Empiric Student Property (ESP)

Company name:	Empiric Student Property Plc
EPIC:	ESP	Trading Currency:	GBX
Market Sector:	SSC5	ISIN:	GB00BLWDVR75
Market Segment:	SSMM	Share Type:	DE
WWW Address:	http://www.espreit.co.uk/	Description:	ORD GBP0.01
Industry Sector:	REAL ESTATE INVESTMENT & SERVICES

Price	Price Change [%]	Bid	Offer	Open	High	Low	Volume
97.70	0.6 [0.62]	97.40	97.90	97.10	97.90	97.00	513,758
Market Cap. [m]	Shares In Issue [m]	Beta	EPS	DPS	PE Ratio	Yield	52-Wks-Range
589.02	602.89	-0.02	6.68	5.00	14.63	5.12	99.50 - 89.10

Empiric Student Property Key Figures

(at previous day's close)
Market Cap.	589.02	m
Shares In Issue	602.89	m
Prev. Close	97.10
PE Ratio	14.63
Dividend Yield	5.12	%
EPS - basic	6.68	p
Dividend PS	5.00	p
Dividend Cover	1.34
Cash Flow PS	8.65	p
Return On Equity (ROE)	6.36	%
Operating Margin	62.78	%
PEG Factor	0.20
EPS Growth Rate	73.96	%
Dividends PS Growth Rate	-9.91	%
Net Debt	356.52	m
Gross Gearing	37.26	%
Quick Assets	47.22	m
Net Working Capital	-63.78	m
Intangibles / Fixed Assets	0.13	%
Turnover PS	10.64	p
Pre-Tax Profit PS	6.68	p
Retained Profit PS	1.75	p
Cash PS	3.89	p
Net Cash PS	-14.52	p
Net Tangible Asset Value PS *	105.93	p
Net Asset Value PS	106.14	p
Spread	0.50 (0.51%)
* 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.

Empiric Student Property Balance Sheet

Share Price Performance

Sample Period ^†	High	Low
1 week	97.90	93.10
4 weeks	97.90	91.70
12 weeks	97.90	89.40
1 year	99.50	89.10

Share Price Chart (5 years)

Empiric Student Property Historic Returns

Period ^†	Open	Change	%	Open Avg.	Avg. Daily Vol [m]	Total Vol [m]	VWAP
1 week	95.00	2.70	2.84	93.10	0.90		95.35
4 weeks	93.30	4.40	4.72	91.70	1.06		93.97
12 weeks	91.80	5.90	6.43	89.40	0.97		93.30
26 weeks	94.00	3.70	3.94	89.30	0.98		92.45
1 year	96.60	1.10	1.14	89.10	0.98		93.32
3 years	116.50	-18.80	-16.14	81.20	1.08		96.58
5 years	101.00	-3.30	-3.27	81.20	0.90		100.39
† periods calculated are whole weeks rather than calendar months

Empiric Student Property Key Management Ratios

Empiric Student Property Investment Ratios

(Market value analysis) at previous day's close
PQ Ratio	4.22
PE Ratio	14.63
Tobin's Q Ratio	0.59
Tobin's Q Ratio (excl. intangibles)	0.59
Dividend Yield	5.12	%
Market-to-Book Ratio	0.92
Price-to-Pre-Tax Profit PS	14.62
Price-to-Retained Profit PS	55.92
Price-to-Cash Flow PS	11.29
Price-to-Sales PS	9.18
Price-to-Net Tangible Asset Value PS	0.92
Price-to-Cash PS	25.09
Net Working Capital PS	-10.58
Price Pct to Working Capital PS	-9.24	%
Earnings Yield	6.84	%
Average PE	16.02
Years in average	4
PE to PE average	91.28	%

Empiric Student Property Financial Ratios

(Leverage Ratios)
Debt Ratio	29.60	%
Debt-to-Equity Ratio	0.42
Debt-to-Equity Ratio (excl. Intgbl)	0.42
Debt-to-Equity Market Value	0.46
Net Gearing	34.96	%
Net Gearing (excl. Intangibles)	35.00	%
Gross Gearing	37.26	%
Gross Gearing (excl. Intangibles)	37.30	%
Gearing Under 1 Year	10.88	%
Gearing Under 1 Year (excl. Intgbl)	10.90	%
Assets/Equity	1.59
Cash/Equity	3.67
(Liquidity Ratios)
Net Working Capital to Total Assets	-6.25	%
Current Ratio	0.43
Quick Ratio (Acid Test)	0.43
Liquidity Ratio	0.21
Cash & Equiv/Current Assets	49.71	%
(Solvency Ratios)
Enterprise Value	834.54	m
CFO/Sales	0.81
CFO/Attributable Profit	1.28
CFO/Assets	0.05
CFO/Debt	0.14
Total Debt/Equity Market Value	0.65
Total Debt/Sales	5.92
Total Debt/Pre-Tax Profit	9.43
Total Debt	379.99	m
Total Debt/Net Current Assets	-5.96	%
(Dodds - Graham Ratios)
3 yr Compound Earnings Growth	-	%
5 yr Compound Earnings Growth	-	%
10 yr Compound Earnings Growth	-	%
Earn drops > 5% in 10yrs	2

Beta (60-Mnth)	Beta (36-Mnth)
-0.0191	-0.0132

Empiric Student Property Operating Ratios

(Profitability Ratios)
Return On Capital Employed (ROCE)	4.43	%
Return On Assets (ROA)	4.08	%
Net Profit Margin	63.40	%
Assets Turnover	0.06
Return On Equity (ROE)	6.36	%
Return On Investment (ROI)	4.48	%
Dividend Payout Ratio	74.85	%
Plowback Ratio	25.15	%
Growth from Plowback Ratio	1.61	%
Net Income Of Revenues	16.42	%
(Asset Utilisation Multiples)
Shareholders Equity Turnover	0.10
Fixed Assets Turnover	0.07
Current Assets Turnover	1.00
Net Working Capital Turnover
Inventory Turnover	-
(Other Operating Ratios)
Total Assets-to-Sales	15.53
Debtors-to-Sales	40.17	%
Debt Collection Period	146.61	Days

Empiric Student Property Dividends

Announcement Date	Type	Curr.	Dividend Amount	Period Start	Period End	Ex Date	Record Date	Payment Date	Total Dividend Amount
20 Aug 2019	Interim	GBX	1.25	30/12/2018	30/06/2019	05/09/2019	06/09/2019	20/09/2019	-
29 May 2019	Interim	GBX	1.25	01/12/2018	31/03/2019	06/06/2019	07/06/2019	28/06/2019	-
20 Feb 2019	Interim	GBX	1.25	31/12/2017	31/12/2018	28/02/2019	01/03/2019	22/03/2019	5.00
14 Nov 2018	Interim	GBX	1.25	30/05/2018	30/09/2018	22/11/2018	23/11/2018	07/12/2018	-
21 Aug 2018	Interim	GBX	1.25	30/12/2017	30/06/2018	30/08/2018	31/08/2018	14/09/2018	-
23 May 2018	Interim	GBX	1.25	01/12/2017	31/03/2018	31/05/2018	01/06/2018	15/06/2018	-
27 Feb 2018	Interim	GBX	1.25	31/12/2016	31/12/2017	08/03/2018	09/03/2018	23/03/2018	5.55
23 Nov 2017	Interim	GBX	1.25	30/05/2017	30/09/2017	30/11/2017	01/12/2017	15/12/2017	-
04 Jul 2017	Interim	GBX	1.53	30/12/2016	30/06/2017	20/07/2017	21/07/2017	01/08/2017	-
10 May 2017	Interim	GBX	1.52	01/12/2016	31/03/2017	18/05/2017	19/05/2017	31/05/2017	-
11 Jan 2017	Interim	GBX	1.55	31/12/2015	31/12/2016	19/01/2017	20/01/2017	08/02/2017	3.05
17 Oct 2016	Interim	GBX	1.50	30/12/2015	30/06/2016	27/10/2016	28/10/2016	10/11/2016	-
26 Jul 2016	Final	GBX	1.50	30/06/2015	30/06/2016	04/08/2016	05/08/2016	17/08/2016	6.00
01 Mar 2016	Interim	GBX	1.50	01/07/2015	31/12/2015	10/03/2016	11/03/2016	23/03/2016	-
08 Oct 2015	Interim	GBX	1.50	30/05/2015	30/09/2015	15/10/2015	16/10/2015	04/11/2015	-
08 Jul 2015	Final	GBX	1.00	30/06/2014	30/06/2015	16/07/2015	17/07/2015	04/08/2015	4.50
25 May 2016	Interim	GBX	1.50	01/12/2014	31/03/2015	09/06/2016	10/06/2016	23/06/2016	-
28 May 2015	Interim	GBX	1.00	01/12/2014	31/03/2015	04/06/2015	05/06/2015	25/06/2015	-
25 Feb 2015	Interim	GBX	0.50	01/07/2014	31/12/2014	05/03/2015	06/03/2015	20/03/2015	-
30 Oct 2014	Interim	GBX	2.00	30/05/2014	30/09/2014	06/11/2014	07/11/2014	28/11/2014	-

Empiric Student Property Fundamentals

	30 Jun 2015 (GBP)		30 Jun 2016 (GBP)		31 Dec 2017 (GBP)		31 Dec 2018 (GBP)
turnover	8.30	100.00%	21.60	100.00%	51.21	100.00%	64.16	100.00%	m
pre tax profit	14.22	171.25%	28.12	130.19%	20.75	40.52%	40.28	62.78%	m
attributable profit	14.22	171.25%	28.12	130.19%	21.26	41.52%	40.68	63.40%	m
retained profit	9.86	118.80%	7.94	36.76%	-9.34	-18.24%	10.53	16.42%	m
eps - basic (p)	9.67		7.29		3.84		6.68
eps - diluted (p)	9.61		7.23		3.83		6.67
dividends per share	4.50		6.00		5.55		5.00

Empiric Student Property Balance Sheet

	30 Jun 2015 (GBP)		30 Jun 2016 (GBP)		31 Dec 2017 (GBP)		31 Dec 2018 (GBP)


	30 Jun 2015 (GBP)		30 Jun 2016 (GBP)		31 Dec 2017 (GBP)		31 Dec 2018 (GBP)
ASSETS
fixed assets	0.08	0.02%	0.30	0.04%	0.48	0.05%	0.37	0.04%	m
intangibles	-	-%	0.74	0.10%	1.42	0.15%	1.25	0.12%	m
fixed investments	248.38	74.94%	518.41	73.84%	890.58	91.53%	971.04	95.21%	m
current assets - other	-	-%	-	-%	-	-%	-	-%	m
stocks	-	-%	-	-%	-	-%	-	-%	m
debtors	4.17	1.26%	18.72	2.67%	27.79	2.86%	23.75	2.33%	m
cash & securities	78.79	23.77%	163.92	23.35%	52.72	5.42%	23.47	2.30%	m

TOTAL	331.42	100%	702.08	100%	972.99	100%	1,019.88	100%	m

LIABILITIES
creditors - short	7.18	2.17%	29.13	4.15%	66.10	6.79%	111.00	10.88%	m
creditors - long	83.85	25.30%	144.84	20.63%	277.64	28.53%	268.99	26.37%	m
creditors - other	-	-%	-	-%	-	-%	-	-%	m
subordinated loans	-	-%	-	-%	-	-%	-	-%	m
insurance funds	-	-%	-	-%	-	-%	-	-%	m

TOTAL	91.03	27.47%	173.97	24.78%	343.74	35.33%	379.99	37.26%	m

EQUITY
ord cap, reserves	240.39	72.53%	528.11	75.22%	629.26	64.67%	639.89	62.74%	m
prefs, minorities	-	-%	-	-%	-	-%	-	-%	m

TOTAL	240.39	72.53%	528.11	75.22%	629.26	64.67%	639.89	62.74%	m

OTHER
NAV Basic	-		-		104.37		106.14
NAV Diluted	-		-		104.15		105.96

Empiric Student Property Cash Flow Statement

	30 Jun 2015 (GBP)	30 Jun 2016 (GBP)	31 Dec 2017 (GBP)	31 Dec 2018 (GBP)
Operating CF	3.73	7.43	21.43	52.15	m
Pre-Financing CF	-211.57	-229.84	-131.59	-12.18	m
Retained CF	78.79	85.14	-6.68	-29.25	m

Empiric Student Property Brokers

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