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ASOS

ASOS's net profit rose 312% yoy to GBP 143 mil in 2020

By Helgi Analytics - June 29, 2021

ASOS made a net profit of GBP 143 mil with revenues of GBP 3,453 mil in 2020, up by 312% and up by 20.1%, respectiv...

ASOS's price/earnings (P/E) fell 51.7% yoy to 39.1 in 2020

By Helgi Analytics - June 29, 2021

ASOS stock traded at GBP 4,909 per share at the end 2020 translating into a market capitalization of USD 6,552 mil. Since the end...

ASOS's Net Debt/EBITDA fell 78.4% yoy to 0.758 in 2020

By Helgi Analytics - June 29, 2021

ASOS's net debt stood at GBP 238 mil and accounted for 25.7% of equity at the end of 2020. The ratio is down 65.4 pp ...

Profit Statement 2018 2019 2020
Sales GBP mil 2,496 2,875 3,453
Gross Profit GBP mil 1,272 1,389 1,617
EBITDA GBP mil 151 138 313
EBIT GBP mil 92.8 54.7 194
Financing Cost GBP mil 0.450 4.10 8.85
Pre-Tax Profit GBP mil 89.1 46.2 180
Net Profit GBP mil 71.7 34.7 143
Dividends GBP mil 0 0 0
Balance Sheet 2018 2019 2020
Total Assets GBP mil 1,141 1,729 2,181
Non-Current Assets GBP mil 589 1,012 1,280
Current Assets GBP mil 552 717 901
Working Capital GBP mil 177 250 ...
Shareholders' Equity GBP mil 473 533 924
Liabilities GBP mil 668 1,196 1,257
Total Debt GBP mil 0 495 330
Net Debt GBP mil -22.1 486 238
Ratios 2018 2019 2020
ROE % 16.9 6.89 19.6
ROCE % 9.83 3.42 ...
Gross Margin % 51.0 48.3 46.8
EBITDA Margin % 6.06 4.82 9.07
EBIT Margin % 3.72 1.90 5.62
Net Margin % 2.87 1.21 4.13
Net Debt/EBITDA -0.146 3.51 0.758
Net Debt/Equity % -4.67 91.2 25.7
Cost of Financing % ... 1.66 2.15
Valuation 2018 2019 2020
Market Capitalisation USD mil 6,626 2,429 6,552
Enterprise Value (EV) USD mil 6,598 3,073 6,876
Number Of Shares mil 84.1 83.7 90.1
Share Price GBP 6,114 2,380 4,909
EV/EBITDA 33.3 17.2 16.4
EV/Sales 2.02 0.828 1.49
Price/Earnings (P/E) 62.4 81.0 39.1
Price/Book Value (P/BV) 10.9 3.74 4.79
Dividend Yield % 0 0 0

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overview Unit 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
income statement                                        
Sales GBP mil                 1,010 1,207 1,565 2,047 2,496              
Gross Profit GBP mil                 496 604 779 1,023 1,272              
EBIT GBP mil                 44.1 51.6 52.4 81.5 92.8              
Net Profit GBP mil                 36.5 37.2 27.8 65.4 71.7              
                                           
ROE % ...               18.6 17.0 11.9 21.0 16.9              
EBIT Margin %                 4.37 4.28 3.35 3.98 3.72              
Net Margin %                 3.62 3.08 1.77 3.20 2.87              
Employees       ...         1,822 2,416 3,579 4,386 4,755   ... ... ... ... ... ...
balance sheet                                        
Total Assets GBP mil                 389 520 670 851 1,141              
Non-Current Assets GBP mil                 132 162 242 406 589              
Current Assets GBP mil                 257 358 428 445 552     ... ... ... ... ...
                                           
Shareholders' Equity GBP mil                 219 219 248 374 473              
Liabilities GBP mil                 170 301 423 477 668              
Non-Current Liabilities GBP mil ... ... ...           1.14 11.6 3.80 1.20 16.8              
Current Liabilities GBP mil                 169 289 419 476 651     ... ... ... ... ...
                                           
Net Debt/EBITDA                 -1.07 -1.77 -1.77 -0.300 -0.146              
Net Debt/Equity %                 -29.7 -62.0 -62.3 -10.1 -4.67              
Cost of Financing % ... ... ... ... ...     ... ... ... ... ... ...     ... ... ... ... ...
cash flow                                        
Total Cash From Operations GBP mil                 77.5 109 129 111 128     ... ... ... ... ...
Total Cash From Investing GBP mil                 -58.6 -52.9 -94.5 -178 -226     ... ... ... ... ...
Total Cash From Financing GBP mil                 -3.30 0.893 1.00 1.95 31.0     ... ... ... ... ...
Net Change In Cash GBP mil                 15.6 57.9 36.3 -64.8 -66.6     ... ... ... ... ...
valuation                                        
Market Capitalisation USD mil                 3,920 3,833 4,966 6,096 6,626              
Enterprise Value (EV) USD mil                 3,818 3,633 4,777 6,045 6,598              
Number Of Shares mil                 83.1 83.0 83.2 83.7 84.1              
Share Price GBP                 2,833 2,994 4,530 5,667 6,114              
Price/Earnings (P/E)                 63.7 67.4 155 74.0 62.4              
Price/Cash Earnings (P/CE)                 55.1 53.8 97.8 59.2 56.7              
EV/EBITDA                 39.0 31.1 40.7 37.4 33.3              
Price/Book Value (P/BV)                 10.8 11.3 15.2 12.7 10.9              
Dividend Yield %                 0 0 0 0 0     ... ... ... ... ...
income statement Unit 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
income statement                                        
Sales GBP mil                 1,010 1,207 1,565 2,047 2,496              
Cost of Goods & Services GBP mil                 514 603 785 1,024 1,223              
Gross Profit GBP mil                 496 604 779 1,023 1,272              
Selling, General & Admin GBP mil ... ... ...           440 532 580 898 1,125     ... ... ... ... ...
Research & Development GBP mil                 0 0 0 0 0     ... ... ... ... ...
Other Operating Expense GBP mil ... ... ...           -4.65 -4.65 113 -0.600 -3.50     ... ... ... ... ...
Staff Cost GBP mil                 71.5 92.8 113 165 191   ... ... ... ... ... ...
Other Operating Cost (Income) GBP mil   ... ...           0 0 0 0 0     ... ... ... ... ...
EBITDA GBP mil                 60.9 77.0 87.4 126 151              
Depreciation GBP mil                 6.17 9.01 10.8 14.8 19.1              
EBIT GBP mil                 44.1 51.6 52.4 81.5 92.8              
Net Financing Cost GBP mil                 -0.241 -0.329 -0.700 -0.400 0.250     ... ... ... ... ...
Financing Cost GBP mil                 0.060 0.052 0 0 0.450     ... ... ... ... ...
Financing Income GBP mil                 0.301 0.381 0.700 0.400 0.200     ... ... ... ... ...
FX (Gain) Loss GBP mil                 -1.51 0.425 4.58 1.33 3.75   ... ... ... ... ... ...
(Income) / Loss from Affiliates GBP mil ... ...             0 0 ... ... ... ... ... ... ... ... ... ...
Extraordinary Cost GBP mil                 0 1.85 12.2 0 0     ... ... ... ... ...
Pre-Tax Profit GBP mil                 45.9 50.5 47.2 81.3 89.1              
Tax GBP mil                 9.78 11.3 7.30 15.9 17.4              
Minorities GBP mil                 -0.444 0.121 0 0 0     ... ... ... ... ...
Net Profit GBP mil                 36.5 37.2 27.8 65.4 71.7              
Net Profit Avail. to Common GBP mil                 36.5 37.2 27.8 65.4 71.7              
Dividends GBP mil                 0 0 0 0 0     ... ... ... ... ...
growth rates                                        
Total Revenue Growth % ...               21.6 19.5 29.6 30.8 21.9              
Operating Cost Growth % ...               19.2 22.3 31.6 29.5 25.3     ... ... ... ... ...
Staff Cost Growth % ...               13.5 29.8 22.2 45.4 15.8   ... ... ... ... ... ...
EBITDA Growth % ...               -6.36 26.4 13.6 43.6 20.4              
EBIT Growth % ...               -13.6 17.1 1.48 55.5 13.9              
Pre-Tax Profit Growth % ...               -11.6 10.00 -6.46 72.2 9.53              
Net Profit Growth % ...               -6.19 1.76 -25.4 136 9.56              
ratios                                        
ROE % ...               18.6 17.0 11.9 21.0 16.9              
ROA % ...               10.4 8.18 4.66 8.60 7.19              
ROCE % ...               15.3 13.5 7.59 11.7 9.83   ... ... ... ... ... ...
Gross Margin %                 49.1 50.1 49.8 50.0 51.0              
EBITDA Margin %                 6.03 6.37 5.59 6.13 6.06              
EBIT Margin %                 4.37 4.28 3.35 3.98 3.72              
Net Margin %                 3.62 3.08 1.77 3.20 2.87              
Payout Ratio %                 0 0 0 0 0     ... ... ... ... ...
Cost of Financing % ... ... ... ... ...     ... ... ... ... ... ...     ... ... ... ... ...
Net Debt/EBITDA                 -1.07 -1.77 -1.77 -0.300 -0.146              
balance sheet Unit 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
balance sheet                                        
Cash & Cash Equivalents GBP mil ... ...             64.9 136 154 37.7 22.1              
Receivables GBP mil                 8.70 4.80 7.20 14.1 19.0   ... ... ... ... ... ...
Inventories GBP mil                 162 198 249 370 443     ... ... ... ... ...
Other ST Assets GBP mil                 39.0 33.4 39.8 52.2 108     ... ... ... ... ...
Current Assets GBP mil                 257 358 428 445 552     ... ... ... ... ...
Property, Plant & Equipment GBP mil                 61.2 66.9 90.5 192 279     ... ... ... ... ...
LT Investments & Receivables GBP mil                 0 0 0 0 0     ... ... ... ... ...
Intangible Assets GBP mil                 70.4 92.9 144 206 292     ... ... ... ... ...
Goodwill GBP mil                 1.06 1.10 1.10 1.10 1.10     ... ... ... ... ...
Non-Current Assets GBP mil                 132 162 242 406 589              
Total Assets GBP mil                 389 520 670 851 1,141              
                                           
Trade Payables GBP mil                 58.3 56.1 75.5 98.0 285   ... ... ... ... ... ...
Short-Term Debt GBP mil                 0 0 0 0 0     ... ... ... ... ...
Other ST Liabilities GBP mil                 1.20 25.3 44.8 16.3 68.1     ... ... ... ... ...
Current Liabilities GBP mil                 169 289 419 476 651     ... ... ... ... ...
Long-Term Debt GBP mil                 0 0 0 0 0     ... ... ... ... ...
Other LT Liabilities GBP mil                 1.14 11.6 3.80 1.20 16.8     ... ... ... ... ...
Non-Current Liabilities GBP mil ... ... ...           1.14 11.6 3.80 1.20 16.8              
Liabilities GBP mil                 170 301 423 477 668              
Preferred Equity and Hybrid Capital GBP mil                 0 0 0 0 0     ... ... ... ... ...
Share Capital GBP mil                 9.82 9.80 9.80 9.80 9.80     ... ... ... ... ...
Treasury Stock GBP mil                 5.18 3.40 1.70 ... 0     ... ... ... ... ...
Equity Before Minority Interest GBP mil                 219 219 248 374 473              
Minority Interest GBP mil                 -0.675 0 0 0 0              
Equity GBP mil                 219 219 248 374 473              
growth rates                                        
Total Asset Growth % ...               25.1 33.7 28.9 27.0 34.0              
Shareholders' Equity Growth % ...               26.1 0.252 13.0 50.9 26.5              
Net Debt Growth % ...               75.8 109 13.5 -75.6 -41.4              
Total Debt Growth % ... ... ... ... ... ...   ... ... ... ... ... ... ...            
ratios                                        
Total Debt GBP mil                 0 0 0 0 0              
Net Debt GBP mil                 -64.9 -136 -154 -37.7 -22.1              
Working Capital GBP mil                 112 147 181 286 177   ... ... ... ... ... ...
Capital Employed GBP mil                 244 309 423 692 766   ... ... ... ... ... ...
Net Debt/Equity %                 -29.7 -62.0 -62.3 -10.1 -4.67              
Current Ratio                 1.52 1.24 1.02 0.936 0.848     ... ... ... ... ...
Quick Ratio ... ...             0.435 0.486 0.386 0.109 0.063   ... ... ... ... ... ...
cash flow Unit 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
cash flow                                        
Net Profit GBP mil                 36.5 37.2 27.8 65.4 71.7              
Depreciation GBP mil                 6.17 9.01 10.8 14.8 19.1              
Non-Cash Items GBP mil                 3.17 15.2 3.30 15.2 15.4     ... ... ... ... ...
Change in Working Capital GBP mil                 21.0 30.9 58.2 -13.3 -17.2     ... ... ... ... ...
Total Cash From Operations GBP mil                 77.5 109 129 111 128     ... ... ... ... ...
                                           
Capital Expenditures GBP mil ... ... ...           -58.7 -52.9 -94.5 -178 -226     ... ... ... ... ...
Net Change in LT Investment GBP mil                 0 0 0 0 0     ... ... ... ... ...
Net Cash From Acquisitions GBP mil ... ... ...           0.091 0 0 0 0     ... ... ... ... ...
Other Investing Activities GBP mil                 0 0 0 0.100 -0.100     ... ... ... ... ...
Total Cash From Investing GBP mil                 -58.6 -52.9 -94.5 -178 -226     ... ... ... ... ...
                                           
Dividends Paid GBP mil                 0 0 0 0 0     ... ... ... ... ...
Issuance Of Shares GBP mil                 -3.30 0.893 1.00 1.95 1.25     ... ... ... ... ...
Issuance Of Debt GBP mil                 0 0 0 0 30.0     ... ... ... ... ...
Other Financing Activities GBP mil                 0 0 0 0 -0.300     ... ... ... ... ...
Total Cash From Financing GBP mil                 -3.30 0.893 1.00 1.95 31.0     ... ... ... ... ...
                                           
Effect of FX Rates GBP mil ... ... ...           0.028 1.28 1.15 -0.150 -0.200     ... ... ... ... ...
Net Change In Cash GBP mil                 15.6 57.9 36.3 -64.8 -66.6     ... ... ... ... ...
ratios                                        
Days Sales Outstanding days                 3.14 1.45 1.68 2.51 2.78   ... ... ... ... ... ...
Days Sales Of Inventory days                 115 120 116 132 132     ... ... ... ... ...
Days Payable Outstanding days                 41.4 34.0 35.1 34.9 85.2   ... ... ... ... ... ...
Cash Conversion Cycle days                 76.5 87.4 82.3 99.5 49.9   ... ... ... ... ... ...
Cash Earnings GBP mil                 42.7 46.2 38.6 80.2 90.7              
Free Cash Flow GBP mil                 18.9 55.8 34.1 -66.6 -97.4     ... ... ... ... ...
Capital Expenditures (As % of Sales) %                 5.82 4.38 6.04 8.70 9.04     ... ... ... ... ...
other ratios Unit 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
                                         
Employees       ...         1,822 2,416 3,579 4,386 4,755   ... ... ... ... ... ...
Cost Per Employee USD per month       ...         5,249 4,862 3,548 4,034 4,381   ... ... ... ... ... ...
Cost Per Employee (Local Currency) GBP per month       ...         3,268 3,200 2,639 3,132 3,346   ... ... ... ... ... ...
Women (As % of Workforce) % ... ... ... ... ... ... ... ... ... ... ... 64.0 ... ... ... ... ... ... ... ...
Operating Cost (As % of Sales) %                 44.8 45.8 46.5 46.0 47.3     ... ... ... ... ...
Research & Development (As % of Sales) %                 0 0 0 0 0     ... ... ... ... ...
Staff Cost (As % of Sales) %                 7.08 7.69 7.24 8.05 7.65   ... ... ... ... ... ...
Effective Tax Rate %                 21.3 22.4 15.5 19.6 19.5              
Total Revenue Growth (5-year average) % ... ... ... ... ...       41.1 37.6 31.1 27.9 24.6              
Total Revenue Growth (10-year average) % ... ... ... ... ... ... ... ... ... ... 51.7 44.6 38.2              
Customers mil ... ... ... ... ... ... ... ... ... ... ... ... ...     ... ... ... ... ...
valuation Unit 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
                                         
Market Capitalisation USD mil                 3,920 3,833 4,966 6,096 6,626              
Enterprise Value (EV) USD mil                 3,818 3,633 4,777 6,045 6,598              
Number Of Shares mil                 83.1 83.0 83.2 83.7 84.1              
Share Price GBP                 2,833 2,994 4,530 5,667 6,114              
EV/EBITDA                 39.0 31.1 40.7 37.4 33.3              
Price/Earnings (P/E)                 63.7 67.4 155 74.0 62.4              
Price/Cash Earnings (P/CE)                 55.1 53.8 97.8 59.2 56.7              
P/FCF                 125 44.6 111 -71.2 -52.8     ... ... ... ... ...
Price/Book Value (P/BV)                 10.8 11.3 15.2 12.7 10.9              
Dividend Yield %                 0 0 0 0 0     ... ... ... ... ...
Free Cash Flow Yield %                 0.773 2.21 0.923 -1.41 -1.92     ... ... ... ... ...
Earnings Per Share (EPS) GBP                 0.445 0.444 0.293 0.766 0.980              
Cash Earnings Per Share GBP                 0.514 0.556 0.463 0.957 1.08              
Free Cash Flow Per Share GBP                 0.227 0.671 0.410 -0.796 -1.16     ... ... ... ... ...
Book Value Per Share GBP                 2.63 2.64 2.98 4.47 5.63              
Dividend Per Share GBP                 0 0 0 0 0     ... ... ... ... ...
EV/Sales                 2.35 1.98 2.27 2.29 2.02              
EV/EBIT                 53.9 46.3 67.8 57.6 54.3              
EV/Free Cash Flow                 126 42.9 104 -70.5 -51.8     ... ... ... ... ...
EV/Capital Employed                 10.1 7.98 9.18 6.47 6.76   ... ... ... ... ... ...
Earnings Per Share Growth % ...               -9.55 -0.225 -34.0 161 27.9              
Cash Earnings Per Share Growth % ...               -6.89 8.25 -16.7 107 12.7              
Book Value Per Share Growth % ...               26.1 0.362 12.8 50.0 25.9              
Market Value per Customer USD ... ... ... ... ... ... ... ... ... ... ... ... ...     ... ... ... ... ...
Sales per Customer USD ... ... ... ... ... ... ... ... ... ... ... ... ...     ... ... ... ... ...
EBITDA per Customer USD ... ... ... ... ... ... ... ... ... ... ... ... ...     ... ... ... ... ...
Net Profit per Customer USD ... ... ... ... ... ... ... ... ... ... ... ... ...     ... ... ... ... ...
clients & arpu Unit 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
                                         
Customers mil ... ... ... ... ... ... ... ... ... ... ... ... ...     ... ... ... ... ...
Basket Size (USD) USD ... ... ... ... ... ... ... ... ... ... ... ... 91.7     ... ... ... ... ...
Order Frequency ... ... ... ... ... ... ... ... ... ... ... ... 2.60     ... ... ... ... ...
Repeat Order Rate % ... ... ... ... ... ... ... ... ... ... 84.0 87.0 81.0     ... ... ... ... ...
Site Visits mil ... ... ... ... ... ... ... ... ... ... ... ... 146     ... ... ... ... ...
Marketing Expenses GBP mil ... ... ... ... ... ... ... ... ... ... 22.2 33.7 41.3     ... ... ... ... ...
Marketing Expenses (As % of Sales) % ... ... ... ... ... ... ... ... ... ... 1.42 1.65 1.65     ... ... ... ... ...

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ASOS's ROCE fell 65.2% yoy to 3.42% in 2019

By Helgi Analytics - June 29, 2021

ASOS made a net profit of GBP 143 mil in 2020, up 312% compared to the previous year. Historically, between 2006 and 2020, the company's net profit reached a high of GBP 143 mil in 2020 and a low of GBP 1.71 mil in 2006. The result implies a return on equ...

ASOS's Share Price rose 106% yoy to GBP 4,909 in 2020

By Helgi Analytics - June 29, 2021

ASOS stock traded at GBP 4,909 per share at the end 2020 implying a market capitalization of USD 6,552 mil. Since the end of 2015, stock has appreciated by 64.0% implying an annual average growth of 10.4% In absolute terms, the value of the company rose ...

ASOS's Capital Expenditures rose 42.9% yoy to GBP 112 mil in 2020

By Helgi Analytics - June 29, 2021

ASOS invested a total of GBP 112 mil in 2020, down 42.9% compared to the previous year. Historically, between 2009 - 2020, the company's investments stood at a high of GBP 226 mil in 2018 and a low of GBP 8.26 mil in 2009. As a percen...

ASOS's Net Margin rose 243% yoy to 4.13% in 2020

By Helgi Analytics - June 29, 2021

ASOS made a net profit of GBP 143 mil with revenues of GBP 3,453 mil in 2020, up by 312% and up by 20.1%, respectively, compared to the previous year. This translates into a net margin of 4.13%. Historically, between 2006 and 2020, the firm’s net ...

ASOS's P/FCF rose 263% yoy to 26.6 in 2020

By Helgi Analytics - June 29, 2021

ASOS stock traded at GBP 4,909 per share at the end 2020 translating into a market capitalization of USD 6,552 mil. Since the end of 2015, the stock has appreciated by 64% representing an annual average growth of 10.4%. At the end of 2020, the firm trade...

ASOS's employees fell 19.6% yoy to 3,824 in 2019

By Helgi Analytics - June 29, 2021

ASOS employed 3,824 employees in 2019, down 19.6% compared to the previous year. Historically, between 2006 and 2019, the firm's workforce hit a high of 4,755 employees in 2018 and a low of 131 employees in 2006. Average personnel cost stood at USD 6...

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Finance

ASOS has been growing its sales by 11.7% a year on average in the last 5 years. EBITDA has grown on average by 13.2% a year during that time to total of GBP 581 mil in 2025, or 9.69% of sales. That’s compared to 8.95% average margin seen in last five years.

The company netted GBP 283 mil in 2025 implying ROE of 15.7% and ROCE of . Again, the average figures were 14.8% and

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NAN%, respectively when looking at the previous 5 years.

ASOS’s net debt amounted to GBP -1,127 mil at the end of 2025, or -58.0% of equity. When compared to EBITDA, net debt was -1.94x, down when compared to average of -1.51x seen in the last 5 years.

Valuation

ASOS stock traded at GBP 5,360 per share at the end of 2025 resulting in a market capitalization of USD 6,315 mil. Over the previous five years, stock price grew by 9.19% or 1.77% a year on average. The closing price put stock at a 12-month trailing EV/EBITDA of 6.37x and price to earnings (PE) of 17.1x as of 2025.

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