Merchants Trust Plc

Merchants (MRCH)

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Company name:Merchants Trust Plc
Company Description:To maximise total real returns to shareholders through a world-wide portfolio of mining and metal securities
EPIC:MRCHTrading Currency:GBX
Market Sector:SSC6ISIN:GB0005800072
Market Segment:SSMMShare Type:DE
WWW Address:http://www.merchantstrust.co.uk/Description:ORD 25P
Industry Sector:EQUITY INVESTMENT INSTRUMENTS
 Price Price Change [%] Bid Offer Open High Low Volume
 337.00 images.advfn.com/imagesnew/2/gb/up 4.0 [1.20] 334.50 337.00 335.00 335.50 333.00 218,536
 Market Cap. [m] Shares In Issue [m] Beta EPS DPS PE Ratio Yield 52-Wks-Range
 398.15 118.14 0.14 29.67 27.10 11.36 8.04 569.00 - 293.50

Merchants Key Figures

(at previous day's close)
Market Cap.398.15m
Shares In Issue118.14m
Prev. Close333.00
PE Ratio11.36 
Dividend Yield8.04%
EPS - basic29.67p
Dividend PS27.10p
Dividend Cover1.09 
Cash Flow PS28.08p
Return On Equity (ROE)5.24%
Operating Margin90.15%
PEG Factor1.58 
EPS Growth Rate7.19%
Dividends PS Growth Rate4.23%
Net Debt86.22m
Gross Gearing13.45%
Quick Assets14.85m
Net Working Capital-15.26m
Intangibles / Fixed Assets-%
Turnover PS30.67p
Pre-Tax Profit PS27.65p
Retained Profit PS2.95p
Cash PS8.93p
Net Cash PS-16.56p
Net Tangible Asset Value PS *526.92p
Net Asset Value PS551.50p
Spread2.50 (0.74%) 

Merchants Balance Sheet

LSE:MRCH:Liabilities+EQLSE:MRCH:Assets

Share Price Performance

Sample Period HighLow
1 week351.00331.00
4 weeks368.50331.00
12 weeks396.50331.00
1 year569.00293.50

Share Price Chart (5 years)

Merchants Historic Returns

Period OpenChange%Open Avg.Avg. Daily Vol [m]Total Vol [m]VWAP
1 week341.50-4.50-1.32331.000.20337.76
4 weeks353.50-16.50-4.67331.000.15345.43
12 weeks396.00-59.00-14.90331.000.18357.21
26 weeks340.00-3.00-0.88331.000.23373.45
1 year489.00-152.00-31.08293.500.22419.46
3 years473.75-136.75-28.87293.500.16455.47
5 years421.50-84.50-20.05293.500.15449.46

Merchants Key Management Ratios

Merchants Investment Ratios

(Market value analysis) at previous day's close
PQ Ratio1.61 
PE Ratio11.36 
Tobin's Q Ratio 0.58 
Tobin's Q Ratio (excl. intangibles)0.58 
Dividend Yield8.04%
Market-to-Book Ratio0.64 
Price-to-Pre-Tax Profit PS12.19 
Price-to-Retained Profit PS114.34 
Price-to-Cash Flow PS12.00 
Price-to-Sales PS10.99 
Price-to-Net Tangible Asset Value PS0.61 
Price-to-Cash PS37.75 
Net Working Capital PS-12.92 
Price Pct to Working Capital PS-26.09%
Earnings Yield8.80%
Average PE18.02 
Years in average5 
PE to PE average63.03%

Merchants Financial Ratios

(Leverage Ratios)
Debt Ratio9.67%
Debt-to-Equity Ratio0.11 
Debt-to-Equity Ratio (excl. Intgbl)0.11 
Debt-to-Equity Market Value0.17 
Net Gearing11.99%
Net Gearing (excl. Intangibles)11.99%
Gross Gearing13.45%
Gross Gearing (excl. Intangibles)13.45%
Gearing Under 1 Year4.19%
Gearing Under 1 Year (excl. Intgbl)4.19%
Assets/Equity1.16 
Cash/Equity1.69 
(Liquidity Ratios)
Net Working Capital to Total Assets-2.12%
Current Ratio0.49 
Quick Ratio (Acid Test)0.49 
Liquidity Ratio0.35 
Cash & Equiv/Current Assets71.00%
(Solvency Ratios)
Enterprise Value454.25m
CFO/Sales0.92 
CFO/Attributable Profit1.02 
CFO/Assets0.05 
CFO/Debt0.34 
Total Debt/Equity Market Value0.24 
Total Debt/Sales2.67 
Total Debt/Pre-Tax Profit2.96 
Total Debt96.77m
Total Debt/Net Current Assets-6.34%
(Dodds - Graham Ratios)
3 yr Compound Earnings Growth5.18%
5 yr Compound Earnings Growth4.29%
10 yr Compound Earnings Growth3.41%
Earn drops > 5% in 10yrs3 
Beta (60-Mnth)Beta (36-Mnth)
0.13890.1590

Merchants Operating Ratios

(Profitability Ratios)
Return On Capital Employed (ROCE)4.74%
Return On Assets (ROA)4.78%
Net Profit Margin90.08%
Assets Turnover0.05 
Return On Equity (ROE)5.24%
Return On Investment (ROI)4.90%
Dividend Payout Ratio91.34%
Plowback Ratio8.66%
Growth from Plowback Ratio0.49%
Net Income Of Revenues9.61%
(Asset Utilisation Multiples)
Shareholders Equity Turnover0.06 
Fixed Assets Turnover0.05 
Current Assets Turnover1.86 
Net Working Capital Turnover 
Inventory Turnover- 
(Other Operating Ratios)
Total Assets-to-Sales18.84 
Debtors-to-Sales7.51%
Debt Collection Period27.41Days

Merchants Dividends

Announcement DateTypeCurr.Dividend AmountPeriod StartPeriod EndEx DateRecord DatePayment DateTotal Dividend Amount
24 Jun 2020InterimGBX6.8031/01/202031/01/202109/07/202010/07/202019/08/2020-
16 Apr 2020InterimGBX6.8031/01/201931/01/202023/04/202024/04/202029/05/202027.10
21 Jan 2020QuarterlyGBX6.8031/01/201931/01/202030/01/202031/01/202011/03/2020-
17 Sep 2019QuarterlyGBX6.8031/01/201931/01/202003/10/201904/10/201912/11/2019-
02 Jul 2019QuarterlyGBX6.7031/01/201931/01/202011/07/201912/07/201920/08/2019-
29 Mar 2019FinalGBX6.6031/01/201831/01/201911/04/201912/04/201922/05/201926.00
22 Jan 2019QuarterlyGBX6.5031/01/201831/01/201931/01/201901/02/201906/03/2019-
24 Sep 2018QuarterlyGBX6.5031/01/201831/01/201904/10/201805/10/201815/11/2018-
04 Jul 2018QuarterlyGBX6.4031/01/201831/01/201912/07/201813/07/201822/08/2018-
29 Mar 2018FinalGBX6.3031/01/201731/01/201819/04/201820/04/201830/05/201812.50
16 Jan 2018QuarterlyGBX6.2031/01/201731/01/201825/01/201826/01/201802/03/2018-
26 Sep 2017QuarterlyGBX6.2031/01/201731/01/201805/10/201706/10/201716/11/2017-
04 Jul 2017QuarterlyGBX6.1031/01/201731/01/201813/07/201714/07/201711/08/2017-
28 Mar 2017FinalGBX6.1031/01/201631/01/201720/04/201721/04/201718/05/201724.20
17 Jan 2017QuarterlyGBX6.1031/01/201631/01/201726/01/201727/01/201723/02/2017-
16 Sep 2016QuarterlyGBX6.0031/01/201631/01/201706/10/201607/10/201610/11/2016-
04 Jul 2016QuarterlyGBX6.0031/01/201631/01/201714/07/201615/07/201612/08/2016-
31 Mar 2016FinalGBX6.0031/01/201531/01/201621/04/201622/04/201626/05/201624.00
20 Jan 2016QuarterlyGBX6.0031/01/201531/01/201628/01/201629/01/201624/02/2016-
24 Sep 2015QuarterlyGBX6.0031/01/201531/01/201608/10/201509/10/201512/11/2015-
03 Jul 2015QuarterlyGBX6.0031/01/201531/01/201616/07/201517/07/201514/08/2015-
14 Apr 2015FinalGBX6.0031/01/201431/01/201523/04/201524/04/201522/05/201523.80
20 Jan 2015QuarterlyGBX6.0031/01/201431/01/201529/01/201530/01/201525/02/2014-
25 Sep 2014QuarterlyGBX5.9031/01/201431/01/201508/10/201410/10/201411/11/2014-
02 Jul 2014QuarterlyGBX5.9031/01/201431/01/201509/07/201411/07/201414/08/2014-
02 Apr 2014FinalGBX5.9031/01/201331/01/201423/04/201425/04/201423/05/201423.60
21 Jan 2014QuarterlyGBX5.9031/01/201331/01/201429/01/201431/01/201426/02/2014-
18 Sep 2013QuarterlyGBX5.9031/01/201331/01/201409/10/201311/10/201312/11/2013-
01 Jul 2013QuarterlyGBX5.9031/01/201331/01/201410/07/201312/07/201314/08/2013-
27 Mar 2013FinalGBX5.8031/01/201231/01/201310/04/201312/04/201315/05/201323.20
23 Jan 2013QuarterlyGBX5.8031/01/201231/01/201330/01/201301/02/201327/02/2013-
13 Sep 2012QuarterlyGBX5.8031/01/201231/01/201303/10/201205/10/201212/11/2012-
02 Jul 2012QuarterlyGBX5.8031/01/201231/01/201311/07/201213/07/201215/08/2012-
30 Mar 2012FinalGBX5.8031/01/201131/01/201211/04/201213/04/201214/05/201223.00
16 Jan 2012QuarterlyGBX5.8031/01/201131/01/201225/01/201227/01/201223/02/2012-
15 Sep 2011QuarterlyGBX5.7031/01/201131/01/201205/10/201107/10/201111/11/2011-
04 Jul 2011QuarterlyGBX5.7031/01/201131/01/201213/07/201115/07/201117/08/2011-
07 Apr 2011FinalGBX5.7031/01/201031/01/201113/04/201115/04/201113/05/201122.80
10 Jan 2011QuarterlyGBX5.7031/01/201031/01/201119/01/201121/01/201118/02/2011-
15 Sep 2010QuarterlyGBX5.7031/01/201031/01/201106/10/201008/10/201011/11/2010-
12 Jul 2010QuarterlyGBX5.7031/01/201031/01/201121/07/201023/07/201020/08/2010-
08 Apr 2010FinalGBX5.7031/01/200931/01/201014/04/201016/04/201014/05/201022.50
11 Jan 2010QuarterlyGBX5.6031/01/200931/01/201020/01/201022/01/201019/02/2010-
18 Sep 2009QuarterlyGBX5.6031/01/200931/01/201007/10/200909/10/200912/11/2009-
06 Jul 2009QuarterlyGBX5.6031/01/200931/01/201015/07/200917/07/200910/08/2009-
06 Apr 2009FinalGBX5.6031/01/200831/01/200915/04/200917/04/200915/05/200922.30
06 Apr 2009SpecialGBX0.5031/01/200831/01/200915/04/200917/04/200915/05/20090.50
12 Jan 2009QuarterlyGBX5.6031/01/200831/01/200921/01/200923/01/200920/02/2009-
12 Nov 2008QuarterlyGBX5.6031/01/200831/01/200908/10/200810/10/200813/11/2008-
07 Jul 2008QuarterlyGBX5.5031/01/200831/01/200916/07/200818/07/200819/08/2008-
18 Mar 2008FinalGBX5.4031/01/200731/01/200809/04/200811/04/200814/05/200821.60
14 Jan 2008QuarterlyGBX5.4031/01/200731/01/200823/01/200825/01/200813/02/2008-
18 Sep 2007QuarterlyGBX5.4031/01/200731/01/200817/10/200719/10/200715/11/2007-
09 Jul 2007QuarterlyGBX5.4031/01/200731/01/200818/07/200720/07/200716/08/2007-
15 Mar 2007FinalGBX5.1031/01/200631/01/200711/04/200713/04/200716/05/200720.00
15 Jan 2007QuarterlyGBX5.1031/01/200631/01/200724/01/200726/01/200716/02/2007-
18 Sep 2006QuarterlyGBX4.9031/01/200631/01/200711/10/200613/10/200614/11/2006-
10 Jul 2006QuarterlyGBX4.9031/01/200631/01/200719/07/200621/07/200617/08/2006-
07 Mar 2006FinalGBX4.8031/01/200531/01/200605/04/200607/04/200610/05/200618.90
17 Jan 2006QuarterlyGBX4.8031/01/200531/01/200625/01/200627/01/200617/02/2006-
21 Sep 2005QuarterlyGBX4.7031/01/200531/01/200605/10/200507/10/200510/11/2005-
11 Jul 2005QuarterlyGBX4.6031/01/200531/01/200620/07/200522/07/200518/08/2005-
08 Mar 2005FinalGBX4.5031/01/200431/01/200513/04/200515/04/200511/05/200518.00
10 Jan 2005QuarterlyGBX4.5031/01/200431/01/200519/01/200521/01/200517/02/2005-
13 Sep 2004QuarterlyGBX4.5031/01/200431/01/200506/10/200408/10/200410/11/2004-
12 Jul 2004QuarterlyGBX4.5031/01/200431/01/200521/07/200423/07/200413/08/2004-
09 Mar 2004FinalGBX4.5031/01/200331/01/200417/03/200419/03/200402/04/200417.60
12 Jan 2004QuarterlyGBX4.5031/01/200331/01/200421/01/200423/01/200417/02/2004-
15 Sep 2003QuarterlyGBX4.3031/01/200331/01/200408/10/200310/10/200312/11/2003-
14 Jul 2003QuarterlyGBX4.3031/01/200331/01/200423/07/200325/07/200315/08/2003-
11 Mar 2003FinalGBX4.3031/01/200231/01/200320/04/200322/04/200313/05/200317.20
13 Jan 2003QuarterlyGBX4.3031/01/200231/01/200322/01/200324/01/200314/02/2003-
17 Sep 2002QuarterlyGBX4.3031/01/200231/01/200309/10/200211/10/200207/11/2002-
01 Jul 2002QuarterlyGBX4.3031/01/200231/01/200310/07/200212/07/200209/08/2002-
11 Mar 2002FinalGBX4.2031/01/200131/01/200210/04/200212/04/200214/05/200216.80
07 Jan 2002QuarterlyGBX4.2031/01/200131/01/200216/01/200218/01/200208/02/2002-
10 Sep 2001QuarterlyGBX4.2031/01/200131/01/200210/10/200112/10/200109/11/2001-
02 Jul 2001QuarterlyGBX4.2031/01/200131/01/200211/07/200113/07/200110/08/2001-
20 Mar 2001FinalGBX4.1031/01/200031/01/200118/04/200120/04/200117/05/200116.40
08 Jan 2001QuarterlyGBX4.1031/01/200031/01/200115/01/200119/01/200116/02/2001-
12 Sep 2000QuarterlyGBX4.1031/01/200031/01/200102/10/200006/10/200010/11/2000-
03 Jul 2000QuarterlyGBX4.1031/01/200031/01/200110/07/200014/07/200024/08/2000-
21 Mar 2000FinalGBX4.0531/01/199931/01/200010/04/200014/04/200018/05/200016.00
10 Jan 2000QuarterlyGBX4.0531/01/199931/01/200017/01/200021/01/200022/02/2000-
14 Sep 1999QuarterlyGBX3.9531/01/199931/01/200004/10/199908/10/199910/11/1999-
05 Jul 1999QuarterlyGBX3.9531/01/199931/01/200019/07/199923/07/199924/08/1999-
23 Mar 1999FinalGBX3.7531/01/199831/01/199919/04/199923/04/199919/05/199915.59
12 Jan 1999QuarterlyGBX4.3431/01/199831/01/199918/01/199922/01/199922/02/1999-
14 Sep 1998QuarterlyGBX3.7531/01/199831/01/199928/09/199802/10/199818/11/1998-
07 Jul 1998QuarterlyGBX3.7531/01/199831/01/199920/07/199824/07/199821/08/1998-

Merchants Fundamentals

 31 Jan 2017 (GBP)31 Jan 2018 (GBP)31 Jan 2019 (GBP)31 Jan 2020 (GBP)
turnover31.12100.00%32.63100.00%34.10100.00%36.24100.00%m
pre tax profit26.1684.06%27.7384.98%30.1088.25%32.6790.15%m
attributable profit26.1684.06%27.7384.98%30.1088.25%32.6490.08%m
retained profit0.070.21%1.093.35%2.487.27%3.489.61%m
eps - basic (p)24.06 25.50 27.68 29.67 
eps - diluted (p)24.06 25.50 27.68 29.67 
dividends per share24.20 12.50 26.00 27.10 

Merchants Balance Sheet

 31 Jan 2017 (GBP)31 Jan 2018 (GBP)31 Jan 2019 (GBP)31 Jan 2020 (GBP)
LSE:MRCH:Liabilities+EQLSE:MRCH:AssetsLSE:MRCH:Liabilities+EQLSE:MRCH:AssetsLSE:MRCH:Liabilities+EQLSE:MRCH:AssetsLSE:MRCH:Liabilities+EQLSE:MRCH:Assets
 31 Jan 2017 (GBP)31 Jan 2018 (GBP)31 Jan 2019 (GBP)31 Jan 2020 (GBP)
ASSETS
fixed assets fixed assets--%--%--%--%m
intangibles intangibles--%--%--%--%m
fixed investments fixed investments643.4397.72%685.3597.05%622.0796.27%704.4597.93%m
current assets - other current assets - other--%--%--%--%m
stocks stocks--%--%--%--%m
debtors debtors0.500.08%0.720.10%1.130.18%4.310.60%m
cash & securities cash & securities14.482.20%20.102.85%22.953.55%10.551.47%m
TOTAL658.42100%706.17100%646.16100%719.30100%m
LIABILITIES
creditors - short creditors - short37.085.63%2.250.32%2.030.31%30.114.19%m
creditors - long creditors - long76.0211.55%110.4415.64%110.2117.06%66.659.27%m
creditors - other creditors - other--%--%--%--%m
subordinated loans subordinated loans--%--%--%--%m
insurance funds insurance funds--%--%--%--%m
TOTAL113.1017.18%112.6915.96%112.2317.37%96.7713.45%m
EQUITY
ord cap, reserves ord cap, reserves545.3282.82%593.4884.04%533.9382.63%622.5386.55%m
prefs, minorities prefs, minorities--%--%--%--%m
TOTAL545.3282.82%593.4884.04%533.9382.63%622.5386.55%m
OTHER
NAV Basic501.50 - 491.10 551.50 
NAV Diluted501.50 - - - 

Merchants Cash Flow Statement

31 Jan 2017 (GBP)31 Jan 2018 (GBP)31 Jan 2019 (GBP)31 Jan 2020 (GBP)
Operating CF43.6241.2137.3333.18m
Pre-Financing CF43.6241.2137.33-12.43m
Retained CF8.025.632.86-12.43m

Merchants Brokers

NameActivityTypeMnemonicCode
J.P. Morgan Cazenove LimitedMarket Maker(MME)Broker/DealerCAZRCAZEGB2L
Cenkos Securities PlcMarket Maker(MME)Broker/DealerCNKSCNKOGB21
Collins Stewart Europe LimitedMarket Maker(MME)Broker/DealerCSCSCSTEGB21
Canaccord Genuity LimitedMarket Maker(MME)Broker/DealerCANAHOARGB21001
HSBC Bank plcMarket Maker(MME)Broker/DealerHSBCJCAPGB2L
J.P. Morgan Securities LtdMarket Maker(MME)Broker/DealerJPMSJPMSGB2L
UBS AGMarket Maker(MME)Broker/DealerUBS.UBSWGB2LEQU
Winterflood Securities LtdMarket Maker(MME)Broker/DealerWINSWNTSGB2LBIC
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P: V:gb D:20200926 12:39:32