Legal & General (LGEN)

Company name:	Legal & General
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:	FS10	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
266.80	-11.6 [-4.17]	266.70	266.80	268.60	269.90	266.40	9,933,543
Market Cap. [m]	Shares In Issue [m]	Beta	EPS	DPS	PE Ratio	Yield	52-Wks-Range
15,897.70	5,958.66	0.06	31.87	15.35	8.37	5.75	279.90 - 244.30

Legal & General Key Figures

(at previous day's close)
Market Cap.	15,897.70	m
Shares In Issue	5,958.66	m
Prev. Close	278.40
PE Ratio	8.37
Dividend Yield	5.75	%
EPS - basic	31.87	p
Dividend PS	15.35	p
Dividend Cover	2.08
Cash Flow PS	74.03	p
Return On Equity (ROE)	24.11	%
Operating Margin	5.09	%
PEG Factor	0.17
EPS Growth Rate	50.19	%
Dividends PS Growth Rate	6.97	%
Net Debt	479,039.01	m
Gross Gearing	98.43	%
Quick Assets	47,555.00	m
Net Working Capital	-	m
Intangibles / Fixed Assets	0.03	%
Turnover PS	679.53	p
Pre-Tax Profit PS	34.59	p
Retained Profit PS	17.10	p
Cash PS	317.50	p
Net Cash PS	317.50	p
Net Tangible Asset Value PS *	129.12	p
Net Asset Value PS	132.90	p
Spread	0.10 (0.04%)
* 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	279.70	266.40
4 weeks	279.70	253.40
12 weeks	279.70	248.80
1 year	279.90	244.30

Share Price Chart (5 years)

Legal & General Historic Returns

Period ^†	Open	Change	%	Open Avg.	Avg. Daily Vol [m]	Total Vol [m]	VWAP
1 week	274.50	-7.70	-2.81	266.40	16.76		276.86
4 weeks	257.60	9.20	3.57	253.40	15.89		268.67
12 weeks	271.50	-4.70	-1.73	248.80	16.98		261.65
26 weeks	267.30	-0.50	-0.19	248.80	15.78		265.46
1 year	247.00	19.80	8.02	244.30	15.43		262.59
3 years	258.00	8.80	3.41	160.50	16.08		243.07
5 years	171.50	95.30	55.57	160.50	14.60		237.18
† 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	3.55
PE Ratio	8.37
Tobin's Q Ratio	0.03
Tobin's Q Ratio (excl. intangibles)	0.03
Dividend Yield	5.75	%
Market-to-Book Ratio	2.03
Price-to-Pre-Tax Profit PS	7.71
Price-to-Retained Profit PS	15.60
Price-to-Cash Flow PS	3.60
Price-to-Sales PS	0.39
Price-to-Net Tangible Asset Value PS	2.05
Price-to-Cash PS	0.84
Net Working Capital PS	-
Price Pct to Working Capital PS	-	%
Earnings Yield	11.95	%
Average PE	12.90
Years in average	5
PE to PE average	64.91	%

Legal & General Financial Ratios

(Leverage Ratios)
Debt Ratio	98.43	%
Debt-to-Equity Ratio	62.88
Debt-to-Equity Ratio (excl. Intgbl)	64.09
Debt-to-Equity Market Value	31.32
Net Gearing	94.69	%
Net Gearing (excl. Intangibles)	94.72	%
Gross Gearing	98.43	%
Gross Gearing (excl. Intangibles)	98.46	%
Gearing Under 1 Year	-	%
Gearing Under 1 Year (excl. Intgbl)	-	%
Assets/Equity	63.88
Cash/Equity	238.91
(Liquidity Ratios)
Net Working Capital to Total Assets	9.40	%
Current Ratio	-
Quick Ratio (Acid Test)	-
Liquidity Ratio	-
Cash & Equiv/Current Assets	39.78	%
(Solvency Ratios)
Enterprise Value	495,012.70	m
CFO/Sales	0.11
CFO/Attributable Profit	2.33
CFO/Assets	0.01
CFO/Debt	0.01
Total Debt/Equity Market Value	31.32
Total Debt/Sales	12.30
Total Debt/Pre-Tax Profit	241.61
Total Debt	497,958.01	m
Total Debt/Net Current Assets	10.47	%
(Dodds - Graham Ratios)
3 yr Compound Earnings Growth	20.62	%
5 yr Compound Earnings Growth	15.96	%
10 yr Compound Earnings Growth	-	%
Earn drops > 5% in 10yrs	6

Beta (60-Mnth)	Beta (36-Mnth)
0.0588	0.0347

Legal & General Operating Ratios

(Profitability Ratios)
Return On Capital Employed (ROCE)	0.41	%
Return On Assets (ROA)	0.39	%
Net Profit Margin	4.67	%
Assets Turnover	0.08
Return On Equity (ROE)	24.11	%
Return On Investment (ROI)	0.39	%
Dividend Payout Ratio	48.16	%
Plowback Ratio	51.84	%
Growth from Plowback Ratio	13.26	%
Net Income Of Revenues	2.52	%
(Asset Utilisation Multiples)
Shareholders Equity Turnover	5.48
Fixed Assets Turnover	0.09
Current Assets Turnover	0.99
Net Working Capital Turnover
Inventory Turnover	-
(Other Operating Ratios)
Total Assets-to-Sales	12.02
Debtors-to-Sales	15.20	%
Debt Collection Period	55.47	Days

Legal & General Dividends

Announcement Date	Type	Curr.	Dividend Amount	Period Start	Period End	Ex Date	Record Date	Payment Date	Total Dividend Amount
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 2014 (GBP)		31 Dec 2015 (GBP)		31 Dec 2016 (GBP)		31 Dec 2017 (GBP)
turnover	51,517.00	100.00%	12,701.00	100.00%	77,969.00	100.00%	40,491.00	100.00%	m
pre tax profit	1,413.00	2.74%	1,414.00	11.13%	1,867.00	2.39%	2,061.00	5.09%	m
attributable profit	985.00	1.91%	1,075.00	8.46%	1,258.00	1.61%	1,891.00	4.67%	m
retained profit	405.00	0.79%	374.00	2.94%	428.00	0.55%	1,019.00	2.52%	m
eps - basic (p)	16.70		18.16		21.22		31.87
eps - diluted (p)	16.54		18.04		21.13		31.73
dividends per share	11.25		13.40		14.35		15.35

Legal & General Balance Sheet

	31 Dec 2014 (GBP)		31 Dec 2015 (GBP)		31 Dec 2016 (GBP)		31 Dec 2017 (GBP)


	31 Dec 2014 (GBP)		31 Dec 2015 (GBP)		31 Dec 2016 (GBP)		31 Dec 2017 (GBP)
ASSETS
fixed assets	146.00	0.04%	92.00	0.02%	76.00	0.02%	59.00	0.01%	m
intangibles	421.00	0.11%	375.00	0.09%	166.00	0.04%	149.00	0.03%	m
fixed investments	370,850.99	92.82%	364,032.00	91.74%	433,374.99	92.63%	458,114.01	90.56%	m
current assets - other	2,249.00	0.56%	3,618.00	0.91%	2,265.00	0.48%	22,584.00	4.46%	m
stocks	-	-%	-	-%	-	-%	-	-%	m
debtors	3,177.00	0.80%	8,005.00	2.02%	6,255.00	1.34%	6,052.00	1.20%	m
cash & securities	22,709.00	5.68%	20,677.00	5.21%	25,717.00	5.50%	18,919.00	3.74%	m

TOTAL	399,552.99	100%	396,799.00	100%	467,853.99	100%	505,877.01	100%	m

LIABILITIES
creditors - short	-	-%	-	-%	-	-%	-	-%	m
creditors - long	-	-%	-	-%	-	-%	-	-%	m
creditors - other	336,795.01	84.29%	334,734.00	84.36%	393,998.01	84.21%	435,640.01	86.12%	m
subordinated loans	-	-%	-	-%	-	-%	-	-%	m
insurance funds	56,455.00	14.13%	55,372.00	13.95%	66,573.00	14.23%	62,318.00	12.32%	m

TOTAL	393,250.01	98.42%	390,106.00	98.31%	460,571.01	98.44%	497,958.01	98.43%	m

EQUITY
ord cap, reserves	6,028.00	1.51%	6,404.00	1.61%	6,945.00	1.48%	7,843.00	1.55%	m
prefs, minorities	275.00	0.07%	289.00	0.07%	338.00	0.07%	76.00	0.02%	m

TOTAL	6,303.00	1.58%	6,693.00	1.69%	7,283.00	1.56%	7,919.00	1.57%	m

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

Legal & General Cash Flow Statement

	31 Dec 2014 (GBP)	31 Dec 2015 (GBP)	31 Dec 2016 (GBP)	31 Dec 2017 (GBP)
Operating CF	5,487.00	-823.00	5,936.00	4,411.00	m
Pre-Financing CF	5,348.00	-1,005.00	5,556.00	4,397.00	m
Retained CF	5,270.00	-1,537.00	4,608.00	3,912.00	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