Brewin Dolphin (BRW)

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Capital at risk

Company name:	Brewin Dolphin Holdings Plc
EPIC:	BRW	Trading Currency:	GBX
Market Sector:	F25F	ISIN:	GB0001765816
Market Segment:	STMM	Share Type:	DE
WWW Address:	http://www.brewindolphin.co.uk/	Description:	ORD 1P
Industry Sector:	NONEQUITY INVESTMENT INSTRUMENTS

Price	Price Change [%]	Bid	Offer	Open	High	Low	Volume
514.00	2.0 [0.39]	513.00	514.00	513.00	514.00	513.00	344,498
Market Cap. [m]	Shares In Issue [m]	Beta	EPS	DPS	PE Ratio	Yield	52-Wks-Range
1,561.16	303.73	0.14	18.80	15.70	27.34	3.05	527.00 - 250.50

Brewin Dolphin Key Figures

(at previous day's close)
Market Cap.	1,561.16	m
Shares In Issue	303.73	m
Prev. Close	512.00
PE Ratio	27.34
Dividend Yield	3.05	%
EPS - basic	18.80	p
Dividend PS	15.70	p
Dividend Cover	1.20
Cash Flow PS	35.88	p
Return On Equity (ROE)	15.93	%
Operating Margin	17.95	%
PEG Factor	1.78
EPS Growth Rate	15.34	%
Dividends PS Growth Rate	9.79	%
Net Debt	150.96	m
Gross Gearing	49.40	%
Quick Assets	437.37	m
Net Working Capital	165.02	m
Intangibles / Fixed Assets	75.41	%
Turnover PS	133.04	p
Pre-Tax Profit PS	23.88	p
Retained Profit PS	4.17	p
Cash PS	61.90	p
Net Cash PS	-27.77	p
Net Tangible Asset Value PS *	52.55	p
Net Asset Value PS	114.33	p
Spread	1.00 (0.19%)
* 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.

Brewin Dolphin Balance Sheet

Share Price Performance

Sample Period ^†	High	Low
1 week	514.00	511.00
4 weeks	515.00	508.00
12 weeks	515.00	506.00
1 year	527.00	250.50

Share Price Chart (5 years)

Brewin Dolphin Historic Returns

Period ^†	Open	Change	%	Open Avg.	Avg. Daily Vol [m]	Total Vol [m]	VWAP
1 week	512.00	2.00	0.39	511.00	0.87		511.56
4 weeks	510.00	4.00	0.78	508.00	0.90		510.79
12 weeks	515.00	-1.00	-0.19	506.00	1.51		509.85
26 weeks	333.50	180.50	54.12	250.50	4.27		501.94
1 year	380.50	133.50	35.09	250.50	2.31		487.69
3 years	295.20	218.80	74.12	130.00	1.23		414.74
5 years	356.90	157.10	44.02	130.00	0.95		397.40
† periods calculated are whole weeks rather than calendar months

Brewin Dolphin Key Management Ratios

Brewin Dolphin Investment Ratios

(Market value analysis) at previous day's close
PQ Ratio	20.70
PE Ratio	27.34
Tobin's Q Ratio	2.30
Tobin's Q Ratio (excl. intangibles)	3.26
Dividend Yield	3.05	%
Market-to-Book Ratio	4.50
Price-to-Pre-Tax Profit PS	21.52
Price-to-Retained Profit PS	123.26
Price-to-Cash Flow PS	14.32
Price-to-Sales PS	3.86
Price-to-Net Tangible Asset Value PS	9.78
Price-to-Cash PS	8.30
Net Working Capital PS	54.33
Price Pct to Working Capital PS	9.46	%
Earnings Yield	3.66	%
Average PE	18.24
Years in average	4
PE to PE average	149.89	%

Brewin Dolphin Financial Ratios

(Leverage Ratios)
Debt Ratio	16.10	%
Debt-to-Equity Ratio	0.19
Debt-to-Equity Ratio (excl. Intgbl)	0.42
Debt-to-Equity Market Value	0.04
Net Gearing	22.00	%
Net Gearing (excl. Intangibles)	30.28	%
Gross Gearing	49.40	%
Gross Gearing (excl. Intangibles)	67.99	%
Gearing Under 1 Year	39.69	%
Gearing Under 1 Year (excl. Intgbl)	54.63	%
Assets/Equity	1.98
Cash/Equity	54.14
(Liquidity Ratios)
Net Working Capital to Total Assets	24.05	%
Current Ratio	1.61
Quick Ratio (Acid Test)	1.61
Liquidity Ratio	0.69
Cash & Equiv/Current Assets	42.99	%
(Solvency Ratios)
Enterprise Value	1,439.77	m
CFO/Sales	0.27
CFO/Attributable Profit	1.97
CFO/Assets	0.16
CFO/Debt	0.32
Total Debt/Equity Market Value	0.22
Total Debt/Sales	0.84
Total Debt/Pre-Tax Profit	4.67
Total Debt	338.98	m
Total Debt/Net Current Assets	2.05	%
(Dodds - Graham Ratios)
3 yr Compound Earnings Growth	3.41	%
5 yr Compound Earnings Growth	2.64	%
10 yr Compound Earnings Growth	9.20	%
Earn drops > 5% in 10yrs	10

Beta (60-Mnth)	Beta (36-Mnth)
0.1434	0.1610

Brewin Dolphin Operating Ratios

(Profitability Ratios)
Return On Capital Employed (ROCE)	17.52	%
Return On Assets (ROA)	8.14	%
Net Profit Margin	13.69	%
Assets Turnover	0.59
Return On Equity (ROE)	15.93	%
Return On Investment (ROI)	13.53	%
Dividend Payout Ratio	83.51	%
Plowback Ratio	16.49	%
Growth from Plowback Ratio	2.67	%
Net Income Of Revenues	3.13	%
(Asset Utilisation Multiples)
Shareholders Equity Turnover	1.18
Fixed Assets Turnover	1.64
Current Assets Turnover	0.93
Net Working Capital Turnover
Inventory Turnover	-
(Other Operating Ratios)
Total Assets-to-Sales	1.68
Debtors-to-Sales	61.06	%
Debt Collection Period	222.88	Days

Brewin Dolphin Dividends

Announcement Date	Type	Curr.	Dividend Amount	Period Start	Period End	Ex Date	Record Date	Payment Date	Total Dividend Amount
24 Nov 2021	Final	GBX	11.10	30/09/2020	30/09/2021	06/01/2022	07/01/2022	09/02/2022	15.70
13 May 2021	Interim	GBX	4.60	01/10/2020	31/03/2021	20/05/2021	21/05/2021	11/06/2021	-
18 Dec 2020	Final	GBX	9.90	30/09/2019	30/09/2020	07/01/2021	08/01/2021	10/02/2021	14.30
13 May 2020	Interim	GBX	4.40	01/10/2019	31/03/2020	21/05/2020	22/05/2020	12/06/2020	-
27 Nov 2019	Final	GBX	12.00	30/09/2018	30/09/2019	09/01/2020	10/01/2020	12/02/2020	16.40
10 May 2019	Interim	GBX	4.40	01/10/2018	31/03/2019	23/05/2019	24/05/2019	14/06/2019	-
28 Nov 2018	Final	GBX	12.00	30/09/2017	30/09/2018	10/01/2019	11/01/2019	06/02/2019	16.40
16 May 2018	Interim	GBX	4.40	01/10/2017	31/03/2018	24/05/2018	25/05/2018	15/06/2018	-
29 Nov 2017	Final	GBX	10.75	30/09/2016	30/09/2017	11/01/2018	12/01/2018	07/02/2018	15.00
17 May 2017	Interim	GBX	4.25	01/10/2016	31/03/2017	25/05/2017	26/05/2017	16/06/2017	-
30 Nov 2016	Final	GBX	9.15	30/09/2015	30/09/2016	16/02/2017	17/02/2017	10/03/2017	13.00
19 May 2016	Interim	GBX	3.85	01/10/2015	31/03/2016	26/05/2016	27/05/2016	17/06/2016	-
02 Dec 2015	Final	GBX	8.25	30/09/2014	30/09/2015	18/02/2016	19/02/2016	11/03/2016	12.00
27 May 2015	Interim	GBX	3.75	01/10/2014	31/03/2015	04/06/2015	05/06/2015	26/06/2015	-
03 Dec 2014	Final	GBX	6.25	28/09/2013	28/09/2014	05/03/2015	06/03/2015	23/03/2015	9.90
28 May 2014	Interim	GBX	3.65	30/09/2013	30/03/2014	04/06/2014	06/06/2014	04/07/2014	-
04 Dec 2013	Final	GBX	5.05	29/09/2012	29/09/2013	26/02/2014	28/02/2014	28/03/2014	8.60
29 May 2013	Interim	GBX	3.55	01/10/2012	31/03/2013	12/06/2013	14/06/2013	28/06/2013	-
05 Dec 2012	Final	GBX	3.60	30/09/2011	30/09/2012	06/03/2013	08/03/2013	08/04/2013	7.15
29 May 2012	Interim	GBX	3.55	01/10/2011	31/03/2012	22/08/2012	24/08/2012	21/09/2012	-
07 Dec 2011	Final	GBX	3.55	30/09/2010	30/09/2011	14/03/2012	16/03/2012	10/04/2012	7.10
25 May 2011	Interim	GBX	3.55	27/09/2010	27/03/2011	24/08/2011	26/08/2011	22/09/2011	-
01 Dec 2010	Final	GBX	3.55	26/09/2009	26/09/2010	09/03/2011	11/03/2011	05/04/2011	7.10
26 May 2010	Interim	GBX	3.55	26/09/2009	26/09/2010	25/08/2010	27/08/2010	22/09/2010	-
02 Dec 2009	Final	GBX	3.55	30/09/2008	30/09/2009	10/03/2010	12/03/2010	05/04/2010	7.10
28 May 2009	Interim	GBX	3.55	01/10/2008	31/03/2009	19/08/2009	21/08/2009	24/09/2009	-
27 Nov 2008	Final	GBX	3.55	30/09/2007	30/09/2008	11/03/2009	13/03/2009	06/04/2009	7.10
30 May 2008	Interim	GBX	3.55	01/10/2007	31/03/2008	20/08/2008	22/08/2008	24/09/2008	-
28 Nov 2007	Final	GBX	3.50	30/09/2006	30/09/2007	05/03/2008	07/03/2008	07/04/2008	9.75
25 Sep 2007	Interim	GBX	3.38	30/09/2006	30/09/2007	03/10/2007	05/10/2007	25/10/2007	-
23 Feb 2007	Interim	GBX	2.88	30/09/2006	30/09/2007	14/03/2007	16/03/2007	10/04/2007	-
26 Sep 2006	Final	GBX	2.75	30/09/2005	30/09/2006	04/10/2006	06/10/2006	25/10/2006	5.25
28 Feb 2006	Interim	GBX	2.50	30/09/2005	30/09/2006	08/03/2006	10/03/2006	06/04/2006	-
30 Sep 2005	Final	GBX	2.50	30/09/2004	30/09/2005	05/10/2005	07/10/2005	25/10/2005	4.50
22 Feb 2005	Interim	GBX	2.00	25/09/2004	25/03/2005	02/03/2005	04/03/2005	06/04/2005	-
01 Dec 2004	Final	GBX	2.00	24/09/2003	24/09/2004	06/10/2004	08/10/2004	25/10/2004	3.50
24 Feb 2004	Interim	GBX	1.50	24/09/2003	24/09/2004	03/03/2004	05/03/2004	06/04/2004	-
19 Aug 2003	Final	GBX	1.00	26/09/2002	26/09/2003	03/09/2003	05/09/2003	01/10/2003	2.00
29 May 2003	Interim	GBX	1.00	26/09/2002	26/09/2003	-	-	07/04/2003	-
08 Aug 2002	Final	GBX	1.50	30/09/2001	30/09/2002	04/09/2002	06/09/2002	01/10/2002	3.50
28 Feb 2002	Interim	GBX	2.00	30/09/2001	30/09/2002	06/03/2002	08/03/2002	08/04/2002	-
02 Aug 2001	Final	GBX	1.50	30/09/2000	30/09/2001	05/09/2001	07/09/2001	01/10/2001	3.50
27 Feb 2001	Interim	GBX	2.00	30/09/2000	30/09/2001	07/03/2001	09/03/2001	06/04/2001	-
31 Jul 2000	Final	GBX	1.25	30/09/1999	30/09/2000	04/09/2000	08/09/2000	01/10/2000	3.25
24 Feb 2000	Interim	GBX	2.00	30/09/1999	30/09/2000	06/03/2000	10/03/2000	06/04/2000	-
28 Jul 1999	Final	GBX	1.00	26/09/1998	26/09/1999	31/08/1999	06/09/1999	01/10/1999	2.60
27 Jul 1998	Final	GBX	0.70	27/09/1997	27/09/1998	01/09/1998	07/09/1998	01/10/1998	0.70

Brewin Dolphin Fundamentals

	30 Sep 2018 (GBP)		30 Sep 2019 (GBP)		30 Sep 2020 (GBP)		30 Sep 2021 (GBP)
turnover	326.23	100.00%	336.30	100.00%	359.16	100.00%	404.08	100.00%	m
pre tax profit	68.50	21.00%	62.52	18.59%	62.07	17.28%	72.53	17.95%	m
attributable profit	53.50	16.40%	48.07	14.29%	47.96	13.35%	55.32	13.69%	m
retained profit	11.90	3.65%	2.08	0.62%	-0.44	-0.12%	12.67	3.13%	m
eps - basic (p)	19.50		17.00		16.30		18.80
eps - diluted (p)	18.90		16.60		15.90		18.30
dividends per share	16.40		16.40		14.30		15.70

Brewin Dolphin Balance Sheet

	30 Sep 2018 (GBP)		30 Sep 2019 (GBP)		30 Sep 2020 (GBP)		30 Sep 2021 (GBP)


	30 Sep 2018 (GBP)		30 Sep 2019 (GBP)		30 Sep 2020 (GBP)		30 Sep 2021 (GBP)
ASSETS
fixed assets	8.11	1.73%	10.66	1.80%	9.72	1.45%	40.38	5.88%	m
intangibles	85.72	18.32%	117.25	19.83%	212.76	31.63%	187.66	27.35%	m
fixed investments	11.41	2.44%	17.37	2.94%	22.54	3.35%	20.82	3.03%	m
current assets - other	1.03	0.22%	0.45	0.08%	-	-%	3.01	0.44%	m
stocks	-	-%	-	-%	-	-%	-	-%	m
debtors	175.29	37.47%	216.21	36.58%	247.14	36.74%	246.34	35.90%	m
cash & securities	186.22	39.81%	229.20	38.77%	180.53	26.84%	188.02	27.40%	m

TOTAL	467.78	100%	591.14	100%	672.70	100%	686.24	100%	m

LIABILITIES
creditors - short	184.88	39.52%	231.31	39.13%	269.15	40.01%	272.35	39.69%	m
creditors - long	9.16	1.96%	22.13	3.74%	68.51	10.18%	66.63	9.71%	m
creditors - other	-	-%	-	-%	-	-%	-	-%	m
subordinated loans	-	-%	-	-%	-	-%	-	-%	m
insurance funds	-	-%	-	-%	-	-%	-	-%	m

TOTAL	194.04	41.48%	253.44	42.87%	337.66	50.20%	338.98	49.40%	m

EQUITY
ord cap, reserves	273.74	58.52%	337.70	57.13%	335.04	49.80%	347.26	50.60%	m
prefs, minorities	-	-%	-	-%	-	-%	-	-%	m

TOTAL	273.74	58.52%	337.70	57.13%	335.04	49.80%	347.26	50.60%	m

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

Brewin Dolphin Cash Flow Statement

	30 Sep 2018 (GBP)	30 Sep 2019 (GBP)	30 Sep 2020 (GBP)	30 Sep 2021 (GBP)
Operating CF	79.71	66.65	77.39	108.99	m
Pre-Financing CF	71.13	39.44	16.46	71.97	m
Retained CF	16.19	3.57	-48.78	8.42	m

Brewin Dolphin Brokers

Name	Activity	Type	Mnemonic	Code
Altium Capital Limited	Market Maker(MME)	Broker/Dealer	ALTI	APCFGB21
Arden Partners Plc	Market Maker(MME)	Broker/Dealer	ARDA	ARRRGB2100A
Evolution Securities Limited	Market Maker(MME)	Broker/Dealer	EVO	EVBGGB21MMT
Canaccord Genuity Limited	Market Maker(MME)	Broker/Dealer	CANA	HOARGB21001
Investec Bank Plc	Market Maker(MME)	Broker/Dealer	INV.	IHCSGB21002
HSBC Bank plc	Market Maker(MME)	Broker/Dealer	HSBC	JCAPGB2L
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
Winterflood Securities Ltd	Market Maker(MME)	Broker/Dealer	WINS	WNTSGB2LBIC