Acorn Income Fund Ld (AIF)

Company name:	Acorn Income Fund Ld
EPIC:	AIF	Trading Currency:	GBX
Market Sector:	SQQ3	ISIN:	GB0004829437
Market Segment:	SSQ3	Share Type:	DE
WWW Address:	http://www.ci.collins-stewart.com/	Description:	ORD 1P
Industry Sector:	GENERAL FINANCIAL

Price	Price Change [%]	Bid	Offer	Open	High	Low	Volume
337.50	3.0 [0.90]	332.00	343.00	334.50	337.50	334.50	10,028
Market Cap. [m]	Shares In Issue [m]	Beta	EPS	DPS	PE Ratio	Yield	52-Wks-Range
53.72	15.92	0.12	21.62	19.80	15.61	5.87	433.00 - 327.00

Acorn Income Fund Ld Key Figures

(at previous day's close)
Market Cap.	53.72	m
Shares In Issue	15.92	m
Prev. Close	334.50
PE Ratio	15.61
Dividend Yield	5.87	%
EPS - basic	21.62	p
Dividend PS	19.80	p
Dividend Cover	1.09
Cash Flow PS	13.23	p
Return On Equity (ROE)	5.64	%
Operating Margin	87.02	%
PEG Factor	2.52
EPS Growth Rate	6.19	%
Dividends PS Growth Rate	10.00	%
Net Debt	29.05	m
Gross Gearing	34.43	%
Quick Assets	3.41	m
Net Working Capital	2.99	m
Intangibles / Fixed Assets	-	%
Turnover PS	24.78	p
Pre-Tax Profit PS	21.57	p
Retained Profit PS	1.83	p
Cash PS	18.12	p
Net Cash PS	15.45	p
Net Tangible Asset Value PS *	382.09	p
Net Asset Value PS	384.51	p
Spread	11.00 (3.21%)
* 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.

Acorn Income Fund Ld Balance Sheet

Share Price Performance

Sample Period ^†	High	Low
1 week	341.00	334.00
4 weeks	363.50	334.00
12 weeks	405.00	334.00
1 year	433.00	327.00

Share Price Chart (5 years)

Acorn Income Fund Ld Historic Returns

Period ^†	Open	Change	%	Open Avg.	Avg. Daily Vol [m]	Total Vol [m]	VWAP
1 week	340.50	-3.00	-0.88	334.00	0.03		334.95
4 weeks	357.00	-19.50	-5.46	334.00	0.05		343.29
12 weeks	403.00	-65.50	-16.25	334.00	0.03		362.42
26 weeks	365.00	-27.50	-7.53	334.00	0.03		369.01
1 year	425.50	-88.00	-20.68	327.00	0.03		377.08
3 years	348.00	-10.50	-3.02	323.50	0.03		403.19
5 years	329.75	7.75	2.35	278.50	0.03		371.41
† periods calculated are whole weeks rather than calendar months

Acorn Income Fund Ld Key Management Ratios

Acorn Income Fund Ld Investment Ratios

(Market value analysis) at previous day's close
PQ Ratio	8.78
PE Ratio	15.61
Tobin's Q Ratio	0.53
Tobin's Q Ratio (excl. intangibles)	0.53
Dividend Yield	5.87	%
Market-to-Book Ratio	0.88
Price-to-Pre-Tax Profit PS	15.65
Price-to-Retained Profit PS	184.39
Price-to-Cash Flow PS	25.51
Price-to-Sales PS	13.62
Price-to-Net Tangible Asset Value PS	0.88
Price-to-Cash PS	18.62
Net Working Capital PS	18.76
Price Pct to Working Capital PS	17.99	%
Earnings Yield	6.41	%
Average PE	19.26
Years in average	5
PE to PE average	81.04	%

Acorn Income Fund Ld Financial Ratios

(Leverage Ratios)
Debt Ratio	34.13	%
Debt-to-Equity Ratio	0.52
Debt-to-Equity Ratio (excl. Intgbl)	0.52
Debt-to-Equity Market Value	0.59
Net Gearing	31.32	%
Net Gearing (excl. Intangibles)	31.32	%
Gross Gearing	34.43	%
Gross Gearing (excl. Intangibles)	34.43	%
Gearing Under 1 Year	0.46	%
Gearing Under 1 Year (excl. Intgbl)	0.46	%
Assets/Equity	1.53
Cash/Equity	4.74
(Liquidity Ratios)
Net Working Capital to Total Assets	3.22	%
Current Ratio	8.03
Quick Ratio (Acid Test)	8.03
Liquidity Ratio	6.79
Cash & Equiv/Current Assets	84.58	%
(Solvency Ratios)
Enterprise Value	82.35	m
CFO/Sales	0.53
CFO/Attributable Profit	0.61
CFO/Assets	0.02
CFO/Debt	0.07
Total Debt/Equity Market Value	0.59
Total Debt/Sales	8.10
Total Debt/Pre-Tax Profit	9.30
Total Debt	31.94	m
Total Debt/Net Current Assets	10.70	%
(Dodds - Graham Ratios)
3 yr Compound Earnings Growth	1.99	%
5 yr Compound Earnings Growth	5.92	%
10 yr Compound Earnings Growth	12.38	%
Earn drops > 5% in 10yrs	8

Beta (60-Mnth)	Beta (36-Mnth)
0.1234	0.2154

Acorn Income Fund Ld Operating Ratios

(Profitability Ratios)
Return On Capital Employed (ROCE)	3.72	%
Return On Assets (ROA)	3.41	%
Net Profit Margin	87.02	%
Assets Turnover	0.04
Return On Equity (ROE)	5.64	%
Return On Investment (ROI)	3.43	%
Dividend Payout Ratio	91.58	%
Plowback Ratio	8.42	%
Growth from Plowback Ratio	0.42	%
Net Income Of Revenues	7.39	%
(Asset Utilisation Multiples)
Shareholders Equity Turnover	0.06
Fixed Assets Turnover	0.04
Current Assets Turnover	0.88
Net Working Capital Turnover
Inventory Turnover	-
(Other Operating Ratios)
Total Assets-to-Sales	25.55
Debtors-to-Sales	13.45	%
Debt Collection Period	49.08	Days

Acorn Income Fund Ld Dividends

Announcement Date	Type	Curr.	Dividend Amount	Period Start	Period End	Ex Date	Record Date	Payment Date	Total Dividend Amount
16 Aug 2019	Interim	GBX	5.20	31/12/2018	31/12/2019	12/09/2019	13/09/2019	27/09/2019	-
07 May 2019	Interim	GBX	5.20	31/12/2018	31/12/2019	13/06/2019	14/06/2019	28/06/2019	-
05 Feb 2019	Interim	GBX	5.20	31/12/2018	31/12/2019	14/03/2019	15/03/2019	29/03/2019	-
07 Nov 2018	Final	GBX	4.95	31/12/2017	31/12/2018	06/12/2018	07/12/2018	20/12/2018	19.80
21 Aug 2018	Interim	GBX	4.95	31/12/2017	31/12/2018	13/09/2018	14/09/2018	28/09/2018	-
24 Apr 2018	Interim	GBX	4.95	31/12/2017	31/12/2018	14/06/2018	15/06/2018	29/06/2018	-
07 Feb 2018	Interim	GBX	4.95	31/12/2017	31/12/2018	15/03/2018	16/03/2018	29/03/2018	-
01 Dec 2017	Final	GBX	4.50	31/12/2016	31/12/2017	07/12/2017	08/12/2017	22/12/2017	18.00
12 Sep 2017	Interim	GBX	4.50	31/12/2016	31/12/2017	21/09/2017	22/09/2017	29/09/2017	-
06 Jun 2017	Interim	GBX	4.50	31/12/2016	31/12/2017	15/06/2017	16/06/2017	30/06/2017	-
15 Feb 2017	Interim	GBX	4.50	31/12/2016	31/12/2017	09/03/2017	10/03/2017	31/03/2017	-
06 Dec 2016	Final	GBX	4.00	31/12/2015	31/12/2016	08/12/2016	09/12/2016	30/12/2016	15.50
17 Aug 2016	Interim	GBX	4.00	30/05/2016	30/09/2016	15/09/2016	16/09/2016	29/09/2016	-
25 May 2016	Interim	GBX	4.00	30/12/2015	30/06/2016	16/06/2016	17/06/2016	28/06/2016	-
21 Jan 2016	Interim	GBX	3.50	01/12/2015	31/03/2016	17/03/2016	18/03/2016	29/03/2016	-
29 Oct 2015	Final	GBX	3.50	31/12/2014	31/12/2015	05/11/2015	06/11/2015	30/12/2015	13.75
01 Sep 2015	Interim	GBX	3.50	31/12/2014	31/12/2015	17/09/2015	18/09/2015	29/09/2015	-
21 May 2015	Interim	GBX	3.50	31/12/2014	31/12/2015	04/06/2015	05/06/2015	26/06/2015	-
10 Mar 2015	Interim	GBX	3.25	31/12/2014	31/12/2015	19/03/2015	20/03/2015	27/03/2015	-
20 Nov 2014	Interim	GBX	3.25	31/12/2013	31/12/2014	04/12/2014	05/12/2014	19/12/2014	12.75
21 Aug 2014	Interim	GBX	3.25	31/12/2013	31/12/2014	17/09/2014	19/09/2014	30/09/2014	-
11 Jun 2014	Interim	GBX	3.25	31/12/2013	31/12/2014	18/06/2014	20/06/2014	27/06/2014	-
05 Feb 2014	Interim	GBX	3.00	31/12/2013	31/12/2014	19/03/2014	21/03/2014	28/03/2014	-
20 Nov 2013	Interim	GBX	3.00	31/12/2012	31/12/2013	11/12/2013	13/12/2013	27/12/2013	12.00
23 Aug 2013	Interim	GBX	3.00	31/12/2012	31/12/2013	04/09/2013	06/09/2013	30/09/2013	-
13 Jun 2013	Interim	GBX	1.00	31/12/2012	31/12/2013	19/06/2013	21/06/2013	28/06/2013	-
02 May 2013	Interim	GBX	2.00	31/12/2012	31/12/2013	15/05/2013	17/05/2013	28/06/2013	-
22 Feb 2013	Interim	GBX	3.00	31/12/2012	31/12/2013	06/03/2013	08/03/2013	02/04/2013	-
19 Nov 2012	Final	GBX	3.00	31/12/2011	31/12/2012	28/11/2012	30/11/2012	31/12/2012	12.00
22 Aug 2012	Interim	GBX	3.00	31/12/2011	31/12/2012	29/08/2012	31/08/2012	28/09/2012	-
28 May 2012	Interim	GBX	3.00	31/12/2011	31/12/2012	06/06/2012	08/06/2012	29/06/2012	-
14 Feb 2012	Interim	GBX	3.00	31/12/2011	31/12/2012	29/02/2012	02/03/2012	30/03/2012	-
17 Nov 2011	Final	GBX	1.75	31/12/2010	31/12/2011	23/11/2011	25/11/2011	23/12/2011	7.00
31 Aug 2011	Interim	GBX	1.75	31/12/2010	31/12/2011	07/09/2011	09/09/2011	30/09/2011	-
08 Jun 2011	Interim	GBX	1.75	31/12/2010	31/12/2011	15/06/2011	17/06/2011	30/06/2011	-
11 Mar 2011	Interim	GBX	1.75	31/12/2010	31/12/2011	23/03/2011	25/03/2011	31/03/2011	-
02 Nov 2010	Final	GBX	1.75	31/12/2009	31/12/2010	10/11/2010	12/11/2010	23/12/2010	6.25
01 Sep 2010	Interim	GBX	1.50	31/12/2009	31/12/2010	08/09/2010	10/09/2010	30/09/2010	-
07 Jun 2010	Interim	GBX	1.50	31/12/2009	31/12/2010	16/06/2010	18/06/2010	30/06/2010	-
22 Feb 2010	Interim	GBX	1.50	31/12/2009	31/12/2010	16/06/2010	18/06/2010	30/06/2010	-
04 Nov 2009	Final	GBX	1.50	31/12/2008	31/12/2009	11/11/2009	13/11/2009	23/12/2009	6.00
26 Aug 2009	Interim	GBX	1.50	31/12/2008	31/12/2009	02/09/2009	04/09/2009	30/09/2009	-
23 Apr 2009	Interim	GBX	1.50	31/12/2008	31/12/2009	29/04/2009	01/05/2009	16/06/2009	-
13 Feb 2009	Interim	GBX	1.50	31/12/2008	31/12/2009	25/02/2009	27/02/2009	31/03/2009	-
28 Apr 2008	Final	GBX	2.00	31/12/2006	31/12/2007	19/12/2007	19/12/2007	28/12/2007	8.00
17 Apr 2007	Final	GBX	-	31/12/2005	31/12/2006	-	-	-	8.00
17 Apr 2007	Special	GBX	1.00	31/12/2005	31/12/2006	-	-	-	-
06 Dec 2006	Interim	GBX	2.00	31/12/2005	31/12/2006	13/12/2006	15/12/2006	22/12/2006	-
11 Sep 2006	Interim	GBX	2.00	31/12/2005	31/12/2006	20/09/2006	22/09/2006	29/09/2006	-
05 Jun 2006	Interim	GBX	2.00	31/12/2005	31/12/2006	21/06/2006	23/06/2006	30/06/2006	-
10 Mar 2006	Interim	GBX	2.00	31/12/2005	31/12/2006	22/03/2006	24/03/2006	31/03/2006	-
06 Dec 2005	Special	GBX	1.00	31/12/2004	31/12/2005	14/12/2005	16/12/2005	23/12/2005	-
06 Dec 2005	Final	GBX	2.00	31/12/2004	31/12/2005	14/12/2005	16/12/2005	23/12/2005	8.00
13 Sep 2005	Interim	GBX	2.00	31/12/2004	31/12/2005	21/09/2005	23/09/2005	29/09/2005	-
13 Jun 2005	Interim	GBX	2.00	31/12/2004	31/12/2005	22/06/2005	24/06/2005	30/06/2005	-
10 Mar 2005	Interim	GBX	2.00	31/12/2004	31/12/2005	16/03/2005	18/03/2005	24/03/2005	-
08 Dec 2004	Final	GBX	2.00	31/12/2003	31/12/2004	12/12/2004	16/12/2004	24/12/2004	8.00
13 Sep 2004	Interim	GBX	2.00	31/12/2003	31/12/2004	22/09/2004	24/09/2004	30/09/2004	-
09 Jun 2004	Interim	GBX	2.00	31/12/2003	31/12/2004	16/06/2004	18/06/2004	25/06/2004	-
10 Mar 2004	Interim	GBX	2.00	31/12/2003	31/12/2004	17/03/2004	19/03/2004	26/03/2004	-
08 Dec 2003	Final	GBX	2.00	31/12/2002	31/12/2003	17/12/2003	19/12/2003	24/12/2003	7.00
08 Sep 2003	Special	GBX	2.00	31/12/2002	31/12/2003	15/10/2003	17/10/2003	25/10/2003	-
08 Sep 2003	Interim	GBX	2.00	31/12/2002	31/12/2003	17/09/2003	19/09/2003	24/09/2003	-
10 Jun 2003	Interim	GBX	1.50	31/12/2002	31/12/2003	18/06/2003	20/06/2003	25/06/2003	-
05 Mar 2003	Interim	GBX	1.50	31/12/2002	31/12/2003	12/03/2003	14/03/2003	26/03/2003	-
05 Dec 2002	Final	GBX	3.00	31/12/2001	31/12/2002	11/12/2002	13/12/2002	18/12/2002	12.00
09 Sep 2002	Interim	GBX	3.00	31/12/2001	31/12/2002	18/09/2002	20/09/2002	25/09/2002	-
10 Jun 2002	Interim	GBX	3.00	31/12/2001	31/12/2002	19/06/2002	21/06/2002	26/06/2002	-
04 Mar 2002	Interim	GBX	3.00	31/12/2001	31/12/2002	13/03/2002	15/03/2002	27/03/2002	-
06 Dec 2001	Final	GBX	3.25	31/12/2000	31/12/2001	12/12/2001	14/12/2001	19/12/2001	12.00
10 Sep 2001	Interim	GBX	3.25	31/12/2000	31/12/2001	19/09/2001	21/09/2001	26/09/2001	-
11 Jun 2001	Interim	GBX	2.75	31/12/2000	31/12/2001	20/06/2001	22/06/2001	27/06/2001	-
08 Mar 2001	Interim	GBX	2.75	31/12/2000	31/12/2001	14/03/2001	16/03/2001	27/03/2001	-
27 Nov 2000	Final	GBX	3.00	31/12/1999	31/12/2000	04/12/2000	08/12/2000	13/12/2000	11.00
11 Sep 2000	Interim	GBX	3.00	31/12/1999	31/12/2000	18/09/2000	22/09/2000	27/09/2000	-
09 Jun 2000	Interim	GBX	2.50	31/12/1999	31/12/2000	19/06/2000	23/06/2000	28/06/2000	-
21 Mar 2000	Interim	GBX	2.50	31/12/1999	31/12/2000	27/03/2000	31/03/2000	05/04/2000	-
08 Feb 2000	Final	GBX	2.50	31/12/1998	31/12/1999	14/02/2000	18/02/2000	23/02/2000	8.50

Acorn Income Fund Ld Fundamentals

	31 Dec 2015 (GBP)		31 Dec 2016 (GBP)		31 Dec 2017 (GBP)		31 Dec 2018 (GBP)
turnover	3.41	100.00%	3.70	100.00%	3.85	100.00%	3.94	100.00%	m
pre tax profit	2.88	84.28%	3.24	87.51%	3.24	84.19%	3.43	87.02%	m
attributable profit	2.88	84.28%	3.24	87.51%	3.24	84.19%	3.43	87.02%	m
retained profit	0.74	21.68%	0.96	25.86%	0.38	9.74%	0.29	7.39%	m
eps - basic (p)	18.49		20.38		20.36		21.62
eps - diluted (p)	18.49		20.38		20.36		19.80
dividends per share	13.75		15.50		18.00		19.80

Acorn Income Fund Ld Balance Sheet

	31 Dec 2015 (GBP)		31 Dec 2016 (GBP)		31 Dec 2017 (GBP)		31 Dec 2018 (GBP)


	31 Dec 2015 (GBP)		31 Dec 2016 (GBP)		31 Dec 2017 (GBP)		31 Dec 2018 (GBP)
ASSETS
fixed assets	-	-%	-	-%	-	-%	-	-%	m
intangibles	-	-%	-	-%	-	-%	-	-%	m
fixed investments	86.64	96.06%	87.26	92.27%	103.33	94.94%	89.34	96.32%	m
current assets - other	-	-%	-	-%	-	-%	-	-%	m
stocks	-	-%	-	-%	-	-%	-	-%	m
debtors	0.62	0.68%	2.24	2.37%	0.53	0.49%	0.53	0.57%	m
cash & securities	2.93	3.25%	5.07	5.36%	4.98	4.57%	2.88	3.11%	m

TOTAL	90.19	100%	94.58	100%	108.84	100%	92.75	100%	m

LIABILITIES
creditors - short	0.38	0.42%	29.79	31.50%	0.84	0.77%	0.42	0.46%	m
creditors - long	27.38	30.36%	-	-%	30.55	28.06%	31.51	33.98%	m
creditors - other	-	-%	-	-%	-	-%	-	-%	m
subordinated loans	-	-%	-	-%	-	-%	-	-%	m
insurance funds	-	-%	-	-%	-	-%	-	-%	m

TOTAL	27.76	30.78%	29.79	31.50%	31.38	28.83%	31.94	34.43%	m

EQUITY
ord cap, reserves	62.43	69.22%	64.79	68.50%	77.46	71.17%	60.82	65.57%	m
prefs, minorities	-	-%	-	-%	-	-%	-	-%	m

TOTAL	62.43	69.22%	64.79	68.50%	77.46	71.17%	60.82	65.57%	m

OTHER
NAV Basic	395.50		407.20		486.65		384.51
NAV Diluted	395.50		407.20		486.65		381.51

Acorn Income Fund Ld Cash Flow Statement

	31 Dec 2015 (GBP)	31 Dec 2016 (GBP)	31 Dec 2017 (GBP)	31 Dec 2018 (GBP)
Operating CF	2.67	2.36	2.50	2.11	m
Pre-Financing CF	3.02	3.89	3.07	1.68	m
Retained CF	1.97	2.14	-0.10	-2.09	m

Acorn Income Fund Ld Brokers

Name	Activity	Type	Mnemonic	Code
THE ROYAL BANK OF SCOT N.V.	Market Maker(MMF)	Broker/Dealer	RBSM	ABNAGB22
Collins Stewart Europe Limited	Market Maker(MMF)	Broker/Dealer	CSCS	CSTEGB21
Fairfax I.S. PLC	Market Maker(MMF)	Broker/Dealer	FFAX	FRFXGB21001
Canaccord Genuity Limited	Market Maker(MMF)	Broker/Dealer	CANA	HOARGB21001
UBS AG	Market Maker(MMF)	Broker/Dealer	UBS.	UBSWGB2LEQU
Winterflood Securities Ltd	Market Maker(MMF)	Broker/Dealer	WINS	WNTSGB2LBIC