Consensus market forecasts
| Reported | Forecast | |||
|---|---|---|---|---|
| 2008/09 53wks to 28/02/09 |
2009/10 52wks to 27/02/10 |
2010/11 52wks to 26/02/11 |
2011/12 52wks to 25/02/12 | |
| Group Revenue (ex VAT, £m) | 54,327 | 58,520 | 63,010 | 67,879 |
| Estimates | 16 | 16 | 16 | |
| High | 59,747 | 64,143 | 70,793 | |
| Low | 57,541 | 61,462 | 65,317 | |
| Group Trading Profit (£m) | 3,090 | 3,472 | 3,840 | 4,239 |
| Estimates | 16 | 16 | 16 | |
| High | 3,561 | 4,030 | 4,598 | |
| Low | 3,392 | 3,710 | 3,984 | |
| Underlying Profit Before Tax (£m)* | 3,128 | 3,376 | 3,707 | 4,132 |
| Estimates | 16 | 16 | 16 | |
| High | 3,467 | 3,928 | 4,488 | |
| Low | 3,201 | 3,445 | 3,867 | |
| Underlying diluted EPS (p)** | 28.92 | 30.54 | 33.69 | 37.46 |
| Estimates | 16 | 16 | 16 | |
| High | 31.90 | 36.28 | 43.00 | |
| Low | 28.37 | 30.68 | 34.87 | |
| Dividend per share (p) | 11.96 | 12.89 | 14.27 | 15.89 |
| Estimates | 16 | 16 | 16 | |
| High | 13.60 | 15.12 | 16.80 | |
| Low | 11.00 | 13.24 | 14.53 | |
* Underlying profit excludes the impact of non-cash elements of IAS 19, 32, 39 and 17 (principally pension costs, the marking to market of financial instruments and the annual uplifts in rents and rent-free periods), the amortisation charge of intangible assets arising on acquisition (Tesco Bank), and the non-cash impact of IFRIC13 (Customer Loyalty Programmes). It also excludes exceptional costs. In 2009/10, these related to restructuring in Ireland and to the impairment of goodwill in Japan.
**Underlying diluted earnings per share (p)
The forecasts in this analysis have been provided to Tesco PLC, through an independent consultant (Citigate Dewe Rogerson ("CDR")), by a number of registered investment analysts and are, as such, publicly available information. Tesco PLC has not commented on any individual forecasts nor does it intend to do so in the future. CDR has had no access to Tesco's internal budgets, forecasts or information which is not generally available. Tesco is not regulated by the Financial Services Authority and cannot offer investment advice. It should be noted that forecasts are by definition forward looking and are therefore subject to risks and uncertainties that may materially affect eventual results. Although Tesco will endeavour to procure that the information is kept updated, Tesco assumes no obligation to update or revise such information to reflect circumstances existing after the date hereof. Nothing in this analysis should be taken as a recommendation to buy or sell shares in Tesco or to take any other action or place any reliance on the analysis.
Neither Tesco nor any subsidiary undertaking or any director, officer or employee of Tesco accepts any responsibility for the accuracy of the forecasts used in this analysis and therefore shall have no liability whatsoever for the consequences of any reliance or actions taken or not taken based on any of the information in this analysis.
Tesco PLC would like to thank the following investment banks and brokers:
Bank of America - Merrill Lynch
Barclays Capital
Cazenove Group Limited
Credit Suisse
Deutsche Bank AG
Exane BNP Paribas
Execution Limited
Goldman Sachs
J.P. Morgan Securities Ltd
Morgan Stanley Research Europe
Natixis Securities
Nomura International plc
Royal Bank of Scotland
Sanford C.Bernstein & Co LLC
Shore Capital Group plc
Société Générale
UBS Limited
This information on this page was consolidated in January 2010
435.45p
Updated 12/03/2010 : 17:41
