Go-ahead (GOG)

[ADVERT]

Company name:	Go-ahead Group Plc
Company Description:	Provision of passenger transport management services operating in the bus, rail and aviation sectors in the UK
EPIC:	GOG	Trading Currency:	GBX
Market Sector:	SSC5	ISIN:	GB0003753778
Market Segment:	SSMM	Share Type:	DE
WWW Address:	http://www.go-ahead.com/	Description:	ORD 10P
Industry Sector:	TRAVEL & LEISURE

Price	Price Change [%]	Bid	Offer	Open	High	Low	Volume
915.50	0.0 [0.00]	916.00	921.00	-	-	-	-
Market Cap. [m]	Shares In Issue [m]	Beta	EPS	DPS	PE Ratio	Yield	52-Wks-Range
395.29	43.18	0.98	-66.50	-	-	-	1,462.00 - 536.00

Go-ahead Key Figures

(at previous day's close)
Market Cap.	395.29	m
Shares In Issue	43.18	m
Prev. Close	915.50
PE Ratio	-
Dividend Yield	-	%
EPS - basic	-66.50	p
Dividend PS	-	p
Dividend Cover	-
Cash Flow PS	1,089.23	p
Return On Equity (ROE)	-12.34	%
Operating Margin	-0.01	%
PEG Factor	-
EPS Growth Rate	-148.61	%
Dividends PS Growth Rate	-	%
Net Debt	1,432.10	m
Gross Gearing	88.17	%
Quick Assets	853.30	m
Net Working Capital	-425.30	m
Intangibles / Fixed Assets	53.31	%
Turnover PS	9,028.80	p
Pre-Tax Profit PS	-0.46	p
Retained Profit PS	-137.80	p
Cash PS	1,319.67	p
Net Cash PS	-1,687.23	p
Net Tangible Asset Value PS *	-1,188.82	p
Net Asset Value PS	622.08	p
Spread	5.00 (0.54%)
* 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.

Go-ahead Balance Sheet

Share Price Performance

Sample Period ^†	High	Low
1 week	938.00	842.50
4 weeks	1,002.00	842.50
12 weeks	1,200.00	842.50
1 year	1,462.00	536.00

Share Price Chart (5 years)

Go-ahead Historic Returns

Period ^†	Open	Change	%	Open Avg.	Avg. Daily Vol [m]	Total Vol [m]	VWAP
1 week	894.00	21.50	2.40	842.50	0.09		875.34
4 weeks	991.00	-75.50	-7.62	842.50	0.08		915.90
12 weeks	1,158.00	-242.50	-20.94	842.50	0.07		997.74
26 weeks	1,271.00	-355.50	-27.97	842.50	0.09		1,178.51
1 year	618.00	297.50	48.14	536.00	0.10		1,027.06
3 years	1,649.00	-733.50	-44.48	390.20	0.13		1,365.86
5 years	2,030.00	-1,114.50	-54.90	390.20	0.13		1,529.18
† periods calculated are whole weeks rather than calendar months

Go-ahead Key Management Ratios

Go-ahead Investment Ratios

(Market value analysis) at previous day's close
PQ Ratio	1.88
PE Ratio	-
Tobin's Q Ratio	0.19
Tobin's Q Ratio (excl. intangibles)	0.25
Dividend Yield	-	%
Market-to-Book Ratio	1.71
Price-to-Pre-Tax Profit PS	-1,976.45
Price-to-Retained Profit PS	-6.64
Price-to-Cash Flow PS	0.84
Price-to-Sales PS	0.10
Price-to-Net Tangible Asset Value PS	-0.83
Price-to-Cash PS	0.69
Net Working Capital PS	-985.01
Price Pct to Working Capital PS	-0.93	%
Earnings Yield	-	%
Average PE	10.68
Years in average	4
PE to PE average	-	%

Go-ahead Financial Ratios

(Leverage Ratios)
Debt Ratio	72.37	%
Debt-to-Equity Ratio	2.62
Debt-to-Equity Ratio (excl. Intgbl)	-1.48
Debt-to-Equity Market Value	1.78
Net Gearing	63.07	%
Net Gearing (excl. Intangibles)	93.88	%
Gross Gearing	88.17	%
Gross Gearing (excl. Intangibles)	131.23	%
Gearing Under 1 Year	57.18	%
Gearing Under 1 Year (excl. Intgbl)	85.11	%
Assets/Equity	8.45
Cash/Equity	212.14
(Liquidity Ratios)
Net Working Capital to Total Assets	-18.73	%
Current Ratio	0.67
Quick Ratio (Acid Test)	0.66
Liquidity Ratio	0.44
Cash & Equiv/Current Assets	65.27	%
(Solvency Ratios)
Enterprise Value	565.99	m
CFO/Sales	0.12
CFO/Attributable Profit	-
CFO/Assets	0.21
CFO/Debt	0.23
Total Debt/Equity Market Value	5.06
Total Debt/Sales	0.51
Total Debt/Pre-Tax Profit	-10,009.50
Total Debt	2,001.90	m
Total Debt/Net Current Assets	-4.71	%
(Dodds - Graham Ratios)
3 yr Compound Earnings Growth	-	%
5 yr Compound Earnings Growth	-	%
10 yr Compound Earnings Growth	-	%
Earn drops > 5% in 10yrs	12

Beta (60-Mnth)	Beta (36-Mnth)
0.9829	1.1537

Go-ahead Operating Ratios

(Profitability Ratios)
Return On Capital Employed (ROCE)	-0.02	%
Return On Assets (ROA)	-1.40	%
Net Profit Margin	-0.73	%
Assets Turnover	1.91
Return On Equity (ROE)	-12.34	%
Return On Investment (ROI)	-3.06	%
Dividend Payout Ratio	-	%
Plowback Ratio	100.00	%
Growth from Plowback Ratio	-	%
Net Income Of Revenues	-1.53	%
(Asset Utilisation Multiples)
Shareholders Equity Turnover	14.39
Fixed Assets Turnover	3.55
Current Assets Turnover	4.16
Net Working Capital Turnover
Inventory Turnover	213.61
(Other Operating Ratios)
Total Assets-to-Sales	0.52
Debtors-to-Sales	8.04	%
Debt Collection Period	29.34	Days

Go-ahead Dividends

Announcement Date	Type	Curr.	Dividend Amount	Period Start	Period End	Ex Date	Record Date	Payment Date	Total Dividend Amount
27 Sep 2019	Final	GBX	71.91	29/06/2018	29/06/2019	31/10/2019	01/11/2019	22/11/2019	102.08
21 Feb 2019	Interim	GBX	30.17	29/06/2018	29/12/2018	28/03/2019	29/03/2019	12/04/2019	-
06 Sep 2018	Final	GBX	71.91	30/06/2017	30/06/2018	08/11/2018	09/11/2018	23/11/2018	102.08
22 Feb 2018	Interim	GBX	30.17	30/06/2017	30/12/2017	05/04/2018	06/04/2018	20/04/2018	-
07 Sep 2017	Final	GBX	71.91	01/07/2016	01/07/2017	09/11/2017	10/11/2017	24/11/2017	102.08
28 Feb 2017	Interim	GBX	30.17	01/06/2016	01/12/2016	30/03/2017	31/03/2017	21/04/2017	-
02 Sep 2016	Final	GBX	67.52	02/07/2015	02/07/2016	10/11/2016	11/11/2016	25/11/2016	95.85
18 Feb 2016	Interim	GBX	28.33	26/06/2015	26/12/2015	24/03/2016	29/03/2016	12/04/2016	-
03 Sep 2015	Final	GBX	63.40	27/06/2014	27/06/2015	29/10/2015	30/10/2015	13/11/2015	90.00
19 Feb 2015	Interim	GBX	26.60	27/06/2014	27/12/2014	26/03/2015	27/03/2015	10/04/2015	-
04 Sep 2014	Final	GBX	59.00	28/06/2013	28/06/2014	29/10/2014	31/10/2014	14/11/2014	84.50
20 Feb 2014	Interim	GBX	25.50	28/06/2013	28/12/2013	19/03/2014	21/03/2014	04/04/2014	-
05 Sep 2013	Final	GBX	55.50	29/06/2012	29/06/2013	30/10/2013	01/11/2013	15/11/2013	81.00
21 Feb 2013	Interim	GBX	25.50	29/06/2012	29/12/2012	20/03/2013	22/03/2013	12/04/2013	-
06 Sep 2012	Final	GBX	55.50	30/06/2011	30/06/2012	31/10/2012	02/11/2012	16/11/2012	81.00
23 Feb 2012	Interim	GBX	25.50	01/07/2011	31/12/2011	21/03/2012	23/03/2012	13/04/2012	-
01 Sep 2011	Final	GBX	55.50	02/07/2010	02/07/2011	02/11/2011	04/11/2011	18/11/2011	81.00
18 Feb 2011	Interim	GBX	25.50	01/07/2010	01/01/2011	23/03/2011	25/03/2011	08/04/2011	-
02 Sep 2010	Final	GBX	30.00	03/07/2009	03/07/2010	03/11/2010	05/11/2010	19/11/2010	81.00
25 Feb 2010	Interim	GBX	51.00	02/07/2009	02/01/2010	17/03/2010	19/03/2010	01/04/2010	-
03 Sep 2009	Final	GBX	51.00	27/06/2008	27/06/2009	04/11/2009	06/11/2009	20/11/2009	81.00
19 Feb 2009	Interim	GBX	30.00	27/06/2008	27/12/2008	18/03/2009	20/03/2009	09/04/2009	-
05 Sep 2008	Final	GBX	55.00	28/06/2007	28/06/2008	29/10/2008	31/10/2008	21/11/2008	81.00
07 Sep 2007	Final	GBX	47.00	30/06/2006	30/06/2007	30/10/2007	02/11/2007	23/11/2007	70.00
16 Feb 2007	Interim	GBX	23.00	01/07/2006	31/12/2006	21/03/2007	23/03/2007	12/04/2007	-
07 Sep 2006	Final	GBX	38.00	30/06/2005	30/06/2006	01/11/2006	03/11/2006	24/11/2006	56.00
17 Feb 2006	Interim	GBX	18.00	01/07/2005	31/12/2005	15/03/2006	17/03/2006	18/04/2006	-
28 Jan 2005	Final	GBX	33.00	02/07/2004	02/07/2005	02/11/2005	04/11/2005	25/11/2005	48.00
18 Feb 2005	Interim	GBX	15.00	01/07/2004	01/01/2005	09/03/2005	11/03/2005	07/04/2005	-
03 Sep 2004	Final	GBX	27.00	03/07/2003	03/07/2004	20/10/2004	22/10/2004	26/11/2004	38.00
20 Feb 2004	Interim	GBX	11.00	03/07/2003	03/01/2004	10/03/2004	12/03/2004	08/04/2004	-
05 Sep 2003	Final	GBX	18.00	28/06/2002	28/06/2003	22/10/2003	24/10/2003	21/11/2003	25.00
21 Feb 2003	Interim	GBX	7.00	28/06/2002	28/12/2002	12/03/2003	14/03/2003	10/04/2003	-
05 Sep 2002	Final	GBX	12.00	29/06/2001	29/06/2002	23/10/2002	25/10/2002	22/11/2002	17.00
22 Feb 2002	Interim	GBX	5.00	29/06/2001	29/12/2001	13/03/2002	15/03/2002	11/04/2002	-
07 Sep 2001	Final	GBX	10.70	30/06/2000	30/06/2001	24/10/2001	26/10/2001	23/11/2001	15.00
23 Feb 2001	Interim	GBX	4.30	30/06/2000	30/12/2000	14/03/2001	16/03/2001	19/04/2001	-
08 Sep 2000	Final	GBX	9.20	01/07/1999	01/07/2000	23/10/2000	27/10/2000	24/11/2000	13.00
24 Feb 2000	Interim	GBX	3.80	01/07/1999	01/01/2000	13/03/2000	17/03/2000	20/04/2000	-
10 Sep 1999	Final	GBX	8.00	03/07/1998	03/07/1999	01/11/1999	05/11/1999	25/11/1999	11.50
18 Sep 1998	Final	GBX	7.00	27/06/1997	27/06/1998	02/11/1998	06/11/1998	26/11/1998	10.00

Go-ahead Fundamentals

	01 Jul 2017 (GBP)		30 Jun 2018 (GBP)		29 Jun 2019 (GBP)		27 Jun 2020 (GBP)
turnover	3,481.10	100.00%	3,461.50	100.00%	3,807.10	100.00%	3,898.40	100.00%	m
pre tax profit	136.80	3.93%	145.70	4.21%	97.00	2.55%	-0.20	-0.01%	m
attributable profit	89.10	2.56%	89.00	2.57%	58.80	1.54%	-28.60	-0.73%	m
retained profit	47.30	1.36%	45.20	1.31%	15.00	0.39%	-59.50	-1.53%	m
eps - basic (p)	207.70		207.20		136.80		-66.50
eps - diluted (p)	207.10		206.70		136.50		-66.40
dividends per share	102.08		102.08		102.08		-

Go-ahead Balance Sheet

	01 Jul 2017 (GBP)		30 Jun 2018 (GBP)		29 Jun 2019 (GBP)		27 Jun 2020 (GBP)


	01 Jul 2017 (GBP)		30 Jun 2018 (GBP)		29 Jun 2019 (GBP)		27 Jun 2020 (GBP)
ASSETS
fixed assets	575.20	35.57%	628.70	36.81%	631.90	35.08%	589.00	25.94%	m
intangibles	91.50	5.66%	91.50	5.36%	108.80	6.04%	745.00	32.81%	m
fixed investments	-	-%	-	-%	59.70	3.31%	63.50	2.80%	m
current assets - other	1.90	0.12%	23.10	1.35%	2.70	0.15%	7.20	0.32%	m
stocks	18.90	1.17%	15.20	0.89%	16.80	0.93%	19.70	0.87%	m
debtors	339.40	20.99%	392.80	23.00%	350.50	19.46%	276.30	12.17%	m
cash & securities	590.20	36.50%	556.50	32.59%	630.80	35.02%	569.80	25.10%	m

TOTAL	1,617.10	100%	1,707.80	100%	1,801.20	100%	2,270.50	100%	m

LIABILITIES
creditors - short	1,097.70	67.88%	863.30	50.55%	903.70	50.17%	1,298.30	57.18%	m
creditors - long	292.20	18.07%	525.10	30.75%	552.30	30.66%	703.60	30.99%	m
creditors - other	-	-%	-	-%	-	-%	-	-%	m
subordinated loans	-	-%	-	-%	-	-%	-	-%	m
insurance funds	-	-%	-	-%	-	-%	-	-%	m

TOTAL	1,389.90	85.95%	1,388.40	81.30%	1,456.00	80.83%	2,001.90	88.17%	m

EQUITY
ord cap, reserves	202.10	12.50%	287.90	16.86%	310.10	17.22%	231.70	10.20%	m
prefs, minorities	25.10	1.55%	31.50	1.84%	35.10	1.95%	36.90	1.63%	m

TOTAL	227.20	14.05%	319.40	18.70%	345.20	19.17%	268.60	11.83%	m

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

Go-ahead Cash Flow Statement

	01 Jul 2017 (GBP)	30 Jun 2018 (GBP)	29 Jun 2019 (GBP)	27 Jun 2020 (GBP)
Operating CF	144.10	162.30	223.70	470.30	m
Pre-Financing CF	-9.40	2.70	136.10	382.70	m
Retained CF	46.10	-33.70	74.30	-61.00	m

Go-ahead Brokers

Name	Activity	Type	Mnemonic	Code
THE ROYAL BANK OF SCOT N.V.	Market Maker(MME)	Broker/Dealer	RBSM	ABNAGB22
CREDIT SUISSE SEC (EUROPE) LTD	Market Maker(MME)	Broker/Dealer	CSFB	CSFBGB2L
Deutsche Bank AG London Branch	Market Maker(MME)	Broker/Dealer	DEUT	DEUTGB2L
Commerzbank AG	Market Maker(MME)	Broker/Dealer	KLWT	DRESGB2LPST
Evolution Securities Limited	Market Maker(MME)	Broker/Dealer	EVO	EVBGGB21MMT
Goldman Sachs International	Market Maker(MME)	Broker/Dealer	GSCO	GSILGB2X
HSBC Bank plc	Market Maker(MME)	Broker/Dealer	HSBC	JCAPGB2L
J.P. Morgan Securities Ltd	Market Maker(MME)	Broker/Dealer	JPMS	JPMSGB2L
Morgan Stanley Securities Ltd	Market Maker(MME)	Broker/Dealer	MOST	MSSEGB21
Panmure Gordon (UK) Limited	Market Maker(MME)	Broker/Dealer	PMUR	PMURGB2L
Citigrp Global Mkt UK Equities	Market Maker(MME)	Broker/Dealer	CITI	SBUKGB21
Merrill Lynch International	Market Maker(MME)	Broker/Dealer	MLSB	SNCSGB2LBIC
UBS AG	Market Maker(MME)	Broker/Dealer	UBS.	UBSWGB2LEQU
Winterflood Securities Ltd	Market Maker(MME)	Broker/Dealer	WINS	WNTSGB2LBIC