National Grid (NG.)

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828.50p
   
  • Change Today:
    -6.50p
  • 52 Week High: 847.00p
  • 52 Week Low: 641.00p
  • Currency: UK Pounds
  • Shares Issued: 3,667.32m
  • Volume: 5,728,429
  • Market Cap: £30,384m
  • Beta: 0.43

Key Financials

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Growth Metrics 31-Mar-12 31-Mar-11 31-Mar-10 31-Mar-09 31-Mar-08
Annualisation Factor 1.0 1.0 1.0 1.0 1.0
Dividend Yield 6.2% 6.1% 6.7% 7.4% 4.8%
           
Continuing Operations          
PE Ratio - Adjusted 12.6 11.7 10.5 9.6 14.5
PE Ratio - Diluted 11.4
12.1		 9.5
11.4		 10.8
10.6		 13.2
9.7		 11.5
13.7
PEG - Adjusted n/a n/a 1.0 0.6 0.6
PEG - Diluted n/a
n/a		 0.6
n/a		 0.2
1.1		 n/a
1.1		 0.5
0.5
Return on Capital Employed 11.03%
11.18%		 11.65%
11.15%		 11.55%
10.93%		 9.02%
10.01%		 11.21%
9.76%
Operating Margin 23.42%
23.76%		 26.11%
24.99%		 23.51%
22.24%		 16.79%
18.63%		 25.95%
22.59%
           
Continuing & Discontinued Operations          
PE Ratio - Adjusted 12.6 11.7 10.5 9.5 14.1
PE Ratio - Diluted 11.4
12.1		 9.5
11.4		 10.8
10.6		 12.8
9.6		 5.7
13.3
PEG - Adjusted n/a n/a 1.2 0.6 n/a
PEG - Diluted n/a
n/a		 0.6
n/a		 0.3
1.2		 n/a
1.4		 0.0
0.7

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Gearing 31-Mar-12 31-Mar-11 31-Mar-10 31-Mar-09 31-Mar-08
Net Gearing 245.62% 251.81% 581.19% 656.32% 388.89%

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Value Metrics 31-Mar-12 31-Mar-11 31-Mar-10 31-Mar-09 31-Mar-08
Price/Book Value 5.7 5.4 (11.6) (6.7) 13.5
Price/Tangible Book Value 5.7 5.4 (11.5) (6.7) 13.7
Price/ Cash Flow 5.3 4.2 3.3 3.5 5.1
Price/Revenue 1.63 1.42 1.06 0.77 1.42
Price/R&D n/a n/a n/a 1,199.0 n/a
Net Asset Value per Share (exc. Intangibles) 110.07p 110.52p (49.70p) (71.36p) 45.96p
Net Cash per Share n/a n/a n/a 0.40p n/a

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Annualised Fundamentals 31-Mar-12 31-Mar-11 31-Mar-10 31-Mar-09 31-Mar-08
Continuing Operations          
Revenue 13,832.00 14,343.00 14,007.00 15,624.00 11,423.00
EBITDA 4,575.00
4,559.00		 5,081.00
4,837.00		 4,498.00
4,309.00		 3,755.00
4,042.00		 3,958.00
3,575.00
Depreciation (1,336.00)
(1,272.00)		 (1,336.00)
(1,252.00)		 (1,205.00)
(1,194.00)		 (1,132.00)
(1,132.00)		 (994.00)
(994.00)
Net Interest (987.00)
(987.00)		 (1,128.00)
(1,128.00)		 (1,108.00)
(1,155.00)		 (1,234.00)
(1,150.00)		 (786.00)
(786.00)
Profit Before Tax 2,559.00
2,607.00		 2,624.00
2,464.00		 2,193.00
1,968.00		 1,394.00
1,765.00		 2,182.00
1,799.00
           
Revenue per Share 387.99p 418.04p 543.90p 627.47p 437.83p
Pre-Tax Profit per Share 71.78p
73.13p		 76.48p
71.82p		 85.16p
76.42p		 55.98p
70.88p		 83.63p
68.95p
Market Capitalisation £ (Millions) 22,483.63 20,837.52 14,265.15 11,696.14 16,054.76
Enterprise Value (EV) £ (Millions) 45,191.63 43,567.52 39,141.15 37,896.14 36,513.76
EBITDA/EV 10.12%
10.09%		 11.66%
11.10%		 11.49%
11.01%		 9.91%
10.67%		 10.84%
9.79%
Operating Margin 23.42%
23.76%		 26.11%
24.99%		 23.51%
22.24%		 16.79%
18.63%		 25.95%
22.59%
Capital Employed £ (Millions) 32,136.00 32,217.00 28,575.00 29,128.00 26,483.00
Return on Capital Employed 11.03%
11.18%		 11.65%
11.15%		 11.55%
10.93%		 9.02%
10.01%		 11.21%
9.76%
Invested Equity Capital £ (Millions) 14,426.00 14,287.00 8,930.00 8,082.00 9,637.00
           
Earnings per Share - Basic 55.60p
52.58p		 62.90p
52.36p		 53.83p
54.83p		 36.90p
50.08p		 54.22p
45.77p
Earnings per Share - Diluted 55.40p
52.30p		 62.50p
52.07p		 53.60p
54.58p		 36.60p
49.74p		 53.86p
45.50p
Earnings per Share - Adjusted 50.00p 50.90p 55.05p 50.20p 42.98p
Earnings per Share Growth - Basic -12%
0%		 17%
-4%		 46%
10%		 -32%
9%		 25%
25%
Earnings per Share Growth - Diluted -11%
0%		 17%
-5%		 46%
10%		 -32%
9%		 25%
26%
Earnings per Share Growth - Adjusted -2% -8% 10% 17% 25%
PE Ratio - Diluted 11.4
12.1		 9.5
11.4		 10.8
10.6		 13.2
9.7		 11.5
13.7
PEG - Diluted n/a
n/a		 0.6
n/a		 0.2
1.1		 n/a
1.1		 0.5
0.5
Tax Rate 8.66% 17.62% 36.80% 33.98% 27.87%
Dividend Cover 1.27
1.34		 1.40
1.44		 1.43
1.42		 1.41
1.41		 1.45
1.54
Interest Cover 2.12
2.14		 2.07
2.00		 2.04
1.91		 1.55
1.72		 2.06
1.87
           
Continuing & Discontinued Operations          
Earnings per Share - Basic 55.60p
52.58p		 62.90p
52.36p		 53.83p
54.83p		 37.90p
50.44p		 109.97p
47.14p
Earnings per Share - Diluted 55.40p
52.30p		 62.50p
52.07p		 53.60p
54.58p		 37.60p
50.10p		 109.34p
46.88p
Earnings per Share - Adjusted 50.00p 50.90p 55.05p 50.60p 43.97p
Earnings per Share Growth - Basic -12%
0%		 17%
-4%		 42%
9%		 -66%
7%		 138%
19%
Earnings per Share Growth - Diluted -11%
0%		 17%
-5%		 43%
9%		 -66%
7%		 139%
19%
Earnings per Share Growth - Adjusted -2% -8% 9% 15% n/a
PE Ratio - Diluted 11.4
12.1		 9.5
11.4		 10.8
10.6		 12.8
9.6		 5.7
13.3
PEG - Diluted n/a
n/a		 0.6
n/a		 0.3
1.2		 n/a
1.4		 0.0
0.7
Dividend Cover 1.27
1.34		 1.40
1.44		 1.43
1.42		 1.42
1.42		 1.48
1.59
Return on Equity (ROE) 14.11%
12.99%		 15.11%
12.57%		 15.52%
15.81%		 11.68%
15.54%		 33.10%
12.76%
Operating Cash Flow per Share 118.60p 141.59p 175.36p 137.07p 121.31p
Gross Cash Flow per Share cn/a cn/a cn/a cn/a cn/a
Cash Incr/Decr per Share (1.21p) (10.09p) (1.09p) 21.61p (55.58p)
Capital Expenditure per Share n/a n/a n/a n/a 112.72p
Dividend per Share 39.28p 36.37p 38.49p 35.64p 29.67p
Dividend per Share Growth 8.00% (5.51%) 8.00% 20.11% 14.98%
Dividend Yield 6.2% 6.1% 6.7% 7.4% 4.8%
Shareholders Funds 9,239.00 9,060.00 4,199.00 3,970.00 5,356.00
Net Borrowings £ (Millions) 22,693.00 22,814.00 24,404.00 26,056.00 20,748.00
Net Asset Value per Share (inc. Intangibles) 109.87p 110.26p (50.17p) (71.93p) 45.27p

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Gearing - inc Intangibles 31-Mar-12 31-Mar-11 31-Mar-10 31-Mar-09 31-Mar-08
Shareholders' Funds inc Intangibles 9,239.00 9,060.00 4,199.00 3,970.00 5,356.00
Net Borrowings £ (Millions) 22,693.00 22,814.00 24,404.00 26,056.00 20,748.00
Net Gearing 245.62% 251.81% 581.19% 656.32% 388.89%
Cash & Near Cash 332.00 384.00 720.00 737.00 255.00
Cash 3.59% 4.24% 17.15% 18.56% 4.76%
Gross Borrowings 23,025.00 23,198.00 25,124.00 26,793.00 21,003.00
Gross Gearing 249.22% 256.05% 598.33% 674.89% 392.14%
Borrowings Under 5 years 23,025.00 23,198.00 25,124.00 26,793.00 9,683.00
Under 5 years 249.22% 256.05% 598.33% 674.89% 180.79%
Borrowings Under 1 year n/a n/a n/a n/a 3,882.00
Under 1 year n/a n/a n/a n/a 72.48%

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Gearing - exc Intangibles 31-Mar-12 31-Mar-11 31-Mar-10 31-Mar-09 31-Mar-08
Shareholders' Funds exc Intangibles 3,917.00 3,783.00 (1,292.00) (1,791.00) 1,181.00
Net Borrowings £ (Millions) 22,693.00 22,814.00 24,404.00 26,056.00 20,748.00
Net Gearing 579.35% 603.07% n/a n/a 1,763.67%
Cash & Near Cash 332.00 384.00 720.00 737.00 255.00
Cash 8.48% 10.15% (55.73%) (41.15%) 21.59%
Gross Borrowings 23,025.00 23,198.00 25,124.00 26,793.00 21,003.00
Gross Gearing 587.82% 613.22% 1,944.58% 1,495.98% 1,778.41%
Borrowings Under 5 years 23,025.00 23,198.00 25,124.00 26,793.00 9,683.00
Under 5 years 587.82% 613.22% (1,944.58%) (1,495.98%) 819.90%
Borrowings Under 1 year n/a n/a n/a n/a 3,882.00
Under 1 year n/a n/a n/a n/a 328.70%

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Cover 31-Mar-12 31-Mar-11 31-Mar-10 31-Mar-09 31-Mar-08
Quick Ratio 0.83 0.88 0.71 0.88 0.71
Current Ratio 0.90 0.93 0.77 0.96 0.77

Key

* GAAP

a. Includes discontinued activities

b. Based on operating cash flow before tax

c. Not disclosed under IFRS

d. Includes non-current assets

Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: Above ratios are on a 'per annum' basis, adjusted for corporate actions and based on the fundamentals of the primary listed security.

Note 3: Under IFRS, all figures are based on 'Continuing' operations unless otherwise stated.

Note 4: Normalised ratios are shown in blue text

Note 5: Forecast figures based on normalised accounts.

 

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