Henderson European Focus (HEFT)

Company name:	Henderson European Focus Trust Plc
EPIC:	HEFT	Trading Currency:	GBX
Market Sector:	SSC6	ISIN:	GB0005268858
Market Segment:	SSMM	Share Type:	DE
WWW Address:	www.hendersoneuropeanfocus.com	Description:	ORD 50P
Industry Sector:	EQUITY INVESTMENT INSTRUMENTS

Price	Price Change [%]	Bid	Offer	Open	High	Low	Volume
1,442.50	0.0 [0.00]	1,440.00	1,460.00	-	-	-	5,299
Market Cap. [m]	Shares In Issue [m]	Beta	EPS	DPS	PE Ratio	Yield	52-Wks-Range
319.78	22.17	0.26	24.13	31.30	59.78	2.17	1,480.00 - 880.00

Henderson European Focus Key Figures

(at previous day's close)
Market Cap.	319.78	m
Shares In Issue	22.17	m
Prev. Close	1,442.50
PE Ratio	59.78
Dividend Yield	2.17	%
EPS - basic	24.13	p
Dividend PS	31.30	p
Dividend Cover	0.77
Cash Flow PS	18.10	p
Return On Equity (ROE)	1.68	%
Operating Margin	84.27	%
PEG Factor	-5.94
EPS Growth Rate	-10.06	%
Dividends PS Growth Rate	-	%
Net Debt	7.61	m
Gross Gearing	11.98	%
Quick Assets	40.24	m
Net Working Capital	-1.72	m
Intangibles / Fixed Assets	-	%
Turnover PS	31.03	p
Pre-Tax Profit PS	26.15	p
Retained Profit PS	-6.97	p
Cash PS	154.93	p
Net Cash PS	-34.35	p
Net Tangible Asset Value PS *	1,390.12	p
Net Asset Value PS	1,390.12	p
Spread	20.00 (1.37%)
* 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.

Henderson European Focus Balance Sheet

Share Price Performance

Sample Period ^†	High	Low
1 week	1,475.00	1,432.50
4 weeks	1,480.00	1,415.00
12 weeks	1,480.00	1,200.00
1 year	1,480.00	880.00

Share Price Chart (5 years)

Henderson European Focus Historic Returns

Period ^†	Open	Change	%	Open Avg.	Avg. Daily Vol [m]	Total Vol [m]	VWAP
1 week	1,460.00	-17.50	-1.20	1,432.50	0.01		1,445.99
4 weeks	1,415.00	27.50	1.94	1,415.00	0.01		1,450.15
12 weeks	1,270.00	172.50	13.58	1,200.00	0.02		1,381.70
26 weeks	1,260.00	182.50	14.48	1,200.00	0.02		1,326.05
1 year	1,330.00	112.50	8.46	880.00	0.02		1,211.65
3 years	1,335.00	107.50	8.05	880.00	0.03		1,208.39
5 years	955.00	487.50	51.05	880.00	0.02		1,204.96
† periods calculated are whole weeks rather than calendar months

Henderson European Focus Key Management Ratios

Henderson European Focus Investment Ratios

(Market value analysis) at previous day's close
PQ Ratio	9.55
PE Ratio	59.78
Tobin's Q Ratio	0.95
Tobin's Q Ratio (excl. intangibles)	0.95
Dividend Yield	2.17	%
Market-to-Book Ratio	1.04
Price-to-Pre-Tax Profit PS	55.17
Price-to-Retained Profit PS	-206.98
Price-to-Cash Flow PS	79.69
Price-to-Sales PS	46.49
Price-to-Net Tangible Asset Value PS	1.04
Price-to-Cash PS	9.31
Net Working Capital PS	-7.74
Price Pct to Working Capital PS	-186.35	%
Earnings Yield	1.67	%
Average PE	43.58
Years in average	5
PE to PE average	137.19	%

Henderson European Focus Financial Ratios

(Leverage Ratios)
Debt Ratio	-	%
Debt-to-Equity Ratio	-
Debt-to-Equity Ratio (excl. Intgbl)	-
Debt-to-Equity Market Value	-
Net Gearing	2.17	%
Net Gearing (excl. Intangibles)	2.17	%
Gross Gearing	11.98	%
Gross Gearing (excl. Intangibles)	11.98	%
Gearing Under 1 Year	11.98	%
Gearing Under 1 Year (excl. Intgbl)	11.98	%
Assets/Equity	1.14
Cash/Equity	11.14
(Liquidity Ratios)
Net Working Capital to Total Assets	-0.49	%
Current Ratio	0.96
Quick Ratio (Acid Test)	0.96
Liquidity Ratio	0.82
Cash & Equiv/Current Assets	85.34	%
(Solvency Ratios)
Enterprise Value	285.43	m
CFO/Sales	0.58
CFO/Attributable Profit	0.77
CFO/Assets	0.01
CFO/Debt	0.10
Total Debt/Equity Market Value	0.13
Total Debt/Sales	6.10
Total Debt/Pre-Tax Profit	7.24
Total Debt	41.96	m
Total Debt/Net Current Assets	-24.45	%
(Dodds - Graham Ratios)
3 yr Compound Earnings Growth	-	%
5 yr Compound Earnings Growth	-	%
10 yr Compound Earnings Growth	2.81	%
Earn drops > 5% in 10yrs	8

Beta (60-Mnth)	Beta (36-Mnth)
0.2601	0.0977

Henderson European Focus Operating Ratios

(Profitability Ratios)
Return On Capital Employed (ROCE)	1.88	%
Return On Assets (ROA)	1.53	%
Net Profit Margin	75.37	%
Assets Turnover	0.02
Return On Equity (ROE)	1.68	%
Return On Investment (ROI)	1.71	%
Dividend Payout Ratio	129.71	%
Plowback Ratio	-29.71	%
Growth from Plowback Ratio	-0.51	%
Net Income Of Revenues	-22.46	%
(Asset Utilisation Multiples)
Shareholders Equity Turnover	0.02
Fixed Assets Turnover	0.02
Current Assets Turnover	0.26
Net Working Capital Turnover
Inventory Turnover	-
(Other Operating Ratios)
Total Assets-to-Sales	49.18
Debtors-to-Sales	54.83	%
Debt Collection Period	200.12	Days

Henderson European Focus Dividends

Announcement Date	Type	Curr.	Dividend Amount	Period Start	Period End	Ex Date	Record Date	Payment Date	Total Dividend Amount
10 Dec 2020	Final	GBX	21.70	30/09/2019	30/09/2020	07/01/2021	08/01/2021	05/02/2021	31.30
28 May 2020	Interim	GBX	9.60	01/10/2019	31/03/2020	04/06/2020	05/06/2020	26/06/2020	-
09 Dec 2019	Final	GBX	21.70	30/09/2018	30/09/2019	09/01/2020	10/01/2020	07/02/2020	31.30
30 May 2019	Interim	GBX	9.60	01/10/2018	31/03/2019	06/06/2019	07/06/2019	28/06/2019	-
11 Dec 2018	Final	GBX	21.50	30/09/2017	30/09/2018	10/01/2019	11/01/2019	08/02/2019	31.00
17 May 2018	Interim	GBX	9.50	01/10/2017	31/03/2018	31/05/2018	01/06/2018	29/06/2018	-
05 Dec 2017	Final	GBX	20.50	30/09/2016	30/09/2017	04/01/2018	05/01/2018	02/02/2018	29.50
19 May 2017	Interim	GBX	9.00	01/10/2016	31/03/2017	01/06/2017	02/06/2017	29/06/2017	-
06 Dec 2016	Final	GBX	18.90	30/09/2015	30/09/2016	05/01/2017	06/01/2017	10/02/2017	26.40
12 May 2016	Interim	GBX	7.50	01/10/2015	31/03/2016	26/05/2016	27/05/2016	28/06/2016	-
08 Dec 2015	Final	GBX	17.65	30/09/2014	30/09/2015	07/01/2016	08/01/2016	05/02/2016	24.65
14 May 2015	Interim	GBX	7.00	01/10/2014	31/03/2015	28/05/2015	29/05/2015	30/06/2015	-
10 Dec 2014	Final	GBX	17.45	30/09/2013	30/09/2014	02/01/2015	05/01/2015	06/02/2014	23.45
08 May 2014	Interim	GBX	6.00	01/10/2013	31/03/2014	28/05/2014	30/05/2014	30/06/2014	-
05 Dec 2013	Final	GBX	21.30	30/09/2012	30/09/2013	11/12/2013	13/12/2013	31/12/2013	21.30
05 Dec 2012	Final	GBX	19.00	30/09/2011	30/09/2012	12/12/2012	14/12/2012	31/12/2012	19.00
07 Dec 2011	Final	GBX	17.75	30/09/2010	30/09/2011	14/12/2011	16/12/2011	30/12/2011	17.75
02 Dec 2010	Final	GBX	16.50	30/09/2009	30/09/2010	08/12/2010	10/12/2010	31/12/2010	16.50
15 Dec 2009	Final	GBX	14.00	30/09/2008	30/09/2009	06/01/2010	08/01/2010	29/01/2010	14.00
12 Dec 2008	Final	GBX	14.00	30/09/2007	30/09/2008	07/01/2009	09/01/2009	30/01/2009	14.00
07 Dec 2007	Final	GBX	8.00	30/09/2006	30/09/2007	24/12/2007	26/12/2007	31/01/2008	8.00
08 Dec 2006	Final	GBX	2.00	30/09/2005	30/09/2006	20/12/2006	22/12/2006	31/01/2007	2.00
05 Jul 2006	Special	GBX	6.00	30/09/2005	30/09/2006	12/07/2006	14/07/2006	31/07/2006	-
24 Nov 2005	Final	GBX	6.00	30/09/2004	30/09/2005	30/11/2005	02/12/2005	31/01/2006	6.00
24 Nov 2004	Final	GBX	4.35	30/09/2003	30/09/2004	01/12/2004	03/12/2004	31/01/2005	4.35
11 Dec 2003	Final	GBX	3.00	30/09/2002	30/09/2003	17/12/2003	19/12/2003	30/01/2004	3.00
28 Nov 2002	Final	GBX	3.00	30/09/2001	30/09/2002	04/12/2002	06/12/2002	31/01/2003	3.00
04 Dec 2001	Final	GBX	3.00	30/09/2000	30/09/2001	12/12/2001	14/12/2001	31/01/2002	3.00
22 Nov 2000	Final	GBX	2.00	30/09/1999	30/09/2000	04/12/2000	08/12/2000	29/01/2001	2.00
08 Nov 1999	Final	GBX	2.00	30/09/1998	30/09/1999	15/11/1999	19/11/1999	28/01/2000	2.00
20 Oct 1998	Final	GBX	1.50	30/09/1997	30/09/1998	26/10/1998	30/10/1998	07/04/1999	1.50

Henderson European Focus Fundamentals

	30 Sep 2017 (GBP)		30 Sep 2018 (GBP)		30 Sep 2019 (GBP)		30 Sep 2020 (GBP)
turnover	-	-	-	-	-	-	6.88	100.00%	m
pre tax profit	7.75	-	7.48	-	6.44	-	5.80	84.27%	m
attributable profit	7.02	-	6.79	-	5.77	-	5.18	75.37%	m
retained profit	1.26	-	0.04	-	-0.92	-	-1.55	-22.46%	m
eps - basic (p)	33.81		31.60		26.83		24.13
eps - diluted (p)	33.81		31.60		26.83		24.13
dividends per share	29.50		31.00		31.30		31.30

Henderson European Focus Balance Sheet

	30 Sep 2017 (GBP)		30 Sep 2018 (GBP)		30 Sep 2019 (GBP)		30 Sep 2020 (GBP)


	30 Sep 2017 (GBP)		30 Sep 2018 (GBP)		30 Sep 2019 (GBP)		30 Sep 2020 (GBP)
ASSETS
fixed assets	-	-%	-	-%	-	-%	-	-%	m
intangibles	-	-%	-	-%	-	-%	-	-%	m
fixed investments	315.84	92.69%	309.95	89.75%	312.88	95.88%	309.88	88.51%	m
current assets - other	-	-%	-	-%	-	-%	-	-%	m
stocks	-	-%	-	-%	-	-%	-	-%	m
debtors	3.54	1.04%	1.17	0.34%	1.64	0.50%	5.90	1.68%	m
cash & securities	21.36	6.27%	34.24	9.91%	11.81	3.62%	34.35	9.81%	m

TOTAL	340.74	100%	345.36	100%	326.33	100%	350.12	100%	m

LIABILITIES
creditors - short	48.34	14.19%	51.57	14.93%	27.32	8.37%	41.96	11.98%	m
creditors - long	-	-%	-	-%	-	-%	-	-%	m
creditors - other	-	-%	-	-%	-	-%	-	-%	m
subordinated loans	-	-%	-	-%	-	-%	-	-%	m
insurance funds	-	-%	-	-%	-	-%	-	-%	m

TOTAL	48.34	14.19%	51.57	14.93%	27.32	8.37%	41.96	11.98%	m

EQUITY
ord cap, reserves	292.40	85.81%	293.79	85.07%	299.01	91.63%	308.17	88.02%	m
prefs, minorities	-	-%	-	-%	-	-%	-	-%	m

TOTAL	292.40	85.81%	293.79	85.07%	299.01	91.63%	308.17	88.02%	m

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

Henderson European Focus Cash Flow Statement

	30 Sep 2017 (GBP)	30 Sep 2018 (GBP)	30 Sep 2019 (GBP)	30 Sep 2020 (GBP)
Operating CF	4.94	5.19	4.56	4.01	m
Pre-Financing CF	-6.30	14.89	9.75	19.91	m
Retained CF	4.79	11.81	-22.16	23.84	m

Henderson European Focus Brokers

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