Melrose Industries (MRO)

Company name:	Melrose Industries Plc
EPIC:	MRO	Trading Currency:	GBX
Market Sector:	FS10	ISIN:	GB00BZ1G4322
Market Segment:	SET1	Share Type:	DE
WWW Address:	http://www.melroseplc.net/	Description:	ORDS 48/7P
Industry Sector:	INDUSTRIAL ENGINEERING

Price	Price Change [%]	Bid	Offer	Open	High	Low	Volume
183.50	1.55 [0.85]	183.65	183.85	182.00	184.30	180.90	6,552,021
Market Cap. [m]	Shares In Issue [m]	Beta	EPS	DPS	PE Ratio	Yield	52-Wks-Range
8,914.90	4,858.25	0.15	-1.20	5.10	-	2.78	255.20 - 72.00

Melrose Industries Key Figures

(at previous day's close)
Market Cap.	8,914.90	m
Shares In Issue	4,858.25	m
Prev. Close	181.95
PE Ratio	-
Dividend Yield	2.78	%
EPS - basic	-1.20	p
Dividend PS	5.10	p
Dividend Cover	-
Cash Flow PS	15.42	p
Return On Equity (ROE)	-0.80	%
Operating Margin	0.97	%
PEG Factor	-
EPS Growth Rate	90.00	%
Dividends PS Growth Rate	10.87	%
Net Debt	10,177.00	m
Gross Gearing	58.15	%
Quick Assets	2,956.00	m
Net Working Capital	997.00	m
Intangibles / Fixed Assets	71.12	%
Turnover PS	225.74	p
Pre-Tax Profit PS	2.18	p
Retained Profit PS	-5.99	p
Cash PS	6.52	p
Net Cash PS	-61.22	p
Net Tangible Asset Value PS *	-46.50	p
Net Asset Value PS	155.43	p
Spread	0.20 (0.11%)
* 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.

Melrose Industries Balance Sheet

Share Price Performance

Sample Period ^†	High	Low
1 week	189.80	179.90
4 weeks	189.80	156.15
12 weeks	189.80	115.95
1 year	255.20	72.00

Share Price Chart (5 years)

Melrose Industries Historic Returns

Period ^†	Open	Change	%	Open Avg.	Avg. Daily Vol [m]	Total Vol [m]	VWAP
1 week	186.25	-2.75	-1.48	179.90	9.47		184.24
4 weeks	163.05	20.45	12.54	156.15	9.15		180.20
12 weeks	129.50	54.00	41.70	115.95	13.35		159.94
26 weeks	115.85	67.65	58.39	82.20	13.67		132.31
1 year	233.90	-50.40	-21.55	72.00	17.12		129.68
3 years	234.00	-50.50	-21.58	72.00	16.67		174.98
5 years	52.98	130.52	246.37	51.09	12.36		179.05
† periods calculated are whole weeks rather than calendar months

Melrose Industries Key Management Ratios

Melrose Industries Investment Ratios

(Market value analysis) at previous day's close
PQ Ratio	30.79
PE Ratio	-
Tobin's Q Ratio	0.47
Tobin's Q Ratio (excl. intangibles)	1.05
Dividend Yield	2.78	%
Market-to-Book Ratio	1.18
Price-to-Pre-Tax Profit PS	84.10
Price-to-Retained Profit PS	-30.64
Price-to-Cash Flow PS	11.90
Price-to-Sales PS	0.81
Price-to-Net Tangible Asset Value PS	-3.99
Price-to-Cash PS	28.12
Net Working Capital PS	20.52
Price Pct to Working Capital PS	8.94	%
Earnings Yield	-	%
Average PE	0.39
Years in average	1
PE to PE average	-	%

Melrose Industries Financial Ratios

(Leverage Ratios)
Debt Ratio	48.82	%
Debt-to-Equity Ratio	0.95
Debt-to-Equity Ratio (excl. Intgbl)	-3.23
Debt-to-Equity Market Value	0.81
Net Gearing	56.40	%
Net Gearing (excl. Intangibles)	123.19	%
Gross Gearing	58.15	%
Gross Gearing (excl. Intangibles)	127.03	%
Gearing Under 1 Year	18.24	%
Gearing Under 1 Year (excl. Intgbl)	39.84	%
Assets/Equity	2.39
Cash/Equity	4.20
(Liquidity Ratios)
Net Working Capital to Total Assets	5.53	%
Current Ratio	1.30
Quick Ratio (Acid Test)	0.90
Liquidity Ratio	0.10
Cash & Equiv/Current Assets	7.39	%
(Solvency Ratios)
Enterprise Value	15,826.90	m
CFO/Sales	0.07
CFO/Attributable Profit	-
CFO/Assets	0.04
CFO/Debt	0.07
Total Debt/Equity Market Value	1.18
Total Debt/Sales	0.96
Total Debt/Pre-Tax Profit	99.00
Total Debt	10,494.00	m
Total Debt/Net Current Assets	10.53	%
(Dodds - Graham Ratios)
3 yr Compound Earnings Growth	-	%
5 yr Compound Earnings Growth	-	%
10 yr Compound Earnings Growth	-	%
Earn drops > 5% in 10yrs	5

Beta (60-Mnth)	Beta (36-Mnth)
0.1518	0.1214

Melrose Industries Operating Ratios

(Profitability Ratios)
Return On Capital Employed (ROCE)	0.72	%
Return On Assets (ROA)	-0.32	%
Net Profit Margin	-0.55	%
Assets Turnover	0.58
Return On Equity (ROE)	-0.80	%
Return On Investment (ROI)	-0.39	%
Dividend Payout Ratio	-	%
Plowback Ratio	100.00	%
Growth from Plowback Ratio	-	%
Net Income Of Revenues	-2.65	%
(Asset Utilisation Multiples)
Shareholders Equity Turnover	1.39
Fixed Assets Turnover	0.77
Current Assets Turnover	2.37
Net Working Capital Turnover
Inventory Turnover	7.78
(Other Operating Ratios)
Total Assets-to-Sales	1.72
Debtors-to-Sales	25.66	%
Debt Collection Period	93.67	Days

Melrose Industries Dividends

Announcement Date	Type	Curr.	Dividend Amount	Period Start	Period End	Ex Date	Record Date	Payment Date	Total Dividend Amount
05 Mar 2020	Final	GBX	3.40	31/12/2018	31/12/2019	02/04/2020	03/04/2020	20/05/2020	5.10
05 Sep 2019	Interim	GBX	1.70	31/12/2018	31/12/2019	12/09/2019	13/09/2019	11/10/2019	-
07 Mar 2019	Final	GBX	3.05	31/12/2017	31/12/2018	04/04/2019	05/04/2019	20/05/2019	4.60
06 Sep 2018	Interim	GBX	1.55	31/12/2017	31/12/2018	13/09/2018	14/09/2018	12/10/2018	-
20 Feb 2018	Final	GBX	2.80	31/12/2016	31/12/2017	05/04/2018	06/04/2018	21/05/2018	4.20
31 Aug 2017	Interim	GBX	1.40	31/12/2016	31/12/2017	07/09/2017	08/09/2017	06/10/2017	-
02 Mar 2017	Final	GBX	1.90	31/12/2015	31/12/2016	06/04/2017	07/04/2017	16/05/2017	2.20
28 Jul 2016	Interim	GBX	0.30	31/12/2015	31/12/2016	04/08/2016	05/08/2016	01/09/2016	-
03 Mar 2016	Final	GBX	2.60	31/12/2014	31/12/2015	07/04/2016	08/04/2016	16/05/2016	5.40
28 Jul 2015	Interim	GBX	2.80	31/12/2014	31/12/2015	06/08/2015	07/08/2015	03/09/2015	-
04 Mar 2015	Final	GBX	5.30	31/12/2013	31/12/2014	16/04/2015	17/04/2015	18/05/2015	8.10
28 Aug 2014	Interim	GBX	2.80	31/12/2013	31/12/2014	17/09/2014	19/09/2014	16/10/2014	-
05 Mar 2014	Final	GBX	5.00	31/12/2012	31/12/2013	20/04/2014	22/04/2014	15/05/2014	7.75
29 Aug 2013	Interim	GBX	2.75	31/12/2012	31/12/2013	18/09/2013	20/09/2013	17/10/2013	-
06 Mar 2013	Final	GBX	5.00	31/12/2011	31/12/2012	17/04/2013	19/04/2013	13/05/2013	7.60
30 Aug 2012	Interim	GBX	2.60	31/12/2011	31/12/2012	19/09/2012	21/09/2012	19/10/2012	-
07 Mar 2012	Final	GBX	8.40	31/12/2010	31/12/2011	11/04/2012	13/04/2012	14/05/2012	13.00
24 Aug 2011	Interim	GBX	4.60	31/12/2010	31/12/2011	07/09/2011	09/09/2011	14/10/2011	-
10 Mar 2011	Final	GBX	7.00	31/12/2009	31/12/2010	13/04/2011	15/04/2011	16/05/2011	11.00
27 Aug 2010	Interim	GBX	4.00	31/12/2009	31/12/2010	08/09/2010	10/09/2010	01/10/2010	-
10 Mar 2010	Final	GBX	4.80	31/12/2008	31/12/2009	17/03/2010	19/03/2010	01/04/2010	7.70
28 Aug 2009	Interim	GBX	2.90	30/12/2008	30/06/2009	14/10/2009	16/10/2009	12/11/2009	-
13 Mar 2009	Final	GBX	4.25	31/12/2007	31/12/2008	15/04/2009	17/04/2009	15/05/2009	7.00
29 Aug 2008	Interim	GBX	2.75	30/12/2007	30/06/2008	15/10/2008	17/10/2008	14/11/2008	-
07 Mar 2007	Final	GBX	3.75	31/12/2005	31/12/2006	18/04/2007	20/04/2007	14/05/2007	12.00
13 Sep 2006	Interim	GBX	2.25	30/12/2005	30/06/2006	18/10/2006	20/10/2006	17/11/2006	-
15 Mar 2006	Final	GBX	3.00	31/12/2004	31/12/2005	19/04/2006	21/04/2006	19/05/2006	6.00

Melrose Industries Fundamentals

	31 Dec 2016 (GBP)		31 Dec 2017 (GBP)		31 Dec 2018 (GBP)		31 Dec 2019 (GBP)
turnover	889.30	100.00%	2,092.20	100.00%	8,605.00	100.00%	10,967.00	100.00%	m
pre tax profit	-69.30	-7.79%	-27.60	-1.32%	-550.00	-6.39%	106.00	0.97%	m
attributable profit	-39.00	-4.39%	-23.90	-1.14%	-475.00	-5.52%	-60.00	-0.55%	m
retained profit	-44.80	-5.04%	-86.90	-4.15%	-604.00	-7.02%	-291.00	-2.65%	m
eps - basic (p)	-2.60		-1.20		-12.00		-1.20
eps - diluted (p)	-2.60		-1.20		-12.00		-1.20
dividends per share	2.20		4.20		4.60		5.10

Melrose Industries 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	271.90	7.33%	218.90	6.96%	3,171.00	16.07%	3,432.00	19.02%	m
intangibles	2,667.00	71.93%	2,237.60	71.13%	11,071.00	56.10%	9,784.00	54.22%	m
fixed investments	9.00	0.24%	14.40	0.46%	533.00	2.70%	541.00	3.00%	m
current assets - other	-	-%	-	-%	-	-%	65.00	0.36%	m
stocks	297.30	8.02%	275.40	8.75%	1,489.00	7.55%	1,332.00	7.38%	m
debtors	420.30	11.34%	383.20	12.18%	3,055.00	15.48%	2,574.00	14.26%	m
cash & securities	42.10	1.14%	16.30	0.52%	415.00	2.10%	317.00	1.76%	m

TOTAL	3,707.60	100%	3,145.80	100%	19,734.00	100%	18,045.00	100%	m

LIABILITIES
creditors - short	579.40	15.63%	466.80	14.84%	3,687.00	18.68%	3,291.00	18.24%	m
creditors - long	965.40	26.04%	793.80	25.23%	7,786.00	39.45%	7,203.00	39.92%	m
creditors - other	-	-%	-	-%	-	-%	-	-%	m
subordinated loans	-	-%	-	-%	-	-%	-	-%	m
insurance funds	-	-%	-	-%	-	-%	-	-%	m

TOTAL	1,544.80	41.67%	1,260.60	40.07%	11,473.00	58.14%	10,494.00	58.15%	m

EQUITY
ord cap, reserves	2,162.80	58.33%	1,885.20	59.93%	8,237.00	41.74%	7,525.00	41.70%	m
prefs, minorities	-	-%	-	-%	24.00	0.12%	26.00	0.14%	m

TOTAL	2,162.80	58.33%	1,885.20	59.93%	8,261.00	41.86%	7,551.00	41.85%	m

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

Melrose Industries Cash Flow Statement

	31 Dec 2016 (GBP)	31 Dec 2017 (GBP)	31 Dec 2018 (GBP)	31 Dec 2019 (GBP)
Operating CF	50.60	32.40	373.00	749.00	m
Pre-Financing CF	-1,084.50	-15.00	-931.00	334.00	m
Retained CF	-2,412.70	-23.00	401.00	-81.00	m

Melrose Industries Brokers

Name	Activity	Type	Mnemonic	Code
THE ROYAL BANK OF SCOT N.V.	Market Maker(MME)	Broker/Dealer	RBSM	ABNAGB22
Arden Partners Plc	Market Maker(MME)	Broker/Dealer	ARDA	ARRRGB2100A
J.P. Morgan Cazenove Limited	Market Maker(MME)	Broker/Dealer	CAZR	CAZEGB2L
Evolution Securities Limited	Market Maker(MME)	Broker/Dealer	EVO	EVBGGB21MMT
Investec Bank Plc	Market Maker(MME)	Broker/Dealer	INV.	IHCSGB21002
Morgan Stanley Securities Ltd	Market Maker(MME)	Broker/Dealer	MOST	MSSEGB21
Citigrp Global Mkt UK Equities	Market Maker(MME)	Broker/Dealer	CITI	SBUKGB21
Merrill Lynch International	Market Maker(MME)	Broker/Dealer	MLSB	SNCSGB2LBIC
UBS AG	Market Maker(MME)	Broker/Dealer	UBS.	UBSWGB2LEQU
Winterflood Securities Ltd	Market Maker(MME)	Broker/Dealer	WINS	WNTSGB2LBIC