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Analyst coverage and consensus

XPS is covered by the following analysts who have provided their forecasts for the Group. From these, XPS has compiled and summarised the consensus of these estimates. This was last updated on 14 May 2024.  Please also see our disclaimer below for further details on the basis of compilation of the consensus and its use.


Covering Analysts

Broker Analysts
Canaccord* Justin Bates
Deutsche Numis Steve Woolf
RBC* Mandeep Jagpal
Shore Capital Vivek Raja
Stifel Jacob Armstrong

*Corporate Brokers to XPS Pension Group


Analyst Consensus

£m FY23 Actuals FY24 Consensus FY25 Consensus FY26 Consensus
Group revenue 166.6 197.6 218.6 233.4
Total costs 124.2 144.0 158.2 167.7
Adjusted EBITDA1 42.4 53.6 60.4 65.7
Adjusted PBT1 33.3 43.3 51.0 56.3
Adjusted EPS2 13.2 15.6 18.0 19.6
Adjusted Diluted EPS2 12.6 14.7 17.1 18.6
DPS 8.4 9.5 10.6 11.5
Net debt3 55.3 21.8 11.5 (1.8)
Leverage3 1.38 0.42 0.19 (0.05)

Note: based on forecasts which are believed to be accurate and updated as of 7 May 2024

Notes:

1. Adjusted EBITDA and Adjusted PBT excludes the impact of share-based payment costs, fair value adjustments of contingent consideration, and exceptional costs. 

2. Adjusted earnings per share from continuing operations. It is based on adjusted profit after tax, which excludes the impact of amortisation of intangible assets, share-based payment costs, fair value adjustment of contingent consideration, exceptional costs, and the tax impact of these items. See Note 6 in the financial statements of the Annual Report and Accounts.

3. Excluding lease liabilities


Disclaimer 

Any forecasts of the financial performance of XPS made by the analysts are theirs alone and do not represent those of XPS. Inclusion of analysts’ forecasts on this website does not imply XPS’s endorsement of or concurrence with their reports, conclusions or recommendations nor does XPS assume any liability for the accuracy of the information. 

The consensus figures are an aggregation of forecasts collated only on the basis of information made available by those analysts who choose to do so and are not based on XPS’s own opinions, estimates or forecasts. The consensus figures do not necessarily reflect guidance provided from time to time by XPS where given in relation to equivalent metrics, which to the extent available can be found on the XPS website. Analyst estimates can change significantly from time to time. Any such changes in analysts’ estimates will not be reflected in the consensus figures published on this website unless and until XPS receives updated forecasts from the analysts following the release of XPS' next results or trading update. 

No warranty, representation or assurance, either express or implied, is made by XPS 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.  Except as required by applicable law or regulation, XPS expressly disclaims any responsibility or obligation to publish any updates or revisions to any of the information provided resulting from new information, future events or otherwise whatsoever following any change after the date of publication on this website.

The consensus figures are forward-looking and involve a number of risks, uncertainties and assumptions about XPS and its group, and their securities, investments and operating environment and actual results or events may differ materially from those expressed or implied by the figures.  Accordingly, no representation, warranty or assurance, can be given that any particular expectation will be met. 

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.

By enabling collation of consensus figures and publishing the same on its website, XPS 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. The receipt and/ or distribution of the consensus summary may, in certain jurisdictions, be restricted by law. Recipients are required to inform themselves about and observe any such restrictions.