J D Wetherspoon plc

JDW.L · Consumer Cyclical · Restaurants · Valued as of 2026-11-03 · Statements 2024-07-31

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

-1.29B USD

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

Profit

487.92M USD

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

FCFF

530.89M USD

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

Average Intrinsic Value

-88.79M USD

The plain average of EPV, Profit and FCFF

Against the price

Market Cap

1.26B USD

the price on the date above times the shares

Intrinsic Value ÷ Market Cap

-0.07×

the ratio the screener ranks by

Margin of Safety

—

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: -1.29B 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)101.69M USD
−②Net Debt Today1.39B USD
+③Growth Value0 USD
=Value-1.29B USD

EPV of the Operations (NOPAT over WACC)

101.69M USD

Net debt today

-1.39B USD

Growth Value

0 USD

Value

-1.29B USD

①EPV (Earnings Power Value)

101.69M USD

②Net Debt Today

1.39B USD

③Growth Value

0 USD

Market value

Market Cap1.26B USD

The price on the date above times the shares.

Value vs market

Margin of Safety—

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): 487.92M 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.

The projection was not made (a profit at or below zero in the latest three years), so the value is the book value today, 487.92M USD, as the screener leaves it.

①Present Value of the 15 Years of FCFE

Not in the value

②Equity at Year 15, Today

Not in the value

Market value

Market Cap1.26B USD

The price on the date above times the shares.

Value vs market

Margin of Safety-159.0%

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): 530.89M 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 FCFF1.23B USD
+②Invested Capital at Year 15, Today688.37M USD
−③Net Debt Today1.39B USD
=Value530.89M 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 rising to the WACC. Axes linear.

①Present Value of the 15 Years of FCFF

1.23B USD

②Invested Capital at Year 15, Today

688.37M USD

③Net Debt Today

1.39B USD

Market value

Market Cap1.26B USD

The price on the date above times the shares.

Value vs market

Margin of Safety-138.0%

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: 7.72%
Cost of Equity =Risk-Free Rate 4.50%+Beta 1.13×Market Risk Premium 6.00%= 11.26%

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 15.21M USDPretax Income 77.90M USD= 19.52%

The tax the interest saves.

Interest Expense =EBIT 164.27M USD−Pretax Income 77.90M USD= 86.38M USD

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

Cost of Debt =Interest Expense 86.38M USDTotal Debt 1.48B USD×(1 − Tax Rate for WACC 19.52%)= 4.70%

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

Debt Weight =Total Debt 1.48B USDMarket Cap + Total Debt 1.26B USD + 1.48B USD= 53.95%

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

WACC =Equity Weight 46.05%×Cost of Equity 11.26%+Debt Weight 53.95%×Cost of Debt 4.70%= 7.72%

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, 2025-01-31.

Total Assets 2.42B USD − Total Liabilities 1.93B USD = Book Value Today 487.92M USD

Total Debt 1.48B USD − Cash and Short-Term Investments 93.47M USD = Net Debt Today 1.39B 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 − 1-8.2%at most 5%passes114,144,731 / 124,334,150
Accrual quality(Operating Cash Flow − Net Income) ÷ Total Assets6.6%at least -10.0%passes(221.74M USD − 62.69M USD) ÷ 2.42B USD
Price to bookMarket Cap ÷ Book Value Today2.59×at most 3×passes1.26B USD ÷ 487.92M USD
Operating marginOperating Income ÷ Revenue7.1%above 10.0%does not pass184.58M USD ÷ 2.62B USD
Revenue growthRevenue ÷ Revenue a Year Before − 15.6%above 10.0%does not pass2.62B USD / 2.48B USD
Net cash(Cash − Total Debt) ÷ Market Cap-109.8%above -30%does not pass(93.47M USD − 1.48B USD) ÷ 1.26B USD
Operating efficiencyOperating Income ÷ Gross Profit—above 25.0%not measured184.58M USD ÷ 0 USD

Market Data

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

Share price

1024.02 GBp

Enterprise value

2.15B GBP

the provider's own figure

EV / EBITDA

11.11×

Price / book

3.01×

the provider's book

Price / earnings

18.27×

Return on equity

17.3%

the provider's figure, not this page's

Profit margin

2.7%

Revenue growth

4.8%

Analyst target, mean

807.06 GBp

Analysts

8

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)2021202220232024

Revenue

1.08B2.12B2.48B2.62B

Gross profit

-100.67M122.19M——

Operating income

-152.78M67.15M137.82M184.58M

EBITDA

operating income before depreciation and amortisation

-11.44M243.68M343.66M295.83M

Pretax income

-272.07M32.01M116.46M77.90M

Net income

-247.42M23.48M76.67M62.69M

Normalized income

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

-239.85M-2.87M34.21M80.68M

R&D

————
Balance sheet, year end (USD)2021202220232024

Total assets

2.81B2.50B2.55B2.45B

Total liabilities

2.42B2.11B2.02B1.93B

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

388.56M392.24M531.47M516.08M

Total debt

1.98B1.71B1.51B1.46B

Cash and equivalents

63.47M49.17M112.16M73.54M

Net PP&E

fixed assets after depreciation

2.66B2.26B2.29B2.26B

Working capital

current assets less current liabilities

-341.23M-289.77M-293.55M-294.58M
Cash flow (USD)2021202220232024

Operating cash flow

-49.35M145.43M466.31M221.74M

Capital expenditure

paid out, so below zero

-80.63M-145.78M-94.20M-141.69M

Depreciation and amortisation

169.03M142.38M141.20M131.56M

Free cash flow

operating cash flow plus capital expenditure

-129.97M-348.51K372.11M80.05M