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
145.80	-5.4 [-3.57]	145.60	146.00	154.30	154.30	141.40	2,012,788
Market Cap. [m]	Shares In Issue [m]	Beta	EPS	DPS	PE Ratio	Yield	52-Wks-Range
650.48	446.15	-0.14	4.80	5.57	30.38	3.82	282.20 - 83.40

Greencore Key Figures

(at previous day's close)
Market Cap.	650.48	m
Shares In Issue	446.15	m
Prev. Close	151.20
PE Ratio	30.38
Dividend Yield	3.82	%
EPS - basic	4.80	p
Dividend PS	5.57	p
Dividend Cover	0.86
Cash Flow PS	29.09	p
Return On Equity (ROE)	4.58	%
Operating Margin	1.19	%
PEG Factor	0.20
EPS Growth Rate	152.63	%
Dividends PS Growth Rate	1.83	%
Net Debt	1,234.90	m
Gross Gearing	63.11	%
Quick Assets	1,204.40	m
Net Working Capital	644.30	m
Intangibles / Fixed Assets	55.09	%
Turnover PS	335.88	p
Pre-Tax Profit PS	3.99	p
Retained Profit PS	-0.43	p
Cash PS	8.29	p
Net Cash PS	-126.01	p
Net Tangible Asset Value PS *	69.91	p
Net Asset Value PS	166.67	p
Spread	0.40 (0.27%)
* 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	187.75	141.40
4 weeks	218.40	83.40
12 weeks	256.00	83.40
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	163.85	-18.05	-11.02	141.40	3.77		167.90
4 weeks	215.20	-69.40	-32.25	83.40	5.60		151.89
12 weeks	256.00	-110.20	-43.05	83.40	2.94		183.01
26 weeks	221.90	-76.10	-34.29	83.40	2.30		207.60
1 year	200.00	-54.20	-27.10	83.40	2.50		212.68
3 years	247.00	-101.20	-40.97	83.40	5.17		194.75
5 years	323.50	-177.70	-54.93	83.40	3.84		214.28
† 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	6.95
PE Ratio	30.38
Tobin's Q Ratio	0.32
Tobin's Q Ratio (excl. intangibles)	0.51
Dividend Yield	3.82	%
Market-to-Book Ratio	0.88
Price-to-Pre-Tax Profit PS	36.54
Price-to-Retained Profit PS	-342.36
Price-to-Cash Flow PS	5.01
Price-to-Sales PS	0.43
Price-to-Net Tangible Asset Value PS	2.04
Price-to-Cash PS	17.58
Net Working Capital PS	144.41
Price Pct to Working Capital PS	1.01	%
Earnings Yield	3.29	%
Average PE	42.49
Years in average	5
PE to PE average	71.49	%

Greencore Financial Ratios

(Leverage Ratios)
Debt Ratio	47.50	%
Debt-to-Equity Ratio	0.90
Debt-to-Equity Ratio (excl. Intgbl)	2.11
Debt-to-Equity Market Value	1.03
Net Gearing	61.27	%
Net Gearing (excl. Intangibles)	77.66	%
Gross Gearing	63.11	%
Gross Gearing (excl. Intangibles)	79.98	%
Gearing Under 1 Year	29.73	%
Gearing Under 1 Year (excl. Intgbl)	37.68	%
Assets/Equity	2.71
Cash/Equity	4.98
(Liquidity Ratios)
Net Working Capital to Total Assets	31.97	%
Current Ratio	2.08
Quick Ratio (Acid Test)	2.01
Liquidity Ratio	0.06
Cash & Equiv/Current Assets	2.98	%
(Solvency Ratios)
Enterprise Value	1,292.58	m
CFO/Sales	0.09
CFO/Attributable Profit	3.84
CFO/Assets	0.06
CFO/Debt	0.10
Total Debt/Equity Market Value	1.96
Total Debt/Sales	0.85
Total Debt/Pre-Tax Profit	71.46
Total Debt	1,271.90	m
Total Debt/Net Current Assets	1.97	%
(Dodds - Graham Ratios)
3 yr Compound Earnings Growth	-	%
5 yr Compound Earnings Growth	-	%
10 yr Compound Earnings Growth	-	%
Earn drops > 5% in 10yrs	10

Beta (60-Mnth)	Beta (36-Mnth)
-0.1372	0.0524

Greencore Operating Ratios

(Profitability Ratios)
Return On Capital Employed (ROCE)	1.26	%
Return On Assets (ROA)	1.67	%
Net Profit Margin	2.26	%
Assets Turnover	0.74
Return On Equity (ROE)	4.58	%
Return On Investment (ROI)	2.27	%
Dividend Payout Ratio	116.04	%
Plowback Ratio	-16.04	%
Growth from Plowback Ratio	-0.75	%
Net Income Of Revenues	-0.13	%
(Asset Utilisation Multiples)
Shareholders Equity Turnover	2.08
Fixed Assets Turnover	1.27
Current Assets Turnover	1.77
Net Working Capital Turnover
Inventory Turnover	24.77
(Other Operating Ratios)
Total Assets-to-Sales	1.35
Debtors-to-Sales	19.05	%
Debt Collection Period	69.54	Days

Greencore Dividends

Announcement Date	Type	Curr.	Dividend Amount	Period Start	Period End	Ex Date	Record Date	Payment Date	Total Dividend Amount
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

	25 Sep 2015 (GBP)		30 Sep 2016 (GBP)		30 Sep 2017 (GBP)		30 Sep 2018 (GBP)
turnover	1,340.30	100.00%	1,481.90	100.00%	2,319.70	100.00%	1,498.50	100.00%	m
pre tax profit	59.40	4.43%	48.20	3.25%	12.40	0.53%	17.80	1.19%	m
attributable profit	58.00	4.33%	47.40	3.20%	12.20	0.53%	33.80	2.26%	m
retained profit	40.80	3.04%	28.30	1.91%	-4.30	-0.19%	-1.90	-0.13%	m
eps - basic (p)	14.30		11.60		1.90		4.80
eps - diluted (p)	-		11.40		1.90		4.80
dividends per share	6.15		7.85		5.47		5.57

Greencore Balance Sheet

	25 Sep 2015 (GBP)		30 Sep 2016 (GBP)		30 Sep 2017 (GBP)		30 Sep 2018 (GBP)


	25 Sep 2015 (GBP)		30 Sep 2016 (GBP)		30 Sep 2017 (GBP)		30 Sep 2018 (GBP)
ASSETS
fixed assets	304.80	27.04%	367.40	29.25%	485.70	23.83%	323.00	16.03%	m
intangibles	507.50	45.02%	552.40	43.98%	1,077.60	52.86%	425.30	21.10%	m
fixed investments	29.80	2.64%	24.70	1.97%	25.10	1.23%	23.70	1.18%	m
current assets - other	-	-%	-	-%	-	-%	944.70	46.87%	m
stocks	57.50	5.10%	65.70	5.23%	81.90	4.02%	39.10	1.94%	m
debtors	221.30	19.63%	220.20	17.53%	348.30	17.09%	222.70	11.05%	m
cash & securities	6.30	0.56%	25.50	2.03%	19.80	0.97%	37.00	1.84%	m

TOTAL	1,127.20	100%	1,255.90	100%	2,038.40	100%	2,015.50	100%	m

LIABILITIES
creditors - short	426.40	37.83%	396.30	31.56%	479.00	23.50%	599.20	29.73%	m
creditors - long	377.80	33.52%	574.00	45.70%	848.60	41.63%	672.70	33.38%	m
creditors - other	-	-%	-	-%	-	-%	-	-%	m
subordinated loans	-	-%	-	-%	-	-%	-	-%	m
insurance funds	-	-%	-	-%	-	-%	-	-%	m

TOTAL	804.20	71.34%	970.30	77.26%	1,327.60	65.13%	1,271.90	63.11%	m

EQUITY
ord cap, reserves	319.60	28.35%	281.20	22.39%	705.60	34.62%	737.20	36.58%	m
prefs, minorities	3.40	0.30%	4.40	0.35%	5.20	0.26%	6.40	0.32%	m

TOTAL	323.00	28.66%	285.60	22.74%	710.80	34.87%	743.60	36.89%	m

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

Greencore Cash Flow Statement

	25 Sep 2015 (GBP)	30 Sep 2016 (GBP)	30 Sep 2017 (GBP)	30 Sep 2018 (GBP)
Operating CF	78.80	115.30	118.20	129.80	m
Pre-Financing CF	-22.10	-4.20	-607.90	67.10	m
Retained CF	-4.80	18.60	-5.30	17.20	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