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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                   1,207 1,565 2,047 2,496 2,875            
Gross Profit GBP mil                   604 779 1,023 1,272 1,389            
EBIT GBP mil                   51.6 52.4 81.5 92.8 54.7            
Net Profit GBP mil                   37.2 27.8 65.4 71.7 34.7            
                                           
ROE % ...                 17.0 11.9 21.0 16.9 6.89            
EBIT Margin %                   4.28 3.35 3.98 3.72 1.90            
Net Margin %                   3.08 1.77 3.20 2.87 1.21            
Employees       ...           2,416 3,579 4,386 4,755 3,824 ... ... ... ... ... ...
balance sheet                                        
Total Assets GBP mil                   520 670 851 1,141 1,729            
Non-Current Assets GBP mil                   162 242 406 589 1,012            
Current Assets GBP mil                   358 428 445 552 717   ... ... ... ... ...
                                           
Shareholders' Equity GBP mil                   219 248 374 473 533            
Liabilities GBP mil                   301 423 477 668 1,196            
Non-Current Liabilities GBP mil ... ... ...             11.6 3.80 1.20 16.8 329            
Current Liabilities GBP mil                   289 419 476 651 867   ... ... ... ... ...
                                           
Net Debt/EBITDA                   -1.77 -1.77 -0.300 -0.146 3.51            
Net Debt/Equity %                   -62.0 -62.3 -10.1 -4.67 91.2            
Cost of Financing % ... ... ... ... ...     ... ... ... ... ... ... 1.66   ... ... ... ... ...
cash flow                                        
Total Cash From Operations GBP mil                   109 129 111 128 74.2   ... ... ... ... ...
Total Cash From Investing GBP mil                   -52.9 -94.5 -178 -226 -196   ... ... ... ... ...
Total Cash From Financing GBP mil                   0.893 1.00 1.95 31.0 86.5   ... ... ... ... ...
Net Change In Cash GBP mil                   57.9 36.3 -64.8 -66.6 -35.7   ... ... ... ... ...
valuation                                        
Market Capitalisation USD mil                   3,833 4,966 6,096 6,626 2,429            
Enterprise Value (EV) USD mil                   3,633 4,777 6,045 6,598 3,073            
Number Of Shares mil                   83.0 83.2 83.7 84.1 83.7            
Share Price GBP                   2,994 4,530 5,667 6,114 2,380            
Price/Earnings (P/E)                   67.4 155 74.0 62.4 81.0            
Price/Cash Earnings (P/CE)                   53.8 97.8 59.2 56.7 29.4            
EV/EBITDA                   31.1 40.7 37.4 33.3 17.2            
Price/Book Value (P/BV)                   11.3 15.2 12.7 10.9 3.74            
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                   1,207 1,565 2,047 2,496 2,875            
Cost of Goods & Services GBP mil                   603 785 1,024 1,223 1,485            
Gross Profit GBP mil                   604 779 1,023 1,272 1,389            
Selling, General & Admin GBP mil ... ... ...             532 580 898 1,125 1,255   ... ... ... ... ...
Research & Development GBP mil                   0 0 0 0 0   ... ... ... ... ...
Other Operating Expense GBP mil ... ... ...             -4.65 113 -0.600 -3.50 -4.50   ... ... ... ... ...
Staff Cost GBP mil                   92.8 113 165 191 222 ... ... ... ... ... ...
Other Operating Cost (Income) GBP mil   ... ...             0 0 0 0 0   ... ... ... ... ...
EBITDA GBP mil                   77.0 87.4 126 151 138            
Depreciation GBP mil                   9.01 10.8 14.8 19.1 33.1            
EBIT GBP mil                   51.6 52.4 81.5 92.8 54.7            
Net Financing Cost GBP mil                   -0.329 -0.700 -0.400 0.250 4.00   ... ... ... ... ...
Financing Cost GBP mil                   0.052 0 0 0.450 4.10   ... ... ... ... ...
Financing Income GBP mil                   0.381 0.700 0.400 0.200 0.100   ... ... ... ... ...
FX (Gain) Loss GBP mil                   0.425 4.58 1.33 3.75 4.75 ... ... ... ... ... ...
(Income) / Loss from Affiliates GBP mil ... ...               0 ... ... ... ... ... ... ... ... ... ...
Extraordinary Cost GBP mil                   1.85 12.2 0 0 0   ... ... ... ... ...
Pre-Tax Profit GBP mil                   50.5 47.2 81.3 89.1 46.2            
Tax GBP mil                   11.3 7.30 15.9 17.4 11.5            
Minorities GBP mil                   0.121 0 0 0 0   ... ... ... ... ...
Net Profit GBP mil                   37.2 27.8 65.4 71.7 34.7            
Net Profit Avail. to Common GBP mil                   37.2 27.8 65.4 71.7 34.7            
Dividends GBP mil                   0 0 0 0 0   ... ... ... ... ...
growth rates                                        
Total Revenue Growth % ...                 19.5 29.6 30.8 21.9 15.2            
Operating Cost Growth % ...                 22.3 31.6 29.5 25.3 13.2   ... ... ... ... ...
Staff Cost Growth % ...                 29.8 22.2 45.4 15.8 16.1 ... ... ... ... ... ...
EBITDA Growth % ...                 26.4 13.6 43.6 20.4 -8.40            
EBIT Growth % ...                 17.1 1.48 55.5 13.9 -41.1            
Pre-Tax Profit Growth % ...                 10.00 -6.46 72.2 9.53 -48.2            
Net Profit Growth % ...                 1.76 -25.4 136 9.56 -51.6            
ratios                                        
ROE % ...                 17.0 11.9 21.0 16.9 6.89            
ROA % ...                 8.18 4.66 8.60 7.19 2.42            
ROCE % ...                 13.5 7.59 11.7 9.83 3.42 ... ... ... ... ... ...
Gross Margin %                   50.1 49.8 50.0 51.0 48.3            
EBITDA Margin %                   6.37 5.59 6.13 6.06 4.82            
EBIT Margin %                   4.28 3.35 3.98 3.72 1.90            
Net Margin %                   3.08 1.77 3.20 2.87 1.21            
Payout Ratio %                   0 0 0 0 0   ... ... ... ... ...
Cost of Financing % ... ... ... ... ...     ... ... ... ... ... ... 1.66   ... ... ... ... ...
Net Debt/EBITDA                   -1.77 -1.77 -0.300 -0.146 3.51            
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 ... ...               136 154 37.7 22.1 8.90            
Receivables GBP mil                   4.80 7.20 14.1 19.0 21.1 ... ... ... ... ... ...
Inventories GBP mil                   198 249 370 443 582   ... ... ... ... ...
Other ST Assets GBP mil                   33.4 39.8 52.2 108 137   ... ... ... ... ...
Current Assets GBP mil                   358 428 445 552 717   ... ... ... ... ...
Property, Plant & Equipment GBP mil                   66.9 90.5 192 279 640   ... ... ... ... ...
LT Investments & Receivables GBP mil                   0 0 0 0 0   ... ... ... ... ...
Intangible Assets GBP mil                   92.9 144 206 292 341   ... ... ... ... ...
Goodwill GBP mil                   1.10 1.10 1.10 1.10 1.10   ... ... ... ... ...
Non-Current Assets GBP mil                   162 242 406 589 1,012            
Total Assets GBP mil                   520 670 851 1,141 1,729            
                                           
Trade Payables GBP mil                   56.1 75.5 98.0 285 353 ... ... ... ... ... ...
Short-Term Debt GBP mil                   0 0 0 0 196   ... ... ... ... ...
Other ST Liabilities GBP mil                   25.3 44.8 16.3 68.1 11.0   ... ... ... ... ...
Current Liabilities GBP mil                   289 419 476 651 867   ... ... ... ... ...
Long-Term Debt GBP mil                   0 0 0 0 299   ... ... ... ... ...
Other LT Liabilities GBP mil                   11.6 3.80 1.20 16.8 29.1   ... ... ... ... ...
Non-Current Liabilities GBP mil ... ... ...             11.6 3.80 1.20 16.8 329            
Liabilities GBP mil                   301 423 477 668 1,196            
Preferred Equity and Hybrid Capital GBP mil                   0 0 0 0 0   ... ... ... ... ...
Share Capital GBP mil                   9.80 9.80 9.80 9.80 9.80   ... ... ... ... ...
Treasury Stock GBP mil                   3.40 1.70 ... 0 0   ... ... ... ... ...
Equity Before Minority Interest GBP mil                   219 248 374 473 533            
Minority Interest GBP mil                   0 0 0 0 0            
Equity GBP mil                   219 248 374 473 533            
growth rates                                        
Total Asset Growth % ...                 33.7 28.9 27.0 34.0 51.6            
Shareholders' Equity Growth % ...                 0.252 13.0 50.9 26.5 12.8            
Net Debt Growth % ...                 109 13.5 -75.6 -41.4 -2,300            
Total Debt Growth % ... ... ... ... ... ...   ... ... ... ... ... ... ...            
ratios                                        
Total Debt GBP mil                   0 0 0 0 495            
Net Debt GBP mil                   -136 -154 -37.7 -22.1 486            
Working Capital GBP mil                   147 181 286 177 250 ... ... ... ... ... ...
Capital Employed GBP mil                   309 423 692 766 1,262 ... ... ... ... ... ...
Net Debt/Equity %                   -62.0 -62.3 -10.1 -4.67 91.2            
Current Ratio                   1.24 1.02 0.936 0.848 0.827   ... ... ... ... ...
Quick Ratio ... ...               0.486 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                   37.2 27.8 65.4 71.7 34.7            
Depreciation GBP mil                   9.01 10.8 14.8 19.1 33.1            
Non-Cash Items GBP mil                   15.2 3.30 15.2 15.4 17.0   ... ... ... ... ...
Change in Working Capital GBP mil                   30.9 58.2 -13.3 -17.2 -61.3   ... ... ... ... ...
Total Cash From Operations GBP mil                   109 129 111 128 74.2   ... ... ... ... ...
                                           
Capital Expenditures GBP mil ... ... ...             -52.9 -94.5 -178 -226 -196   ... ... ... ... ...
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 0.100 -0.100 0.100   ... ... ... ... ...
Total Cash From Investing GBP mil                   -52.9 -94.5 -178 -226 -196   ... ... ... ... ...
                                           
Dividends Paid GBP mil                   0 0 0 0 0   ... ... ... ... ...
Issuance Of Shares GBP mil                   0.893 1.00 1.95 1.25 0   ... ... ... ... ...
Issuance Of Debt GBP mil                   0 0 0 30.0 88.8   ... ... ... ... ...
Other Financing Activities GBP mil                   0 0 0 -0.300 -2.30   ... ... ... ... ...
Total Cash From Financing GBP mil                   0.893 1.00 1.95 31.0 86.5   ... ... ... ... ...
                                           
Effect of FX Rates GBP mil ... ... ...             1.28 1.15 -0.150 -0.200 -0.200   ... ... ... ... ...
Net Change In Cash GBP mil                   57.9 36.3 -64.8 -66.6 -35.7   ... ... ... ... ...
ratios                                        
Days Sales Outstanding days                   1.45 1.68 2.51 2.78 2.68 ... ... ... ... ... ...
Days Sales Of Inventory days                   120 116 132 132 143   ... ... ... ... ...
Days Payable Outstanding days                   34.0 35.1 34.9 85.2 86.8 ... ... ... ... ... ...
Cash Conversion Cycle days                   87.4 82.3 99.5 49.9 58.8 ... ... ... ... ... ...
Cash Earnings GBP mil                   46.2 38.6 80.2 90.7 67.7            
Free Cash Flow GBP mil                   55.8 34.1 -66.6 -97.4 -122   ... ... ... ... ...
Capital Expenditures (As % of Sales) %                   4.38 6.04 8.70 9.04 6.83   ... ... ... ... ...
other ratios Unit 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
                                         
Employees       ...           2,416 3,579 4,386 4,755 3,824 ... ... ... ... ... ...
Cost Per Employee USD per month       ...           4,862 3,548 4,034 4,381 6,235 ... ... ... ... ... ...
Cost Per Employee (Local Currency) GBP per month       ...           3,200 2,639 3,132 3,346 4,831 ... ... ... ... ... ...
Women (As % of Workforce) % ... ... ... ... ... ... ... ... ... ... ... 64.0 ... ... ... ... ... ... ... ...
Operating Cost (As % of Sales) %                   45.8 46.5 46.0 47.3 46.4   ... ... ... ... ...
Research & Development (As % of Sales) %                   0 0 0 0 0   ... ... ... ... ...
Staff Cost (As % of Sales) %                   7.69 7.24 8.05 7.65 7.71 ... ... ... ... ... ...
Effective Tax Rate %                   22.4 15.5 19.6 19.5 24.9            
Total Revenue Growth (5-year average) % ... ... ... ... ...         37.6 31.1 27.9 24.6 23.3            
Total Revenue Growth (10-year average) % ... ... ... ... ... ... ... ... ... ... 51.7 44.6 38.2 31.9            
Customers mil ... ... ... ... ... ... ... ... ... ... ... ... ... 21.3   ... ... ... ... ...
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                   3,833 4,966 6,096 6,626 2,429            
Enterprise Value (EV) USD mil                   3,633 4,777 6,045 6,598 3,073            
Number Of Shares mil                   83.0 83.2 83.7 84.1 83.7            
Share Price GBP                   2,994 4,530 5,667 6,114 2,380            
EV/EBITDA                   31.1 40.7 37.4 33.3 17.2            
Price/Earnings (P/E)                   67.4 155 74.0 62.4 81.0            
Price/Cash Earnings (P/CE)                   53.8 97.8 59.2 56.7 29.4            
P/FCF                   44.6 111 -71.2 -52.8 -16.3   ... ... ... ... ...
Price/Book Value (P/BV)                   11.3 15.2 12.7 10.9 3.74            
Dividend Yield %                   0 0 0 0 0   ... ... ... ... ...
Free Cash Flow Yield %                   2.21 0.923 -1.41 -1.92 -6.48   ... ... ... ... ...
Earnings Per Share (EPS) GBP                   0.444 0.293 0.766 0.980 0.294            
Cash Earnings Per Share GBP                   0.556 0.463 0.957 1.08 0.809            
Free Cash Flow Per Share GBP                   0.671 0.410 -0.796 -1.16 -1.46   ... ... ... ... ...
Book Value Per Share GBP                   2.64 2.98 4.47 5.63 6.37            
Dividend Per Share GBP                   0 0 0 0 0   ... ... ... ... ...
EV/Sales                   1.98 2.27 2.29 2.02 0.828            
EV/EBIT                   46.3 67.8 57.6 54.3 43.6            
EV/Free Cash Flow                   42.9 104 -70.5 -51.8 -19.5   ... ... ... ... ...
EV/Capital Employed                   7.98 9.18 6.47 6.76 1.84 ... ... ... ... ... ...
Earnings Per Share Growth % ...                 -0.225 -34.0 161 27.9 -70.0            
Cash Earnings Per Share Growth % ...                 8.25 -16.7 107 12.7 -25.0            
Book Value Per Share Growth % ...                 0.362 12.8 50.0 25.9 13.2            
Market Value per Customer USD ... ... ... ... ... ... ... ... ... ... ... ... ... 114   ... ... ... ... ...
Sales per Customer USD ... ... ... ... ... ... ... ... ... ... ... ... ... 174   ... ... ... ... ...
EBITDA per Customer USD ... ... ... ... ... ... ... ... ... ... ... ... ... 8.39   ... ... ... ... ...
Net Profit per Customer USD ... ... ... ... ... ... ... ... ... ... ... ... ... 2.10   ... ... ... ... ...
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   ... ... ... ... ...
Basket Size (USD) USD ... ... ... ... ... ... ... ... ... ... ... ... 91.7 81.4   ... ... ... ... ...
Order Frequency ... ... ... ... ... ... ... ... ... ... ... ... 2.60 2.40   ... ... ... ... ...
Repeat Order Rate % ... ... ... ... ... ... ... ... ... ... 84.0 87.0 81.0 79.0   ... ... ... ... ...
Site Visits mil ... ... ... ... ... ... ... ... ... ... ... ... 146 216   ... ... ... ... ...
Marketing Expenses GBP mil ... ... ... ... ... ... ... ... ... ... 22.2 33.7 41.3 53.2   ... ... ... ... ...
Marketing Expenses (As % of Sales) % ... ... ... ... ... ... ... ... ... ... 1.42 1.65 1.65 1.85   ... ... ... ... ...

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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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