De La Rue is a world leader in anti-counterfeiting and security for currency and brand protection. The company operates across 140 countries and is the number one commercial designer and producer of banknotes and security features.
More De La Rue content >Investment summary
Before the emergence of COVID-19, the latest trading update from management maintained FY20 guidance for adjusted operating profit at £20–25m, and that it should trade within the net debt/EBITDA ratio covenant of <3.0x. It has also announced details of a three-year turnaround plan following completion of the business review. It includes an additional £15m of cost savings on top of the £20m already committed to complete by August 2020. The new management team believes that with two strong divisions it can reset, rebase and rebuild the investment case.
Y/E Mar |
Revenue (£m) |
EBITDA (£m) |
PBT (£m) |
EPS (p) |
P/E (x) |
P/CF (x) |
---|---|---|---|---|---|---|
2018A | 461.4 | 78.4 | 47.5 | 38.2 | 3.6 | 1.5 |
2019A | 516.6 | 79.5 | 54.1 | 42.9 | 3.2 | N/A |
2020E | 420.3 | 43.2 | 15.4 | 11.2 | 12.4 | N/A |
2021E | 369.6 | 54.1 | 24.2 | 18.1 | 7.7 | 7.8 |
Industry outlook
Demand for cash remains strong with the volume of notes in circulation growing by around 3–4% globally and exceeding GDP growth rates in most geographic regions. With the rise in demand comes the increasing threat from counterfeiting and fraud, which drives the need for enhanced security features. These also have applications across the commercial product authentication and revenue protection markets.
Last updated on 04/11/2020Content on De La Rue















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Industrials
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Share price graph
Balance sheet |
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Forecast net debt (£m) | 126.2 |
Forecast gearing ratio (%) | 956 |
Price performance
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Key management |
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Kevin Loosemore | Chairman |
Helen Willis | CFO |
Clive Vacher | Chief Executive Officer & Executive Director |
Paul Sharma | Head of investor relations |
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