James Halstead plc

JHD.L · Industrials · Building Products & Equipment · Valued as of 2026-11-05 · Statements 2026-06-30

How Each Value Is Built

The screener's three formulas on the reported figures. Each card reads the same way: the value as a sum of numbered terms, each term's calculation opened under it, from the reported figures to the value. The list ranks companies by their plain average over the market cap.

What it is worth

EPV + Growth

876.12M USD

what the normal year's earnings are worth for ever, plus growth that pays

Profit

614.06M USD

15 years of cash the shareholders can take out, and the equity left at year 15

FCFF

612.85M USD

15 years of cash for shareholders and lenders, less what is owed

Average Intrinsic Value

701.01M USD

The plain average of EPV, Profit and FCFF

Against the price

Market Cap

775.77M USD

the price on the date above times the shares

Intrinsic Value ÷ Market Cap

0.90×

the ratio the screener ranks by

Margin of Safety

-10.7%

1 − Market Cap / Average Intrinsic Value

Projections, not exact values. Intrinsic Values are projected from each company's past reports. They show which stocks look cheap compared with the others, not exactly what a stock is worth.

Earnings power value plus growth: 876.12M USD
What the normal year's operating profit after tax is worth if it lasts for ever, plus what the new investment adds beyond its cost, less the net debt that comes before the shareholders (or plus the net cash).
①EPV (earnings power value)787.54M USD
+②Net Cash Today88.58M USD
+③Growth Value0 USD
=Value876.12M USD

EPV of the Operations (NOPAT over WACC)

787.54M USD

Net cash today

+88.58M USD

Growth Value

0 USD

Value

876.12M USD

①EPV (Earnings Power Value)

787.54M USD

②Net Cash Today

88.58M USD

③Growth Value

0 USD

Market value

Market Cap775.77M USD

The price on the date above times the shares.

Value vs market

Margin of Safety+11.5%

1 minus the market cap as a share of the value.

Profit value: today's value of the shareholders' equity, from the cash it can pay them (FCFE): 614.06M USD
Fifteen years of free cash flow to equity (FCFE), each brought to today at the cost of equity, plus the equity at year 15 brought to today.
①Present Value of the 15 Years of FCFE427.14M USD
+②Equity at Year 15, Today186.92M USD
=Value614.06M USD
FCFE: the net income left for the shareholders once the business keeps what next year's growth needsEquity reinvestment: the part of the year's net income kept in the business to grow the next year; below zero, capital the business releases to the shareholdersPresent value of the FCFEColoured bars show the FCFE, grey bars the equity reinvestment. With a positive equity reinvestment the two stacked are the year's normalized income; with a negative one the grey is below zero, capital the business releases, and the normalized income is the FCFE plus that negative amount. Shaded, years 6 to 10: the growth falling to its long-run rate and the ROE on new investment falling to the cost of equity. Axes linear.

①Present Value of the 15 Years of FCFE

427.14M USD

②Equity at Year 15, Today

186.92M USD

Market value

Market Cap775.77M USD

The price on the date above times the shares.

Value vs market

Margin of Safety-26.3%

1 minus the market cap as a share of the value.

FCFF value: today's value of the shareholders' equity, from the cash the firm can pay its shareholders and lenders (FCFF): 612.85M USD
Fifteen years of free cash flow to the firm (FCFF), each brought to today at the WACC, plus the invested capital at year 15 brought to today, less the net debt today (or plus the net cash).
①Present Value of the 15 Years of FCFF401.79M USD
+②Invested Capital at Year 15, Today122.48M USD
+③Net Cash Today88.58M USD
=Value612.85M USD
FCFF: the NOPAT left for the shareholders and the lenders once the business reinvests what next year's growth needsReinvestment: the part of the year's NOPAT put back into the business to grow the next year; below zero, capital the business releasesPresent value of the FCFFColoured bars show the FCFF, grey bars the reinvestment. With a positive reinvestment the two stacked are the year's NOPAT; with a negative one the grey is below zero, capital the business releases, and the NOPAT is the FCFF plus that negative amount. Shaded, years 6 to 10: the growth rising to its long-run rate and the ROIC on new investment falling to the WACC. Axes linear.

①Present Value of the 15 Years of FCFF

401.79M USD

②Invested Capital at Year 15, Today

122.48M USD

③Net Cash Today

88.58M USD

Market value

Market Cap775.77M USD

The price on the date above times the shares.

Value vs market

Margin of Safety-26.6%

1 minus the market cap as a share of the value.

The Rates and the Capital the Values Read

The WACC and the cost of equity each value is discounted at, the book value and the net debt each starts from, and the seven quality metrics, from the same run.

WACC: 6.17%
Cost of Equity =Risk-Free Rate 4.50%+Beta 0.29×Market Risk Premium 6.00%= 6.22%

The yearly return the shareholders require for the risk they carry; it is the rate that brings their future cash to today.

Tax Rate for WACC =Tax Provision 16.90M USDPretax Income 63.90M USD= 26.45%

The tax the interest saves.

Interest Expense =EBIT 64.38M USD−Pretax Income 63.90M USD= 488.23K USD

The interest the company paid: EBIT is the profit before tax plus the interest.

Cost of Debt =Interest Expense 488.23K USDTotal Debt 11.88M USD×(1 − Tax Rate for WACC 26.45%)= 3.02%

What the lenders are paid a year after the tax the interest saves.

Debt Weight =Total Debt 11.88M USDMarket Cap + Total Debt 775.77M USD + 11.88M USD= 1.51%

The part of the capital the lenders put in, at market value.

WACC =Equity Weight 98.49%×Cost of Equity 6.22%+Debt Weight 1.51%×Cost of Debt 3.02%= 6.17%

Weighted average cost of capital: the yearly return the shareholders and the lenders together require, weighted by what each puts in; the rate that brings the firm's future cash to today.

Book value and net debt today
Both from the balance sheet of the newest quarter, 2026-06-30.

Total Assets 324.19M USD − Total Liabilities 80.69M USD = Book Value Today 243.49M USD

Total Debt 11.88M USD − Cash and Short-Term Investments 100.46M USD = Net Debt Today -88.58M USD

The book value is what Profit starts from and what stands when a projection is not made; the book value plus the net debt is what FCFF starts from; the net debt comes off Greenwald's and FCFF's values before the shareholders.

Quality metrics
Read beside the value, never a condition for it: every company is valued, and a filter in the list is the reader's choice.
MetricFrom
Share dilutionShares Today ÷ Shares Two Years Back − 1-0.1%at most 5%passes416,411,436 / 416,754,052
Accrual quality(Operating Cash Flow − Net Income) ÷ Total Assets5.6%at least -10.0%passes(65.12M USD − 47.00M USD) ÷ 324.19M USD
Price to bookMarket Cap ÷ Book Value Today3.19×at most 3×does not pass775.77M USD ÷ 243.49M USD
Operating marginOperating Income ÷ Revenue17.8%above 10.0%passes61.52M USD ÷ 344.83M USD
Revenue growthRevenue ÷ Revenue a Year Before − 1-0.9%above 10.0%does not pass344.83M USD / 347.96M USD
Net cash(Cash − Total Debt) ÷ Market Cap11.4%above -30%passes(100.46M USD − 11.88M USD) ÷ 775.77M USD
Operating efficiencyOperating Income ÷ Gross Profit40.0%above 25.0%passes61.52M USD ÷ 153.67M USD

Market Data

The provider's ratios and the analysts' consensus beside the argument; none of them enters a value.

Share price

138.34 GBp

Enterprise value

503.68M GBP

the provider's own figure

EV / EBITDA

9.87×

Price / book

3.13×

the provider's book

Price / earnings

15.36×

Return on equity

19.4%

the provider's figure, not this page's

Profit margin

13.6%

Revenue growth

0.6%

Analyst target, mean

145.14 GBp

Analysts

1

opinions in the consensus

Financial Statements

The annual lines the screener holds, year by year, in USD at each period's rate; the figures this valuation read are in its calculation above.

Income statement (USD)20222023202420252026

Revenue

—383.32M347.96M—344.83M

Gross profit

—145.80M153.32M—153.67M

Operating income

—65.17M68.24M—61.52M

EBITDA

operating income before depreciation and amortisation

—74.34M80.60M—74.99M

Pretax income

—65.79M71.17M—63.90M

Net income

—53.54M52.56M—47.00M

Normalized income

net income without one-off items, as the data provider prints it; Profit's line when printed

—53.54M52.56M—47.00M

R&D

—————
Balance sheet, year end (USD)20222023202420252026

Total assets

327.49M310.01M312.66M—324.19M

Total liabilities

117.09M90.03M83.19M—80.69M

Shareholders' equity

the equity the parent's shareholders own, as printed, without minority interest; the book value the values read is total assets less total liabilities, in Book Value and Net Debt above

210.40M219.98M229.47M—243.49M

Total debt

6.94M9.19M8.08M—11.88M

Cash and equivalents

63.32M79.83M94.03M—100.46M

Net PP&E

fixed assets after depreciation

51.37M54.36M52.12M—55.17M

Working capital

current assets less current liabilities

156.02M170.52M179.48M—192.40M
Cash flow (USD)20222023202420252026

Operating cash flow

—62.21M62.44M—65.12M

Capital expenditure

paid out, so below zero

—-3.60M-4.19M—-3.81M

Depreciation and amortisation

—8.23M9.04M—10.61M

Free cash flow

operating cash flow plus capital expenditure

—58.61M58.25M—61.31M