Financials XPS Pensions Group plc

Equities

Market Closed - London S.E. Other stock markets 11:35:19 2024-05-20 am EDT			5-day change	1st Jan Change
260 ^GBX	+3.17%		+1.96%	+11.59%

May. 07	AstraZeneca target raised; Antofagasta lowered	AN
Apr. 11	Mears Group ups dividend on higher profit	AN

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	278.8	223.5	250.6	252	326.8	535.7	-	-
Enterprise Value (EV) ¹	330.5	279.6	301	306.6	326.8	559.1	551.2	543.7
P/E ratio	-	-	28.5 x	28.2 x	21.9 x	25.5 x	20.2 x	18 x
Yield	4.78%	6%	5.47%	5.81%	-	3.66%	4.09%	4.43%
Capitalization / Revenue	2.54 x	1.87 x	1.96 x	1.82 x	1.96 x	2.71 x	2.45 x	2.29 x
EV / Revenue	3.01 x	2.34 x	2.35 x	2.21 x	1.96 x	2.83 x	2.52 x	2.33 x
EV / EBITDA	12.1 x	9.19 x	9.4 x	8.98 x	7.7 x	10.4 x	9.13 x	8.28 x
EV / FCF	25.7 x	13.9 x	10.8 x	11.1 x	-	26.6 x	17 x	14.3 x
FCF Yield	3.89%	7.17%	9.29%	9%	-	3.77%	5.88%	7%
Price to Book	1.79 x	1.46 x	1.68 x	1.75 x	-	3.13 x	2.97 x	2.81 x
Nbr of stocks (in thousands)	202,026	203,213	204,591	203,256	204,274	206,027	-	-
Reference price ²	1.380	1.100	1.225	1.240	1.600	2.600	2.600	2.600
Announcement Date	6/27/19	6/25/20	6/24/21	6/23/22	6/22/23	-	-	-

¹GBP in Million²GBP

Estimates

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	109.9	119.8	127.9	138.6	166.6	197.6	218.6	233.4
EBITDA ¹	27.4	30.43	32.01	34.14	42.45	53.59	60.37	65.69
EBIT ¹	26.03	26.26	27.08	28.8	36.94	47.51	53.46	58.33
Operating Margin	23.69%	21.93%	21.17%	20.77%	22.18%	24.04%	24.46%	24.99%
Earnings before Tax (EBT) ¹	-	-	11.37	16.94	19.14	32.24	40.56	45.55
Net income ¹	-	-	8.963	9.423	15.84	21.99	28.36	32.33
Net margin	-	-	7.01%	6.8%	9.51%	11.13%	12.98%	13.85%
EPS ²	-	-	0.0430	0.0440	0.0730	0.1020	0.1290	0.1445
Free Cash Flow ¹	12.86	20.06	27.98	27.61	-	21.05	32.4	38.05
FCF margin	11.71%	16.75%	21.87%	19.92%	-	10.65%	14.82%	16.3%
FCF Conversion (EBITDA)	46.95%	65.92%	87.4%	80.87%	-	39.28%	53.67%	57.92%
FCF Conversion (Net income)	-	-	312.15%	293%	-	95.73%	114.25%	117.69%
Dividend per Share ²	0.0660	0.0660	0.0670	0.0720	-	0.0952	0.1064	0.1153
Announcement Date	6/27/19	6/25/20	6/24/21	6/23/22	6/22/23	-	-	-

¹GBP in Million²GBP

Estimates

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	51.7	56.1	50.4	54.6	-	23.4	15.6	8.03
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.887 x	1.844 x	1.574 x	1.599 x	-	0.4369 x	0.2577 x	0.1222 x
Free Cash Flow ¹	12.9	20.1	28	27.6	-	21.1	32.4	38.1
ROE (net income / shareholders' equity)	-	13%	13.6%	14.8%	-	20.7%	22.4%	23%
ROA (Net income/ Total Assets)	-	-	-	-	-	11.1%	12.5%	13.1%
Assets ¹	-	-	-	-	-	198	226.3	246.1
Book Value Per Share ²	0.7700	0.7500	0.7300	0.7100	-	0.8300	0.8700	0.9200
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex ¹	-	-	1.15	-	-	6.5	6.6	6.6
Capex / Sales	-	-	0.9%	-	-	3.29%	3.02%	2.83%
Announcement Date	6/27/19	6/25/20	6/24/21	6/23/22	6/22/23	-	-	-

¹GBP in Million²GBP

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

B-

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

2.6 GBP

Average target price

2.876 GBP

Spread / Average Target

+10.62%

	1st Jan change	Capi.
XPS PENSIONS GROUP PLC	+11.59%	660M
BLACKROCK, INC.	-0.81%	121B
UBS GROUP AG	+5.52%	97.29B
BROOKFIELD CORPORATION	+13.89%	68.9B
APOLLO GLOBAL MANAGEMENT, INC.	+21.34%	64.34B
BANK OF NEW YORK MELLON CORPORATION (THE)	+13.26%	44.5B
AMERIPRISE FINANCIAL, INC.	+14.02%	43.12B
3I GROUP PLC	+22.97%	36.25B
T. ROWE PRICE GROUP INC.	+8.77%	26.07B
STATE STREET CORPORATION	-0.40%	23.5B