Company Valuation: National Grid plc

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 42,733 40,312 39,652 49,387 63,111 61,001 - -
Change - -5.67% -1.64% 24.55% 27.79% -3.34% - -
Enterprise Value (EV) 1 85,542 81,285 83,259 90,758 1,07,271 1,12,024 1,18,231 1,25,688
Change - -4.98% 2.43% 9.01% 18.19% 4.43% 5.54% 6.31%
P/E 18x 5.17x 17.3x 16.4x 19.5x 13.7x 12.7x 11.8x
PBR 1.77x 1.36x 1.32x 1.26x 1.6x 1.47x 1.39x 1.32x
PEG - 0x -0.2x -33.73x 3.15x 0.4x 1.71x 1.47x
Capitalization / Revenue 2.32x 1.86x 2x 2.69x 3.57x 3.1x 2.89x 2.65x
EV / Revenue 4.64x 3.75x 4.19x 4.94x 6.06x 5.69x 5.61x 5.46x
EV / EBITDA 15.2x 12.9x 11.1x 12x 13.5x 12.3x 11.5x 11x
EV / EBIT 22.4x 18.9x 15.2x 19x 18.9x 17x 15.8x 15.1x
EV / FCF 72.9x 13,547x -162x -46x -49.7x -26.9x -25.3x -25.3x
FCF Yield 1.37% 0.01% -0.62% -2.17% -2.01% -3.71% -3.95% -3.96%
Dividend per Share 2 0.5097 0.5544 0.5852 0.4672 0.4849 0.4953 0.507 0.5191
Rate of return 4.35% 5.06% 5.49% 4.63% 3.82% 4.04% 4.14% 4.23%
EPS 2 0.65 2.121 0.617 0.614 0.652 0.895 0.9616 1.039
Distribution rate 78.4% 26.1% 94.8% 76.1% 74.4% 55.3% 52.7% 50%
Net sales 1 18,449 21,659 19,850 18,378 17,687 19,684 21,075 23,004
EBITDA 1 5,643 6,278 7,523 7,532 7,927 9,128 10,307 11,475
EBIT 1 3,813 4,294 5,462 4,765 5,680 6,582 7,469 8,328
Net income 1 2,353 7,797 2,290 2,902 3,241 4,396 4,772 5,209
Net Debt 1 42,809 40,973 43,607 41,371 44,160 51,023 57,230 64,687
Reference price 2 11.72 10.96 10.66 10.10 12.70 12.26 12.26 12.26
Nbr of stocks (in thousands) 36,44,928 36,76,413 37,19,722 48,92,261 49,71,309 49,75,645 - -
Announcement Date 19/05/22 18/05/23 23/05/24 15/05/25 14/05/26 - - -
1GBP in Million2GBP
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
13.7x5.69x12.27x4.04% 8.19TCr
37.07x6.29x17.08x1.65% 8.14TCr
14.24x1.56x8.01x5.17% 7.47TCr
18.39x7.1x14.83x2.79% 6.16TCr
17.2x1.19x9.84x3.11% 5.67TCr
22.56x2.52x9.4x2.34% 4.53TCr
18.55x5.13x13.29x3.32% 4.01TCr
63.45x21.41x37.19x0.28% 3.92TCr
16.66x5.07x9.87x4.41% 3.8TCr
21.03x5.79x13.25x2.66% 3.13TCr
Average 24.28x 6.17x 14.50x 2.98% 5.5TCr
Weighted average by Cap. 23.36x 5.69x 13.94x 3.09%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

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