Greencore (GNC)

Company name:	Greencore Group Plc
Company Description:	Manufacturer and supplier of convenience foods and ingredients to consumer, industrial and food service markets
EPIC:	GNC	Trading Currency:	GBX
Market Sector:	F25F	ISIN:	IE0003864109
Market Segment:	STMM	Share Type:	DE
WWW Address:	http://www.greencore.ie/	Description:	ORD 1P
Industry Sector:	FOOD PRODUCERS

Price	Price Change [%]	Bid	Offer	Open	High	Low	Volume
94.20	-2.0 [-2.08]	93.80	94.20	95.00	96.00	93.80	229,935
Market Cap. [m]	Shares In Issue [m]	Beta	EPS	DPS	PE Ratio	Yield	52-Wks-Range
420.27	446.15	-0.04	19.90	6.20	4.73	6.58	282.20 - 83.40

Greencore Key Figures

(at previous day's close)
Market Cap.	420.27	m
Shares In Issue	446.15	m
Prev. Close	96.20
PE Ratio	4.73
Dividend Yield	6.58	%
EPS - basic	19.90	p
Dividend PS	6.20	p
Dividend Cover	3.21
Cash Flow PS	19.43	p
Return On Equity (ROE)	35.40	%
Operating Margin	39.00	%
PEG Factor	0.02
EPS Growth Rate	314.58	%
Dividends PS Growth Rate	11.31	%
Net Debt	816.40	m
Gross Gearing	73.72	%
Quick Assets	253.20	m
Net Working Capital	-79.80	m
Intangibles / Fixed Assets	55.89	%
Turnover PS	32.41	p
Pre-Tax Profit PS	12.64	p
Retained Profit PS	12.48	p
Cash PS	9.32	p
Net Cash PS	-75.60	p
Net Tangible Asset Value PS *	-41.22	p
Net Asset Value PS	68.54	p
Spread	0.40 (0.42%)
* 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.

Greencore Balance Sheet

Share Price Performance

Sample Period ^†	High	Low
1 week	103.80	92.80
4 weeks	107.70	88.00
12 weeks	134.50	88.00
1 year	282.20	83.40

Share Price Chart (5 years)

Greencore Historic Returns

Period ^†	Open	Change	%	Open Avg.	Avg. Daily Vol [m]	Total Vol [m]	VWAP
1 week	95.20	-1.00	-1.05	92.80	1.09		99.55
4 weeks	105.00	-10.80	-10.29	88.00	2.86		98.66
12 weeks	123.20	-29.00	-23.54	88.00	2.02		106.99
26 weeks	168.20	-74.00	-44.00	88.00	2.18		123.86
1 year	235.00	-140.80	-59.91	83.40	2.27		163.19
3 years	194.90	-100.70	-51.67	83.40	4.69		184.45
5 years	303.60	-209.40	-68.97	83.40	3.95		205.98
† periods calculated are whole weeks rather than calendar months

Greencore Key Management Ratios

Greencore Investment Ratios

(Market value analysis) at previous day's close
PQ Ratio	10.69
PE Ratio	4.73
Tobin's Q Ratio	0.26
Tobin's Q Ratio (excl. intangibles)	0.37
Dividend Yield	6.58	%
Market-to-Book Ratio	1.40
Price-to-Pre-Tax Profit PS	7.45
Price-to-Retained Profit PS	7.55
Price-to-Cash Flow PS	4.85
Price-to-Sales PS	2.91
Price-to-Net Tangible Asset Value PS	-2.37
Price-to-Cash PS	10.10
Net Working Capital PS	-17.89
Price Pct to Working Capital PS	-5.27	%
Earnings Yield	21.13	%
Average PE	40.44
Years in average	5
PE to PE average	11.70	%

Greencore Financial Ratios

(Leverage Ratios)
Debt Ratio	61.04	%
Debt-to-Equity Ratio	1.57
Debt-to-Equity Ratio (excl. Intgbl)	-2.70
Debt-to-Equity Market Value	1.14
Net Gearing	70.15	%
Net Gearing (excl. Intangibles)	119.97	%
Gross Gearing	73.72	%
Gross Gearing (excl. Intangibles)	126.08	%
Gearing Under 1 Year	32.56	%
Gearing Under 1 Year (excl. Intgbl)	55.68	%
Assets/Equity	3.81
Cash/Equity	13.60
(Liquidity Ratios)
Net Working Capital to Total Assets	-6.86	%
Current Ratio	0.79
Quick Ratio (Acid Test)	0.67
Liquidity Ratio	0.11
Cash & Equiv/Current Assets	13.91	%
(Solvency Ratios)
Enterprise Value	864.17	m
CFO/Sales	0.60
CFO/Attributable Profit	0.82
CFO/Assets	0.07
CFO/Debt	0.10
Total Debt/Equity Market Value	2.04
Total Debt/Sales	5.93
Total Debt/Pre-Tax Profit	15.21
Total Debt	858.00	m
Total Debt/Net Current Assets	-10.75	%
(Dodds - Graham Ratios)
3 yr Compound Earnings Growth	118.79	%
5 yr Compound Earnings Growth	6.83	%
10 yr Compound Earnings Growth	1.77	%
Earn drops > 5% in 10yrs	10

Beta (60-Mnth)	Beta (36-Mnth)
-0.0397	0.0825

Greencore Operating Ratios

(Profitability Ratios)
Return On Capital Employed (ROCE)	7.19	%
Return On Assets (ROA)	6.67	%
Net Profit Margin	73.30	%
Assets Turnover	0.09
Return On Equity (ROE)	35.40	%
Return On Investment (ROI)	9.63	%
Dividend Payout Ratio	31.16	%
Plowback Ratio	68.84	%
Growth from Plowback Ratio	14.08	%
Net Income Of Revenues	38.52	%
(Asset Utilisation Multiples)
Shareholders Equity Turnover	0.28
Fixed Assets Turnover	0.18
Current Assets Turnover	0.19
Net Working Capital Turnover
Inventory Turnover	3.40
(Other Operating Ratios)
Total Assets-to-Sales	10.99
Debtors-to-Sales	150.16	%
Debt Collection Period	548.09	Days

Greencore Dividends

Announcement Date	Type	Curr.	Dividend Amount	Period Start	Period End	Ex Date	Record Date	Payment Date	Total Dividend Amount
26 Nov 2019	Final	GBX	3.75	30/09/2018	30/09/2019	02/01/2020	03/01/2020	28/02/2020	6.20
21 May 2019	Interim	GBX	2.45	01/10/2018	31/03/2019	30/05/2019	31/05/2019	03/07/2019	-
04 Dec 2018	Final	GBX	3.37	30/09/2017	30/09/2018	10/01/2019	11/01/2019	05/02/2019	5.57
22 May 2018	Interim	GBX	2.20	01/10/2017	31/03/2018	30/08/2018	31/08/2018	04/10/2018	-
28 Nov 2017	Final	GBX	3.37	30/09/2016	30/09/2017	07/12/2017	08/12/2017	05/04/2018	5.47
23 May 2017	Interim	GBX	2.10	01/10/2016	31/03/2017	01/06/2017	02/06/2017	03/10/2017	-
14 Nov 2016	Final	GBX	4.10	30/09/2015	30/09/2016	01/12/2016	02/12/2016	04/04/2017	7.85
17 May 2016	Interim	GBX	3.75	25/09/2015	25/03/2016	02/06/2016	03/06/2016	04/10/2016	-
24 Nov 2015	Final	GBX	3.75	25/09/2014	25/09/2015	03/12/2015	04/12/2015	04/04/2016	6.15
19 May 2015	Interim	GBX	2.40	27/09/2014	27/03/2015	04/06/2015	05/06/2015	02/10/2015	-
25 Nov 2014	Final	GBX	3.25	26/09/2013	26/09/2014	02/12/2014	05/12/2014	02/04/2015	5.45
20 May 2014	Interim	GBX	2.20	28/09/2013	28/03/2014	04/06/2014	06/06/2014	03/10/2014	-
26 Nov 2013	Final	GBX	2.90	27/09/2012	27/09/2013	04/12/2013	06/12/2013	02/04/2014	4.80
21 May 2013	Interim	GBX	1.90	29/09/2012	29/03/2013	05/06/2013	07/06/2013	03/10/2013	-
27 Nov 2012	Final	GBX	2.50	30/09/2011	30/09/2012	05/12/2012	07/12/2012	03/04/2013	4.25
22 May 2012	Interim	GBX	1.75	30/09/2011	30/03/2012	06/06/2012	08/06/2012	03/10/2012	-
06 Dec 2011	Final	GBX	2.40	30/09/2010	30/09/2011	14/12/2011	16/12/2011	02/04/2012	5.40
24 May 2011	Interim	GBX	3.00	25/09/2010	25/03/2011	01/06/2011	03/06/2011	05/10/2011	-
17 Nov 2010	Final	GBX	4.50	24/09/2009	24/09/2010	01/12/2010	03/12/2010	01/04/2011	7.50
25 May 2010	Interim	GBX	3.00	26/09/2009	26/03/2010	02/06/2010	04/06/2010	29/09/2010	-
25 Nov 2009	Final	GBX	4.50	25/09/2008	25/09/2009	02/12/2009	04/12/2009	01/04/2010	7.50
26 May 2009	Interim	GBX	3.00	27/09/2008	27/03/2009	03/06/2009	05/06/2009	01/10/2009	-
25 Nov 2008	Final	GBX	8.21	26/09/2007	26/09/2008	03/12/2008	05/12/2008	03/04/2009	13.51
28 May 2008	Interim	GBX	5.30	28/09/2007	28/03/2008	04/06/2008	06/06/2008	03/10/2008	-
27 Nov 2007	Final	GBX	8.21	28/09/2006	28/09/2007	05/12/2007	07/12/2007	04/04/2008	13.26
31 May 2007	Interim	GBX	5.05	01/10/2006	31/03/2007	06/06/2007	08/06/2007	05/10/2007	-
04 Dec 2006	Final	GBX	7.58	29/09/2005	29/09/2006	13/12/2006	15/12/2006	05/04/2007	12.63
05 Jun 2006	Interim	GBX	5.05	01/10/2005	31/03/2006	14/06/2006	16/06/2006	05/10/2006	-
22 Nov 2005	Final	GBX	7.58	30/09/2004	30/09/2005	30/11/2005	02/12/2005	05/04/2006	12.63
25 May 2005	Interim	GBX	5.05	01/10/2004	31/03/2005	01/06/2005	03/06/2005	04/10/2005	-
23 Nov 2004	Final	GBX	7.58	24/09/2003	24/09/2004	01/12/2004	03/12/2004	30/03/2005	12.63
25 Feb 2004	Interim	GBX	5.05	01/10/2003	31/03/2004	02/06/2004	04/06/2004	30/09/2004	-
25 Nov 2003	Final	GBX	7.58	26/09/2002	26/09/2003	03/12/2003	05/12/2003	30/03/2004	12.63
27 May 2003	Interim	GBX	5.05	28/09/2002	28/03/2003	04/06/2003	06/06/2003	30/09/2003	-
27 Nov 2002	Final	GBX	8.25	27/09/2001	27/09/2002	04/12/2002	06/12/2002	10/02/2003	12.63
29 May 2002	Interim	GBX	4.38	23/09/2001	23/03/2002	05/06/2002	07/06/2002	22/07/2002	-
29 Nov 2001	Final	GBX	8.25	28/09/2000	28/09/2001	05/12/2001	07/12/2001	11/02/2002	12.63
05 Jun 2001	Interim	GBX	4.38	30/09/2000	30/03/2001	13/06/2001	15/06/2001	23/07/2001	-
30 Nov 2000	Final	GBX	8.25	29/09/1999	29/09/2000	11/12/2000	15/12/2000	12/02/2001	12.63
30 May 2000	Interim	GBX	4.38	24/09/1999	24/03/2000	05/06/2000	09/06/2000	24/07/2000	-
29 Nov 1999	Final	GBX	7.87	24/09/1998	24/09/1999	06/12/1999	10/12/1999	14/02/2000	11.87

Greencore Fundamentals

	30 Sep 2016 (GBP)		30 Sep 2017 (GBP)		30 Sep 2018 (GBP)		30 Sep 2019 (GBP)
turnover	1,481.90	100.00%	2,319.70	100.00%	1,498.50	100.00%	144.61	100.00%	m
pre tax profit	48.20	3.25%	12.40	0.53%	17.80	1.19%	56.40	39.00%	m
attributable profit	47.40	3.20%	12.20	0.53%	33.80	2.26%	106.00	73.30%	m
retained profit	28.30	1.91%	-4.30	-0.19%	-1.90	-0.13%	55.70	38.52%	m
eps - basic (p)	11.60		1.90		4.80		19.90
eps - diluted (p)	11.40		1.90		4.80		19.90
dividends per share	7.85		5.47		5.57		6.20

Greencore Balance Sheet

	30 Sep 2016 (GBP)		30 Sep 2017 (GBP)		30 Sep 2018 (GBP)		30 Sep 2019 (GBP)


	30 Sep 2016 (GBP)		30 Sep 2017 (GBP)		30 Sep 2018 (GBP)		30 Sep 2019 (GBP)
ASSETS
fixed assets	367.40	29.25%	485.70	23.83%	323.00	16.03%	332.50	28.57%	m
intangibles	552.40	43.98%	1,077.60	52.86%	425.30	21.10%	483.30	41.53%	m
fixed investments	24.70	1.97%	25.10	1.23%	23.70	1.18%	48.90	4.20%	m
current assets - other	-	-%	-	-%	944.70	46.87%	-	-%	m
stocks	65.70	5.23%	81.90	4.02%	39.10	1.94%	45.90	3.94%	m
debtors	220.20	17.53%	348.30	17.09%	222.70	11.05%	211.60	18.18%	m
cash & securities	25.50	2.03%	19.80	0.97%	37.00	1.84%	41.60	3.57%	m

TOTAL	1,255.90	100%	2,038.40	100%	2,015.50	100%	1,163.80	100%	m

LIABILITIES
creditors - short	396.30	31.56%	479.00	23.50%	599.20	29.73%	378.90	32.56%	m
creditors - long	574.00	45.70%	848.60	41.63%	672.70	33.38%	479.10	41.17%	m
creditors - other	-	-%	-	-%	-	-%	-	-%	m
subordinated loans	-	-%	-	-%	-	-%	-	-%	m
insurance funds	-	-%	-	-%	-	-%	-	-%	m

TOTAL	970.30	77.26%	1,327.60	65.13%	1,271.90	63.11%	858.00	73.72%	m

EQUITY
ord cap, reserves	281.20	22.39%	705.60	34.62%	737.20	36.58%	299.40	25.73%	m
prefs, minorities	4.40	0.35%	5.20	0.26%	6.40	0.32%	6.40	0.55%	m

TOTAL	285.60	22.74%	710.80	34.87%	743.60	36.89%	305.80	26.28%	m

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

Greencore Cash Flow Statement

	30 Sep 2016 (GBP)	30 Sep 2017 (GBP)	30 Sep 2018 (GBP)	30 Sep 2019 (GBP)
Operating CF	115.30	118.20	129.80	86.70	m
Pre-Financing CF	-4.20	-607.90	67.10	799.70	m
Retained CF	18.60	-5.30	17.20	4.00	m

Greencore Brokers

Name	Activity	Type	Mnemonic	Code
J & E Davy	Market Maker(MME)	Broker/Dealer	DAVY	DAVEIE21
Deutsche Bank AG London Branch	Market Maker(MME)	Broker/Dealer	DEUT	DEUTGB2L
Goodbody Stockbrokers	Market Maker(MME)	Broker/Dealer	GOOD	GDBSIE2D002
Goldman Sachs International	Market Maker(MME)	Broker/Dealer	GSCO	GSILGB2X
Investec Bank Plc	Market Maker(MME)	Broker/Dealer	INV.	IHCSGB21002
Morgan Stanley Securities Ltd	Market Maker(MME)	Broker/Dealer	MOST	MSSEGB21
Merrill Lynch International	Market Maker(MME)	Broker/Dealer	MLSB	SNCSGB2LBIC
Winterflood Securities Ltd	Market Maker(MME)	Broker/Dealer	WINS	WNTSGB2LBIC