Financials Redrow plc

Equities

RDW

GB00BG11K365

Homebuilding

Market Closed - London S.E. Other stock markets 11:35:14 2024-05-09 am EDT			5-day change	1st Jan Change
691.5 ^GBX	-0.43%		+8.56%	+12.35%

Apr. 12	Overreacting much?
Apr. 12	JPMorgan Upgrades Redrow to Neutral from Underweight, Lifts PT	MT

Valuation

Fiscal Period: July	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,884	1,518	2,164	1,688	1,412	2,220	-	-
Enterprise Value (EV) ¹	1,760	1,644	2,004	1,400	1,177	2,008	1,984	1,974
P/E ratio	5.96 x	13.5 x	8.57 x	8.55 x	4.85 x	17.5 x	15.1 x	12.3 x
Yield	5.57%	-	3.89%	6.51%	6.8%	1.95%	2.31%	2.82%
Capitalization / Revenue	0.89 x	1.13 x	1.12 x	0.79 x	0.66 x	1.34 x	1.28 x	1.18 x
EV / Revenue	0.83 x	1.23 x	1.03 x	0.65 x	0.55 x	1.21 x	1.15 x	1.05 x
EV / EBITDA	4.25 x	10.6 x	6.11 x	3.34 x	2.92 x	10.6 x	9.18 x	7.69 x
EV / FCF	6.11 x	-10.5 x	6.64 x	5.45 x	7.64 x	37.1 x	34.4 x	30.7 x
FCF Yield	16.4%	-9.49%	15.1%	18.4%	13.1%	2.7%	2.91%	3.26%
Price to Book	1.23 x	0.93 x	1.16 x	0.86 x	0.71 x	1.07 x	1.02 x	0.96 x
Nbr of stocks (in thousands)	343,832	343,077	343,349	343,349	320,144	320,988	-	-
Reference price ²	5.480	4.424	6.304	4.916	4.410	6.915	6.915	6.915
Announcement Date	9/5/19	9/16/20	9/15/21	9/14/22	9/13/23	-	-	-

¹GBP in Million²GBP

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: July	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	2,112	1,339	1,939	2,140	2,127	1,653	1,728	1,888
EBITDA ¹	414	155	328	419	403	189.8	216	256.6
EBIT ¹	411	148	321	414	399	184.8	211.6	255.9
Operating Margin	19.46%	11.05%	16.55%	19.35%	18.76%	11.18%	12.25%	13.56%
Earnings before Tax (EBT) ¹	406	140	314	246	395	180.3	209.1	255.6
Net income ¹	329	113	254	197	298	128.9	147	179.7
Net margin	15.58%	8.44%	13.1%	9.21%	14.01%	7.8%	8.51%	9.52%
EPS ²	0.9200	0.3280	0.7360	0.5750	0.9090	0.3949	0.4578	0.5608
Free Cash Flow ¹	288	-156	302	257	154	54.15	57.75	64.27
FCF margin	13.64%	-11.65%	15.58%	12.01%	7.24%	3.28%	3.34%	3.4%
FCF Conversion (EBITDA)	69.57%	-	92.07%	61.34%	38.21%	28.52%	26.73%	25.04%
FCF Conversion (Net income)	87.54%	-	118.9%	130.46%	51.68%	42%	39.28%	35.76%
Dividend per Share ²	0.3050	-	0.2450	0.3200	0.3000	0.1346	0.1600	0.1953
Announcement Date	9/5/19	9/16/20	9/15/21	9/14/22	9/13/23	-	-	-

¹GBP in Million²GBP

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: July	2020 S1	2021 S1	2021 S2	2022 S1
Net sales ¹	870	1,041	898	1,052
EBITDA	-	-	-	-
EBIT ¹	-	178	143	205
Operating Margin	-	17.1%	15.92%	19.49%
Earnings before Tax (EBT) ¹	-	174	140	203
Net income ¹	-	141	113	164
Net margin	-	13.54%	12.58%	15.59%
EPS	-	0.4100	-	-
Dividend per Share	-	0.0600	-	-
Announcement Date	2/5/20	2/10/21	9/15/21	2/10/22

¹GBP in Million

Estimates

Balance Sheet Analysis

Fiscal Period: July	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	126	-	-	-	-	-	-
Net Cash position ¹	124	-	160	288	235	212	236	246
Leverage (Debt/EBITDA)	-	0.8129 x	-	-	-	-	-	-
Free Cash Flow ¹	288	-156	302	257	154	54.2	57.7	64.3
ROE (net income / shareholders' equity)	21.4%	7.04%	14.5%	10.3%	15%	6.29%	7.01%	7.91%
ROA (Net income/ Total Assets)	13.2%	4.15%	9.11%	6.55%	9.52%	4.37%	5.15%	5.87%
Assets ¹	2,495	2,722	2,788	3,009	3,131	2,949	2,856	3,060
Book Value Per Share ²	4.450	4.740	5.460	5.700	6.200	6.480	6.800	7.190
Cash Flow per Share ²	0.8200	-0.4300	0.8800	0.7600	0.4800	0.2600	0.1700	0.1600
Capex ¹	4	7	2	4	4	3.33	3.33	3.5
Capex / Sales	0.19%	0.52%	0.1%	0.19%	0.19%	0.2%	0.19%	0.19%
Announcement Date	9/5/19	9/16/20	9/15/21	9/14/22	9/13/23	-	-	-

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 Redrow plc

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

6.945 GBP

Average target price

7.013 GBP

Spread / Average Target

+0.98%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Other Homebuilding

	1st Jan change	Capi.
REDROW PLC	+12.35%	2.79B
DR HORTON	-1.63%	48.65B
PULTEGROUP, INC.	+13.34%	24.36B
DAIWA HOUSE INDUSTRY CO., LTD.	+1.47%	17.68B
SEKISUI HOUSE, LTD.	+15.84%	15.09B
TOLL BROTHERS, INC.	+23.05%	12.92B
SUMITOMO FORESTRY CO., LTD.	+34.48%	7.32B
THE BERKELEY GROUP HOLDINGS PLC	+10.17%	6.83B
TAYLOR WIMPEY PLC	-2.62%	6.22B
TAYLOR MORRISON HOME CORPORATION	+11.34%	6.19B

Other Homebuilding