Financials JTC PLC

Equities

Market Closed - London S.E. Other stock markets 11:35:21 2024-05-08 am EDT			5-day change	1st Jan Change
907 ^GBX	+1.68%		+6.46%	+11.22%

May. 07	AstraZeneca target raised; Antofagasta lowered	AN
Apr. 22	JTC sights acquisition to expand US trust administration services	AN

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	468	671.6	1,311	1,082	1,315	1,445	-	-
Enterprise Value (EV) ¹	528.9	790.7	1,428	1,203	1,315	1,592	1,562	1,532
P/E ratio	26.9 x	62.3 x	45.3 x	31.7 x	58 x	26.3 x	20.5 x	18.8 x
Yield	1.28%	1.21%	0.84%	1.33%	-	1.42%	1.58%	1.79%
Capitalization / Revenue	4.71 x	5.84 x	8.89 x	5.41 x	5.11 x	4.73 x	4.25 x	3.84 x
EV / Revenue	5.33 x	6.87 x	9.68 x	6.01 x	5.11 x	5.21 x	4.59 x	4.07 x
EV / EBITDA	16.7 x	20.4 x	29.5 x	18.2 x	15.3 x	15.5 x	13.5 x	11.9 x
EV / FCF	29.1 x	34.1 x	57.4 x	-	-	27.9 x	21.6 x	19.2 x
FCF Yield	3.43%	2.93%	1.74%	-	-	3.59%	4.64%	5.2%
Price to Book	3.66 x	4.32 x	3.46 x	-	-	2.68 x	2.49 x	2.32 x
Nbr of stocks (in thousands)	113,327	120,361	143,135	144,686	161,256	161,989	-	-
Reference price ²	4.130	5.580	9.160	7.480	8.155	8.920	8.920	8.920
Announcement Date	4/22/20	4/13/21	4/19/22	4/11/23	4/9/24	-	-	-

¹GBP in Million²GBP

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	99.27	115.1	147.5	200	257.4	305.6	340.3	376.1
EBITDA ¹	31.69	38.72	48.4	66.04	85.91	103	115.3	128.2
EBIT ¹	24.35	24.9	30.8	43.8	60.8	76.04	85.9	96.58
Operating Margin	24.53%	21.64%	20.88%	21.9%	23.62%	24.88%	25.25%	25.68%
Earnings before Tax (EBT) ¹	17.64	11.24	27.78	35.94	24.31	51.1	52.45	67.3
Net income ¹	17.18	10.53	26.65	34.71	21.82	46.37	47.35	60.85
Net margin	17.31%	9.15%	18.07%	17.35%	8.48%	15.17%	13.92%	16.18%
EPS ²	0.1535	0.0896	0.2021	0.2360	0.1407	0.3387	0.4352	0.4756
Free Cash Flow ¹	18.16	23.18	24.86	-	-	57.1	72.43	79.67
FCF margin	18.3%	20.14%	16.86%	-	-	18.68%	21.29%	21.18%
FCF Conversion (EBITDA)	57.32%	59.86%	51.37%	-	-	55.46%	62.8%	62.15%
FCF Conversion (Net income)	105.72%	220.09%	93.31%	-	-	123.15%	152.97%	130.92%
Dividend per Share ²	0.0530	0.0675	0.0767	0.0998	-	0.1264	0.1410	0.1592
Announcement Date	4/22/20	4/13/21	4/19/22	4/11/23	4/9/24	-	-	-

¹GBP in Million²GBP

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	60.9	119	117	120	-	147	117	86.6
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.921 x	3.076 x	2.421 x	1.823 x	-	1.425 x	1.017 x	0.6757 x
Free Cash Flow ¹	18.2	23.2	24.9	-	-	57.1	72.4	79.7
ROE (net income / shareholders' equity)	14.5%	18.3%	10.6%	-	-	11.9%	13.7%	14.3%
ROA (Net income/ Total Assets)	-	-	-	-	-	-	-	-
Assets ¹	-	-	-	-	-	-	-	-
Book Value Per Share ²	1.130	1.290	2.650	-	-	3.320	3.590	3.840
Cash Flow per Share ²	0.1900	0.2300	0.2200	-	-	0.4000	0.5000	0.5400
Capex ¹	3.43	4.4	4	-	-	9.81	10.7	11.6
Capex / Sales	3.45%	3.82%	2.71%	-	-	3.21%	3.15%	3.1%
Announcement Date	4/22/20	4/13/21	4/19/22	4/11/23	4/9/24	-	-	-

¹GBP in Million²GBP

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

8.92 GBP

Average target price

9.952 GBP

Spread / Average Target

+11.58%

	1st Jan change	Capi.
JTC PLC	+11.22%	1.81B
BLACKROCK, INC.	-4.08%	116B
UBS GROUP AG	+0.88%	94.79B
BROOKFIELD CORPORATION	+13.21%	66.36B
APOLLO GLOBAL MANAGEMENT, INC.	+17.46%	64.4B
BANK OF NEW YORK MELLON CORPORATION (THE)	+10.70%	42.92B
AMERIPRISE FINANCIAL, INC.	+12.46%	42.2B
3I GROUP PLC	+22.84%	35.68B
T. ROWE PRICE GROUP INC.	+3.64%	24.84B
STATE STREET CORPORATION	-2.85%	22.7B