Halfords (HFD)

Company name:	Halfords Group Plc
Company Description:	Retailer of car maintenance, car enhancement, travel solutions and cycling products
EPIC:	HFD	Trading Currency:	GBX
Market Sector:	SSC4	ISIN:	GB00B012TP20
Market Segment:	SSMM	Share Type:	DE
WWW Address:	http://www.halfords.com/	Description:	ORD 1P
Industry Sector:	GENERAL RETAILERS

Price	Price Change [%]	Bid	Offer	Open	High	Low	Volume
402.00	0.0 [0.00]	402.80	403.60	404.40	409.60	394.80	614,342
Market Cap. [m]	Shares In Issue [m]	Beta	EPS	DPS	PE Ratio	Yield	52-Wks-Range
800.45	199.12	0.14	27.10	-	14.83	-	437.40 - 130.00

Halfords Key Figures

(at previous day's close)
Market Cap.	800.45	m
Shares In Issue	199.12	m
Prev. Close	402.00
PE Ratio	14.83
Dividend Yield	-	%
EPS - basic	27.10	p
Dividend PS	-	p
Dividend Cover	-
Cash Flow PS	136.65	p
Return On Equity (ROE)	12.73	%
Operating Margin	4.99	%
PEG Factor	0.07
EPS Growth Rate	204.49	%
Dividends PS Growth Rate	-	%
Net Debt	596.60	m
Gross Gearing	61.37	%
Quick Assets	174.70	m
Net Working Capital	-45.60	m
Intangibles / Fixed Assets	52.20	%
Turnover PS	649.02	p
Pre-Tax Profit PS	32.39	p
Retained Profit PS	26.72	p
Cash PS	33.75	p
Net Cash PS	-149.16	p
Net Tangible Asset Value PS *	9.79	p
Net Asset Value PS	209.83	p
Spread	0.80 (0.20%)
* 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.

Halfords Balance Sheet

Share Price Performance

Sample Period ^†	High	Low
1 week	437.40	384.80
4 weeks	437.40	370.00
12 weeks	437.40	362.00
1 year	437.40	130.00

Share Price Chart (5 years)

Halfords Historic Returns

Period ^†	Open	Change	%	Open Avg.	Avg. Daily Vol [m]	Total Vol [m]	VWAP
1 week	398.80	3.20	0.80	384.80	1.43		409.04
4 weeks	377.80	24.20	6.41	370.00	0.86		396.26
12 weeks	370.00	32.00	8.65	362.00	0.65		388.15
26 weeks	263.50	138.50	52.56	246.00	0.69		339.98
1 year	170.00	232.00	136.47	130.00	0.89		252.10
3 years	339.60	62.40	18.37	49.58	0.85		216.13
5 years	403.90	-1.90	-0.47	49.58	0.78		260.12
† periods calculated are whole weeks rather than calendar months

Halfords Key Management Ratios

Halfords Investment Ratios

(Market value analysis) at previous day's close
PQ Ratio	4.82
PE Ratio	14.83
Tobin's Q Ratio	0.70
Tobin's Q Ratio (excl. intangibles)	1.41
Dividend Yield	-	%
Market-to-Book Ratio	1.92
Price-to-Pre-Tax Profit PS	12.41
Price-to-Retained Profit PS	15.05
Price-to-Cash Flow PS	2.94
Price-to-Sales PS	0.62
Price-to-Net Tangible Asset Value PS	41.05
Price-to-Cash PS	11.91
Net Working Capital PS	-22.90
Price Pct to Working Capital PS	-17.55	%
Earnings Yield	6.74	%
Average PE	11.14
Years in average	5
PE to PE average	133.22	%

Halfords Financial Ratios

(Leverage Ratios)
Debt Ratio	41.76	%
Debt-to-Equity Ratio	0.72
Debt-to-Equity Ratio (excl. Intgbl)	15.36
Debt-to-Equity Market Value	0.37
Net Gearing	55.16	%
Net Gearing (excl. Intangibles)	87.31	%
Gross Gearing	61.37	%
Gross Gearing (excl. Intangibles)	97.15	%
Gearing Under 1 Year	33.67	%
Gearing Under 1 Year (excl. Intgbl)	53.30	%
Assets/Equity	2.59
Cash/Equity	16.08
(Liquidity Ratios)
Net Working Capital to Total Assets	-4.22	%
Current Ratio	0.87
Quick Ratio (Acid Test)	0.48
Liquidity Ratio	0.18
Cash & Equiv/Current Assets	21.09	%
(Solvency Ratios)
Enterprise Value	1,032.85	m
CFO/Sales	0.21
CFO/Attributable Profit	5.11
CFO/Assets	0.25
CFO/Debt	0.41
Total Debt/Equity Market Value	0.83
Total Debt/Sales	0.51
Total Debt/Pre-Tax Profit	10.29
Total Debt	663.80	m
Total Debt/Net Current Assets	-14.56	%
(Dodds - Graham Ratios)
3 yr Compound Earnings Growth	8.53	%
5 yr Compound Earnings Growth	-	%
10 yr Compound Earnings Growth	-	%
Earn drops > 5% in 10yrs	8

Beta (60-Mnth)	Beta (36-Mnth)
0.1359	0.1138

Halfords Operating Ratios

(Profitability Ratios)
Return On Capital Employed (ROCE)	8.99	%
Return On Assets (ROA)	4.67	%
Net Profit Margin	4.12	%
Assets Turnover	1.14
Return On Equity (ROE)	12.73	%
Return On Investment (ROI)	6.65	%
Dividend Payout Ratio	-	%
Plowback Ratio	100.00	%
Growth from Plowback Ratio	13.58	%
Net Income Of Revenues	4.12	%
(Asset Utilisation Multiples)
Shareholders Equity Turnover	3.30
Fixed Assets Turnover	1.61
Current Assets Turnover	3.82
Net Working Capital Turnover
Inventory Turnover	8.16
(Other Operating Ratios)
Total Assets-to-Sales	0.88
Debtors-to-Sales	6.83	%
Debt Collection Period	24.93	Days

Halfords Dividends

Announcement Date	Type	Curr.	Dividend Amount	Period Start	Period End	Ex Date	Record Date	Payment Date	Total Dividend Amount
07 Nov 2019	Interim	GBX	6.18	03/04/2019	03/04/2020	04/12/2019	05/12/2019	17/01/2020	6.18
21 May 2019	Final	GBX	12.39	29/03/2018	29/03/2019	25/07/2019	26/07/2019	30/08/2019	18.57
09 Nov 2017	Interim	GBX	6.00	29/03/2018	29/09/2018	07/12/2017	08/12/2017	19/01/2018	-
08 Nov 2018	Interim	GBX	6.18	28/03/2018	28/09/2018	13/12/2018	14/12/2018	18/01/2019	-
22 May 2018	Final	GBX	12.03	30/03/2017	30/03/2018	26/07/2018	27/07/2018	31/08/2018	18.03
25 May 2017	Special	GBX	10.00	31/03/2016	31/03/2017	03/08/2017	04/08/2017	25/08/2017	-
25 May 2017	Final	GBX	11.68	31/03/2016	31/03/2017	03/08/2017	04/08/2017	25/08/2017	17.51
10 Nov 2016	Interim	GBX	5.83	30/03/2016	30/09/2016	15/12/2016	16/12/2016	20/01/2017	-
01 Jun 2016	Final	GBX	11.30	01/04/2015	01/04/2016	06/08/2016	07/08/2016	28/08/2016	17.00
12 Nov 2015	Interim	GBX	5.70	02/04/2015	02/10/2015	17/12/2015	18/12/2015	22/01/2016	-
05 Jun 2015	Final	GBX	11.00	03/04/2014	03/04/2015	06/08/2015	07/08/2015	28/08/2015	16.50
06 Nov 2014	Interim	GBX	5.50	26/03/2014	26/09/2014	18/12/2014	19/12/2014	23/01/2015	-
22 May 2014	Final	GBX	9.10	28/03/2013	28/03/2014	02/07/2014	04/07/2014	01/08/2014	14.30
07 Nov 2013	Interim	GBX	5.20	28/03/2013	28/09/2013	18/12/2013	20/12/2013	24/01/2014	-
23 May 2013	Final	GBX	9.10	29/03/2012	29/03/2013	03/07/2013	05/07/2013	02/08/2013	17.10
21 Nov 2012	Interim	GBX	8.00	28/03/2012	28/09/2012	19/12/2012	21/12/2012	25/01/2013	-
31 May 2012	Final	GBX	14.00	01/04/2011	01/04/2012	04/07/2012	06/07/2012	03/08/2012	22.00
10 Nov 2011	Interim	GBX	8.00	30/03/2011	30/09/2011	21/12/2011	23/12/2011	27/01/2012	-
09 Jun 2011	Final	GBX	14.00	01/04/2010	01/04/2011	29/06/2011	01/07/2011	05/08/2011	22.00
18 Nov 2010	Interim	GBX	8.00	01/04/2010	01/04/2011	15/12/2010	17/12/2010	24/01/2011	-
10 Jun 2010	Final	GBX	14.00	31/03/2009	31/03/2010	30/06/2010	02/07/2010	06/08/2010	20.00
19 Nov 2009	Interim	GBX	6.00	28/03/2009	28/09/2009	18/12/2009	18/12/2009	25/01/2010	-
10 Jun 2009	Final	GBX	10.90	31/03/2008	31/03/2009	16/06/2009	18/06/2009	05/08/2009	15.90
24 Nov 2008	Interim	GBX	5.00	28/03/2008	28/09/2008	26/11/2008	28/11/2008	07/01/2009	-
05 Jun 2008	Final	GBX	10.35	31/03/2007	31/03/2008	11/06/2008	13/06/2008	30/07/2008	15.10
22 Nov 2007	Interim	GBX	4.75	28/03/2007	28/09/2007	28/11/2007	30/11/2007	09/01/2008	-
04 Jun 2007	Final	GBX	9.50	31/03/2006	31/03/2007	27/06/2007	29/06/2007	01/08/2007	13.85
23 Nov 2006	Interim	GBX	4.35	30/03/2006	30/09/2006	29/11/2006	01/12/2006	08/01/2007	-
08 Jun 2006	Final	GBX	8.75	31/03/2005	31/03/2006	14/06/2006	16/06/2006	14/08/2006	12.75
24 Nov 2005	Interim	GBX	4.00	30/03/2005	30/09/2005	30/11/2005	02/12/2005	09/01/2006	-
09 Jun 2005	Final	GBX	8.30	01/04/2004	01/04/2005	15/06/2005	17/06/2005	01/08/2005	12.00
24 Nov 2004	Interim	GBX	3.70	01/04/2004	01/10/2004	01/12/2004	03/12/2004	10/01/2005	-

Halfords Fundamentals

	30 Mar 2018 (GBP)		29 Mar 2019 (GBP)		03 Apr 2020 (GBP)		02 Apr 2021 (GBP)
turnover	1,135.10	100.00%	1,138.60	100.00%	1,155.10	100.00%	1,292.30	100.00%	m
pre tax profit	67.10	5.91%	51.00	4.48%	19.40	1.68%	64.50	4.99%	m
attributable profit	54.70	4.82%	41.90	3.68%	17.50	1.52%	53.20	4.12%	m
retained profit	19.90	1.75%	6.00	0.53%	-19.10	-1.65%	53.20	4.12%	m
eps - basic (p)	27.80		21.20		8.90		27.10
eps - diluted (p)	27.50		21.00		8.70		26.40
dividends per share	18.03		18.57		6.18		-

Halfords Balance Sheet

	30 Mar 2018 (GBP)		29 Mar 2019 (GBP)		03 Apr 2020 (GBP)		02 Apr 2021 (GBP)


	30 Mar 2018 (GBP)		29 Mar 2019 (GBP)		03 Apr 2020 (GBP)		02 Apr 2021 (GBP)
ASSETS
fixed assets	101.30	12.95%	97.30	13.11%	83.10	6.95%	364.10	33.66%	m
intangibles	393.90	50.36%	387.40	52.20%	745.60	62.40%	398.30	36.83%	m
fixed investments	8.40	1.07%	3.20	0.43%	8.70	0.73%	0.60	0.06%	m
current assets - other	-	-%	-	-%	-	-%	-	-%	m
stocks	195.50	25.00%	185.40	24.98%	173.00	14.48%	143.90	13.30%	m
debtors	56.00	7.16%	59.10	7.96%	69.00	5.77%	107.50	9.94%	m
cash & securities	27.00	3.45%	9.80	1.32%	115.50	9.67%	67.20	6.21%	m

TOTAL	782.10	100%	742.20	100%	1,194.90	100%	1,081.60	100%	m

LIABILITIES
creditors - short	228.40	29.20%	214.70	28.93%	311.20	26.04%	364.20	33.67%	m
creditors - long	131.80	16.85%	106.50	14.35%	517.90	43.34%	299.60	27.70%	m
creditors - other	-	-%	-	-%	-	-%	-	-%	m
subordinated loans	-	-%	-	-%	-	-%	-	-%	m
insurance funds	-	-%	-	-%	-	-%	-	-%	m

TOTAL	360.20	46.06%	321.20	43.28%	829.10	69.39%	663.80	61.37%	m

EQUITY
ord cap, reserves	421.90	53.94%	421.00	56.72%	365.80	30.61%	417.80	38.63%	m
prefs, minorities	-	-%	-	-%	-	-%	-	-%	m

TOTAL	421.90	53.94%	421.00	56.72%	365.80	30.61%	417.80	38.63%	m

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

Halfords Cash Flow Statement

	30 Mar 2018 (GBP)	29 Mar 2019 (GBP)	03 Apr 2020 (GBP)	02 Apr 2021 (GBP)
Operating CF	79.10	72.40	191.50	272.10	m
Pre-Financing CF	33.50	42.50	147.00	233.10	m
Retained CF	9.40	-14.90	122.70	-4.83	m

Halfords Brokers

Name	Activity	Type	Mnemonic	Code
Arden Partners Plc	Market Maker(MME)	Broker/Dealer	ARDA	ARRRGB2100A
J.P. Morgan Cazenove Limited	Market Maker(MME)	Broker/Dealer	CAZR	CAZEGB2L
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
Numis Securities Limited	Market Maker(MME)	Broker/Dealer	NUMS	RAZHGB2LBIC
Citigrp Global Mkt UK Equities	Market Maker(MME)	Broker/Dealer	CITI	SBUKGB21
Merrill Lynch International	Market Maker(MME)	Broker/Dealer	MLSB	SNCSGB2LBIC
Seymour Pierce	Market Maker(MME)	Broker/Dealer	SEYP	SPBTGB21
UBS AG	Market Maker(MME)	Broker/Dealer	UBS.	UBSWGB2LEQU
Winterflood Securities Ltd	Market Maker(MME)	Broker/Dealer	WINS	WNTSGB2LBIC