Morrison (wm) Supermarkets (MRW)

Company name:	Morrison (wm) Supermarkets Plc
Company Description:	The principal activity of the group is the operation of retail supermarket stores and associated activities
EPIC:	MRW	Trading Currency:	GBX
Market Sector:	FS10	ISIN:	GB0006043169
Market Segment:	SET1	Share Type:	DE
WWW Address:	http://www.morrisons.co.uk/	Description:	ORD 10P
Industry Sector:	FOOD & DRUG RETAILERS

Price	Price Change [%]	Bid	Offer	Open	High	Low	Volume
190.30	-1.95 [-1.01]	190.25	190.35	191.85	192.85	190.20	1,068,718
Market Cap. [m]	Shares In Issue [m]	Beta	EPS	DPS	PE Ratio	Yield	52-Wks-Range
4,582.75	2,408.17	0.06	14.60	6.77	13.03	3.56	210.20 - 157.55

Morrison (wm) Supermarkets Key Figures

(at previous day's close)
Market Cap.	4,582.75	m
Shares In Issue	2,408.17	m
Prev. Close	192.25
PE Ratio	13.03
Dividend Yield	3.56	%
EPS - basic	14.60	p
Dividend PS	6.77	p
Dividend Cover	2.16
Cash Flow PS	34.30	p
Return On Equity (ROE)	7.66	%
Operating Margin	2.48	%
PEG Factor	0.32
EPS Growth Rate	41.20	%
Dividends PS Growth Rate	2.58	%
Net Debt	6,074.00	m
Gross Gearing	58.42	%
Quick Assets	732.00	m
Net Working Capital	-2,004.00	m
Intangibles / Fixed Assets	13.89	%
Turnover PS	728.19	p
Pre-Tax Profit PS	18.06	p
Retained Profit PS	1.91	p
Cash PS	12.67	p
Net Cash PS	-128.35	p
Net Tangible Asset Value PS *	133.63	p
Net Asset Value PS	188.57	p
Spread	0.10 (0.05%)
* 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.

Morrison (wm) Supermarkets Balance Sheet

Share Price Performance

Sample Period ^†	High	Low
1 week	195.15	184.90
4 weeks	195.15	179.95
12 weeks	198.05	177.25
1 year	210.20	157.55

Share Price Chart (5 years)

Morrison (wm) Supermarkets Historic Returns

Period ^†	Open	Change	%	Open Avg.	Avg. Daily Vol [m]	Total Vol [m]	VWAP
1 week	187.00	3.30	1.76	184.90	7.92		190.93
4 weeks	184.60	5.70	3.09	179.95	7.88		187.06
12 weeks	190.90	-0.60	-0.31	177.25	8.84		186.97
26 weeks	180.90	9.40	5.20	157.55	11.95		184.05
1 year	184.70	5.60	3.03	157.55	10.80		189.10
3 years	249.50	-59.20	-23.73	157.55	10.37		216.56
5 years	185.40	4.90	2.64	138.60	10.75		211.55
† periods calculated are whole weeks rather than calendar months

Morrison (wm) Supermarkets Key Management Ratios

Morrison (wm) Supermarkets Investment Ratios

(Market value analysis) at previous day's close
PQ Ratio	4.24
PE Ratio	13.03
Tobin's Q Ratio	0.44
Tobin's Q Ratio (excl. intangibles)	0.48
Dividend Yield	3.56	%
Market-to-Book Ratio	1.01
Price-to-Pre-Tax Profit PS	10.54
Price-to-Retained Profit PS	99.63
Price-to-Cash Flow PS	5.55
Price-to-Sales PS	0.26
Price-to-Net Tangible Asset Value PS	1.42
Price-to-Cash PS	15.03
Net Working Capital PS	-83.22
Price Pct to Working Capital PS	-2.29	%
Earnings Yield	7.67	%
Average PE	17.68
Years in average	5
PE to PE average	73.71	%

Morrison (wm) Supermarkets Financial Ratios

(Leverage Ratios)
Debt Ratio	39.65	%
Debt-to-Equity Ratio	0.66
Debt-to-Equity Ratio (excl. Intgbl)	0.93
Debt-to-Equity Market Value	0.65
Net Gearing	55.62	%
Net Gearing (excl. Intangibles)	63.29	%
Gross Gearing	58.42	%
Gross Gearing (excl. Intangibles)	66.47	%
Gearing Under 1 Year	31.10	%
Gearing Under 1 Year (excl. Intgbl)	35.39	%
Assets/Equity	2.40
Cash/Equity	6.72
(Liquidity Ratios)
Net Working Capital to Total Assets	-18.35	%
Current Ratio	0.41
Quick Ratio (Acid Test)	0.22
Liquidity Ratio	0.09
Cash & Equiv/Current Assets	21.91	%
(Solvency Ratios)
Enterprise Value	7,260.75	m
CFO/Sales	0.05
CFO/Attributable Profit	2.37
CFO/Assets	0.08
CFO/Debt	0.13
Total Debt/Equity Market Value	1.39
Total Debt/Sales	0.36
Total Debt/Pre-Tax Profit	14.66
Total Debt	6,379.00	m
Total Debt/Net Current Assets	-3.18	%
(Dodds - Graham Ratios)
3 yr Compound Earnings Growth	3.16	%
5 yr Compound Earnings Growth	8.95	%
10 yr Compound Earnings Growth	-	%
Earn drops > 5% in 10yrs	7

Beta (60-Mnth)	Beta (36-Mnth)
0.0623	0.0433

Morrison (wm) Supermarkets Operating Ratios

(Profitability Ratios)
Return On Capital Employed (ROCE)	5.78	%
Return On Assets (ROA)	3.34	%
Net Profit Margin	1.98	%
Assets Turnover	1.68
Return On Equity (ROE)	7.66	%
Return On Investment (ROI)	4.92	%
Dividend Payout Ratio	46.37	%
Plowback Ratio	53.63	%
Growth from Plowback Ratio	4.07	%
Net Income Of Revenues	0.26	%
(Asset Utilisation Multiples)
Shareholders Equity Turnover	3.82
Fixed Assets Turnover	1.94
Current Assets Turnover	12.73
Net Working Capital Turnover
Inventory Turnover	25.54
(Other Operating Ratios)
Total Assets-to-Sales	0.59
Debtors-to-Sales	2.20	%
Debt Collection Period	8.02	Days

Morrison (wm) Supermarkets Dividends

Announcement Date	Type	Curr.	Dividend Amount	Period Start	Period End	Ex Date	Record Date	Payment Date	Total Dividend Amount
18 Mar 2020	Final	GBX	4.84	02/02/2019	02/02/2020	21/05/2020	22/05/2020	29/06/2020	6.77
12 Sep 2019	Interim	GBX	1.93	04/02/2019	04/08/2019	26/09/2019	27/09/2019	01/11/2019	-
12 Sep 2019	Special	GBX	2.00	04/02/2019	04/08/2019	26/09/2019	27/09/2019	01/11/2019	-
13 Mar 2019	Special	GBX	4.00	03/02/2018	03/02/2019	23/05/2019	24/05/2019	01/07/2019	-
13 Mar 2019	Final	GBX	4.75	03/02/2018	03/02/2019	23/05/2019	24/05/2019	01/07/2019	6.60
13 Sep 2018	Special	GBX	2.00	05/02/2018	05/08/2018	27/09/2018	28/09/2018	05/11/2018	-
13 Sep 2018	Interim	GBX	1.85	05/02/2018	05/08/2018	27/09/2018	28/09/2018	05/11/2018	-
14 Mar 2018	Final	GBX	4.43	04/02/2017	04/02/2018	24/05/2018	25/05/2018	28/06/2018	6.09
14 Mar 2018	Special	GBX	4.00	04/02/2017	04/02/2018	24/05/2018	25/05/2018	28/06/2018	-
14 Sep 2017	Interim	GBX	1.66	30/01/2017	30/07/2017	28/09/2017	29/09/2017	06/11/2017	-
09 Mar 2017	Final	GBX	3.85	29/01/2016	29/01/2017	25/05/2017	26/05/2017	29/06/2017	5.43
15 Sep 2016	Interim	GBX	1.58	31/01/2016	31/07/2016	29/09/2016	30/09/2016	07/11/2016	-
10 Mar 2016	Final	GBX	3.50	31/01/2015	31/01/2016	12/05/2016	13/05/2016	15/06/2016	5.00
10 Sep 2015	Interim	GBX	1.50	02/02/2015	02/08/2015	01/10/2015	02/10/2015	09/11/2015	-
12 Mar 2015	Final	GBX	9.62	01/02/2014	01/02/2015	07/05/2015	08/05/2015	10/06/2015	13.65
11 Sep 2014	Interim	GBX	4.03	03/02/2014	03/08/2014	01/10/2014	03/10/2014	10/11/2014	-
13 Mar 2014	Final	GBX	9.16	02/02/2013	02/02/2014	07/05/2014	09/05/2014	11/06/2014	13.00
12 Sep 2013	Interim	GBX	3.84	04/02/2013	04/08/2013	02/10/2013	04/10/2013	11/11/2013	-
14 Mar 2013	Final	GBX	7.53	03/02/2012	03/02/2013	15/05/2013	17/05/2013	19/06/2013	11.80
06 Sep 2012	Interim	GBX	3.49	29/01/2012	29/07/2012	26/09/2012	28/09/2012	05/11/2012	-
08 Mar 2012	Final	GBX	7.53	29/01/2011	29/01/2012	16/05/2012	18/05/2012	20/06/2012	10.70
08 Sep 2011	Interim	GBX	3.17	31/01/2011	31/07/2011	28/09/2011	30/09/2011	07/11/2011	-
10 Mar 2011	Final	GBX	8.37	30/01/2010	30/01/2011	11/05/2011	13/05/2011	15/06/2011	9.60
09 Sep 2010	Interim	GBX	1.23	01/02/2010	01/08/2010	29/09/2010	01/10/2010	08/11/2010	-
11 Mar 2010	Final	GBX	7.10	01/02/2009	01/02/2010	05/05/2010	07/05/2010	09/06/2010	8.20
10 Sep 2009	Interim	GBX	1.08	03/02/2009	03/08/2009	30/09/2009	02/10/2009	09/11/2009	-
13 Mar 2009	Final	GBX	5.00	01/02/2008	01/02/2009	06/05/2009	08/05/2009	10/06/2009	5.80
11 Sep 2008	Interim	GBX	0.80	03/02/2008	03/08/2008	08/10/2008	10/10/2008	10/11/2008	-
13 Mar 2008	Final	GBX	4.13	03/02/2007	03/02/2008	30/04/2008	02/05/2008	06/06/2008	4.80
20 Sep 2006	Interim	GBX	0.68	29/01/2007	29/07/2007	10/10/2007	12/10/2007	02/11/2001	-
15 Mar 2007	Final	GBX	3.38	31/12/2005	31/12/2006	25/04/2007	27/04/2007	29/05/2007	4.00
21 Sep 2006	Interim	GBX	0.63	23/01/2006	23/07/2006	11/10/2006	13/10/2006	13/11/2006	-
23 Mar 2006	Final	GBX	3.08	29/01/2005	29/01/2006	26/04/2006	28/04/2006	30/05/2006	3.70
20 Oct 2005	Interim	GBX	0.63	24/01/2005	24/07/2005	26/10/2005	28/10/2005	05/12/2005	-
23 Mar 2005	Final	GBX	3.08	30/01/2004	30/01/2005	27/04/2005	29/04/2005	31/05/2005	3.70
21 Oct 2004	Interim	GBX	0.63	25/01/2004	25/07/2004	03/11/2004	05/11/2004	06/12/2004	-
18 Mar 2004	Final	GBX	2.70	01/01/2003	01/01/2004	21/04/2004	23/04/2004	24/05/2004	3.25
18 Sep 2003	Interim	GBX	0.55	10/02/2003	10/08/2003	08/10/2003	10/10/2003	10/11/2003	-
17 Mar 2003	Final	GBX	2.25	02/02/2002	02/02/2003	23/04/2003	25/04/2003	27/05/2003	2.70
19 Sep 2002	Interim	GBX	0.45	11/02/2002	11/08/2002	09/10/2002	11/10/2002	11/11/2002	-
21 Mar 2002	Final	GBX	1.84	03/02/2001	03/02/2002	24/04/2002	26/04/2002	27/05/2002	2.20
20 Sep 2001	Interim	GBX	0.36	12/02/2001	12/08/2001	10/10/2001	12/10/2001	12/11/2001	-
22 Mar 2001	Final	GBX	1.50	04/02/2000	04/02/2001	18/04/2001	20/04/2001	29/05/2001	1.80
21 Sep 2000	Interim	GBX	0.30	06/02/2000	06/08/2000	09/10/2000	13/10/2000	13/11/2000	-
16 Mar 2000	Final	GBX	1.23	30/01/1999	30/01/2000	03/04/2000	07/04/2000	22/05/2000	1.50
16 Sep 1999	Interim	GBX	0.27	01/02/1999	01/08/1999	04/10/1999	08/10/1999	08/11/1999	-
18 Mar 1999	Final	GBX	2.00	31/01/1998	31/01/1999	29/03/1999	06/04/1999	14/05/1999	2.45
17 Sep 1998	Interim	GBX	0.45	02/02/1998	02/08/1998	05/10/1998	09/10/1998	09/11/1998	-
19 Mar 1998	Final	GBX	1.70	01/02/1997	01/02/1998	06/04/1998	14/04/1998	15/05/1998	2.10

Morrison (wm) Supermarkets Fundamentals

	29 Jan 2017 (GBP)		04 Feb 2018 (GBP)		03 Feb 2019 (GBP)		02 Feb 2020 (GBP)
turnover	16,317.00	100.00%	17,262.00	100.00%	17,735.00	100.00%	17,536.00	100.00%	m
pre tax profit	325.00	1.99%	380.00	2.20%	320.00	1.80%	435.00	2.48%	m
attributable profit	305.00	1.87%	311.00	1.80%	244.00	1.38%	348.00	1.98%	m
retained profit	187.00	1.15%	182.00	1.05%	-45.00	-0.25%	46.00	0.26%	m
eps - basic (p)	13.11		13.30		10.34		14.60
eps - diluted (p)	12.95		13.03		10.31		14.40
dividends per share	5.43		6.09		6.60		6.77

Morrison (wm) Supermarkets Balance Sheet

	29 Jan 2017 (GBP)		04 Feb 2018 (GBP)		03 Feb 2019 (GBP)		02 Feb 2020 (GBP)


	29 Jan 2017 (GBP)		04 Feb 2018 (GBP)		03 Feb 2019 (GBP)		02 Feb 2020 (GBP)
ASSETS
fixed assets	7,227.00	78.16%	7,243.00	74.93%	7,312.00	73.74%	7,147.00	65.45%	m
intangibles	445.00	4.81%	428.00	4.43%	404.00	4.07%	1,323.00	12.12%	m
fixed investments	420.00	4.54%	713.00	7.38%	837.00	8.44%	1,058.00	9.69%	m
current assets - other	-	-%	4.00	0.04%	39.00	0.39%	3.00	0.03%	m
stocks	614.00	6.64%	686.00	7.10%	713.00	7.19%	660.00	6.04%	m
debtors	214.00	2.31%	266.00	2.75%	347.00	3.50%	424.00	3.88%	m
cash & securities	326.00	3.53%	327.00	3.38%	264.00	2.66%	305.00	2.79%	m

TOTAL	9,246.00	100%	9,667.00	100%	9,916.00	100%	10,920.00	100%	m

LIABILITIES
creditors - short	2,864.00	30.98%	3,081.00	31.87%	3,295.00	33.23%	3,396.00	31.10%	m
creditors - long	2,319.00	25.08%	2,041.00	21.11%	1,990.00	20.07%	2,983.00	27.32%	m
creditors - other	-	-%	-	-%	-	-%	-	-%	m
subordinated loans	-	-%	-	-%	-	-%	-	-%	m
insurance funds	-	-%	-	-%	-	-%	-	-%	m

TOTAL	5,183.00	56.06%	5,122.00	52.98%	5,285.00	53.30%	6,379.00	58.42%	m

EQUITY
ord cap, reserves	4,063.00	43.94%	4,545.00	47.02%	4,631.00	46.70%	4,541.00	41.58%	m
prefs, minorities	-	-%	-	-%	-	-%	-	-%	m

TOTAL	4,063.00	43.94%	4,545.00	47.02%	4,631.00	46.70%	4,541.00	41.58%	m

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

Morrison (wm) Supermarkets Cash Flow Statement

	29 Jan 2017 (GBP)	04 Feb 2018 (GBP)	03 Feb 2019 (GBP)	02 Feb 2020 (GBP)
Operating CF	978.00	744.00	712.00	826.00	m
Pre-Financing CF	696.00	364.00	281.00	359.00	m
Retained CF	-161.00	1.00	-63.00	41.00	m

Morrison (wm) Supermarkets 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