Headlam (HEAD)

Company name:	Headlam Group Plc
Company Description:	Wholesale distribution of floorcoverings and flooring accessories
EPIC:	HEAD	Trading Currency:	GBX
Market Sector:	SSC5	ISIN:	GB0004170089
Market Segment:	SSMM	Share Type:	DE
WWW Address:	http://www.headlam.com/	Description:	ORD 5P
Industry Sector:	HOUSEHOLD GOODS & HOME CONSTRUCTION

Price	Price Change [%]	Bid	Offer	Open	High	Low	Volume
405.00	1.0 [0.25]	405.00	407.00	401.00	408.00	400.00	61,184
Market Cap. [m]	Shares In Issue [m]	Beta	EPS	DPS	PE Ratio	Yield	52-Wks-Range
344.70	85.11	0.18	34.00	-	11.91	-	550.00 - 235.00

Headlam Key Figures

(at previous day's close)
Market Cap.	344.70	m
Shares In Issue	85.11	m
Prev. Close	404.00
PE Ratio	11.91
Dividend Yield	-	%
EPS - basic	34.00	p
Dividend PS	-	p
Dividend Cover	-
Cash Flow PS	52.01	p
Return On Equity (ROE)	11.66	%
Operating Margin	4.89	%
PEG Factor	-0.79
EPS Growth Rate	-15.00	%
Dividends PS Growth Rate	-	%
Net Debt	218.76	m
Gross Gearing	50.71	%
Quick Assets	157.78	m
Net Working Capital	89.22	m
Intangibles / Fixed Assets	44.64	%
Turnover PS	845.06	p
Pre-Tax Profit PS	41.32	p
Retained Profit PS	8.96	p
Cash PS	39.23	p
Net Cash PS	-196.98	p
Net Tangible Asset Value PS *	179.40	p
Net Asset Value PS	287.94	p
Spread	2.00 (0.49%)
* Calculation based on Ordinary Capital figure as contained in last annual report, and the most recent shares in issue figure. Therefore the ratio might be exposed to inaccuracies.

Headlam Balance Sheet

Share Price Performance

Sample Period ^†	High	Low
1 week	408.00	370.00
4 weeks	408.00	350.00
12 weeks	408.00	250.00
1 year	550.00	235.00

Share Price Chart (5 years)

Headlam Historic Returns

Period ^†	Open	Change	%	Open Avg.	Avg. Daily Vol [m]	Total Vol [m]	VWAP
1 week	381.00	24.00	6.30	370.00	0.21		401.84
4 weeks	381.00	24.00	6.30	350.00	0.10		392.11
12 weeks	264.00	141.00	53.41	250.00	0.09		357.71
26 weeks	258.00	147.00	56.98	244.00	0.17		297.61
1 year	542.00	-137.00	-25.28	235.00	0.13		311.29
3 years	579.00	-174.00	-30.05	235.00	0.14		411.34
5 years	486.25	-81.25	-16.71	235.00	0.12		444.41
† periods calculated are whole weeks rather than calendar months

Headlam Key Management Ratios

Headlam Investment Ratios

(Market value analysis) at previous day's close
PQ Ratio	7.58
PE Ratio	11.91
Tobin's Q Ratio	0.73
Tobin's Q Ratio (excl. intangibles)	0.86
Dividend Yield	-	%
Market-to-Book Ratio	1.41
Price-to-Pre-Tax Profit PS	9.80
Price-to-Retained Profit PS	45.19
Price-to-Cash Flow PS	7.79
Price-to-Sales PS	0.48
Price-to-Net Tangible Asset Value PS	2.26
Price-to-Cash PS	10.32
Net Working Capital PS	104.83
Price Pct to Working Capital PS	3.86	%
Earnings Yield	8.40	%
Average PE	13.64
Years in average	5
PE to PE average	87.35	%

Headlam Financial Ratios

(Leverage Ratios)
Debt Ratio	17.26	%
Debt-to-Equity Ratio	0.21
Debt-to-Equity Ratio (excl. Intgbl)	0.33
Debt-to-Equity Market Value	0.15
Net Gearing	44.00	%
Net Gearing (excl. Intangibles)	54.04	%
Gross Gearing	50.71	%
Gross Gearing (excl. Intangibles)	62.28	%
Gearing Under 1 Year	40.43	%
Gearing Under 1 Year (excl. Intgbl)	49.66	%
Assets/Equity	2.03
Cash/Equity	13.62
(Liquidity Ratios)
Net Working Capital to Total Assets	17.94	%
Current Ratio	1.44
Quick Ratio (Acid Test)	0.78
Liquidity Ratio	0.17
Cash & Equiv/Current Assets	11.50	%
(Solvency Ratios)
Enterprise Value	362.42	m
CFO/Sales	0.06
CFO/Attributable Profit	1.55
CFO/Assets	0.09
CFO/Debt	0.18
Total Debt/Equity Market Value	0.73
Total Debt/Sales	0.35
Total Debt/Pre-Tax Profit	7.17
Total Debt	252.14	m
Total Debt/Net Current Assets	2.83	%
(Dodds - Graham Ratios)
3 yr Compound Earnings Growth	-	%
5 yr Compound Earnings Growth	0.12	%
10 yr Compound Earnings Growth	4.69	%
Earn drops > 5% in 10yrs	5

Beta (60-Mnth)	Beta (36-Mnth)
0.1834	0.2127

Headlam Operating Ratios

(Profitability Ratios)
Return On Capital Employed (ROCE)	11.87	%
Return On Assets (ROA)	6.04	%
Net Profit Margin	3.97	%
Assets Turnover	1.52
Return On Equity (ROE)	11.66	%
Return On Investment (ROI)	10.26	%
Dividend Payout Ratio	-	%
Plowback Ratio	100.00	%
Growth from Plowback Ratio	11.90	%
Net Income Of Revenues	1.06	%
(Asset Utilisation Multiples)
Shareholders Equity Turnover	3.00
Fixed Assets Turnover	4.00
Current Assets Turnover	2.45
Net Working Capital Turnover
Inventory Turnover	5.42
(Other Operating Ratios)
Total Assets-to-Sales	0.66
Debtors-to-Sales	16.96	%
Debt Collection Period	61.89	Days

Headlam Dividends

Announcement Date	Type	Curr.	Dividend Amount	Period Start	Period End	Ex Date	Record Date	Payment Date	Total Dividend Amount
28 Aug 2019	Interim	GBX	7.55	31/12/2018	31/12/2019	28/11/2019	29/11/2019	02/01/2020	-
06 Mar 2019	Final	GBX	17.45	31/12/2017	31/12/2018	06/06/2019	07/06/2019	01/07/2019	25.00
22 Aug 2018	Interim	GBX	7.55	31/12/2017	31/12/2018	29/11/2018	30/11/2018	02/01/2019	-
06 Mar 2018	Final	GBX	17.25	31/12/2016	31/12/2017	31/05/2018	01/06/2018	06/07/2018	24.80
21 Aug 2017	Interim	GBX	7.55	31/12/2016	31/12/2017	30/11/2017	01/12/2017	02/01/2018	-
07 Mar 2017	Final	GBX	15.85	31/12/2015	31/12/2016	30/03/2017	31/03/2017	24/04/2017	22.55
07 Mar 2017	Special	GBX	8.00	31/12/2015	31/12/2016	30/03/2017	31/03/2017	24/04/2017	-
24 Aug 2016	Interim	GBX	6.70	31/12/2015	31/12/2016	01/12/2016	02/12/2016	03/01/2017	-
04 Mar 2016	Special	GBX	6.00	31/12/2014	31/12/2015	07/04/2016	08/04/2016	25/04/2016	-
04 Mar 2016	Final	GBX	14.70	31/12/2014	31/12/2015	02/06/2016	03/06/2016	01/07/2016	20.70
24 Aug 2015	Interim	GBX	6.00	31/12/2014	31/12/2015	03/12/2015	04/12/2015	04/01/2016	-
05 Mar 2015	Final	GBX	12.30	31/12/2013	31/12/2014	04/06/2015	05/06/2015	01/07/2015	17.50
29 Aug 2014	Interim	GBX	5.20	31/12/2013	31/12/2014	03/12/2014	05/12/2014	02/01/2015	-
07 Mar 2014	Final	GBX	10.20	31/12/2012	31/12/2013	04/06/2014	06/06/2014	01/07/2014	15.30
30 Aug 2013	Interim	GBX	4.65	31/12/2012	31/12/2013	04/12/2013	06/12/2013	02/01/2014	-
08 Mar 2013	Final	GBX	10.20	31/12/2011	31/12/2012	05/06/2013	07/06/2013	01/07/2013	14.85
31 Aug 2012	Interim	GBX	4.65	31/12/2011	31/12/2012	05/12/2012	07/12/2012	02/01/2013	-
09 Mar 2012	Final	GBX	9.85	31/12/2010	31/12/2011	30/05/2012	01/06/2012	02/07/2012	14.15
19 Aug 2011	Interim	GBX	4.30	30/12/2010	30/06/2011	30/11/2011	02/12/2011	03/01/2012	-
11 Mar 2011	Final	GBX	8.57	31/12/2009	31/12/2010	01/06/2011	03/06/2011	01/07/2011	12.40
27 Aug 2010	Interim	GBX	3.83	31/12/2009	31/12/2010	01/12/2010	03/12/2010	04/01/2011	-
19 Mar 2010	Final	GBX	7.30	31/12/2008	31/12/2009	02/06/2010	04/06/2010	01/07/2010	11.00
28 Aug 2009	Interim	GBX	3.70	30/12/2008	30/06/2009	02/12/2009	04/12/2009	04/01/2010	-
30 Mar 2009	Final	GBX	14.10	31/12/2007	31/12/2008	03/06/2009	05/06/2009	01/07/2009	19.70
01 Sep 2008	Interim	GBX	5.60	30/12/2007	30/06/2008	03/12/2008	05/12/2008	02/01/2009	-
17 Mar 2008	Final	GBX	17.75	31/12/2006	31/12/2007	04/06/2008	06/06/2008	01/07/2008	23.10
11 Sep 2007	Interim	GBX	5.35	30/12/2006	30/06/2007	05/12/2007	07/12/2007	02/01/2008	-
20 Mar 2007	Final	GBX	15.30	31/12/2005	31/12/2006	06/06/2007	08/06/2007	02/07/2007	20.15
04 Sep 2006	Interim	GBX	4.85	30/12/2005	30/06/2006	29/11/2006	01/12/2006	02/01/2007	-
03 Apr 2006	Final	GBX	13.60	31/12/2004	31/12/2005	07/06/2006	09/06/2006	03/07/2006	18.00
16 Aug 2005	Interim	GBX	4.40	30/12/2004	30/06/2005	30/11/2005	02/12/2005	03/01/2006	-
14 Mar 2005	Final	GBX	12.25	31/12/2003	31/12/2004	08/06/2005	10/06/2005	04/07/2005	16.25
09 Aug 2004	Interim	GBX	4.00	30/12/2003	30/06/2004	08/12/2004	10/12/2004	03/01/2005	-
15 Mar 2004	Final	GBX	10.25	31/12/2002	31/12/2003	09/06/2004	11/06/2004	01/07/2004	13.85
18 Aug 2003	Interim	GBX	3.60	30/12/2002	30/06/2003	10/12/2003	12/12/2003	05/01/2004	-
17 Mar 2003	Final	GBX	9.30	31/12/2001	31/12/2002	11/06/2003	13/06/2003	01/07/2003	12.55
14 Aug 2002	Interim	GBX	3.25	30/12/2001	30/06/2002	11/12/2002	13/12/2002	06/01/2003	-
16 Apr 2002	Final	GBX	8.45	31/12/2000	31/12/2001	12/06/2002	14/06/2002	01/07/2002	11.40
04 Sep 2001	Interim	GBX	2.95	30/12/2000	30/06/2001	12/12/2001	14/12/2001	04/01/2002	-
27 Mar 2001	Final	GBX	7.55	31/12/1999	31/12/2000	13/06/2001	15/06/2001	02/07/2001	10.35
15 Aug 2000	Interim	GBX	2.80	30/12/1999	30/06/2000	04/12/2000	08/12/2000	05/01/2001	-
14 Mar 2000	Final	GBX	7.55	31/12/1998	31/12/1999	12/06/2000	16/06/2000	03/07/2000	10.00
12 Aug 1999	Interim	GBX	2.45	30/12/1998	30/06/1999	06/12/1999	10/12/1999	05/01/2000	-
16 Mar 1999	Final	GBX	6.40	31/12/1997	31/12/1998	14/06/1999	18/06/1999	02/07/1999	8.50
11 Aug 1998	Interim	GBX	2.10	30/12/1997	30/06/1998	30/11/1998	04/12/1998	22/12/1998	-
07 Apr 1998	Final	GBX	5.30	31/12/1996	31/12/1997	15/06/1998	19/06/1998	03/07/1998	7.05

Headlam Fundamentals

	31 Dec 2016 (GBP)		31 Dec 2017 (GBP)		31 Dec 2018 (GBP)		31 Dec 2019 (GBP)
turnover	693.57	100.00%	707.76	100.00%	708.42	100.00%	719.24	100.00%	m
pre tax profit	38.18	5.50%	40.72	5.75%	40.45	5.71%	35.17	4.89%	m
attributable profit	30.96	4.46%	32.92	4.65%	33.50	4.73%	28.57	3.97%	m
retained profit	8.50	1.23%	7.19	1.02%	12.54	1.77%	7.63	1.06%	m
eps - basic (p)	38.70		39.10		40.00		34.00
eps - diluted (p)	38.50		38.90		39.60		33.80
dividends per share	22.55		24.80		25.00		-

Headlam Balance Sheet

	31 Dec 2016 (GBP)		31 Dec 2017 (GBP)		31 Dec 2018 (GBP)		31 Dec 2019 (GBP)


	31 Dec 2016 (GBP)		31 Dec 2017 (GBP)		31 Dec 2018 (GBP)		31 Dec 2019 (GBP)
ASSETS
fixed assets	102.93	24.01%	101.63	22.66%	102.05	22.72%	114.57	23.04%	m
intangibles	10.39	2.42%	44.66	9.96%	50.92	11.34%	92.38	18.58%	m
fixed investments	-	-%	-	-%	-	-%	-	-%	m
current assets - other	-	-%	-	-%	-	-%	-	-%	m
stocks	126.04	29.39%	131.57	29.33%	132.70	29.54%	132.47	26.64%	m
debtors	130.07	30.34%	128.62	28.68%	119.52	26.61%	124.40	25.02%	m
cash & securities	59.34	13.84%	42.03	9.37%	44.01	9.80%	33.39	6.71%	m

TOTAL	428.77	100%	448.51	100%	449.20	100%	497.21	100%	m

LIABILITIES
creditors - short	192.52	44.90%	199.11	44.39%	188.49	41.96%	201.04	40.43%	m
creditors - long	32.88	7.67%	30.83	6.87%	25.60	5.70%	51.11	10.28%	m
creditors - other	-	-%	-	-%	-	-%	-	-%	m
subordinated loans	-	-%	-	-%	-	-%	-	-%	m
insurance funds	-	-%	-	-%	-	-%	-	-%	m

TOTAL	225.41	52.57%	229.94	51.27%	214.08	47.66%	252.14	50.71%	m

EQUITY
ord cap, reserves	203.37	47.43%	218.57	48.73%	235.12	52.34%	245.07	49.29%	m
prefs, minorities	-	-%	-	-%	-	-%	-	-%	m

TOTAL	203.37	47.43%	218.57	48.73%	235.12	52.34%	245.07	49.29%	m

OTHER
NAV Basic	-		-		-		-
NAV Diluted	-		-		-		-

Headlam Cash Flow Statement

	31 Dec 2016 (GBP)	31 Dec 2017 (GBP)	31 Dec 2018 (GBP)	31 Dec 2019 (GBP)
Operating CF	32.64	43.20	40.04	44.27	m
Pre-Financing CF	30.83	9.10	27.09	25.03	m
Retained CF	-5.40	-17.24	1.57	-10.20	m

Headlam Brokers

Name	Activity	Type	Mnemonic	Code
Arden Partners Plc	Market Maker(MME)	Broker/Dealer	ARDA	ARRRGB2100A
Deutsche Bank AG London Branch	Market Maker(MME)	Broker/Dealer	DEUT	DEUTGB2L
Evolution Securities Limited	Market Maker(MME)	Broker/Dealer	EVO	EVBGGB21MMT
Goldman Sachs International	Market Maker(MME)	Broker/Dealer	GSCO	GSILGB2X
J.P. Morgan Securities Ltd	Market Maker(MME)	Broker/Dealer	JPMS	JPMSGB2L
Morgan Stanley Securities Ltd	Market Maker(MME)	Broker/Dealer	MOST	MSSEGB21
Panmure Gordon (UK) Limited	Market Maker(MME)	Broker/Dealer	PMUR	PMURGB2L
Merrill Lynch International	Market Maker(MME)	Broker/Dealer	MLSB	SNCSGB2LBIC
UBS AG	Market Maker(MME)	Broker/Dealer	UBS.	UBSWGB2LEQU
Winterflood Securities Ltd	Market Maker(MME)	Broker/Dealer	WINS	WNTSGB2LBIC