%
           
Continuing & Discontinued Operations          
PE Ratio - Adjusted 10.4 11.0 1,043.4 12.1 24.8
PE Ratio - Diluted 9.0
12.8		 12.2
11.2		 545.8
1,148.8		 11.2
10.2		 38.5
38.5
PEG - Adjusted 1.0 0.0 n/a 0.2 n/a
PEG - Diluted 0.2
n/a		 0.0
0.0		 n/a
n/a		 0.1
0.1		 n/a
n/a

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Gearing 31-Dec-23 31-Dec-22 31-Dec-21 31-Dec-20 31-Dec-19
Net Gearing 54.69% 63.38% 60.48% 63.89% 108.13%

  £ (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 157.9 (25.3) 140.7 (41.7) (8.3)
Price/Tangible Book Value 153.8 (24.8) 164.6 (39.8) (8.3)
Price/ Cash Flow 4.6 5.7 4.7 5.5 18.4
Price/Revenue 0.37 0.41 36.85 0.38 0.58
Price/R&D n/a n/a n/a n/a n/a
Net Asset Value per Share (exc. Intangibles) 1.03p (6.15p) 0.96p (2.86p) (19.45p)
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 4,873.80 4,534.00 44.66 3,884.80 3,248.40
EBITDA 268.30
214.50		 238.30
258.10		 3.67
2.06		 299.80
313.40		 80.70
80.70
Depreciation (25.70)
(25.70)		 (33.10)
(33.10)		 (1.58)
(1.58)		 (133.10)
(133.10)		 n/a
n/a
Net Interest (24.60)
(24.60)		 (20.40)
(20.40)		 (0.24)
(0.24)		 (25.90)
(25.90)		 n/a
n/a
Profit Before Tax 247.00
193.20		 196.80
216.60		 1.94
0.32		 140.80
154.40		 80.70
80.70
           
Revenue per Share 439.00p 380.31p 3.65p 316.07p 277.31p
Pre-Tax Profit per Share 22.25p
17.40p		 16.51p
18.17p		 0.16p
0.027p		 11.46p
12.56p		 6.89p
6.89p
Market Capitalisation £ (Millions) 1,799.63 1,852.68 1,639.44 1,473.89 1,980.65
Enterprise Value (EV) £ (Millions) 2,124.23 2,201.78 2,119.64 1,959.79 2,358.25
EBITDA/EV 12.63%
10.10%		 10.82%
11.72%		 0.17%
0.10%		 15.30%
15.99%		 3.42%
3.42%
Operating Margin 4.98%
3.87%		 4.53%
4.96%		 4.69%
1.08%		 4.29%
4.64%		 2.48%
2.48%
Capital Employed £ (Millions) 799.60 762.90 977.30 899.00 577.20
Return on Capital Employed 33.44%
27.24%		 28.47%
31.07%		 0.22%
0.06%		 18.54%
20.06%		 17.76%
13.98%
Invested Equity Capital £ (Millions) 1,162.30 1,155.50 1,165.00 856.10 671.50
           
Earnings per Share - Basic 18.23p
12.83p		 13.03p
14.18p		 24.86p
11.76p		 10.89p
11.96p		 4.31p
4.30p
Earnings per Share - Diluted 17.93p
12.62p		 12.79p
13.92p		 24.43p
11.56p		 10.67p
11.72p		 4.21p
4.20p
Earnings per Share - Adjusted 15.61p 14.18p 12.78p 9.90p 6.54p
Earnings per Share Growth - Basic 40%
-10%		 -48%
21%		 128%
-2%		 153%
178%		 -30%
-49%
Earnings per Share Growth - Diluted 40%
-9%		 -48%
20%		 129%
-1%		 153%
179%		 -30%
-49%
Earnings per Share Growth - Adjusted 10% 11% 29% 51% -20%
PE Ratio - Diluted 9.0
12.8		 12.2
11.2		 5.5
11.6		 11.2
10.2		 38.5
38.5
PEG - Diluted 0.2
n/a		 n/a
0.6		 0.0
n/a		 0.1
0.1		 n/a
n/a
Tax Rate 20.46% 22.62% (60.87%) 4.83% 37.30%
Dividend Cover 4.58
3.76		 4.96
4.96		 5.30
4.88		 7.07
8.54		 n/a
n/a
Interest Cover 8.82
7.11		 8.84
9.63		 8.28
2.22		 6.06
6.55		 n/a
n/a
           
Continuing & Discontinued Operations          
Earnings per Share - Basic 18.23p
12.83p		 13.03p
14.18p		 0.25p
0.12p		 10.89p
11.96p		 4.31p
4.30p
Earnings per Share - Diluted 17.93p
12.62p		 12.79p
13.92p		 0.25p
0.12p		 10.67p
11.72p		 4.21p
4.20p
Earnings per Share - Adjusted 15.61p 14.18p 0.13p 9.90p 6.54p
Earnings per Share Growth - Basic 40%
-10%		 5,092%
11,797%		 -98%
-99%		 153%
178%		 -30%
-49%
Earnings per Share Growth - Diluted 40%
-9%		 5,087%
11,780%		 -98%
-99%		 153%
179%		 -30%
-49%
Earnings per Share Growth - Adjusted 10% 10,892% -99% 51% -20%
PE Ratio - Diluted 9.0
12.8		 12.2
11.2		 545.8
1,148.8		 11.2
10.2		 38.5
38.5
PEG - Diluted 0.2
n/a		 0.0
0.0		 n/a
n/a		 0.1
0.1		 n/a
n/a
Dividend Cover 4.58
3.76		 4.96
4.96		 0.05
0.05		 7.07
8.54		 n/a
n/a
Return on Equity (ROE) 17.41%
12.25%		 13.45%
14.63%		 0.26%
0.13%		 15.63%
17.17%		 7.51%
7.51%
Operating Cash Flow per Share 35.41p 27.45p 28.62p 21.84p 8.78p
Gross Cash Flow per Share cn/a cn/a cn/a cn/a cn/a
Cash Incr/Decr per Share 3.58p (12.15p) (0.11p) 19.88p 2.46p
Capital Expenditure per Share n/a n/a n/a n/a n/a
Dividend per Share 3.41p 2.86p 2.41p 1.40p n/a
Dividend per Share Growth 19.23% 18.67% 72.14% n/a n/a
Dividend Yield 2.1% 1.8% 1.8% 1.2% 0.0%
Shareholders Funds 1,034.00 1,028.20 1,006.70 713.30 541.40
Net Borrowings £ (Millions) 565.50 651.70 608.90 455.70 585.40
Net Asset Value per Share (inc. Intangibles) 1.05p (6.27p) 0.82p (3.00p) (19.57p)

  £ (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 1,034.00 1,028.20 1,006.70 713.30 541.40
Net Borrowings £ (Millions) 565.50 651.70 608.90 455.70 585.40
Net Gearing 54.69% 63.38% 60.48% 63.89% 108.13%
Cash & Near Cash 94.40 57.20 198.40 335.70 89.50
Cash 9.13% 5.56% 19.71% 47.06% 16.53%
Gross Borrowings 659.90 708.90 807.30 791.40 674.90
Gross Gearing 63.82% 68.95% 80.19% 110.95% 124.66%
Borrowings Under 5 years 659.90 708.90 807.30 791.40 674.90
Under 5 years 63.82% 68.95% 80.19% 110.95% 124.66%
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 11.70 (74.80) 10.00 (36.90) (229.30)
Net Borrowings £ (Millions) 565.50 651.70 608.90 455.70 585.40
Net Gearing 4,833.33% n/a 6,089.00% n/a n/a
Cash & Near Cash 94.40 57.20 198.40 335.70 89.50
Cash 806.84% (76.47%) 1,984.00% (909.76%) (39.03%)
Gross Borrowings 659.90 708.90 807.30 791.40 674.90
Gross Gearing 5,640.17% 947.73% 8,073.00% 2,144.71% 294.33%
Borrowings Under 5 years 659.90 708.90 807.30 791.40 674.90
Under 5 years 5,640.17% (947.73%) 8,073.00% (2,144.71%) (294.33%)
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 0.85 0.77 0.95 1.07 0.91
Current Ratio 0.87 0.79 0.97 1.09 0.93

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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