olivLaw · European equity research
Wh Smith PLC SMWH.L
United Kingdom · London Stock Exchange · ISIN GB00B2PDGW16 · Vertical: Listed companies from United Kingdom
At the close of 05 Nov 2026, Wh Smith PLC (SMWH.L) stock was 4.39 GBP (−1.79% on the day), with market capitalisation 557.5 m GBP, beta 0.98, 52-week range 3.61–6.99 GBP.
Data as of · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 63.4
- strong (55–70)
- Bollinger (20, 2)
- 3.68 – 4.62
- in the upper half of the band · %B 0.76 · band width 22.7%
- SMA 50 / 200
- 3.94 / 4.91
- mixed trend
- MACD (12, 26, 9)
- 0.14 / 0.12
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +19.0% | −0.6% | +19.6 pp | — |
| 3 months | −0.9% | −4.2% | +3.3 pp | — |
| 6 months | −16.1% | +4.3% | −20.4 pp | — |
| Year to date | −31.3% | +7.5% | −38.8 pp | — |
| 1 year | −32.7% | +9.9% | −42.6 pp | +5.8% |
| 3 years | −62.7% | +49.8% | −112.5 pp | +26.3% |
| 5 years | −73.7% | +42.8% | −116.5 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 1.8 bn | 1.5 bn | 1.6 bn |
| Revenue YoY | unavailable | −17.8% | +5.4% |
| Net income | 79.0 m | 54.0 m | -144.0 m |
| Net income YoY | unavailable | −31.6% | −366.7% |
| Diluted EPS | 0.60 | 0.41 | -1.13 |
| Diluted EPS YoY | unavailable | −31.1% | −375.2% |
| net % | 4.4% | 3.7% | -9.3% |
| Free cash flow | 145.0 m | 169.0 m | 199.0 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Aug 2025
- Cash
- 71.0 m GBP
- Financial debt
- 461.0 m GBP
- Net debt
- 390.0 m GBP
- Equity
- 188.0 m GBP
- Total assets
- 1.5 bn GBP
- Debt / equity
- 2.45x
- Current ratio
- 0.39x
- ROE
- -47.2%
- ROA
- -8.7%
- FCF margin
- 12.8%
Financial statements (source on every figure)
Revenue and net income (GBP)
Margins
Income statement · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 1.8 bn | 1.5 bn | 1.6 bn | esef· 08 Jan 2026verified |
| Operating income | 156.0 m | 113.0 m | 49.0 m | esef· 08 Jan 2026verified |
| Interest expense | 46.0 m | 48.0 m | 47.0 m | esef· 08 Jan 2026verified |
| Pre-tax income | 110.0 m | 65.0 m | 2.0 m | esef· 08 Jan 2026verified |
| Income tax | 22.0 m | 22.0 m | 26.0 m | esef· 08 Jan 2026verified |
| Net income | 79.0 m | 54.0 m | -144.0 m | esef· 08 Jan 2026verified |
| Diluted EPS | 0.60 | 0.41 | -1.13 | esef· 08 Jan 2026verified |
Balance sheet · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 56.0 m | 56.0 m | 71.0 m | esef· 08 Jan 2026verified |
| Receivables | 101.0 m | 126.0 m | 102.0 m | esef· 08 Jan 2026verified |
| Inventories | 201.0 m | 209.0 m | 148.0 m | esef· 08 Jan 2026verified |
| Current assets | 362.0 m | 480.0 m | 344.0 m | esef· 08 Jan 2026verified |
| Property, plant & equipment, net | 270.0 m | 316.0 m | 254.0 m | esef· 08 Jan 2026verified |
| Goodwill | 436.0 m | 426.0 m | 402.0 m | esef· 08 Jan 2026verified |
| Intangibles (excl. goodwill) | 69.0 m | 64.0 m | 45.0 m | esef· 08 Jan 2026verified |
| Total assets | 1.6 bn | 1.9 bn | 1.5 bn | esef· 08 Jan 2026verified |
| Accounts payable | 344.0 m | 361.0 m | 318.0 m | esef· 08 Jan 2026verified |
| Short-term debt | 84.0 m | 117.0 m | 461.0 m | esef· 08 Jan 2026verified |
| Long-term debt | 301.0 m | 310.0 m | 0 | esef· 08 Jan 2026verified |
| Current liabilities | 547.0 m | 608.0 m | 871.0 m | esef· 08 Jan 2026verified |
| Total liabilities | 1.3 bn | 1.4 bn | 1.3 bn | esef· 08 Jan 2026verified |
| Equity | 333.0 m | 422.0 m | 188.0 m | esef· 08 Jan 2026verified |
| Shares outstanding at year end | 129.9 m | 128.9 m | 127.0 m | esef· 08 Jan 2026derived |
Cash flow · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 251.0 m | 266.0 m | 276.0 m | esef· 08 Jan 2026verified |
| Capex | 106.0 m | 97.0 m | 77.0 m | esef· 08 Jan 2026verified |
| Free cash flow | 145.0 m ≈ | 169.0 m ≈ | 199.0 m ≈ | esef· 08 Jan 2026derived |
| Investing cash flow | -122.0 m | -128.0 m | -69.0 m | esef· 08 Jan 2026verified |
| Financing cash flow | -203.0 m | -138.0 m | -192.0 m | esef· 08 Jan 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 35.4% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 557.5 m GBP
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
35% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 35.4% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 6.0% | 25 (vs peers) | 29% |
| Net margin · Quality | -9.3% | 23 (vs peers) | 18% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 1.0x | 0 (on a fixed band) | 18% |
| Current ratio · Balance sheet | 0.4x | 0 (on a fixed band) | 12% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 35.7% | 100 (on a fixed band) | 24% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet0/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality24/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial100/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
WH SMITH PLC (SMWH.L). Latest full fiscal year: 2025; data up to 2025-08-31.
Figures computed from the financial statements: revenue 1.6 bn GBP in 2025; YoY growth 5.4%; net margin -9.3%; ROE -52.0%.
The estimated value range is 21.68–34.27 GBP per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 26.62 GBP, the price of 4.39 GBP leaves a potential of 506.3% (value / price − 1) and a margin of safety of 83.5% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 35.4% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF yield: 35.7%
- The price is below the estimated value range
What contradicts it
- ROIC: 6.0%
- Net margin: -9.3%
- Interest coverage: 1.0x
- Current ratio: 0.4x
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 104.3 bn | 13.5 | 16.5% | 30.3% | −1.0% | +7% / +88% |
| ABF.LAssociated British Foods PLC | 14.7 bn | 14.3 | 9.2% | 5.3% | −3.1% | −5% / −15% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.1 bn | 24.7 | 34.7% | 4.1% | +7.2% | −10% / +158% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.4 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.2 bn | 16.3 | 23.2% | 2.8% | +15.2% | +20% / +160% |
| ABDN.LAberdeen Group PLC | 4.1 bn | 10.8 | 8.0% | 28.9% | −2.1% | +11% / +41% |
| BKG.LThe Berkeley Group Holdings PLC | 3.6 bn | 11.3 | 8.8% | 13.4% | −4.2% | −0% / −22% |
| BME.LB&M European Value Retail PLC | 2.9 bn | 17.4 | 21.2% | 2.8% | +3.7% | +68% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.8 | 49.9% | 33.1% | +18.0% | +8% / +128% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.9 | 13.1% | 71.6% | −0.1% | +28% / +18% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 763.6 m | 36.2 | 41.2% | 19.7% | +24.2% | +71% / unavailable |
| BAG.LA.G. Barr P.L.C. | 671.9 m | 14.4 | 14.4% | 10.8% | +4.0% | −7% / +26% |
| SMWH.LWh Smith PLC | 557.5 m | — | -52.0% | -9.3% | +5.4% | −36% / −65% |
| ASC.LAsos PLC | 494.5 m | — | -81.3% | -12.0% | −14.7% | +71% / +8% |
| ALFA.LAlfa Financial Software Holdings PLC | 486.8 m | 16.3 | 61.5% | 23.8% | +15.3% | −28% / +10% |
| AML.LAston Martin Lagonda Global Holdings PLC | 344.3 m | — | -93.4% | -39.2% | −20.6% | −45% / −85% |
| APTD.LAptitude Software Group PLC | 111.3 m | 28.5 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| AMGO.LAmigo Holdings PLC | 9.9 m | — | — | — | −81.9% | +325% / +844% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −7% / +164% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +60% / +63% |
1- and 3-year price returns: for SMWH.L from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (GBP)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
The qualitative analysis has not been written for this company yet.
Products, market & competition
The qualitative analysis has not been written for this company yet.
News & filings
In the press
- WH Smith Sees Profit at Bottom of Range on Weaker MarginsBloomberg Markets · 16 Sept 2026 · EN
- Up to 150 former WH Smith stores to close as high court approves restructureThe Guardian World · 01 Jul 2026 · RO
- Former WH Smith’s small suppliers to lose at least half of debts in rescue planThe Guardian World · 24 Jun 2026 · RO
- Ритейлер WH Smith: продажи в аэропортах падают из-за войны в ИранеKommersant (RU) · 10 Jun 2026 · RU
- WH Smith Cuts Outlook, Seeks Capital as Iran War Weighs on SalesBloomberg Markets · 10 Jun 2026 · EN
- WH Smith to raise £100m as it warns on profits due to Iran warThe Guardian World · 10 Jun 2026 · RO
- Fears of ‘postal deserts’ as owner of former WH Smith stores puts counters under threatThe Guardian World · 15 May 2026 · RO
Annual reports (ESEF)
- Annual report 202508 Jan 2026
- Annual report 202418 Dec 2024
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.