Financial Reports

Analyst consensus

Sophos Group PLC takes estimates produced by analysts covering Sophos Group PLC in order to produce a company-compiled consensus. The consensus shown here was compiled between 14th to 29th March 2019, representing the mean estimate derived from the forecasts prepared by 10 analysts during that time.

The opinions, estimates or forecasts made by the contributing analysts are theirs alone and do not reflect the opinions, estimates or forecasts of the company or its management. The consensus is provided for information purposes only and is not endorsed, approved or verified by Sophos Group PLC.

Sophos Group PLC cannot offer investment advice. Nothing in this analysis should be taken as a recommendation to buy or sell shares in Sophos Group PLC or to take any other action or place any reliance on the analysis. None of Sophos Group PLC, its subsidiary undertakings or their respective directors, officers or employees accepts any responsibility for the accuracy or completeness of forecasts used in this analysis nor shall they have any liability whatsoever for the consequences of any reliance or actions taken or not taken based on any of the information in this analysis. It should be noted that forecasts are by definition forward looking and are therefore subject to risks and uncertainties that may materially affect eventual results.

Although Sophos Group PLC intends to update the analysis periodically, it assumes no obligation to update, revise or supplement the consensus information, nor to continue the practice of publishing the analysis in this way.

Year to March (US$m) FY17 FY18 FY19E FY20E FY21E
Billings1 632.1 768.6 752.7 826.1 913.7
YOY (+/-) 18% 22% -2.1% 9.8% 10.6%
Low - - 743.8 802.1 861.3
High - - 766.3 859.3 960.8
Revenue 529.7 640.7 702.0 767.7 845.0
YOY (+/-) 11% 21% 9.6% 9.4% 10.1%
Low - - 664.4 734.7 800
High - - 720.5 801.0 889.2
Cash EBITDA2 150.1 193.7 157.3 172.7 201.1
YOY (+/-) 24.2% 29.0% -18.8% 9.8% 16.5%
Low - - 142.1 162.3 185.1
High - - 164.9 194.0 225.1
Unlevered free cash flow3 133.4 139.6 118.1 131.7 161.7
YOY (+/-) 188% 5% -15.4% 11.5% 22.8%
Low - - 96.1 104.0 140.0
High - - 141.7 166.6 198.7

1. Billings represents the value of products and services invoiced to customers after receiving a purchase order from the customer and delivering products and services to them, or for which there is no right to a refund. Billings does not equate to statutory revenue.

2. Cash earnings before interest, taxation, depreciation and amortisation (“Cash EBITDA”) is defined as the Group’s operating profit/ (loss) adjusted for depreciation and amortisation charges, any gain or loss on the sale of tangible and intangible assets, share option charges, unrealised foreign exchange differences and exceptional items, with billings replacing recognised revenue.

3. Unlevered free cash flow represents Cash EBITDA less purchases of property, plant and equipment and intangibles, plus cash flows in relation to changes in working capital and taxation.

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