Financials Centrica plc LIQUIDNET SYSTEMS

Equities

CNA

GB00B033F229

Multiline Utilities

Real-time Estimate Cboe Europe Other stock markets 09:00:00 09/05/2024 pm IST			5-day change	1st Jan Change
136 ^GBX	0.00%		0.00%	0.00%

08/05	CENTRICA : UBS raises its recommendation	CF
08/05	UBS Upgrades Centrica to Buy from Neutral, Lifts PT	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	5,192	2,720	4,163	5,624	7,527	7,068	-	-
Enterprise Value (EV) ¹	9,069	5,489	3,746	4,425	4,783	4,324	4,371	4,547
P/E ratio	-5.02 x	66.6 x	3.49 x	-7.26 x	2.03 x	7.52 x	10 x	11.3 x
Yield	5.6%	-	-	2.07%	2.84%	3.5%	4.09%	4.56%
Capitalization / Revenue	0.23 x	0.11 x	0.23 x	0.17 x	0.23 x	0.3 x	0.34 x	0.35 x
EV / Revenue	0.4 x	0.22 x	0.2 x	0.13 x	0.14 x	0.18 x	0.21 x	0.23 x
EV / EBITDA	4.28 x	3.36 x	2.02 x	1.11 x	1.55 x	1.98 x	2.72 x	3.26 x
EV / FCF	19.3 x	6.03 x	3.14 x	4.69 x	1.98 x	5.61 x	8.52 x	12.6 x
FCF Yield	5.17%	16.6%	31.8%	21.3%	50.5%	17.8%	11.7%	7.92%
Price to Book	4.25 x	2.84 x	1.78 x	5.61 x	2.02 x	1.67 x	1.52 x	1.41 x
Nbr of stocks (in thousands)	58,13,947	58,37,292	58,21,795	58,26,874	53,51,809	52,72,668	-	-
Reference price ²	0.8930	0.4660	0.7150	0.9652	1.406	1.340	1.340	1.340
Announcement Date	13/02/20	25/02/21	24/02/22	16/02/23	15/02/24	-	-	-

¹GBP in Million²GBP

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	22,674	24,432	18,300	33,637	33,374	23,673	20,800	20,058
EBITDA ¹	2,119	1,635	1,850	3,993	3,085	2,189	1,607	1,393
EBIT ¹	901	699	948	3,308	2,752	1,662	1,127	956.1
Operating Margin	3.97%	2.86%	5.18%	9.83%	8.25%	7.02%	5.42%	4.77%
Earnings before Tax (EBT) ¹	-1,104	-577	767	-383	6,473	1,548	1,067	959.4
Net income ¹	-1,023	41	1,210	-782	3,929	929.6	728.6	692.4
Net margin	-4.51%	0.17%	6.61%	-2.32%	11.77%	3.93%	3.5%	3.45%
EPS ²	-0.1780	0.007000	0.2050	-0.1330	0.6940	0.1783	0.1339	0.1188
Free Cash Flow ¹	469	911	1,191	943	2,417	770.3	513.2	360.3
FCF margin	2.07%	3.73%	6.51%	2.8%	7.24%	3.25%	2.47%	1.8%
FCF Conversion (EBITDA)	22.13%	55.72%	64.38%	23.62%	78.35%	35.19%	31.94%	25.87%
FCF Conversion (Net income)	-	2,221.95%	98.43%	-	61.52%	82.86%	70.44%	52.04%
Dividend per Share ²	0.0500	-	-	0.0200	0.0400	0.0470	0.0548	0.0611
Announcement Date	13/02/20	25/02/21	24/02/22	16/02/23	15/02/24	-	-	-

¹GBP in Million²GBP

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2022 S1	2023 S1
Net sales	11,106	-	-	-	-	-
EBITDA	-	-	-	-	-	-
EBIT ¹	-	343	356	262	1,342	2,083
Operating Margin	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	-	-	-	-	-	6,426
Net income ¹	-	-	-	-	-864	4,150
Net margin	-	-	-	-	-	-
EPS ²	-	-	-	-	-0.1470	0.7200
Dividend per Share ²	-	-	-	-	0.0100	0.0133
Announcement Date	13/02/20	24/07/20	25/02/21	22/07/21	28/07/22	27/07/23

¹GBP in Million²GBP

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	3,877	2,769	-	-	-	-	-	-
Net Cash position ¹	-	-	417	1,199	2,744	2,744	2,697	2,521
Leverage (Debt/EBITDA)	1.83 x	1.694 x	-	-	-	-	-	-
Free Cash Flow ¹	469	911	1,191	943	2,417	770	513	360
ROE (net income / shareholders' equity)	19.2%	34.9%	72.8%	121%	161%	23.4%	17.1%	14.8%
ROA (Net income/ Total Assets)	2.16%	2.14%	5.47%	-2.79%	15.6%	4.55%	3.4%	3.4%
Assets ¹	-47,274	1,913	22,103	28,062	25,202	20,431	21,429	20,365
Book Value Per Share ²	0.2100	0.1600	0.4000	0.1700	0.7000	0.8000	0.8800	0.9500
Cash Flow per Share ²	0.2200	0.2400	0.2700	0.2200	0.4900	0.2500	0.2200	0.2000
Capex ¹	781	489	420	371	335	586	620	656
Capex / Sales	3.44%	2%	2.3%	1.1%	1%	2.47%	2.98%	3.27%
Announcement Date	13/02/20	25/02/21	24/02/22	16/02/23	15/02/24	-	-	-

¹GBP in Million²GBP

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Centrica plc

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

1.34 GBP

Average target price

1.711 GBP

Spread / Average Target

+27.62%

Consensus

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

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SEMPRA	+1.50%	47.61B
ENGIE	-1.43%	40.71B
EON SE	+7.70%	36.4B
PUBLIC SERVICE ENTERPRISE GROUP, INC.	+19.79%	36.14B
UNIPER SE	-9.14%	23.59B

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