Financials J Sainsbury LIQUIDNET SYSTEMS

Equities

SBRY

GB00B019KW72

Food Retail & Distribution

Real-time Estimate Cboe Europe Other stock markets 05:43:49 22/05/2024 pm IST			5-day change	1st Jan Change
282.2 ^GBX	0.00%		0.00%	0.00%

21/05	Food price inflation at lowest level since October 2021	AN
21/05	UK grocery price inflation falls to 2.4%, says Kantar	RE

Valuation

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	5,142	4,692	4,942	5,759	6,131	6,650	-	-
Enterprise Value (EV) ¹	6,778	11,639	11,411	12,518	12,475	12,104	11,985	11,993
P/E ratio	26.3 x	36.7 x	-17.1 x	8.64 x	30 x	17.7 x	13.8 x	12.8 x
Yield	4.71%	1.55%	4.76%	5.27%	4.95%	4.62%	4.87%	5.03%
Capitalization / Revenue	0.18 x	0.16 x	0.17 x	0.19 x	0.19 x	0.2 x	0.2 x	0.2 x
EV / Revenue	0.23 x	0.4 x	0.39 x	0.42 x	0.4 x	0.37 x	0.36 x	0.35 x
EV / EBITDA	4.47 x	5.19 x	5.83 x	5.54 x	5.72 x	5.65 x	5.45 x	5.31 x
EV / FCF	14.7 x	16.2 x	6.55 x	39.7 x	8.62 x	20.5 x	25.3 x	21.4 x
FCF Yield	6.8%	6.19%	15.3%	2.52%	11.6%	4.88%	3.95%	4.67%
Price to Book	0.61 x	0.68 x	0.78 x	0.67 x	0.84 x	0.91 x	0.91 x	0.89 x
Nbr of stocks (in thousands)	22,00,381	22,05,768	22,17,230	23,15,773	23,18,792	23,46,430	-	-
Reference price ²	2.337	2.127	2.229	2.487	2.644	2.834	2.834	2.834
Announcement Date	01/05/19	30/04/20	28/04/21	28/04/22	27/04/23	-	-	-

¹GBP in Million²GBP

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	29,007	28,993	29,048	29,895	31,491	32,689	33,420	34,076
EBITDA ¹	1,515	2,242	1,958	2,259	2,180	2,144	2,200	2,257
EBIT ¹	723	986	709	1,039	972	997	1,044	1,084
Operating Margin	2.49%	3.4%	2.44%	3.48%	3.09%	3.05%	3.12%	3.18%
Earnings before Tax (EBT) ¹	239	255	-261	854	327	577	727.8	783.9
Net income ¹	219	152	-280	677	207	410.5	503	530.3
Net margin	0.75%	0.52%	-0.96%	2.26%	0.66%	1.26%	1.51%	1.56%
EPS ²	0.0890	0.0580	-0.1300	0.2880	0.0880	0.1604	0.2060	0.2221
Free Cash Flow ¹	461	720	1,741	315	1,447	590.7	474	559.7
FCF margin	1.59%	2.48%	5.99%	1.05%	4.59%	1.81%	1.42%	1.64%
FCF Conversion (EBITDA)	30.43%	32.11%	88.92%	13.94%	66.38%	27.55%	21.54%	24.8%
FCF Conversion (Net income)	210.5%	473.68%	-	46.53%	699.03%	143.87%	94.24%	105.54%
Dividend per Share ²	0.1100	0.0330	0.1060	0.1310	0.1310	0.1310	0.1380	0.1426
Announcement Date	01/05/19	30/04/20	28/04/21	28/04/22	27/04/23	-	-	-

¹GBP in Million²GBP

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	2020 S2	2021 S1	2021 S2	2022 S1	2022 S2	2023 S1	2024 S1	2024 S2	2025 S1	2025 S2
Net sales ¹	15,097	13,896	14,934	14,114	15,724	14,171	16,408	16,983	15,322	17,616	16,115
EBITDA	1,124	1,118	-	-	-	-	-	-	-	-	-
EBIT ¹	457	529	500	209	542	497	496	498	497	531.3	511.9
Operating Margin	3.03%	3.81%	3.35%	1.48%	3.45%	3.51%	3.02%	2.93%	3.24%	3.02%	3.18%
Earnings before Tax (EBT)	9	-	-	-	-	-	-	-	-	-	-
Net income	-38	-	-	-	-	-	-	-	-	-	-
Net margin	-0.25%	-	-	-	-	-	-	-	-	-	-
EPS	-0.0220	-	-	-	-	-	-	-	-	-	-
Dividend per Share	0.0330	-	-	-	-	-	0.0390	0.0390	-	-	-
Announcement Date	07/11/19	30/04/20	05/11/20	28/04/21	04/11/21	28/04/22	03/11/22	02/11/23	-	-	-

¹GBP in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	1,636	6,947	6,469	6,759	6,344	5,454	5,335	5,343
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.08 x	3.099 x	3.304 x	2.992 x	2.91 x	2.544 x	2.425 x	2.368 x
Free Cash Flow ¹	461	720	1,741	315	1,447	591	474	560
ROE (net income / shareholders' equity)	6.1%	5.39%	3.59%	7.74%	6.8%	6.84%	7.29%	7.55%
ROA (Net income/ Total Assets)	2.13%	1.7%	0.97%	2.21%	2.01%	1.9%	1.99%	1.95%
Assets ¹	10,303	8,953	-28,813	30,661	10,305	21,590	25,313	27,174
Book Value Per Share ²	3.850	3.150	2.850	3.710	3.140	3.120	3.120	3.190
Cash Flow per Share ²	0.2500	0.5500	1.010	0.4300	0.9300	0.7700	0.7000	0.7000
Capex ¹	594	652	595	694	738	779	854	819
Capex / Sales	2.05%	2.25%	2.05%	2.32%	2.34%	2.38%	2.55%	2.4%
Announcement Date	01/05/19	30/04/20	28/04/21	28/04/22	27/04/23	-	-	-

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 J Sainsbury

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

2.834 GBP

Average target price

3.044 GBP

Spread / Average Target

+7.42%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Supermarkets & Convenience Stores

	1st Jan change	Capi.
FOMENTO ECONÓMICO MEXICANO, S.A.B. DE C.V.	-11.31%	38.35B
AVENUE SUPERMARTS LIMITED	+17.54%	36.77B
SEVEN & I HOLDINGS CO., LTD.	+8.85%	33.9B
SM INVESTMENTS CORPORATION	-1.15%	18.13B
COLES GROUP LIMITED	+0.19%	14.43B
JERÓNIMO MARTINS, SGPS, S.A.	-10.50%	14.21B
CASEY'S GENERAL STORES, INC.	+22.36%	12.44B
CARREFOUR	-2.17%	12.2B
ICA GRUPPEN	-.--%	11.82B

Supermarkets & Convenience Stores