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
89.00	-1.0 [-1.11]	88.90	89.10	89.10	89.10	88.30	73,726
Market Cap. [m]	Shares In Issue [m]	Beta	EPS	DPS	PE Ratio	Yield	52-Wks-Range
536.57	602.89	0.03	4.84	3.13	18.39	3.51	103.00 - 80.10

Empiric Student Property Key Figures

(at previous day's close)
Market Cap.	536.57	m
Shares In Issue	602.89	m
Prev. Close	90.00
PE Ratio	18.39
Dividend Yield	3.51	%
EPS - basic	4.84	p
Dividend PS	3.13	p
Dividend Cover	1.55
Cash Flow PS	7.03	p
Return On Equity (ROE)	4.51	%
Operating Margin	52.17	%
PEG Factor	0.08
EPS Growth Rate	221.91	%
Dividends PS Growth Rate	-	%
Net Debt	384.75	m
Gross Gearing	39.45	%
Quick Assets	70.84	m
Net Working Capital	-23.84	m
Intangibles / Fixed Assets	0.13	%
Turnover PS	9.28	p
Pre-Tax Profit PS	4.84	p
Retained Profit PS	2.59	p
Cash PS	6.16	p
Net Cash PS	-9.54	p
Net Tangible Asset Value PS *	107.20	p
Net Asset Value PS	107.36	p
Spread	0.20 (0.22%)
* 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	90.60	85.10
4 weeks	94.10	85.00
12 weeks	96.00	83.40
1 year	103.00	80.10

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	85.40	3.60	4.22	85.10	0.55		88.13
4 weeks	94.00	-5.00	-5.32	85.00	0.56		88.60
12 weeks	90.60	-1.60	-1.77	83.40	0.82		89.52
26 weeks	83.50	5.50	6.59	81.40	0.90		88.78
1 year	86.00	3.00	3.49	80.10	1.12		89.90
3 years	91.20	-2.20	-2.41	50.30	1.15		81.88
5 years	114.00	-25.00	-21.93	50.30	1.15		86.52
† 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	5.00
PE Ratio	18.39
Tobin's Q Ratio	0.51
Tobin's Q Ratio (excl. intangibles)	0.51
Dividend Yield	3.51	%
Market-to-Book Ratio	0.83
Price-to-Pre-Tax Profit PS	18.38
Price-to-Retained Profit PS	34.38
Price-to-Cash Flow PS	12.65
Price-to-Sales PS	9.59
Price-to-Net Tangible Asset Value PS	0.83
Price-to-Cash PS	14.45
Net Working Capital PS	-3.95
Price Pct to Working Capital PS	-22.51	%
Earnings Yield	5.44	%
Average PE	16.62
Years in average	4
PE to PE average	110.62	%

Empiric Student Property Financial Ratios

(Leverage Ratios)
Debt Ratio	33.57	%
Debt-to-Equity Ratio	0.51
Debt-to-Equity Ratio (excl. Intgbl)	0.51
Debt-to-Equity Market Value	0.61
Net Gearing	35.98	%
Net Gearing (excl. Intangibles)	36.02	%
Gross Gearing	39.45	%
Gross Gearing (excl. Intangibles)	39.50	%
Gearing Under 1 Year	8.85	%
Gearing Under 1 Year (excl. Intgbl)	8.86	%
Assets/Equity	1.65
Cash/Equity	5.73
(Liquidity Ratios)
Net Working Capital to Total Assets	-2.23	%
Current Ratio	0.75
Quick Ratio (Acid Test)	0.75
Liquidity Ratio	0.39
Cash & Equiv/Current Assets	52.41	%
(Solvency Ratios)
Enterprise Value	826.65	m
CFO/Sales	0.76
CFO/Attributable Profit	1.45
CFO/Assets	0.04
CFO/Debt	0.10
Total Debt/Equity Market Value	0.79
Total Debt/Sales	7.54
Total Debt/Pre-Tax Profit	14.45
Total Debt	421.88	m
Total Debt/Net Current Assets	-17.70	%
(Dodds - Graham Ratios)
3 yr Compound Earnings Growth	-	%
5 yr Compound Earnings Growth	4.74	%
10 yr Compound Earnings Growth	-	%
Earn drops > 5% in 10yrs	3

Beta (60-Mnth)	Beta (36-Mnth)
0.0325	0.0330

Empiric Student Property Operating Ratios

(Profitability Ratios)
Return On Capital Employed (ROCE)	3.00	%
Return On Assets (ROA)	2.75	%
Net Profit Margin	52.17	%
Assets Turnover	0.05
Return On Equity (ROE)	4.51	%
Return On Investment (ROI)	2.93	%
Dividend Payout Ratio	64.57	%
Plowback Ratio	35.43	%
Growth from Plowback Ratio	1.62	%
Net Income Of Revenues	27.89	%
(Asset Utilisation Multiples)
Shareholders Equity Turnover	0.09
Fixed Assets Turnover	0.06
Current Assets Turnover	0.94
Net Working Capital Turnover
Inventory Turnover	-
(Other Operating Ratios)
Total Assets-to-Sales	18.98
Debtors-to-Sales	19.97	%
Debt Collection Period	72.88	Days

Empiric Student Property Dividends

Announcement Date	Type	Curr.	Dividend Amount	Period Start	Period End	Ex Date	Record Date	Payment Date	Total Dividend Amount
24 May 2022	Interim	GBX	0.62	01/12/2021	31/03/2022	01/06/2022	06/06/2022	24/06/2022	-
23 Feb 2022	Interim	GBX	0.63	31/12/2020	31/12/2021	03/03/2022	04/03/2022	25/03/2022	3.13
29 Oct 2021	Interim	GBX	2.50	30/05/2021	30/09/2021	11/11/2021	12/11/2021	03/12/2021	-
17 Feb 2020	Interim	GBX	1.25	31/12/2018	31/12/2019	27/02/2020	28/02/2020	20/03/2020	5.00
27 Nov 2019	Interim	GBX	1.25	30/05/2019	30/09/2019	05/12/2019	06/12/2019	20/12/2019	-
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

	31 Dec 2018 (GBP)		31 Dec 2019 (GBP)		31 Dec 2020 (GBP)		31 Dec 2021 (GBP)
turnover	64.16	100.00%	70.91	100.00%	59.44	100.00%	55.97	100.00%	m
pre tax profit	40.28	62.78%	54.77	77.24%	-23.97	-40.32%	29.20	52.17%	m
attributable profit	40.68	63.40%	54.85	77.36%	-23.97	-40.32%	29.20	52.17%	m
retained profit	10.53	16.42%	24.70	34.84%	-31.51	-53.01%	15.61	27.89%	m
eps - basic (p)	6.68		9.08		-3.97		4.84
eps - diluted (p)	6.67		9.07		-3.97		4.84
dividends per share	5.00		5.00		-		3.13

Empiric Student Property Balance Sheet

	31 Dec 2018 (GBP)		31 Dec 2019 (GBP)		31 Dec 2020 (GBP)		31 Dec 2021 (GBP)


	31 Dec 2018 (GBP)		31 Dec 2019 (GBP)		31 Dec 2020 (GBP)		31 Dec 2021 (GBP)
ASSETS
fixed assets	0.37	0.04%	0.35	0.03%	0.14	0.01%	1.44	0.13%	m
intangibles	1.25	0.12%	1.62	0.15%	1.05	0.10%	1.32	0.12%	m
fixed investments	971.04	95.21%	1,029.08	97.26%	1,005.12	95.29%	995.89	93.12%	m
current assets - other	-	-%	-	-%	-	-%	25.87	2.42%	m
stocks	-	-%	-	-%	-	-%	-	-%	m
debtors	23.75	2.33%	10.54	1.00%	14.51	1.38%	7.84	0.73%	m
cash & securities	23.47	2.30%	16.52	1.56%	33.93	3.22%	37.13	3.47%	m

TOTAL	1,019.88	100%	1,058.11	100%	1,054.75	100%	1,069.48	100%	m

LIABILITIES
creditors - short	111.00	10.88%	86.25	8.15%	36.20	3.43%	94.67	8.85%	m
creditors - long	268.99	26.37%	307.10	29.02%	385.27	36.53%	327.21	30.60%	m
creditors - other	-	-%	-	-%	-	-%	-	-%	m
subordinated loans	-	-%	-	-%	-	-%	-	-%	m
insurance funds	-	-%	-	-%	-	-%	-	-%	m

TOTAL	379.99	37.26%	393.35	37.17%	421.47	39.96%	421.88	39.45%	m

EQUITY
ord cap, reserves	639.89	62.74%	664.76	62.83%	633.28	60.04%	647.60	60.55%	m
prefs, minorities	-	-%	-	-%	-	-%	-	-%	m

TOTAL	639.89	62.74%	664.76	62.83%	633.28	60.04%	647.60	60.55%	m

OTHER
NAV Basic	106.14		110.21		105.00		107.36
NAV Diluted	105.96		109.99		104.60		106.75

Empiric Student Property Cash Flow Statement

	31 Dec 2018 (GBP)	31 Dec 2019 (GBP)	31 Dec 2020 (GBP)	31 Dec 2021 (GBP)
Operating CF	52.15	40.71	17.36	42.41	m
Pre-Financing CF	-12.18	10.86	2.68	43.73	m
Retained CF	-29.25	-6.96	17.41	3.20	m

Empiric Student Property Brokers

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