Legal & General (LGEN)

Company name:	Legal & General Group Plc
Company Description:	Legal & General is a financial services company providing personal clients with a broad range of good value products available through sales consultants, IFA's, tied agents or over the telephone. Personal financial products sold include: annuities, endowments, household insurance, investment trusts, mortgages, pensions, car insurance, health insurance, investment bonds, life assurance, PEP's, and unit trusts. The group also has substantial inter-related corporate businesses, predominantly in the pensions area, products of which include: pension funds investment management, venture capital, group pensions bulk purchase annuity, and group risk insurance
EPIC:	LGEN	Trading Currency:	GBX
Market Sector:	FE10	ISIN:	GB0005603997
Market Segment:	SET1	Share Type:	DE
WWW Address:	http://www.legalandgeneralgroup.com/	Description:	ORD 2 1/2P
Industry Sector:	LIFE INSURANCE

Price	Price Change [%]	Bid	Offer	Open	High	Low	Volume
185.65	-9.95 [-5.09]	185.65	185.80	195.15	195.15	185.45	15,804,112
Market Cap. [m]	Shares In Issue [m]	Beta	EPS	DPS	PE Ratio	Yield	52-Wks-Range
11,077.55	5,966.90	0.07	30.92	17.57	6.00	9.46	324.70 - 138.00

Legal & General Key Figures

(at previous day's close)
Market Cap.	11,077.55	m
Shares In Issue	5,966.90	m
Prev. Close	195.60
PE Ratio	6.00
Dividend Yield	9.46	%
EPS - basic	30.92	p
Dividend PS	17.57	p
Dividend Cover	1.76
Cash Flow PS	-55.05	p
Return On Equity (ROE)	19.58	%
Operating Margin	3.23	%
PEG Factor	14.22
EPS Growth Rate	0.42	%
Dividends PS Growth Rate	7.00	%
Net Debt	537,261.99	m
Gross Gearing	98.32	%
Quick Assets	53,585.00	m
Net Working Capital	53,478.00	m
Intangibles / Fixed Assets	0.04	%
Turnover PS	1,119.27	p
Pre-Tax Profit PS	36.13	p
Retained Profit PS	14.01	p
Cash PS	233.34	p
Net Cash PS	231.54	p
Net Tangible Asset Value PS *	153.80	p
Net Asset Value PS	157.90	p
Spread	0.15 (0.08%)
* 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.

Legal & General Balance Sheet

Share Price Performance

Sample Period ^†	High	Low
1 week	200.30	185.45
4 weeks	202.10	184.00
12 weeks	242.10	176.35
1 year	324.70	138.00

Share Price Chart (5 years)

Legal & General Historic Returns

Period ^†	Open	Change	%	Open Avg.	Avg. Daily Vol [m]	Total Vol [m]	VWAP
1 week	190.00	-4.35	-2.29	185.45	13.31		193.26
4 weeks	188.50	-2.85	-1.51	184.00	16.69		193.16
12 weeks	221.90	-36.25	-16.34	176.35	15.36		201.89
26 weeks	191.65	-6.00	-3.13	176.35	16.52		208.87
1 year	271.40	-85.75	-31.60	138.00	18.87		228.36
3 years	271.90	-86.25	-31.72	138.00	17.80		248.79
5 years	256.10	-70.45	-27.51	138.00	17.35		243.49
† periods calculated are whole weeks rather than calendar months

Legal & General Key Management Ratios

Legal & General Investment Ratios

(Market value analysis) at previous day's close
PQ Ratio	-
PE Ratio	6.00
Tobin's Q Ratio	0.02
Tobin's Q Ratio (excl. intangibles)	0.02
Dividend Yield	9.46	%
Market-to-Book Ratio	1.18
Price-to-Pre-Tax Profit PS	5.14
Price-to-Retained Profit PS	13.25
Price-to-Cash Flow PS	-3.37
Price-to-Sales PS	0.17
Price-to-Net Tangible Asset Value PS	1.20
Price-to-Cash PS	0.80
Net Working Capital PS	896.24
Price Pct to Working Capital PS	0.21	%
Earnings Yield	16.65	%
Average PE	10.45
Years in average	5
PE to PE average	57.46	%

Legal & General Financial Ratios

(Leverage Ratios)
Debt Ratio	98.32	%
Debt-to-Equity Ratio	58.49
Debt-to-Equity Ratio (excl. Intgbl)	59.69
Debt-to-Equity Market Value	49.75
Net Gearing	95.84	%
Net Gearing (excl. Intangibles)	95.87	%
Gross Gearing	98.32	%
Gross Gearing (excl. Intangibles)	98.35	%
Gearing Under 1 Year	0.02	%
Gearing Under 1 Year (excl. Intgbl)	0.02	%
Assets/Equity	59.50
Cash/Equity	147.77
(Liquidity Ratios)
Net Working Capital to Total Assets	9.54	%
Current Ratio	500.79
Quick Ratio (Acid Test)	500.79
Liquidity Ratio	130.12
Cash & Equiv/Current Assets	25.98	%
(Solvency Ratios)
Enterprise Value	548,287.53	m
CFO/Sales	-0.05
CFO/Attributable Profit	-
CFO/Assets	-0.01
CFO/Debt	-0.01
Total Debt/Equity Market Value	49.76
Total Debt/Sales	8.25
Total Debt/Pre-Tax Profit	255.65
Total Debt	551,184.99	m
Total Debt/Net Current Assets	10.31	%
(Dodds - Graham Ratios)
3 yr Compound Earnings Growth	-	%
5 yr Compound Earnings Growth	11.23	%
10 yr Compound Earnings Growth	8.19	%
Earn drops > 5% in 10yrs	7

Beta (60-Mnth)	Beta (36-Mnth)
0.0667	0.0827

Legal & General Operating Ratios

(Profitability Ratios)
Return On Capital Employed (ROCE)	0.38	%
Return On Assets (ROA)	0.35	%
Net Profit Margin	2.75	%
Assets Turnover	0.13
Return On Equity (ROE)	19.58	%
Return On Investment (ROI)	0.35	%
Dividend Payout Ratio	56.82	%
Plowback Ratio	43.18	%
Growth from Plowback Ratio	8.82	%
Net Income Of Revenues	1.25	%
(Asset Utilisation Multiples)
Shareholders Equity Turnover	7.44
Fixed Assets Turnover	0.14
Current Assets Turnover	1.24
Net Working Capital Turnover
Inventory Turnover	-
(Other Operating Ratios)
Total Assets-to-Sales	7.88
Debtors-to-Sales	19.15	%
Debt Collection Period	69.88	Days

Legal & General Dividends

Announcement Date	Type	Curr.	Dividend Amount	Period Start	Period End	Ex Date	Record Date	Payment Date	Total Dividend Amount
05 Aug 2020	Interim	GBX	4.93	31/12/2019	31/12/2020	13/08/2020	14/08/2020	24/09/2020	-
04 Mar 2020	Final	GBX	12.64	31/12/2018	31/12/2019	23/04/2020	24/04/2020	04/06/2020	17.57
07 Aug 2019	Interim	GBX	4.93	31/12/2018	31/12/2019	15/08/2019	16/08/2019	26/09/2019	-
06 Mar 2019	Final	GBX	11.82	31/12/2017	31/12/2018	25/04/2019	26/04/2019	06/06/2019	16.42
09 Aug 2018	Interim	GBX	4.60	31/12/2017	31/12/2018	16/08/2018	17/08/2018	27/09/2018	-
07 Mar 2018	Final	GBX	11.05	31/12/2016	31/12/2017	26/04/2018	27/04/2018	07/06/2018	15.35
09 Aug 2017	Interim	GBX	4.30	31/12/2016	31/12/2017	17/08/2017	18/08/2017	21/09/2017	-
08 Mar 2017	Final	GBX	10.35	31/12/2015	31/12/2016	27/04/2017	28/04/2017	08/06/2017	14.35
09 Aug 2016	Interim	GBX	4.00	31/12/2015	31/12/2016	18/08/2016	19/08/2016	22/09/2016	-
15 Mar 2016	Final	GBX	9.95	31/12/2014	31/12/2015	28/04/2016	29/04/2016	09/06/2016	13.40
05 Aug 2015	Interim	GBX	3.45	31/12/2014	31/12/2015	13/08/2015	14/08/2015	17/09/2015	-
04 Mar 2015	Final	GBX	8.35	31/12/2013	31/12/2014	23/04/2015	24/04/2015	04/06/2015	11.25
06 Aug 2014	Interim	GBX	2.90	31/12/2013	31/12/2014	27/08/2014	29/08/2014	01/10/2014	-
05 Mar 2014	Final	GBX	6.90	31/12/2012	31/12/2013	23/04/2014	25/04/2014	04/06/2014	9.30
06 Aug 2013	Interim	GBX	2.40	31/12/2012	31/12/2013	28/08/2013	30/08/2013	30/09/2013	-
14 Mar 2013	Final	GBX	5.69	31/12/2011	31/12/2012	24/04/2013	26/04/2013	29/05/2013	7.65
07 Aug 2012	Interim	GBX	1.96	31/12/2011	31/12/2012	29/08/2012	31/08/2012	01/10/2012	-
14 Mar 2012	Final	GBX	4.74	31/12/2010	31/12/2011	18/04/2012	20/04/2012	23/05/2012	6.40
03 Aug 2011	Interim	GBX	1.66	31/12/2010	31/12/2011	07/09/2011	09/09/2011	03/10/2011	-
17 Mar 2011	Final	GBX	3.42	31/12/2009	31/12/2010	20/04/2011	26/04/2011	01/06/2011	4.75
04 Aug 2010	Interim	GBX	1.33	31/12/2009	31/12/2010	01/09/2010	03/09/2010	01/10/2010	-

Legal & General Fundamentals

	31 Dec 2016 (GBP)		31 Dec 2017 (GBP)		31 Dec 2018 (GBP)		31 Dec 2019 (GBP)
turnover	77,969.00	100.00%	40,491.00	100.00%	1,264.00	100.00%	66,786.00	100.00%	m
pre tax profit	1,867.00	2.39%	2,061.00	5.09%	2,102.00	166.30%	2,156.00	3.23%	m
attributable profit	1,258.00	1.61%	1,891.00	4.67%	1,827.00	144.54%	1,834.00	2.75%	m
retained profit	428.00	0.55%	1,019.00	2.52%	895.00	70.81%	836.00	1.25%	m
eps - basic (p)	21.22		31.87		30.79		30.92
eps - diluted (p)	21.13		31.73		30.64		30.75
dividends per share	14.35		15.35		16.42		17.57

Legal & General Balance Sheet

	31 Dec 2016 (GBP)		31 Dec 2017 (GBP)		31 Dec 2018 (GBP)		31 Dec 2019 (GBP)


	31 Dec 2016 (GBP)		31 Dec 2017 (GBP)		31 Dec 2018 (GBP)		31 Dec 2019 (GBP)
ASSETS
fixed assets	76.00	0.02%	59.00	0.01%	57.00	0.01%	298.00	0.05%	m
intangibles	166.00	0.04%	149.00	0.03%	288.00	0.06%	190.00	0.03%	m
fixed investments	433,374.99	92.63%	458,114.01	90.56%	437,862.01	88.90%	506,534.00	90.35%	m
current assets - other	2,265.00	0.48%	22,584.00	4.46%	26,234.00	5.33%	24,844.00	4.43%	m
stocks	-	-%	-	-%	-	-%	-	-%	m
debtors	6,255.00	1.34%	6,052.00	1.20%	10,755.00	2.18%	14,818.00	2.64%	m
cash & securities	25,717.00	5.50%	18,919.00	3.74%	17,321.00	3.52%	13,923.00	2.48%	m

TOTAL	467,853.99	100%	505,877.01	100%	492,517.01	100%	560,607.00	100%	m

LIABILITIES
creditors - short	-	-%	-	-%	-	-%	107.00	0.02%	m
creditors - long	-	-%	-	-%	-	-%	-	-%	m
creditors - other	393,998.01	84.21%	435,640.01	86.12%	419,158.00	85.11%	473,760.99	84.51%	m
subordinated loans	-	-%	-	-%	-	-%	-	-%	m
insurance funds	66,573.00	14.23%	62,318.00	12.32%	64,707.00	13.14%	77,317.00	13.79%	m

TOTAL	460,571.01	98.44%	497,958.01	98.43%	483,865.00	98.24%	551,184.99	98.32%	m

EQUITY
ord cap, reserves	6,945.00	1.48%	7,843.00	1.55%	8,580.00	1.74%	9,367.00	1.67%	m
prefs, minorities	338.00	0.07%	76.00	0.02%	72.00	0.01%	55.00	0.01%	m

TOTAL	7,283.00	1.56%	7,919.00	1.57%	8,652.00	1.76%	9,422.00	1.68%	m

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

Legal & General Cash Flow Statement

	31 Dec 2016 (GBP)	31 Dec 2017 (GBP)	31 Dec 2018 (GBP)	31 Dec 2019 (GBP)
Operating CF	5,936.00	4,411.00	-361.00	-3,285.00	m
Pre-Financing CF	5,556.00	4,397.00	-642.00	-3,147.00	m
Retained CF	4,608.00	3,912.00	-847.00	-3,839.00	m

Legal & General Brokers

Name	Activity	Type	Mnemonic	Code
Evolution Securities Limited	Market Maker(MME)	Broker/Dealer	EVO	EVBGGB21MMT
Winterflood Securities Ltd	Market Maker(MME)	Broker/Dealer	WINS	WNTSGB2LBIC