Financials Tesco LIQUIDNET SYSTEMS

Equities

TSCO

GB0008847096

Food Retail & Distribution

Delayed LIQUIDNET SYSTEMS Other stock markets 06:09:00 09/10/2018 pm IST			5-day change	1st Jan Change
211.2 ^GBX	-2.04%		-.--%	-.--%

24/06	Fitch Affirms Tesco Ratings on Increased UK Market Share; Outlook Stable	MT
21/06	M&C Saatchi appoints former Reach finance head Simon Fuller as CFO	AN

Valuation

Fiscal Period: February	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	24,270	17,507	21,183	17,946	19,492	21,110	-	-
Enterprise Value (EV) ¹	36,568	29,507	31,699	28,439	29,256	30,948	31,214	30,984
P/E ratio	26.1 x	30.2 x	14.2 x	24.5 x	11.4 x	12.4 x	11.7 x	11.1 x
Yield	3.67%	4.02%	3.9%	4.41%	4.33%	4.16%	4.48%	4.83%
Capitalization / Revenue	0.37 x	0.3 x	0.35 x	0.27 x	0.29 x	0.3 x	0.3 x	0.29 x
EV / Revenue	0.56 x	0.51 x	0.52 x	0.43 x	0.43 x	0.44 x	0.44 x	0.43 x
EV / EBITDA	7.4 x	8.8 x	6.98 x	6.57 x	6.44 x	6.68 x	6.55 x	6.36 x
EV / FCF	-37.9 x	-51.9 x	11.3 x	10.3 x	11.9 x	19.1 x	18.7 x	18.1 x
FCF Yield	-2.64%	-1.93%	8.86%	9.67%	8.38%	5.23%	5.36%	5.53%
Price to Book	1.82 x	1.78 x	1.37 x	1.48 x	1.72 x	1.85 x	1.8 x	1.72 x
Nbr of stocks (in thousands)	76,85,869	76,85,051	75,74,786	72,68,607	69,68,930	68,62,874	-	-
Reference price ²	3.158	2.278	2.796	2.469	2.797	3.076	3.076	3.076
Announcement Date	08/04/20	14/04/21	13/04/22	13/04/23	10/04/24	-	-	-

¹GBP in Million²GBP

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: February	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	64,760	57,887	61,344	65,762	68,187	69,797	71,329	72,746
EBITDA ¹	4,942	3,353	4,543	4,330	4,544	4,631	4,763	4,870
EBIT ¹	3,005	1,815	2,825	2,630	2,821	2,922	3,029	3,114
Operating Margin	4.64%	3.14%	4.61%	4%	4.14%	4.19%	4.25%	4.28%
Earnings before Tax (EBT) ¹	1,315	825	2,033	1,000	2,277	2,363	2,460	2,563
Net income ¹	971	6,143	1,481	745	1,736	1,751	1,818	1,895
Net margin	1.5%	10.61%	2.41%	1.13%	2.55%	2.51%	2.55%	2.6%
EPS ²	0.1208	0.0754	0.1964	0.1008	0.2453	0.2478	0.2625	0.2769
Free Cash Flow ¹	-965	-569	2,808	2,751	2,453	1,620	1,673	1,713
FCF margin	-1.49%	-0.98%	4.58%	4.18%	3.6%	2.32%	2.35%	2.35%
FCF Conversion (EBITDA)	-	-	61.81%	63.53%	53.98%	34.98%	35.12%	35.17%
FCF Conversion (Net income)	-	-	189.6%	369.26%	141.3%	92.54%	92.03%	90.38%
Dividend per Share ²	0.1159	0.0915	0.1090	0.1090	0.1210	0.1278	0.1378	0.1485
Announcement Date	08/04/20	14/04/21	13/04/22	13/04/23	10/04/24	-	-	-

¹GBP in Million²GBP

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: February	2020 S2	2021 S1	2021 S2	2022 S1	2022 S2	2023 S1	2024 S1	2024 S2	2025 S1	2025 S2
Net sales ¹	32,851	28,718	29,169	30,416	30,928	32,456	-	34,038	34,740	35,343
EBITDA	2,507	1,926	-	-	-	-	-	-	-	-
EBIT	1,599	1,037	778	1,458	1,367	-	-	-	-	-
Operating Margin	4.87%	3.61%	2.67%	4.79%	4.42%	-	-	-	-	-
Earnings before Tax (EBT)	821	-	-	-	-	-	-	-	-	-
Net income	-	460	-	-	-	-	927	-	-	-
Net margin	-	1.6%	-	-	-	-	-	-	-	-
EPS	0.0789	-	-	-	-	-	0.1283	-	-	-
Dividend per Share	0.0823	-	-	-	-	-	-	-	-	-
Announcement Date	08/04/20	07/10/20	14/04/21	06/10/21	13/04/22	05/10/22	10/09/23	10/04/24	-	-

¹GBP in Million

Estimates

Balance Sheet Analysis

Fiscal Period: February	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	12,298	12,000	10,516	10,493	9,764	9,838	10,104	9,874
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.488 x	3.579 x	2.315 x	2.423 x	2.149 x	2.124 x	2.121 x	2.028 x
Free Cash Flow ¹	-965	-569	2,808	2,751	2,453	1,620	1,673	1,713
ROE (net income / shareholders' equity)	7.27%	7.84%	10.7%	12.1%	14.7%	15.4%	17%	17.9%
ROA (Net income/ Total Assets)	1.78%	2.04%	4.5%	3.54%	3.79%	3.6%	3.64%	3.72%
Assets ¹	54,612	3,01,138	32,911	21,033	45,820	48,697	50,004	50,886
Book Value Per Share ²	1.740	1.280	2.040	1.670	1.630	1.670	1.710	1.790
Cash Flow per Share ²	0.0100	0.0600	0.4900	0.5000	0.5400	0.4800	0.5100	0.5400
Capex ¹	1,003	1,171	949	971	1,386	1,365	1,382	1,394
Capex / Sales	1.55%	2.02%	1.55%	1.48%	2.03%	1.96%	1.94%	1.92%
Announcement Date	08/04/20	14/04/21	13/04/22	13/04/23	10/04/24	-	-	-

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 Tesco

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

3.076 GBP

Average target price

3.357 GBP

Spread / Average Target

+9.13%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Other Food Retail & Distribution

	1st Jan change	Capi.
SYSCO CORPORATION	-1.16%	3.71TCr
KROGER CO. (THE)	+8.03%	3.6TCr
LOBLAW COMPANIES LIMITED	+23.18%	3.51TCr
AHOLD DELHAIZE N.V.	+7.09%	2.84TCr
WOOLWORTHS GROUP LIMITED	-8.79%	2.76TCr
GEORGE WESTON LIMITED	+18.66%	1.9TCr
AEON CO., LTD.	+10.12%	1.86TCr
CP ALL	0.00%	1.38TCr
US FOODS HOLDING CORP.	+18.04%	1.36TCr

Other Food Retail & Distribution