Foresight Solar (FSFL)

Company name:	Foresight Solar Fund Limited
EPIC:	FSFL	Trading Currency:	GBX
Market Sector:	F25T	ISIN:	JE00BD3QJR55
Market Segment:	STMM	Share Type:	DE
WWW Address:		Description:	ORD NPV
Industry Sector:	EQUITY INVESTMENT INSTRUMENTS

Price	Price Change [%]	Bid	Offer	Open	High	Low	Volume
109.50	0.0 [0.00]	110.00	110.50	-	-	-	-
Market Cap. [m]	Shares In Issue [m]	Beta	EPS	DPS	PE Ratio	Yield	52-Wks-Range
662.69	605.20	0.02	11.60	6.58	9.44	6.01	127.00 - 88.60

Foresight Solar Key Figures

(at previous day's close)
Market Cap.	662.69	m
Shares In Issue	605.20	m
Prev. Close	109.50
PE Ratio	9.44
Dividend Yield	6.01	%
EPS - basic	11.60	p
Dividend PS	6.58	p
Dividend Cover	1.76
Cash Flow PS	3.28	p
Return On Equity (ROE)	9.18	%
Operating Margin	90.15	%
PEG Factor	0.30
EPS Growth Rate	31.82	%
Dividends PS Growth Rate	4.11	%
Net Debt	-10.47	m
Gross Gearing	0.30	%
Quick Assets	81.89	m
Net Working Capital	80.07	m
Intangibles / Fixed Assets	-	%
Turnover PS	10.27	p
Pre-Tax Profit PS	9.25	p
Retained Profit PS	4.08	p
Cash PS	2.03	p
Net Cash PS	1.73	p
Net Tangible Asset Value PS *	100.84	p
Net Asset Value PS	111.17	p
Spread	0.50 (0.45%)
* 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.

Foresight Solar Balance Sheet

Share Price Performance

Sample Period ^†	High	Low
1 week	111.00	109.00
4 weeks	116.00	109.00
12 weeks	116.50	98.80
1 year	127.00	88.60

Share Price Chart (5 years)

Foresight Solar Historic Returns

Period ^†	Open	Change	%	Open Avg.	Avg. Daily Vol [m]	Total Vol [m]	VWAP
1 week	110.00	-0.50	-0.45	109.00	0.27		109.62
4 weeks	112.00	-2.50	-2.23	109.00	0.48		111.09
12 weeks	113.00	-3.50	-3.10	98.80	0.69		107.62
26 weeks	127.00	-17.50	-13.78	88.60	0.82		111.36
1 year	121.50	-12.00	-9.88	88.60	0.93		116.61
3 years	112.50	-3.00	-2.67	88.60	0.65		114.20
5 years	104.75	4.75	4.53	88.60	0.61		110.11
† periods calculated are whole weeks rather than calendar months

Foresight Solar Key Management Ratios

Foresight Solar Investment Ratios

(Market value analysis) at previous day's close
PQ Ratio	0.10
PE Ratio	9.44
Tobin's Q Ratio	1.21
Tobin's Q Ratio (excl. intangibles)	1.21
Dividend Yield	6.01	%
Market-to-Book Ratio	1.09
Price-to-Pre-Tax Profit PS	11.83
Price-to-Retained Profit PS	26.87
Price-to-Cash Flow PS	33.34
Price-to-Sales PS	10.67
Price-to-Net Tangible Asset Value PS	0.98
Price-to-Cash PS	53.96
Net Working Capital PS	13.23
Price Pct to Working Capital PS	8.28	%
Earnings Yield	10.59	%
Average PE	13.25
Years in average	5
PE to PE average	71.25	%

Foresight Solar Financial Ratios

(Leverage Ratios)
Debt Ratio	-	%
Debt-to-Equity Ratio	-
Debt-to-Equity Ratio (excl. Intgbl)	-
Debt-to-Equity Market Value	-
Net Gearing	-1.71	%
Net Gearing (excl. Intangibles)	-1.71	%
Gross Gearing	0.30	%
Gross Gearing (excl. Intangibles)	0.30	%
Gearing Under 1 Year	0.30	%
Gearing Under 1 Year (excl. Intgbl)	0.30	%
Assets/Equity	1.00
Cash/Equity	2.01
(Liquidity Ratios)
Net Working Capital to Total Assets	13.08	%
Current Ratio	45.14
Quick Ratio (Acid Test)	45.14
Liquidity Ratio	6.77
Cash & Equiv/Current Assets	15.00	%
(Solvency Ratios)
Enterprise Value	650.41	m
CFO/Sales	0.32
CFO/Attributable Profit	0.35
CFO/Assets	0.03
CFO/Debt	10.96
Total Debt/Equity Market Value	0.00
Total Debt/Sales	0.03
Total Debt/Pre-Tax Profit	0.03
Total Debt	1.81	m
Total Debt/Net Current Assets	0.02	%
(Dodds - Graham Ratios)
3 yr Compound Earnings Growth	3.77	%
5 yr Compound Earnings Growth	14.48	%
10 yr Compound Earnings Growth	-	%
Earn drops > 5% in 10yrs	1

Beta (60-Mnth)	Beta (36-Mnth)
0.0151	0.0057

Foresight Solar Operating Ratios

(Profitability Ratios)
Return On Capital Employed (ROCE)	9.18	%
Return On Assets (ROA)	10.23	%
Net Profit Margin	90.15	%
Assets Turnover	0.11
Return On Equity (ROE)	9.18	%
Return On Investment (ROI)	10.26	%
Dividend Payout Ratio	56.72	%
Plowback Ratio	43.28	%
Growth from Plowback Ratio	4.44	%
Net Income Of Revenues	39.70	%
(Asset Utilisation Multiples)
Shareholders Equity Turnover	0.11
Fixed Assets Turnover	0.13
Current Assets Turnover	0.80
Net Working Capital Turnover
Inventory Turnover	-
(Other Operating Ratios)
Total Assets-to-Sales	8.81
Debtors-to-Sales	103.95	%
Debt Collection Period	379.41	Days

Foresight Solar Dividends

Announcement Date	Type	Curr.	Dividend Amount	Period Start	Period End	Ex Date	Record Date	Payment Date	Total Dividend Amount
09 Mar 2020	Interim	GBX	1.69	31/12/2018	31/12/2019	30/04/2020	01/05/2020	29/05/2020	6.76
22 Jan 2020	Interim	GBX	1.69	30/05/2019	30/09/2019	30/01/2020	31/01/2020	28/02/2020	-
22 Aug 2019	Interim	GBX	1.69	30/12/2018	30/06/2019	24/10/2019	25/10/2019	29/11/2019	-
11 Jul 2019	Interim	GBX	1.69	01/12/2018	31/03/2019	25/07/2019	26/07/2019	30/08/2019	-
06 Mar 2019	Final	GBX	1.65	31/12/2017	31/12/2018	09/05/2019	10/05/2019	24/05/2019	6.58
23 Nov 2018	Interim	GBX	1.65	30/05/2018	30/09/2018	07/02/2019	08/02/2019	22/02/2019	-
22 Aug 2018	Interim	GBX	1.64	30/12/2017	30/06/2018	08/11/2018	09/11/2018	23/11/2018	-
30 Apr 2018	Interim	GBX	1.64	01/12/2017	31/03/2018	09/08/2018	10/08/2018	24/08/2018	-
22 Feb 2018	Final	GBX	1.58	31/12/2016	31/12/2017	10/05/2018	11/05/2018	25/05/2018	6.32
24 Nov 2017	Interim	GBX	1.58	30/05/2017	30/09/2017	08/02/2018	09/02/2018	23/02/2018	-
07 Sep 2017	Interim	GBX	1.58	30/12/2016	30/06/2017	09/11/2017	10/11/2017	24/11/2017	-
14 Jun 2017	Interim	GBX	1.58	01/12/2016	31/03/2017	10/08/2017	11/08/2017	25/08/2017	-
16 Feb 2017	Final	GBX	1.55	31/12/2015	31/12/2016	06/04/2017	07/04/2017	05/05/2017	6.17
18 Oct 2016	Interim	GBX	1.54	30/05/2016	30/09/2016	15/12/2016	16/12/2016	30/12/2016	-
15 Aug 2016	Interim	GBX	1.54	30/12/2015	30/06/2016	15/09/2016	16/09/2016	30/09/2016	-
03 May 2016	Interim	GBX	1.54	01/12/2015	31/03/2016	09/06/2016	10/06/2016	24/06/2016	-
29 Feb 2016	Final	GBX	1.53	31/12/2014	31/12/2015	10/03/2016	11/03/2016	30/03/2016	6.10
30 Nov 2015	Interim	GBX	1.53	30/05/2015	30/09/2015	17/12/2015	18/12/2015	31/12/2015	-
05 Aug 2015	Interim	GBX	1.52	30/12/2014	30/06/2015	17/09/2015	18/09/2015	30/09/2015	-
27 Apr 2015	Interim	GBX	1.52	01/12/2014	31/03/2015	18/06/2015	19/06/2015	30/06/2015	-
03 Mar 2015	Final	GBX	3.00	31/12/2013	31/12/2014	12/03/2015	13/03/2015	27/03/2015	6.00
20 Aug 2014	Interim	GBX	3.00	30/12/2013	30/06/2014	27/08/2014	29/08/2014	30/09/2014	-

Foresight Solar Fundamentals

	31 Dec 2015 (GBP)		31 Dec 2016 (GBP)		31 Dec 2017 (GBP)		31 Dec 2018 (GBP)
turnover	22.78	100.00%	29.46	100.00%	40.07	100.00%	62.13	100.00%	m
pre tax profit	15.88	69.72%	30.74	104.33%	35.09	87.56%	56.01	90.15%	m
attributable profit	15.21	66.78%	30.74	104.33%	35.09	87.56%	56.01	90.15%	m
retained profit	-3.90	-17.14%	12.06	40.95%	15.03	37.50%	24.67	39.70%	m
eps - basic (p)	5.91		10.38		8.80		11.60
eps - diluted (p)	5.91		10.38		8.80		11.60
dividends per share	6.10		6.17		6.32		6.58

Foresight Solar 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	421.63	95.99%	273.61	77.98%	408.46	84.62%	530.19	86.62%	m
current assets - other	-	-%	-	-%	-	-%	-	-%	m
stocks	-	-%	-	-%	-	-%	-	-%	m
debtors	2.10	0.48%	37.89	10.80%	59.56	12.34%	69.60	11.37%	m
cash & securities	15.53	3.54%	39.38	11.22%	14.67	3.04%	12.28	2.01%	m

TOTAL	439.26	100%	350.89	100%	482.69	100%	612.07	100%	m

LIABILITIES
creditors - short	64.15	14.60%	0.12	0.03%	1.38	0.29%	1.81	0.30%	m
creditors - long	96.00	21.86%	-	-%	-	-%	-	-%	m
creditors - other	-	-%	-	-%	-	-%	-	-%	m
subordinated loans	-	-%	-	-%	-	-%	-	-%	m
insurance funds	-	-%	-	-%	-	-%	-	-%	m

TOTAL	160.15	36.46%	0.12	0.03%	1.38	0.29%	1.81	0.30%	m

EQUITY
ord cap, reserves	279.11	63.54%	350.77	99.97%	481.31	99.71%	610.26	99.70%	m
prefs, minorities	-	-%	-	-%	-	-%	-	-%	m

TOTAL	279.11	63.54%	350.77	99.97%	481.31	99.71%	610.26	99.70%	m

OTHER
NAV Basic	-		102.88		-		111.17
NAV Diluted	-		-		-		111.17

Foresight Solar Cash Flow Statement

	31 Dec 2015 (GBP)	31 Dec 2016 (GBP)	31 Dec 2017 (GBP)	31 Dec 2018 (GBP)
Operating CF	-5.25	3.65	10.04	19.88	m
Pre-Financing CF	-143.19	-14.47	-120.16	-75.33	m
Retained CF	8.76	26.46	-24.71	-2.39	m

Foresight Solar Brokers

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