Analysts and consensus

Analysts

COMPANY	NAME	TEL
Canaccord Genuity	Gert Zonneveld	020 7523 8377
Citi	Sathish Sivakumar	020 7986 1926
Exane BNP Paribas	James Hollins	020 3430 8438
HSBC	Joe Thomas	020 7992 3618
Investec Securities	Tom Callan	020 7597 6712
Jefferies	Rebecca Lane	020 7548 4186
Liberum Capital	Gerald Khoo	020 3100 2195
Peel Hunt	Alex Paterson	020 7418 8885
Royal Bank of Canada Capital Markets	Stephanie D'Ath	00852 6755 1659

Analyst ratings

Buy

Hold

Sell

Consensus estimates

		Consensus average	Min	Max
Revenue(£m)
	2020	3,713.4	3,131.8	4,019.4
	2021	3,602.1	2,864.6	4,188.1
	2022	2,106.7	1,597.6	3,138.0
*Operating profit (£m)**
	2020	68.7	64.2	72.6
	2021	74.9	66.8	84.5
	2022	84.0	65.0	106.5
*Bus operating profit(£m)**
	2020	67.1	64.2	69.9
	2021	66.1	61.3	70.1
	2022	79.3	68.2	85.6
*Rail operating profit (£m)**
	2020	1.7	0.0	2.9
	2021	10.4	5.0	16.0
	2022	0.2	(12.8)	5.2
PBT (£m)
	2020	47.9	43.4	55.8
	2021	54.3	39.3	74.5
	2022	73.2	56.1	90.8
EPS (p)
	2020	59.8	51.0	71.1
	2021	73.2	51.9	100.8
	2022	121.8	87.3	160.7
DPS (p)
	2020	5.0	0.0	30.2
	2021	30.7	0.0	70.0
	2022	60.4	0.0	102.1
Net debt (exc. restricted cash £m)
	2020	947.0	781.0	990.0
	2021	636.1	217.0	1,011.8
	2022	368.1	(18.2)	949.3

*before exceptional items

These estimates, which have been provided to Go-Ahead by registered investment analysts, are forward looking and are therefore subject to risks and uncertainties that may materially affect eventual results. These estimates are not endorsed by Go-Ahead and the Group assumes no obligation to update or revise them to reflect circumstances arising after the date below.

Analyst forecasts not since our trading update on 22 May 2020 (in which we reinstated financial guidance) have been excluded from these figures. Forecasts that have not yet been updated for IFRS 16 Leases have also been excluded.

Last updated: 22 September 2020