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Analyst Consensus

Analyst Consensus

20192020202020212022

£m


Actual


Range


Consensus


Consensus


Consensus

Revenue99.3113.4-117.2115.5149.1170.0
Underlying EBITDA35.438.0-41.038.94856.4
Underlying EBITDA margin (%)35.6%32.9-34.8%33.7%32.2%33.2%
Underlying EPS (pence)22.322.0-24.123.027.632.7
Dividend per share (pence)5.35.7-7.16.58.19.6
Net Debt-66.5-56.0 - -74.6-67.5-81.0-55.8

Underlying results are calculated by adjusting for non-underlying/ exceptional costs, the unwinding of NPV discounts and the amortisation of goodwill, customer relationships and loan arrangement fees.

Analyst coverage and composition of consensus forecasts

The above consensus reflects active analysts only who have written or updated their equity research post the most recent results announcement.


Research House


Analyst


Date of latest note


Recommendation/Price


Included in Consensus


Notes

Numis*David Brockton25/01/2021Buy £6.652020 - 222
Joh. Berenberg*Eoghan Reid25/01/2021Buy £6.802020 - 222
Panmure GordonRobert Plant15/02/2021Buy £6.972020 - 22
HSBC Dan Cowan23/02/2021Buy £7.502020 - 22
Shore CapitalVivek Raja18/02/2021Hold £6.502020 - 22
Royal Bank of CanadaAndrew Brooke25/01/2021Buy £6.402020 - 222
N+1 SingerAndrew Watson25/01/2021Buy £6.802020 - 222
ZeusRobin Savage15/09/2020-20201,2
Citi Charles Mortimer09/10/2020Buy £5.5820201,2

Last updated 26/02/2021

*House brokers

Notes

  1. Where analysts have not yet updated their forecast to take into account the RBC Cees acquisition that was announced on 9.12.20, these have been excluded from the 2021 and 2022 consensus forecasts.
  2. 2021 and 2022 forecasts not updated for Indos acquisition announced 15.2.21

Disclaimer

Any forecasts of the financial performance of JTC made by securities analysts are theirs alone and do not represent those of JTC. Inclusion of analysts’ forecasts on this website does not imply JTC’s endorsement of or concurrence with their reports, conclusions or recommendations nor does JTC assume any liability for the accuracy of the information. Please note that the information provided does not constitute a solicitation to buy, hold or sell securities.

The consensus figures are not based on JTC’s own opinions, estimates or forecasts and are compiled and published without comment from, or endorsement or verification by JTC. The consensus figures do not necessarily reflect guidance provided from time to time by JTC where given in relation to equivalent metrics, which to the extent available can be found on the JTC website.

By providing consensus figures, JTC does not imply that it endorses, confirms or expresses a view on the consensus figures. The consensus figures are provided for informational purposes only and are not intended to, nor do they, constitute investment advice or any solicitation to buy, hold or sell securities or other financial instruments. No warranty or representation, either express or implied, is made by JTC or its affiliates, or their respective directors, officers and employees, in relation to the accuracy, completeness or achievability of the consensus figures and, to the fullest extent permitted by law, no responsibility or liability is accepted by any of those persons in respect of those matters. JTC assumes no obligation to update, revise or supplement the consensus figures to reflect circumstances existing after the date hereof.

JTC does not accept any liability whatsoever for reliance upon, or actions taken based on, any of the information set out in these consensus figures. The consensus figures are forward-looking and as such are speculative and rely on assumptions and events in the future (some or all of which may not be satisfied or may not occur).

The consensus figures do not take into consideration the investment objectives, financial situation or particular needs of any particular investor. Before making an investment decision, a prospective investor should consider its particular investment needs, objectives and financial circumstances, and should seek appropriate professional advice, tailored to the investor’s circumstances. Any investment in securities is subject to investment risks.

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