Aberforth Smaller Compan... (ASL)

Company name:	Aberforth Smaller Companies Trust Plc
EPIC:	ASL	Trading Currency:	GBX
Market Sector:	F25F	ISIN:	GB0000066554
Market Segment:	STMM	Share Type:	DE
WWW Address:	http://www.aberforth.co.uk	Description:	ORD 1P
Industry Sector:	EQUITY INVESTMENT INSTRUMENTS

Price	Price Change [%]	Bid	Offer	Open	High	Low	Volume
937.00	37.0 [4.11]	930.00	933.00	890.00	933.00	889.00	576,031
Market Cap. [m]	Shares In Issue [m]	Beta	EPS	DPS	PE Ratio	Yield	52-Wks-Range
838.92	89.53	0.40	42.26	32.00	22.17	3.42	1,546.00 - 610.00

Aberforth Smaller Compan... Key Figures

(at previous day's close)
Market Cap.	838.92	m
Shares In Issue	89.53	m
Prev. Close	900.00
PE Ratio	22.17
Dividend Yield	3.42	%
EPS - basic	42.26	p
Dividend PS	32.00	p
Dividend Cover	1.32
Cash Flow PS	37.54	p
Return On Equity (ROE)	2.71	%
Operating Margin	89.70	%
PEG Factor	-3.30
EPS Growth Rate	-6.71	%
Dividends PS Growth Rate	5.79	%
Net Debt	13.69	m
Gross Gearing	0.98	%
Quick Assets	3.00	m
Net Working Capital	-10.88	m
Intangibles / Fixed Assets	-	%
Turnover PS	47.44	p
Pre-Tax Profit PS	42.56	p
Retained Profit PS	3.66	p
Cash PS	0.21	p
Net Cash PS	-15.29	p
Net Tangible Asset Value PS *	1,570.15	p
Net Asset Value PS	1,570.15	p
Spread	3.00 (0.32%)
* 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.

Aberforth Smaller Compan... Balance Sheet

Share Price Performance

Sample Period ^†	High	Low
1 week	933.00	807.00
4 weeks	933.00	770.00
12 weeks	1,260.00	610.00
1 year	1,546.00	610.00

Share Price Chart (5 years)

Aberforth Smaller Compan... Historic Returns

Period ^†	Open	Change	%	Open Avg.	Avg. Daily Vol [m]	Total Vol [m]	VWAP
1 week	807.00	130.00	16.11	807.00	0.38		859.15
4 weeks	908.00	29.00	3.19	770.00	0.27		846.19
12 weeks	1,258.00	-321.00	-25.52	610.00	0.29		851.24
26 weeks	1,398.00	-461.00	-32.98	610.00	0.23		1,097.95
1 year	1,270.00	-333.00	-26.22	610.00	0.18		1,151.25
3 years	1,330.00	-393.00	-29.55	610.00	0.13		1,234.25
5 years	1,192.00	-255.00	-21.39	610.00	0.12		1,190.70
† periods calculated are whole weeks rather than calendar months

Aberforth Smaller Compan... Key Management Ratios

Aberforth Smaller Compan... Investment Ratios

(Market value analysis) at previous day's close
PQ Ratio	0.24
PE Ratio	22.17
Tobin's Q Ratio	0.65
Tobin's Q Ratio (excl. intangibles)	0.65
Dividend Yield	3.42	%
Market-to-Book Ratio	0.60
Price-to-Pre-Tax Profit PS	22.02
Price-to-Retained Profit PS	255.85
Price-to-Cash Flow PS	24.96
Price-to-Sales PS	19.75
Price-to-Net Tangible Asset Value PS	0.60
Price-to-Cash PS	4,486.23
Net Working Capital PS	-12.15
Price Pct to Working Capital PS	-77.12	%
Earnings Yield	4.51	%
Average PE	31.48
Years in average	5
PE to PE average	70.42	%

Aberforth Smaller Compan... Financial Ratios

(Leverage Ratios)
Debt Ratio	-	%
Debt-to-Equity Ratio	-
Debt-to-Equity Ratio (excl. Intgbl)	-
Debt-to-Equity Market Value	-
Net Gearing	0.96	%
Net Gearing (excl. Intangibles)	0.96	%
Gross Gearing	0.98	%
Gross Gearing (excl. Intangibles)	0.98	%
Gearing Under 1 Year	0.98	%
Gearing Under 1 Year (excl. Intgbl)	0.98	%
Assets/Equity	1.01
Cash/Equity	0.01
(Liquidity Ratios)
Net Working Capital to Total Assets	-0.77	%
Current Ratio	0.22
Quick Ratio (Acid Test)	0.22
Liquidity Ratio	0.01
Cash & Equiv/Current Assets	6.24	%
(Solvency Ratios)
Enterprise Value	838.74	m
CFO/Sales	0.79
CFO/Attributable Profit	0.88
CFO/Assets	0.02
CFO/Debt	2.42
Total Debt/Equity Market Value	0.02
Total Debt/Sales	0.33
Total Debt/Pre-Tax Profit	0.36
Total Debt	13.87	m
Total Debt/Net Current Assets	-1.28	%
(Dodds - Graham Ratios)
3 yr Compound Earnings Growth	0.53	%
5 yr Compound Earnings Growth	3.82	%
10 yr Compound Earnings Growth	8.84	%
Earn drops > 5% in 10yrs	4

Beta (60-Mnth)	Beta (36-Mnth)
0.3975	0.4879

Aberforth Smaller Compan... Operating Ratios

(Profitability Ratios)
Return On Capital Employed (ROCE)	2.71	%
Return On Assets (ROA)	2.94	%
Net Profit Margin	89.70	%
Assets Turnover	0.03
Return On Equity (ROE)	2.71	%
Return On Investment (ROI)	2.96	%
Dividend Payout Ratio	75.72	%
Plowback Ratio	24.28	%
Growth from Plowback Ratio	0.72	%
Net Income Of Revenues	7.72	%
(Asset Utilisation Multiples)
Shareholders Equity Turnover	0.03
Fixed Assets Turnover	0.03
Current Assets Turnover	13.52
Net Working Capital Turnover
Inventory Turnover	-
(Other Operating Ratios)
Total Assets-to-Sales	30.50
Debtors-to-Sales	7.11	%
Debt Collection Period	25.95	Days

Aberforth Smaller Compan... Dividends

Announcement Date	Type	Curr.	Dividend Amount	Period Start	Period End	Ex Date	Record Date	Payment Date	Total Dividend Amount
29 Jan 2020	Special	GBX	4.00	31/12/2018	31/12/2019	06/02/2020	07/02/2020	06/03/2020	-
29 Jan 2020	Final	GBX	22.00	31/12/2018	31/12/2019	06/02/2020	07/02/2020	06/03/2020	32.00
26 Jul 2019	Interim	GBX	10.00	31/12/2018	31/12/2019	08/08/2019	09/08/2019	30/08/2019	-
25 Jan 2019	Special	GBX	7.75	31/12/2017	31/12/2018	07/02/2019	08/02/2019	07/03/2019	-
25 Jan 2019	Final	GBX	20.75	31/12/2017	31/12/2018	07/02/2019	08/02/2019	07/03/2019	30.25
25 Jul 2018	Interim	GBX	9.50	31/12/2017	31/12/2018	09/08/2018	10/08/2018	31/08/2018	-
26 Jan 2018	Final	GBX	19.75	31/12/2016	31/12/2017	08/02/2018	09/02/2018	06/03/2018	28.80
26 Jan 2018	Special	GBX	6.70	31/12/2016	31/12/2017	08/02/2018	09/02/2018	06/03/2018	-
27 Jul 2017	Interim	GBX	9.05	31/12/2016	31/12/2017	03/08/2017	04/08/2017	24/08/2017	-
27 Jan 2017	Final	GBX	18.75	31/12/2015	31/12/2016	09/02/2017	10/02/2017	03/03/2017	27.35
27 Jan 2017	Special	GBX	2.75	31/12/2015	31/12/2016	09/02/2017	10/02/2017	03/03/2017	-
27 Jul 2016	Interim	GBX	8.60	31/12/2015	31/12/2016	04/08/2016	05/08/2016	25/08/2016	-
27 Jan 2016	Final	GBX	17.85	31/12/2014	31/12/2015	11/02/2016	12/02/2016	04/03/2016	28.75
27 Jan 2016	Special	GBX	2.75	31/12/2014	31/12/2015	11/02/2016	12/02/2016	04/03/2016	-
29 Jul 2015	Interim	GBX	8.15	31/12/2014	31/12/2015	06/08/2015	07/08/2015	27/08/2015	-
29 Jan 2015	Final	GBX	17.00	31/12/2013	31/12/2014	12/02/2015	13/02/2015	05/03/2015	24.75
25 Jul 2014	Interim	GBX	7.75	31/12/2013	31/12/2014	06/08/2014	08/08/2014	28/08/2014	-
28 Jan 2014	Final	GBX	16.15	31/12/2012	31/12/2013	05/02/2014	07/02/2014	06/03/2014	23.50
18 Jul 2013	Interim	GBX	7.35	31/12/2012	31/12/2013	31/07/2013	02/08/2013	22/08/2013	-
29 Jan 2013	Final	GBX	15.25	31/12/2011	31/12/2012	06/02/2013	08/02/2013	28/02/2013	22.25
18 Jul 2012	Interim	GBX	7.00	31/12/2011	31/12/2012	01/08/2012	03/08/2012	23/08/2012	-
25 Jan 2012	Final	GBX	14.30	31/12/2010	31/12/2011	01/02/2012	03/02/2012	24/02/2012	20.75
20 Jul 2011	Interim	GBX	6.45	31/12/2010	31/12/2011	03/08/2011	05/08/2011	26/08/2011	-
26 Jan 2011	Final	GBX	13.00	31/12/2009	31/12/2010	02/02/2011	04/02/2011	25/02/2011	19.00
20 Jul 2010	Interim	GBX	6.00	31/12/2009	31/12/2010	10/03/2010	12/03/2010	02/04/2010	-
26 Jan 2010	Final	GBX	13.00	31/12/2008	31/12/2009	03/02/2010	05/02/2010	26/02/2010	19.00
22 Jul 2009	Interim	GBX	6.00	30/12/2008	30/06/2009	29/07/2009	31/07/2009	21/08/2009	-
27 Jan 2009	Final	GBX	13.00	31/12/2007	31/12/2008	04/02/2009	06/02/2009	27/02/2009	19.00
18 Jul 2008	Interim	GBX	6.00	30/12/2007	30/06/2008	30/07/2008	01/08/2008	21/08/2008	-
23 Jan 2008	Final	GBX	10.50	31/12/2006	31/12/2007	30/01/2008	01/02/2008	21/02/2008	15.20
18 Jul 2007	Interim	GBX	4.70	30/12/2006	30/06/2007	25/07/2007	27/07/2007	23/08/2007	-
22 Jan 2007	Final	GBX	9.15	30/09/2005	30/09/2006	31/01/2007	09/02/2007	07/03/2007	13.40
19 Jul 2006	Interim	GBX	4.25	30/12/2005	30/06/2006	02/08/2006	04/08/2006	01/09/2006	-
19 Jan 2006	Final	GBX	7.85	31/12/2004	31/12/2005	08/02/2006	10/02/2006	07/03/2006	11.85
13 Jul 2005	Interim	GBX	4.00	30/12/2004	30/06/2005	03/08/2005	05/08/2005	02/09/2005	-
20 Jan 2005	Final	GBX	7.25	31/12/2003	31/12/2004	04/03/2005	04/02/2005	02/02/2005	11.00
15 Jul 2004	Interim	GBX	3.75	30/12/2003	30/06/2004	04/08/2004	06/08/2004	03/09/2004	-
21 Jan 2004	Final	GBX	6.60	31/12/2002	31/12/2003	04/02/2004	06/02/2004	05/03/2004	10.10
17 Jul 2003	Interim	GBX	3.50	30/12/2002	30/06/2003	06/08/2003	08/08/2003	05/09/2003	-
21 Jan 2003	Final	GBX	6.20	31/12/2001	31/12/2002	05/02/2003	07/02/2003	07/03/2003	9.50
16 Jul 2002	Interim	GBX	3.30	30/12/2001	30/06/2002	07/08/2002	09/08/2002	06/09/2002	-
22 Jan 2002	Final	GBX	5.90	31/12/2000	31/12/2001	30/01/2002	01/02/2002	01/03/2002	9.10
17 Jul 2001	Interim	GBX	3.20	30/12/2000	30/06/2001	08/08/2001	10/08/2001	07/09/2001	-
23 Jan 2001	Final	GBX	5.65	31/12/1999	31/12/2000	07/02/2001	09/02/2001	02/03/2001	8.65
18 Jul 2000	Interim	GBX	3.00	30/12/1999	30/06/2000	31/07/2000	04/08/2000	01/09/2000	-
25 Jan 2000	Final	GBX	4.75	31/12/1998	31/12/1999	31/01/2000	04/02/2000	03/03/2000	7.60
13 Jul 1999	Interim	GBX	2.85	30/12/1998	30/06/1999	19/07/1999	23/07/1999	03/09/1999	-
19 Jan 1999	Final	GBX	4.55	31/12/1997	31/12/1998	25/01/1999	29/01/1999	05/03/1999	7.30
14 Jul 1998	Interim	GBX	2.75	30/12/1997	30/06/1998	20/07/1998	24/07/1998	04/09/1998	-

Aberforth Smaller Compan... Fundamentals

	31 Dec 2016 (GBP)		31 Dec 2017 (GBP)		31 Dec 2018 (GBP)		31 Dec 2019 (GBP)
turnover	39.03	100.00%	43.68	100.00%	46.26	100.00%	42.48	100.00%	m
pre tax profit	35.02	89.73%	39.06	89.44%	41.45	89.60%	38.10	89.70%	m
attributable profit	34.98	89.64%	39.06	89.44%	41.45	89.60%	38.10	89.70%	m
retained profit	7.26	18.61%	5.85	13.40%	8.24	17.81%	3.28	7.72%	m
eps - basic (p)	36.93		41.59		45.30		42.26
eps - diluted (p)	36.93		41.59		45.30		42.26
dividends per share	27.35		28.80		30.25		32.00

Aberforth Smaller Compan... 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	-	-%	-	-%	-	-%	-	-%	m
intangibles	-	-%	-	-%	-	-%	-	-%	m
fixed investments	1,253.25	99.75%	1,440.50	99.73%	1,168.16	99.72%	1,416.68	99.79%	m
current assets - other	-	-%	-	-%	-	-%	-	-%	m
stocks	-	-%	-	-%	-	-%	-	-%	m
debtors	2.88	0.23%	3.65	0.25%	3.23	0.28%	2.81	0.20%	m
cash & securities	0.24	0.02%	0.29	0.02%	0.06	0.01%	0.19	0.01%	m

TOTAL	1,256.37	100%	1,444.44	100%	1,171.45	100%	1,419.67	100%	m

LIABILITIES
creditors - short	36.14	2.88%	0.20	0.01%	0.31	0.03%	13.87	0.98%	m
creditors - long	-	-%	8.60	0.60%	17.41	1.49%	-	-%	m
creditors - other	-	-%	-	-%	-	-%	-	-%	m
subordinated loans	-	-%	-	-%	-	-%	-	-%	m
insurance funds	-	-%	-	-%	-	-%	-	-%	m

TOTAL	36.14	2.88%	8.80	0.61%	17.72	1.51%	13.87	0.98%	m

EQUITY
ord cap, reserves	1,220.23	97.12%	1,435.64	99.39%	1,153.74	98.49%	1,405.80	99.02%	m
prefs, minorities	-	-%	-	-%	-	-%	-	-%	m

TOTAL	1,220.23	97.12%	1,435.64	99.39%	1,153.74	98.49%	1,405.80	99.02%	m

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

Aberforth Smaller Compan... Cash Flow Statement

	31 Dec 2016 (GBP)	31 Dec 2017 (GBP)	31 Dec 2018 (GBP)	31 Dec 2019 (GBP)
Operating CF	35.09	32.50	38.96	33.61	m
Pre-Financing CF	5.11	74.74	57.66	52.34	m
Retained CF	-0.78	0.05	-0.23	0.13	m

Aberforth Smaller Compan... Brokers

Name	Activity	Type	Mnemonic	Code
Arbuthnot Securities Limited	Market Maker(MME)	Broker/Dealer	ARBT	ALESGB31MKT
J.P. Morgan Cazenove Limited	Market Maker(MME)	Broker/Dealer	CAZR	CAZEGB2L
Cenkos Securities Plc	Market Maker(MME)	Broker/Dealer	CNKS	CNKOGB21
Collins Stewart Europe Limited	Market Maker(MME)	Broker/Dealer	CSCS	CSTEGB21
Canaccord Genuity Limited	Market Maker(MME)	Broker/Dealer	CANA	HOARGB21001
HSBC Bank plc	Market Maker(MME)	Broker/Dealer	HSBC	JCAPGB2L
J.P. Morgan Securities Ltd	Market Maker(MME)	Broker/Dealer	JPMS	JPMSGB2L
Oriel Securities Limited	Market Maker(MME)	Broker/Dealer	OREL	ORSNGB21
Numis Securities Limited	Market Maker(MME)	Broker/Dealer	NUMS	RAZHGB2LBIC
UBS AG	Market Maker(MME)	Broker/Dealer	UBS.	UBSWGB2LEQU
Winterflood Securities Ltd	Market Maker(MME)	Broker/Dealer	WINS	WNTSGB2LBIC