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Equity Valuation Report - TESCO

Tesco PLC is a British grocery retailer founded in 1919. It operates stores across the UK, Asia, and Europe, and has a market capitalization of approximately £20 billion. In 2014, Tesco reported the biggest annual loss in its 96-year history due to writing down property values and reducing its pension fund deficit. The equity report provides historical and projected financial data for Tesco from 2011-2018, including revenues, costs, earnings, assets, liabilities, and cash flows.

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782 views2 pages

Equity Valuation Report - TESCO

Tesco PLC is a British grocery retailer founded in 1919. It operates stores across the UK, Asia, and Europe, and has a market capitalization of approximately £20 billion. In 2014, Tesco reported the biggest annual loss in its 96-year history due to writing down property values and reducing its pension fund deficit. The equity report provides historical and projected financial data for Tesco from 2011-2018, including revenues, costs, earnings, assets, liabilities, and cash flows.

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FEPFinanceClub
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© © All Rights Reserved
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EQUITY REPORT TESCO PLC

April 2015
Market Profile
Share Price (20/04/2015)
52-Week Price Range ()
Outstanding Shares (m)
Market Cap. (m)
Free Float

2.35
155.40 320.75
8.123
19,227,13
99%

Source: Reuters

Stock Performance (% Movement)

Business
Tesco PLC is a British multinational grocery and general
merchandise

retailer

company

founded

in

1919

and

headquartered in United Kingdom. The company has retail


operations across UK, Asia and Europe and operates through
four segments: the United Kingdom, Asia, Europe and Tesco
Bank (offers retail banking and insurance services in UK).

Source: Company Data

Stock Performance

Tesco is the third largest retailer in the world measured by


profits and the second largest retailer in the world measured by
revenues. Overall it has stores in approximately 12 countries
across Asia and Europe and UK and provides around 4,000 own
brands. In UK the market share of the company is around 30%,
where Tesco is the grocery market leader.

Source: Company Data

The Company is listed on the London Stock Exchange and is a


constituent

of

the FTSE

100

Index.

It

has

Revenues vs. UK GDP % Growth

a market

capitalization of approximately 20 billion and it is the 28thlargest company with a primary listing on the London Stock
Exchange.

Value per share: 1.97


Source: IMF, Company Data

Corporate Finance Department | fepfinanceclub@gmail.com| www.fep.up.pt/skillsacademy/fepfinanceclub/

EQUITY REPORT TESCO PLC


April 2015
Balance Sheet M
Total Assets

2011
47.206

2012
50.712

2013
49.847

2014
48.971

2015F
52.200

2016F
53.442

2017F
54.743

2018F
56.103

Fixed Assets

28.736

30.328

29.232

28.285

28.703

29.110

29.509

29.904

Non-operating assets

10.119

11.383

11.485

11.120

11.100

11.100

11.100

11.100

Inventory

3.162

3598

3744

3576

3.516

3.514

3.522

3.539

Receivables

2.330

2.657

2.525

2.190

2.697

2.741

2.784

2.827

Cash and Equivalents

2.859

2.746

2.861

3.800

6.184

6.977

7.828

8.733

Equity

16.623

17.801

16.661

14.722

16.024

17.324

18.623

19.924

Total Liabilities

30.583

32.911

33.186

34.249

36.176

36.118

36.121

36.179

M/L Liabilities

12.852

13.732

14.483

14.043

14.144

14.245

14.348

14.348

M/L Liabilities

2.563

3.123

3.656

3.970

3.970

3.970

3.970

3.970

M/L Debt

10.289

10.599

10.827

10.073

10.174

10.275

10.378

10.482

17.731

19.180

18.703

20.206

22.032

21.872

21.772

21.727

S Liabilities
S Debt

1.641

1.966

887

2.009

1.657

1.366

1.126

929

Payables

10.484

11.234

11.094

10.595

12.774

12.904

13.044

13.196

Others

5.606

5.980

6.722

7.602

7.602

7.602

7.602

7.6

2011

2012

2013

2014

2015F

2016F

2017F

2018F

Revenues

60.455

64.539

63.406

63.557

62.284

62.627

63.070

63.615

Cost of sales

55.330

59.278

59.252

59.547

64.396

57.894

58.303

58.807

EBITDA

5.337

5.483

3.972

4.193

-4.241

2.483

2.471

2.465

8.83%

8.50%

6.26%

-6,81%

3,96%

9,92%

3,88%

1.420

1.498

1.590

1.551

1.492

1.510

1.528

Income Statement M

Margin
Depreciations
EBIT
Margin

3.917

3.985

2.382

6.48%

6.17%

3.76%

6.60%
1.562
2.631
4.14%

-5.792

991

961

937

-9,30%

1,58%

1,52%

1,47%
-288,9

Financial Operations

-276

-150

-325

-372

-584

-295,2

-291,4

EBT

3.641

3.835

2.057

2.259

-6.376

696

669

648

864

879

529

347

-657

146,12

140,59

136,18

2.777

2.956

1.528

1.912

-5.719

549,67

528,88

512,3

Taxes
Net Profit

Sensitivity Analysis

Source: Own estimates

Source: Bloomberg, Damodaran


Tesco Plc reported the biggest
annual loss in its 96-year history after
writing down property values and
taking steps to reduce its pensionfund deficit as it seeks to ease
increasing financial strains.
Source: Bloomberg, April 22, 2015

Multiples

Source: Yahoo Finance, Reuters

Corporate Finance Department | fepfinanceclub@gmail.com| www.fep.up.pt/skillsacademy/fepfinanceclub/

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