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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                     1,565 2,047 2,496 2,875 3,453          
Gross Profit GBP mil                     779 1,023 1,272 1,389 1,617          
EBIT GBP mil                     52.4 81.5 92.8 54.7 194          
Net Profit GBP mil                     27.8 65.4 71.7 34.7 143          
                                           
ROE % ...                   11.9 21.0 16.9 6.89 19.6          
EBIT Margin %                     3.35 3.98 3.72 1.90 5.62          
Net Margin %                     1.77 3.20 2.87 1.21 4.13          
Employees       ...             3,579 4,386 4,755 3,824 ... ... ... ... ... ...
balance sheet                                        
Total Assets GBP mil                     670 851 1,141 1,729 2,181          
Non-Current Assets GBP mil                     242 406 589 1,012 1,280          
Current Assets GBP mil                     428 445 552 717 901 ... ... ... ... ...
                                           
Shareholders' Equity GBP mil                     248 374 473 533 924          
Liabilities GBP mil                     423 477 668 1,196 1,257          
Non-Current Liabilities GBP mil ... ... ...               3.80 1.20 16.8 329 343          
Current Liabilities GBP mil                     419 476 651 867 914 ... ... ... ... ...
                                           
Net Debt/EBITDA                     -1.77 -0.300 -0.146 3.51 0.758          
Net Debt/Equity %                     -62.3 -10.1 -4.67 91.2 25.7          
Cost of Financing % ... ... ... ... ...     ... ... ... ... ... ... 1.66 2.15 ... ... ... ... ...
cash flow                                        
Total Cash From Operations GBP mil                     129 111 128 74.2 412 ... ... ... ... ...
Total Cash From Investing GBP mil                     -94.5 -178 -226 -196 -245 ... ... ... ... ...
Total Cash From Financing GBP mil                     1.00 1.95 31.0 86.5 86.4 ... ... ... ... ...
Net Change In Cash GBP mil                     36.3 -64.8 -66.6 -35.7 253 ... ... ... ... ...
valuation                                        
Market Capitalisation USD mil                     4,966 6,096 6,626 2,429 6,552          
Enterprise Value (EV) USD mil                     4,777 6,045 6,598 3,073 6,876          
Number Of Shares mil                     83.2 83.7 84.1 83.7 90.1          
Share Price GBP                     4,530 5,667 6,114 2,380 4,909          
Price/Earnings (P/E)                     155 74.0 62.4 81.0 39.1          
Price/Cash Earnings (P/CE)                     97.8 59.2 56.7 29.4 21.9          
EV/EBITDA                     40.7 37.4 33.3 17.2 16.4          
Price/Book Value (P/BV)                     15.2 12.7 10.9 3.74 4.79          
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                     1,565 2,047 2,496 2,875 3,453          
Cost of Goods & Services GBP mil                     785 1,024 1,223 1,485 1,836          
Gross Profit GBP mil                     779 1,023 1,272 1,389 1,617          
Selling, General & Admin GBP mil ... ... ...               580 898 1,125 1,255 1,310 ... ... ... ... ...
Research & Development GBP mil                     0 0 0 0 0 ... ... ... ... ...
Other Operating Expense GBP mil ... ... ...               113 -0.600 -3.50 -4.50 -5.50 ... ... ... ... ...
Staff Cost GBP mil                     113 165 191 222 ... ... ... ... ... ...
Other Operating Cost (Income) GBP mil   ... ...               0 0 0 0 0 ... ... ... ... ...
EBITDA GBP mil                     87.4 126 151 138 313          
Depreciation GBP mil                     10.8 14.8 19.1 33.1 59.2          
EBIT GBP mil                     52.4 81.5 92.8 54.7 194          
Net Financing Cost GBP mil                     -0.700 -0.400 0.250 4.00 8.40 ... ... ... ... ...
Financing Cost GBP mil                     0 0 0.450 4.10 8.85 ... ... ... ... ...
Financing Income GBP mil                     0.700 0.400 0.200 0.100 0.450 ... ... ... ... ...
FX (Gain) Loss GBP mil                     4.58 1.33 3.75 4.75 ... ... ... ... ... ...
(Income) / Loss from Affiliates GBP mil ... ...                 ... ... ... ... ... ... ... ... ... ...
Extraordinary Cost GBP mil                     12.2 0 0 0 0 ... ... ... ... ...
Pre-Tax Profit GBP mil                     47.2 81.3 89.1 46.2 180          
Tax GBP mil                     7.30 15.9 17.4 11.5 37.6          
Minorities GBP mil                     0 0 0 0 0 ... ... ... ... ...
Net Profit GBP mil                     27.8 65.4 71.7 34.7 143          
Net Profit Avail. to Common GBP mil                     27.8 65.4 71.7 34.7 143          
Dividends GBP mil                     0 0 0 0 0 ... ... ... ... ...
growth rates                                        
Total Revenue Growth % ...                   29.6 30.8 21.9 15.2 20.1          
Operating Cost Growth % ...                   31.6 29.5 25.3 13.2 6.63 ... ... ... ... ...
Staff Cost Growth % ...                   22.2 45.4 15.8 16.1 ... ... ... ... ... ...
EBITDA Growth % ...                   13.6 43.6 20.4 -8.40 126          
EBIT Growth % ...                   1.48 55.5 13.9 -41.1 255          
Pre-Tax Profit Growth % ...                   -6.46 72.2 9.53 -48.2 291          
Net Profit Growth % ...                   -25.4 136 9.56 -51.6 312          
ratios                                        
ROE % ...                   11.9 21.0 16.9 6.89 19.6          
ROA % ...                   4.66 8.60 7.19 2.42 7.30          
ROCE % ...                   7.59 11.7 9.83 3.42 ... ... ... ... ... ...
Gross Margin %                     49.8 50.0 51.0 48.3 46.8          
EBITDA Margin %                     5.59 6.13 6.06 4.82 9.07          
EBIT Margin %                     3.35 3.98 3.72 1.90 5.62          
Net Margin %                     1.77 3.20 2.87 1.21 4.13          
Payout Ratio %                     0 0 0 0 0 ... ... ... ... ...
Cost of Financing % ... ... ... ... ...     ... ... ... ... ... ... 1.66 2.15 ... ... ... ... ...
Net Debt/EBITDA                     -1.77 -0.300 -0.146 3.51 0.758          
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 ... ...                 154 37.7 22.1 8.90 92.0          
Receivables GBP mil                     7.20 14.1 19.0 21.1 ... ... ... ... ... ...
Inventories GBP mil                     249 370 443 582 695 ... ... ... ... ...
Other ST Assets GBP mil                     39.8 52.2 108 137 115 ... ... ... ... ...
Current Assets GBP mil                     428 445 552 717 901 ... ... ... ... ...
Property, Plant & Equipment GBP mil                     90.5 192 279 640 629 ... ... ... ... ...
LT Investments & Receivables GBP mil                     0 0 0 0 0 ... ... ... ... ...
Intangible Assets GBP mil                     144 206 292 341 637 ... ... ... ... ...
Goodwill GBP mil                     1.10 1.10 1.10 1.10 23.4 ... ... ... ... ...
Non-Current Assets GBP mil                     242 406 589 1,012 1,280          
Total Assets GBP mil                     670 851 1,141 1,729 2,181          
                                           
Trade Payables GBP mil                     75.5 98.0 285 353 ... ... ... ... ... ...
Short-Term Debt GBP mil                     0 0 0 196 20.0 ... ... ... ... ...
Other ST Liabilities GBP mil                     44.8 16.3 68.1 11.0 24.1 ... ... ... ... ...
Current Liabilities GBP mil                     419 476 651 867 914 ... ... ... ... ...
Long-Term Debt GBP mil                     0 0 0 299 310 ... ... ... ... ...
Other LT Liabilities GBP mil                     3.80 1.20 16.8 29.1 33.3 ... ... ... ... ...
Non-Current Liabilities GBP mil ... ... ...               3.80 1.20 16.8 329 343          
Liabilities GBP mil                     423 477 668 1,196 1,257          
Preferred Equity and Hybrid Capital GBP mil                     0 0 0 0 0 ... ... ... ... ...
Share Capital GBP mil                     9.80 9.80 9.80 9.80 249 ... ... ... ... ...
Treasury Stock GBP mil                     1.70 ... 0 0 0 ... ... ... ... ...
Equity Before Minority Interest GBP mil                     248 374 473 533 924          
Minority Interest GBP mil                     0 0 0 0 0          
Equity GBP mil                     248 374 473 533 924          
growth rates                                        
Total Asset Growth % ...                   28.9 27.0 34.0 51.6 26.2          
Shareholders' Equity Growth % ...                   13.0 50.9 26.5 12.8 73.2          
Net Debt Growth % ...                   13.5 -75.6 -41.4 -2,300 -51.1          
Total Debt Growth % ... ... ... ... ... ...   ... ... ... ... ... ... ... -33.4          
ratios                                        
Total Debt GBP mil                     0 0 0 495 330          
Net Debt GBP mil                     -154 -37.7 -22.1 486 238          
Working Capital GBP mil                     181 286 177 250 ... ... ... ... ... ...
Capital Employed GBP mil                     423 692 766 1,262 ... ... ... ... ... ...
Net Debt/Equity %                     -62.3 -10.1 -4.67 91.2 25.7          
Current Ratio                     1.02 0.936 0.848 0.827 0.986 ... ... ... ... ...
Quick Ratio ... ...                 0.386 0.109 0.063 0.035 ... ... ... ... ... ...
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                     27.8 65.4 71.7 34.7 143          
Depreciation GBP mil                     10.8 14.8 19.1 33.1 59.2          
Non-Cash Items GBP mil                     3.30 15.2 15.4 17.0 35.1 ... ... ... ... ...
Change in Working Capital GBP mil                     58.2 -13.3 -17.2 -61.3 115 ... ... ... ... ...
Total Cash From Operations GBP mil                     129 111 128 74.2 412 ... ... ... ... ...
                                           
Capital Expenditures GBP mil ... ... ...               -94.5 -178 -226 -196 -112 ... ... ... ... ...
Net Change in LT Investment GBP mil                     0 0 0 0 0 ... ... ... ... ...
Net Cash From Acquisitions GBP mil ... ... ...               0 0 0 0 0 ... ... ... ... ...
Other Investing Activities GBP mil                     0 0.100 -0.100 0.100 -133 ... ... ... ... ...
Total Cash From Investing GBP mil                     -94.5 -178 -226 -196 -245 ... ... ... ... ...
                                           
Dividends Paid GBP mil                     0 0 0 0 0 ... ... ... ... ...
Issuance Of Shares GBP mil                     1.00 1.95 1.25 0 239 ... ... ... ... ...
Issuance Of Debt GBP mil                     0 0 30.0 88.8 -146 ... ... ... ... ...
Other Financing Activities GBP mil                     0 0 -0.300 -2.30 -7.30 ... ... ... ... ...
Total Cash From Financing GBP mil                     1.00 1.95 31.0 86.5 86.4 ... ... ... ... ...
                                           
Effect of FX Rates GBP mil ... ... ...               1.15 -0.150 -0.200 -0.200 0.250 ... ... ... ... ...
Net Change In Cash GBP mil                     36.3 -64.8 -66.6 -35.7 253 ... ... ... ... ...
ratios                                        
Days Sales Outstanding days                     1.68 2.51 2.78 2.68 ... ... ... ... ... ...
Days Sales Of Inventory days                     116 132 132 143 138 ... ... ... ... ...
Days Payable Outstanding days                     35.1 34.9 85.2 86.8 ... ... ... ... ... ...
Cash Conversion Cycle days                     82.3 99.5 49.9 58.8 ... ... ... ... ... ...
Cash Earnings GBP mil                     38.6 80.2 90.7 67.7 202          
Free Cash Flow GBP mil                     34.1 -66.6 -97.4 -122 166 ... ... ... ... ...
Capital Expenditures (As % of Sales) %                     6.04 8.70 9.04 6.83 3.25 ... ... ... ... ...
other ratios Unit 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
                                         
Employees       ...             3,579 4,386 4,755 3,824 ... ... ... ... ... ...
Cost Per Employee USD per month       ...             3,548 4,034 4,381 6,235 ... ... ... ... ... ...
Cost Per Employee (Local Currency) GBP per month       ...             2,639 3,132 3,346 4,831 ... ... ... ... ... ...
Women (As % of Workforce) % ... ... ... ... ... ... ... ... ... ... ... 64.0 ... ... ... ... ... ... ... ...
Operating Cost (As % of Sales) %                     46.5 46.0 47.3 46.4 41.2 ... ... ... ... ...
Research & Development (As % of Sales) %                     0 0 0 0 0 ... ... ... ... ...
Staff Cost (As % of Sales) %                     7.24 8.05 7.65 7.71 ... ... ... ... ... ...
Effective Tax Rate %                     15.5 19.6 19.5 24.9 20.9          
Total Revenue Growth (5-year average) % ... ... ... ... ...           31.1 27.9 24.6 23.3 23.4          
Total Revenue Growth (10-year average) % ... ... ... ... ... ... ... ... ... ... 51.7 44.6 38.2 31.9 30.3          
Customers mil ... ... ... ... ... ... ... ... ... ... ... ... ... 21.3 23.4 ... ... ... ... ...
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                     4,966 6,096 6,626 2,429 6,552          
Enterprise Value (EV) USD mil                     4,777 6,045 6,598 3,073 6,876          
Number Of Shares mil                     83.2 83.7 84.1 83.7 90.1          
Share Price GBP                     4,530 5,667 6,114 2,380 4,909          
EV/EBITDA                     40.7 37.4 33.3 17.2 16.4          
Price/Earnings (P/E)                     155 74.0 62.4 81.0 39.1          
Price/Cash Earnings (P/CE)                     97.8 59.2 56.7 29.4 21.9          
P/FCF                     111 -71.2 -52.8 -16.3 26.6 ... ... ... ... ...
Price/Book Value (P/BV)                     15.2 12.7 10.9 3.74 4.79          
Dividend Yield %                     0 0 0 0 0 ... ... ... ... ...
Free Cash Flow Yield %                     0.923 -1.41 -1.92 -6.48 3.40 ... ... ... ... ...
Earnings Per Share (EPS) GBP                     0.293 0.766 0.980 0.294 1.26          
Cash Earnings Per Share GBP                     0.463 0.957 1.08 0.809 2.24          
Free Cash Flow Per Share GBP                     0.410 -0.796 -1.16 -1.46 1.85 ... ... ... ... ...
Book Value Per Share GBP                     2.98 4.47 5.63 6.37 10.3          
Dividend Per Share GBP                     0 0 0 0 0 ... ... ... ... ...
EV/Sales                     2.27 2.29 2.02 0.828 1.49          
EV/EBIT                     67.8 57.6 54.3 43.6 26.5          
EV/Free Cash Flow                     104 -70.5 -51.8 -19.5 30.9 ... ... ... ... ...
EV/Capital Employed                     9.18 6.47 6.76 1.84 ... ... ... ... ... ...
Earnings Per Share Growth % ...                   -34.0 161 27.9 -70.0 327          
Cash Earnings Per Share Growth % ...                   -16.7 107 12.7 -25.0 177          
Book Value Per Share Growth % ...                   12.8 50.0 25.9 13.2 60.9          
Market Value per Customer USD ... ... ... ... ... ... ... ... ... ... ... ... ... 114 280 ... ... ... ... ...
Sales per Customer USD ... ... ... ... ... ... ... ... ... ... ... ... ... 174 198 ... ... ... ... ...
EBITDA per Customer USD ... ... ... ... ... ... ... ... ... ... ... ... ... 8.39 17.9 ... ... ... ... ...
Net Profit per Customer USD ... ... ... ... ... ... ... ... ... ... ... ... ... 2.10 8.16 ... ... ... ... ...
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 ... ... ... ... ... ... ... ... ... ... ... ... ... 21.3 23.4 ... ... ... ... ...
Basket Size (USD) USD ... ... ... ... ... ... ... ... ... ... ... ... 91.7 81.4 63.5 ... ... ... ... ...
Order Frequency ... ... ... ... ... ... ... ... ... ... ... ... 2.60 2.40 2.20 ... ... ... ... ...
Repeat Order Rate % ... ... ... ... ... ... ... ... ... ... 84.0 87.0 81.0 79.0 76.0 ... ... ... ... ...
Site Visits mil ... ... ... ... ... ... ... ... ... ... ... ... 146 216 244 ... ... ... ... ...
Marketing Expenses GBP mil ... ... ... ... ... ... ... ... ... ... 22.2 33.7 41.3 53.2 60.6 ... ... ... ... ...
Marketing Expenses (As % of Sales) % ... ... ... ... ... ... ... ... ... ... 1.42 1.65 1.65 1.85 1.75 ... ... ... ... ...

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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 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 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 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 %, 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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