10 Year Financial Data of National Grid PLC (NGG)

63.14 (1y: +18%)

Market Cap	44.65 B	P/E(ttm)	14.70
Enterprise Value	76.11 B	P/B	3.24

NGG- NYSE (USA)
National Grid PLC

Currently 2/5

Business Predictability Rank: 2-Star
Back Testing Results:
Average gain of all 2-Star stocks: 6% per year.
% of Stocks that are in still loss if held for 10yrs: 16%.
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$63.14

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Annual Rates (per share)	10 yrs*	5 yrs*	12 months*
Revenue Growth (%)	6.6	-6.4	-6
EBITDA Growth (%)	13.2	-2.4	2.2
Free Cash Flow Growth (%)	-4.3	39	-60.5
Book Value Growth (%)	26.3	10.3	6.9

*12-month growth rate is calculated with the per share revenue (EBITDA, FCF, earnings) of the last 12 months over the per share revenue (EBITDA, FCF, earnings) over the previous 12 months. 5-year and 10-year growth rates are calculated with least-square regression based on the 5-year and 10-year numbers.

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See this page for the explanation of the data and charts * All numbers are in millions except for per share data

Per Share Data	Annuals											Semi-Annual
Fiscal Period	Mar03	Mar04	Mar05	Mar06	Mar07	Mar08	Mar09	Mar10	Mar11	Mar12	TTM	Sep10	Mar11	Sep11	Mar12	Sep12

Revenue per Share ($)	23.31	22.23	20.83	24.43	24.25	33.20	48.07	42.74	31.99	29.24	28.48	14.97	16.94	13.35	15.88	12.60
EBITDA per Share	4.31	4.58	4.53	9.01	9.35	11.43	11.28	13.67	11.13	10.19	10.70	5.12	5.98	4.47	5.72	4.98
Free Cashflow per Share	4.25	3.14	1.82	3.20	2.04	0.83	0.70	4.29	3.84	1.86	1.34	0.92	2.84	0.38	1.47	-0.13
Earnings per Share ($)	0.97	2.70	2.22	10.23	3.86	9.23	2.89	4.23	4.82	4.30	4.79	1.77	3.00	1.68	2.62	2.17
Dividends Per Share	--	--	--	--	2.01	2.25	2.50	2.69	2.86	2.81	3.04	1.86	1.00	1.75	1.07	1.97
Book Value per Share	2.86	2.99	3.32	9.28	11.42	15.48	12.17	12.81	20.20	19.53	18.89	16.04	19.41	17.66	19.50	18.89
Month End Stock Price	30.75	40.23	46.75	49.63	78.81	69.93	38.64	48.75	48.04	50.48	55.36	42.74	48.04	49.60	50.48	55.36
Ratios	Annuals											Semi-Annual
Fiscal Period	Mar03	Mar04	Mar05	Mar06	Mar07	Mar08	Mar09	Mar10	Mar11	Mar12	Latest Q.	Sep10	Mar11	Sep11	Mar12	Sep12

Return on Equity %	33.90	90.60	66.80	110	33.80	59.60	23.80	33.00	23.80	22.00	23.00	22.00	30.80	19.00	26.80	23.00
Return on Assets %	1.60	4.70	3.70	14.90	4.90	8.50	2.10	3.20	4.70	4.30	4.40	3.40	6.00	3.40	5.20	4.40
Return on Capital - Joel Greenblatt %	7.90	9.00	8.60	14.20	12.90	12.80	9.30	11.50	12.80	11.30	10.80	11.20	14.80	9.80	13.00	10.80
Debt to Equity	16.75	14.82	13.94	3.76	3.80	3.92	6.75	5.98	2.56	2.49	2.65	3.46	2.56	2.84	2.49	2.65

Gross Margin %	--	--	--	50.50	53.10	25.80	32.70	42.00	45.30	25.60	28.70	24.60	62.10	23.70	27.20	28.70
Operating Margin %	18.50	20.60	21.70	26.50	28.60	25.80	16.30	23.50	26.10	25.60	28.70	24.60	27.40	23.70	27.20	28.70
Net Margin %	4.20	12.20	10.70	41.90	15.90	27.80	6.00	9.90	15.10	14.70	17.30	11.80	17.70	12.60	16.50	17.30

Days Sales Outstanding	202	174	173	60.30	51.40	73.10	65.90	62.70	56.30	26.60	25.60	24.20	25.50	26.90	12.20	25.60
Days Inventory	--	--	--	8.70	9.40	19.50	19.30	18.30	14.90	13.30	8.50	10.90	9.70	10.00	6.20	8.50
Inventory Turnover	--	--	--	42.10	38.80	18.80	18.90	19.90	24.50	27.40	16.30	12.70	14.20	13.80	22.10	16.30

Debt to Revenue	2.05	1.99	2.22	1.43	1.79	1.83	1.71	1.79	1.62	1.67	3.97	3.71	2.93	3.75	3.06	3.97
COGS to Revenue	--	--	--	0.50	0.47	0.74	0.67	0.58	0.55	0.74	0.71	0.75	0.38	0.76	0.73	0.71
Inventory to Revenue	0.01	0.01	0.01	0.01	0.01	0.04	0.04	0.03	0.02	0.03	0.07	0.09	0.04	0.08	0.05	0.07
Interest Exp. to Revenue %	--	-9.10	-9.19	-7.21	-8.70	-6.75	-7.33	-8.25	-7.91	-7.14	-7.65	-9.53	-6.59	-8.75	-5.78	-7.65

Asset Turnover	0.38	0.39	0.35	0.36	0.31	0.30	0.35	0.32	0.31	0.29	0.13	0.14	0.17	0.13	0.16	0.13
Buyback Ratio	--	--	--	-1.50	-0.40	-0.50	-0.20	-0.40	-0.30	--	--	-1.00	-0.10	--	--	--
Dividend Payout Ratio	--	--	--	--	0.35	0.16	0.57	0.42	0.39	0.43	0.60	0.70	0.22	0.69	0.27	0.60
Income Statement	Annuals (USD $) View: $ %											Semi-Annual
Fiscal Period	Mar03	Mar04	Mar05	Mar06	Mar07	Mar08	Mar09	Mar10	Mar11	Mar12	TTM	Sep10	Mar11	Sep11	Mar12	Sep12

Revenue	14,242	13,686	12,911	13,929	13,300	17,421	23,768	21,223	21,732	20,958	20,614	9,752	11,980	9,555	11,403	9,211
Cost of Goods Sold	--	--	--	6,896	6,235	12,930	15,891	12,300	11,894	15,595	14,873	7,356	4,538	7,294	8,302	6,571
Gross Profit	--	--	--	7,033	7,065	4,491	7,782	8,923	9,838	5,362	5,741	2,395	7,442	2,261	3,102	2,639

Selling, General, &Admin. Expense	--	--	--	1,353	1,246	--	2,195	2,124	2,267	--	--	--	--	--	--	--
Earnings Before DDA	2,630	2,821	2,806	5,138	5,127	5,997	5,579	6,789	7,561	7,305	7,747	3,333	4,227	3,198	4,106	3,641

Depreciation, Depletion and Amortization	--	--	--	1,442	1,320	1,506	1,700	1,800	1,886	1,942	2,006	938	948	938	1,005	1,002

Operating Income	2,630	2,821	2,806	3,695	3,808	4,491	3,879	4,989	5,674	5,362	5,741	2,395	3,279	2,261	3,102	2,639
Interest Income/Expense	--	-1,245	-1,186	-1,005	-1,158	-1,176	-1,742	-1,750	-1,718	-1,495	-1,364	-929	-789	-836	-659	-705
Net Income	592	1,665	1,376	5,833	2,115	4,842	1,430	2,100	3,271	3,085	3,470	1,152	2,120	1,205	1,880	1,589

Earnings per Share ($)	0.97	2.70	2.22	10.23	3.86	9.23	2.89	4.23	4.82	4.30	4.79	1.77	3.00	1.68	2.62	2.17
Total Shares Outstanding	611	616	620	570	549	525	494	497	679	717	731	651	707	716	718	731
Balance Sheet	Annuals (USD $) View: $ %											Semi-Annual
Fiscal Period	Mar03	Mar04	Mar05	Mar06	Mar07	Mar08	Mar09	Mar10	Mar11	Mar12	Latest Q.	Sep10	Mar11	Sep11	Mar12	Sep12

Cash and cash equivalents	911	933	1,015	2,782	2,414	3,438	5,103	3,414	5,035	4,126	4,817	5,771	5,035	4,477	4,126	4,817
Accounts Receivable	7,888	6,509	6,126	2,302	1,873	3,488	4,289	3,644	3,352	1,527	2,592	2,598	3,352	2,829	1,527	2,592
Inventory	191	138	153	164	161	689	842	617	485	570	612	877	485	800	570	612
Other Current Assets	-443	-481	-523	-895	2,358	-1,120	-2,629	-1,759	-1,885	-186	-1,948	-2,973	-1,885	-1,908	-186	-1,948
Total Current Assets	9,015	7,580	7,294	5,785	8,048	8,267	10,235	7,674	9,580	8,162	8,555	9,247	9,580	8,505	8,162	8,555

Property, Plant and Equipment	25,526	25,312	26,888	28,689	28,629	36,868	44,765	46,750	48,418	51,062	52,492	47,474	48,418	49,808	51,062	52,492
Intangible Assets	2,868	2,329	3,035	3,732	2,461	6,227	8,729	8,320	7,995	8,064	8,068	8,144	7,995	8,174	8,064	8,068
Other Long Term Assets	383	229	224	1,073	3,876	5,944	3,645	3,245	4,309	4,432	4,297	3,858	4,309	5,065	4,432	4,297
Total Assets	37,792	35,450	37,441	39,279	43,014	57,306	67,374	65,989	70,303	71,720	73,412	68,723	70,303	71,552	71,720	73,412

Accounts Payable	--	--	--	3,809	2,920	3,695	4,295	3,665	4,285	4,068	3,362	3,673	4,285	3,892	4,068	3,362
Current Portion of Long-Term Debt	7,645	6,838	9,315	4,306	1,562	5,882	4,929	4,252	4,473	3,776	5,505	4,295	4,473	4,029	3,776	5,505
Other Current Liabilities	--	--	--	495	609	1,214	1,421	2,021	1,585	1,253	1,509	1,436	1,585	1,588	1,253	1,509
Total Current Liabilities	7,645	6,838	9,315	8,611	5,091	10,791	10,645	9,938	10,342	9,097	10,376	9,405	10,342	9,509	9,097	10,376

Long-Term Debt	21,598	20,400	19,394	15,586	22,252	25,941	35,667	33,815	30,676	31,111	31,023	31,833	30,676	31,805	31,111	31,023
Other Long-Term Liabilities	6,803	6,374	6,673	9,789	9,405	12,450	15,047	15,874	15,558	17,514	18,203	17,035	15,558	17,602	17,514	18,203
Total Liabilities	36,047	33,612	35,382	33,986	36,747	49,182	61,359	59,627	56,576	57,721	59,602	58,273	56,576	58,915	57,721	59,602

Common Stock	467	468	468	470	467	--	--	--	--	--	--	--	--	--	--	--
Retained Earnings	7,164	7,205	7,412	10,329	11,568	13,559	10,811	11,085	18,414	18,632	18,491	10,391	18,414	17,255	18,632	18,491
Additional Paid-In Capital	1,889	1,939	1,953	1,994	2,018	2,077	2,077	2,070	2,062	2,053	2,041	2,065	2,062	2,055	2,053	2,041
Total Equity	1,745	1,838	2,059	5,292	6,267	8,124	6,015	6,362	13,727	13,998	13,811	10,450	13,727	12,636	13,998	13,811
Cashflow Statement	Annuals (USD $) View: $ %											Semi-Annual
Fiscal Period	Mar03	Mar04	Mar05	Mar06	Mar07	Mar08	Mar09	Mar10	Mar11	Mar12	TTM	Sep10	Mar11	Sep11	Mar12	Sep12

Net Income	--	--	--	3,698	3,820	4,491	3,974	4,989	5,674	--	--	2,395	3,279	--	--	--
Depreciation, Depletion and Amortization	--	--	--	1,442	1,320	1,506	1,700	1,800	1,886	1,942	2,006	938	948	938	1,005	1,002
Cash Flow from Discontinued Operations	--	--	--	-86.48	270	--	--	--	--	--	--	--	--	--	--	--
Cash Flow from Others	2,764	2,155	3,039	-553	-928	-1,202	-503	53.03	-200	4,464	4,338	-394	194	1,691	2,773	1,565
Cash Flow from Operations	2,764	2,155	3,039	4,502	4,482	4,795	5,171	6,842	7,361	6,406	6,344	2,939	4,421	2,629	3,777	2,567

Investment for Property, Plant & Equipement	-168	-221	-1,912	-2,676	-3,361	-4,359	-4,826	-4,714	-4,748	-5,076	-5,382	-2,339	-2,409	-2,355	-2,721	-2,661
Cash Flow from Acquisitions	--	--	-1,712	--	-408	-5,223	--	9.09	--	--	--	31.82	--	--	--	--
Cash Flow from Investing	-1,885	-1,962	-3,706	5,942	-6,480	-4,580	-3,027	-3,533	-7,233	-3,592	-4,618	-4,714	-2,520	-1,827	-1,765	-2,853

Net Issuance of Stock	-141	57.58	--	71.21	-232	-2,235	-938	16.67	22.73	13.64	22.73	24.24	-1.52	12.12	1.52	21.21
Net Issuance of Debt	--	--	--	--	--	2,408	2,486	-806	-2,671	-233	1,018	-2,102	-570	439	-673	1,691
Cash Flow for Dividends	-882	-858	-952	-1,129	-1,106	-1,221	-1,270	-1,042	-1,300	-1,524	-1,414	-715	-585	-823	-702	-712
Other Financing	405	-421	1,638	-7,597	3,602	-1,364	-1,608	-1,520	3,297	-1,135	-1,158	4,132	-835	-574	-561	-597
Cash Flow from Financing	-618	-1,221	686	-8,655	2,264	-2,412	-1,329	-3,352	-652	-2,879	-1,530	1,339	-1,991	-945	-1,933	403

Net Change in Cash	51.52	19.70	19.70	1,789	265	-2,197	815	-42.42	-524	-65.15	195	-435	-89.39	-144	78.79	117

Free Cash Flow	2,595	1,933	1,127	1,826	1,121	436	345	2,129	2,612	1,330	962	600	2,012	274	1,056	-93.94
Valuation Ratios (Daily)	Annuals											Semi-Annual
Fiscal Period	Mar03	Mar04	Mar05	Mar06	Mar07	Mar08	Mar09	Mar10	Mar11	Mar12	Latest Q.	Sep10	Mar11	Sep11	Mar12	Sep12

PE Ratio(ttm)
Price to Tangible Book
Price-to-Free-Cash-Flow ratio
PS Ratio
EV-to-Revenue
EV-to-EBITDA
EV-to-EBIT
Earnings Yield (Joel Greenblatt)
Forward Rate of Return
Shiller PE Ratio
Valuation and Quality	Annuals											Semi-Annual
Fiscal Period	Mar03	Mar04	Mar05	Mar06	Mar07	Mar08	Mar09	Mar10	Mar11	Mar12	Latest Q.	Sep10	Mar11	Sep11	Mar12	Sep12

Market Cap
Enterprise Value
Month End Stock Price
Net Cash (per share)
Net Current Asset Value (per share)
DCF (per share)
Median PS (per share)
Peter Lynch Fair Value (per share)
Graham Number (per share)
Altman Z-Score
Piotroski F-Score
Beneish M-Score

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