Marshalls (MSLH)

Company name:	Marshalls Plc
Company Description:	Design and manufacture of domestic and commercial landscape products. Production of premium facing bricks, engineering bricks, clay pavers and specialist acid resistant products. Supplier of natural stone products, reinforced concrete flooring products, drainage products, street furniture and classical flagstones
EPIC:	MSLH	Trading Currency:	GBX
Market Sector:	F25F	ISIN:	GB00B012BV22
Market Segment:	STMM	Share Type:	DE
WWW Address:	http://www.marshalls.co.uk/	Description:	ORD 25P
Industry Sector:	CONSTRUCTION & MATERIALS

Price	Price Change [%]	Bid	Offer	Open	High	Low	Volume
736.00	7.5 [1.03]	732.00	734.00	721.00	735.50	721.00	160,265
Market Cap. [m]	Shares In Issue [m]	Beta	EPS	DPS	PE Ratio	Yield	52-Wks-Range
1,472.22	200.03	-0.04	1.19	-	618.49	-	815.50 - 544.50

Marshalls Key Figures

(at previous day's close)
Market Cap.	1,472.22	m
Shares In Issue	200.03	m
Prev. Close	728.50
PE Ratio	618.49
Dividend Yield	-	%
EPS - basic	1.19	p
Dividend PS	-	p
Dividend Cover	-
Cash Flow PS	6.19	p
Return On Equity (ROE)	0.83	%
Operating Margin	0.99	%
PEG Factor	-6.45
EPS Growth Rate	-95.95	%
Dividends PS Growth Rate	-	%
Net Debt	222.87	m
Gross Gearing	53.15	%
Quick Assets	202.85	m
Net Working Capital	135.48	m
Intangibles / Fixed Assets	43.40	%
Turnover PS	234.69	p
Pre-Tax Profit PS	2.33	p
Retained Profit PS	1.18	p
Cash PS	51.85	p
Net Cash PS	-26.72	p
Net Tangible Asset Value PS *	73.60	p
Net Asset Value PS	143.90	p
Spread	2.00 (0.27%)
* 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.

Marshalls Balance Sheet

Share Price Performance

Sample Period ^†	High	Low
1 week	735.50	687.00
4 weeks	735.50	665.00
12 weeks	774.50	611.50
1 year	815.50	544.50

Share Price Chart (5 years)

Marshalls Historic Returns

Period ^†	Open	Change	%	Open Avg.	Avg. Daily Vol [m]	Total Vol [m]	VWAP
1 week	704.00	32.00	4.55	687.00	0.86		719.41
4 weeks	690.00	46.00	6.67	665.00	0.49		701.99
12 weeks	696.00	40.00	5.75	611.50	0.45		686.92
26 weeks	737.00	-1.00	-0.14	611.50	0.35		701.67
1 year	605.50	130.50	21.55	544.50	0.35		667.75
3 years	412.20	323.80	78.55	395.60	0.38		620.85
5 years	342.20	393.80	115.08	199.40	0.36		524.87
† periods calculated are whole weeks rather than calendar months

Marshalls Key Management Ratios

Marshalls Investment Ratios

(Market value analysis) at previous day's close
PQ Ratio	126.34
PE Ratio	618.49
Tobin's Q Ratio	2.50
Tobin's Q Ratio (excl. intangibles)	3.27
Dividend Yield	-	%
Market-to-Book Ratio	5.13
Price-to-Pre-Tax Profit PS	316.40
Price-to-Retained Profit PS	621.19
Price-to-Cash Flow PS	119.00
Price-to-Sales PS	3.14
Price-to-Net Tangible Asset Value PS	9.94
Price-to-Cash PS	14.20
Net Working Capital PS	67.73
Price Pct to Working Capital PS	10.87	%
Earnings Yield	0.16	%
Average PE	142.32
Years in average	5
PE to PE average	434.56	%

Marshalls Financial Ratios

(Leverage Ratios)
Debt Ratio	37.05	%
Debt-to-Equity Ratio	0.59
Debt-to-Equity Ratio (excl. Intgbl)	1.14
Debt-to-Equity Market Value	0.12
Net Gearing	36.27	%
Net Gearing (excl. Intangibles)	46.94	%
Gross Gearing	53.15	%
Gross Gearing (excl. Intangibles)	68.79	%
Gearing Under 1 Year	25.58	%
Gearing Under 1 Year (excl. Intgbl)	33.10	%
Assets/Equity	2.13
Cash/Equity	36.03
(Liquidity Ratios)
Net Working Capital to Total Assets	22.05	%
Current Ratio	1.86
Quick Ratio (Acid Test)	1.29
Liquidity Ratio	0.66
Cash & Equiv/Current Assets	35.44	%
(Solvency Ratios)
Enterprise Value	1,538.89	m
CFO/Sales	0.03
CFO/Attributable Profit	5.22
CFO/Assets	0.02
CFO/Debt	0.04
Total Debt/Equity Market Value	0.22
Total Debt/Sales	0.70
Total Debt/Pre-Tax Profit	70.19
Total Debt	326.58	m
Total Debt/Net Current Assets	2.41	%
(Dodds - Graham Ratios)
3 yr Compound Earnings Growth	-	%
5 yr Compound Earnings Growth	-	%
10 yr Compound Earnings Growth	-	%
Earn drops > 5% in 10yrs	6

Beta (60-Mnth)	Beta (36-Mnth)
-0.0360	-0.0555

Marshalls Operating Ratios

(Profitability Ratios)
Return On Capital Employed (ROCE)	1.02	%
Return On Assets (ROA)	0.40	%
Net Profit Margin	0.50	%
Assets Turnover	0.80
Return On Equity (ROE)	0.83	%
Return On Investment (ROI)	0.55	%
Dividend Payout Ratio	-	%
Plowback Ratio	100.00	%
Growth from Plowback Ratio	0.81	%
Net Income Of Revenues	0.50	%
(Asset Utilisation Multiples)
Shareholders Equity Turnover	1.61
Fixed Assets Turnover	1.40
Current Assets Turnover	1.85
Net Working Capital Turnover
Inventory Turnover	5.24
(Other Operating Ratios)
Total Assets-to-Sales	1.25
Debtors-to-Sales	18.18	%
Debt Collection Period	66.37	Days

Marshalls Dividends

Announcement Date	Type	Curr.	Dividend Amount	Period Start	Period End	Ex Date	Record Date	Payment Date	Total Dividend Amount
15 Aug 2019	Interim	GBX	4.70	31/12/2018	31/12/2019	17/10/2019	18/10/2019	04/12/2019	4.70
14 Mar 2019	Final	GBX	8.00	31/12/2017	31/12/2018	06/06/2019	07/06/2019	28/06/2019	16.00
14 Mar 2019	Special	GBX	4.00	31/12/2017	31/12/2018	06/06/2019	07/06/2019	28/06/2019	-
16 Aug 2018	Interim	GBX	4.00	31/12/2017	31/12/2018	18/10/2018	19/10/2018	05/12/2018	-
14 Mar 2018	Final	GBX	6.80	31/12/2016	31/12/2017	07/06/2018	08/06/2018	29/06/2018	14.20
14 Mar 2018	Special	GBX	4.00	31/12/2016	31/12/2017	07/06/2018	08/06/2018	29/06/2018	-
17 Aug 2017	Interim	GBX	3.40	31/12/2016	31/12/2017	19/10/2017	20/10/2017	06/12/2017	-
15 Mar 2017	Special	GBX	3.00	31/12/2015	31/12/2016	15/06/2017	16/06/2017	30/06/2017	-
15 Mar 2017	Final	GBX	5.80	31/12/2015	31/12/2016	15/06/2017	16/06/2017	30/06/2017	11.70
26 Aug 2016	Interim	GBX	2.90	31/12/2015	31/12/2016	20/10/2016	21/10/2016	02/12/2016	-
11 Mar 2016	Special	GBX	2.00	31/12/2014	31/12/2015	02/06/2016	03/06/2016	08/07/2016	-
11 Mar 2016	Final	GBX	4.75	31/12/2014	31/12/2015	02/06/2016	03/06/2016	08/07/2016	9.00
28 Aug 2015	Interim	GBX	2.25	31/12/2014	31/12/2015	22/10/2015	23/10/2015	04/12/2015	-
06 Mar 2015	Final	GBX	4.00	31/12/2013	31/12/2014	04/06/2015	05/06/2015	03/07/2015	6.00
28 Aug 2014	Interim	GBX	2.00	31/12/2013	31/12/2014	23/10/2014	24/10/2014	05/12/2014	-
26 Mar 2014	Final	GBX	3.50	31/12/2012	31/12/2013	04/06/2014	06/06/2014	04/07/2014	5.25
30 Aug 2013	Interim	GBX	1.75	31/12/2012	31/12/2013	23/10/2013	25/10/2013	06/12/2013	-
08 Mar 2013	Final	GBX	3.50	31/12/2011	31/12/2012	05/06/2013	07/06/2013	05/07/2013	5.25
31 Aug 2012	Interim	GBX	1.75	31/12/2011	31/12/2012	24/10/2012	26/10/2012	07/12/2012	-
09 Mar 2012	Final	GBX	3.50	31/12/2010	31/12/2011	06/06/2012	08/06/2012	06/07/2012	5.25
26 Aug 2011	Interim	GBX	1.75	31/12/2010	31/12/2011	26/10/2011	28/10/2011	02/12/2011	-
11 Mar 2011	Final	GBX	3.50	31/12/2009	31/12/2010	08/06/2011	10/06/2011	08/07/2011	5.25
27 Aug 2010	Interim	GBX	1.75	31/12/2009	31/12/2010	27/10/2010	29/10/2010	03/12/2010	-
05 Mar 2010	Final	GBX	3.50	31/12/2008	31/12/2009	02/06/2010	04/06/2010	02/07/2010	5.25
28 Aug 2009	Interim	GBX	1.75	30/06/2008	30/06/2009	28/10/2009	30/10/2009	02/12/2009	-
06 Mar 2009	Final	GBX	1.45	31/12/2007	31/12/2008	03/06/2009	05/06/2009	03/07/2009	6.00
29 Aug 2008	Interim	GBX	4.55	30/06/2007	30/06/2008	29/10/2008	31/10/2008	03/12/2008	-
08 Mar 2008	Final	GBX	8.85	31/12/2006	31/12/2007	04/06/2008	06/06/2008	04/07/2008	13.60
07 Sep 2007	Interim	GBX	4.55	30/06/2006	30/06/2007	31/10/2007	02/11/2007	05/12/2007	-
08 Mar 2007	Final	GBX	8.85	31/12/2005	31/12/2006	06/06/2007	08/06/2007	06/07/2007	13.15
07 Sep 2006	Interim	GBX	4.30	30/12/2005	30/06/2006	01/11/2006	03/11/2006	06/12/2006	-
09 Mar 2006	Final	GBX	8.40	31/12/2004	31/12/2005	07/06/2006	09/06/2006	07/07/2006	12.50
08 Sep 2005	Interim	GBX	4.10	30/12/2004	30/06/2005	02/11/2005	04/11/2005	07/12/2005	-
10 Mar 2005	Final	GBX	8.00	31/12/2003	31/12/2004	08/06/2005	10/06/2005	08/07/2005	11.90
02 Sep 2004	Interim	GBX	3.90	30/12/2003	30/06/2004	03/11/2004	05/11/2004	08/12/2004	-
05 Mar 2004	Final	GBX	7.35	31/12/2002	31/12/2003	02/06/2004	04/06/2004	07/07/2004	11.00
05 Sep 2003	Interim	GBX	3.65	30/12/2002	30/06/2003	05/11/2003	07/11/2003	08/12/2003	-
07 Mar 2003	Final	GBX	6.70	31/12/2001	31/12/2002	04/06/2003	06/06/2003	07/07/2003	10.00
06 Sep 2002	Interim	GBX	3.30	30/12/2001	30/06/2002	30/10/2002	01/11/2002	02/12/2002	-
08 Mar 2002	Final	GBX	6.35	31/12/2000	31/12/2001	29/05/2002	31/05/2002	01/07/2002	9.50
06 Sep 2001	Interim	GBX	3.15	30/12/2000	30/06/2001	31/10/2001	02/11/2001	03/12/2001	-
08 Mar 2001	Final	GBX	6.00	31/12/1999	31/12/2000	06/06/2001	08/06/2001	02/07/2001	9.00
04 Sep 2000	Interim	GBX	3.00	30/12/1999	30/06/2000	11/09/2000	15/09/2000	01/10/2000	-
02 Mar 2000	Final	GBX	5.33	31/12/1998	31/12/1999	22/05/2000	26/05/2000	03/07/2000	8.00
31 Aug 1999	Interim	GBX	2.67	30/12/1998	30/06/1999	20/09/1999	24/09/1999	01/12/1999	-
01 Mar 1999	Final	GBX	4.67	31/12/1997	31/12/1998	24/05/1999	28/05/1999	01/07/1999	7.00
01 Sep 1998	Interim	GBX	2.33	30/12/1997	30/06/1998	07/09/1998	11/09/1998	01/12/1998	-

Marshalls Fundamentals

	31 Dec 2017 (GBP)		31 Dec 2018 (GBP)		31 Dec 2019 (GBP)		31 Dec 2020 (GBP)
turnover	430.19	100.00%	490.99	100.00%	541.83	100.00%	469.45	100.00%	m
pre tax profit	52.05	12.10%	62.94	12.82%	69.85	12.89%	4.65	0.99%	m
attributable profit	42.50	9.88%	51.96	10.58%	58.24	10.75%	2.37	0.50%	m
retained profit	18.40	4.28%	22.71	4.62%	25.04	4.62%	2.37	0.50%	m
eps - basic (p)	21.52		26.29		29.36		1.19
eps - diluted (p)	21.37		26.08		29.14		1.18
dividends per share	14.20		16.00		4.70		-

Marshalls Balance Sheet

	31 Dec 2017 (GBP)		31 Dec 2018 (GBP)		31 Dec 2019 (GBP)		31 Dec 2020 (GBP)


	31 Dec 2017 (GBP)		31 Dec 2018 (GBP)		31 Dec 2019 (GBP)		31 Dec 2020 (GBP)
ASSETS
fixed assets	169.09	40.70%	190.99	37.72%	195.55	34.76%	179.40	29.20%	m
intangibles	73.08	17.59%	89.65	17.70%	135.81	24.14%	139.67	22.73%	m
fixed investments	4.57	1.10%	13.79	2.72%	16.34	2.90%	2.73	0.44%	m
current assets - other	-	-%	-	-%	-	-%	0.78	0.13%	m
stocks	77.86	18.74%	84.36	16.66%	89.24	15.86%	89.78	14.61%	m
debtors	71.00	17.09%	81.84	16.16%	72.37	12.86%	98.36	16.01%	m
cash & securities	19.85	4.78%	45.71	9.03%	53.26	9.47%	103.71	16.88%	m

TOTAL	415.45	100%	506.33	100%	562.57	100%	614.43	100%	m

LIABILITIES
creditors - short	106.89	25.73%	134.61	26.59%	162.35	28.86%	157.16	25.58%	m
creditors - long	70.93	17.07%	105.01	20.74%	104.45	18.57%	169.42	27.57%	m
creditors - other	-	-%	-	-%	-	-%	-	-%	m
subordinated loans	-	-%	-	-%	-	-%	-	-%	m
insurance funds	-	-%	-	-%	-	-%	-	-%	m

TOTAL	177.82	42.80%	239.62	47.32%	266.80	47.43%	326.58	53.15%	m

EQUITY
ord cap, reserves	236.17	56.85%	265.62	52.46%	295.04	52.45%	286.90	46.69%	m
prefs, minorities	1.46	0.35%	1.09	0.22%	0.72	0.13%	0.95	0.15%	m

TOTAL	237.63	57.20%	266.71	52.68%	295.77	52.57%	287.85	46.85%	m

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

Marshalls Cash Flow Statement

	31 Dec 2017 (GBP)	31 Dec 2018 (GBP)	31 Dec 2019 (GBP)	31 Dec 2020 (GBP)
Operating CF	57.31	63.26	88.13	12.37	m
Pre-Financing CF	-0.68	23.88	65.75	9.08	m
Retained CF	-1.03	25.78	7.65	50.48	m

Marshalls Brokers

Name	Activity	Type	Mnemonic	Code
THE ROYAL BANK OF SCOT N.V.	Market Maker(MME)	Broker/Dealer	RBSM	ABNAGB22
Evolution Securities Limited	Market Maker(MME)	Broker/Dealer	EVO	EVBGGB21MMT
Goldman Sachs International	Market Maker(MME)	Broker/Dealer	GSCO	GSILGB2X
HSBC Bank plc	Market Maker(MME)	Broker/Dealer	HSBC	JCAPGB2L
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
Numis Securities Limited	Market Maker(MME)	Broker/Dealer	NUMS	RAZHGB2LBIC
Citigrp Global Mkt UK Equities	Market Maker(MME)	Broker/Dealer	CITI	SBUKGB21
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