Nichols (NICL)

Company name:	Nichols Plc
EPIC:	NICL	Trading Currency:	GBX
Market Sector:	AF50	ISIN:	GB0006389398
Market Segment:	AMSM	Share Type:	DE
WWW Address:	http://www.nicholsplc.co.uk/	Description:	ORD 10P
Industry Sector:	BEVERAGES

Price	Price Change [%]	Bid	Offer	Open	High	Low	Volume
1,010.00	-60.0 [-5.61]	1,010.00	1,035.00	1,055.00	1,055.00	1,010.00	28,152
Market Cap. [m]	Shares In Issue [m]	Beta	EPS	DPS	PE Ratio	Yield	52-Wks-Range
372.53	36.88	0.42	72.81	12.40	13.87	1.23	1,760.00 - 858.00

Nichols Key Figures

(at previous day's close)
Market Cap.	372.53	m
Shares In Issue	36.88	m
Prev. Close	1,070.00
PE Ratio	13.87
Dividend Yield	1.23	%
EPS - basic	72.81	p
Dividend PS	12.40	p
Dividend Cover	5.87
Cash Flow PS	76.43	p
Return On Equity (ROE)	21.41	%
Operating Margin	22.06	%
PEG Factor	2.68
EPS Growth Rate	5.17	%
Dividends PS Growth Rate	-67.45	%
Net Debt	-9.94	m
Gross Gearing	19.83	%
Quick Assets	79.59	m
Net Working Capital	62.02	m
Intangibles / Fixed Assets	68.21	%
Turnover PS	398.51	p
Pre-Tax Profit PS	87.90	p
Retained Profit PS	33.54	p
Cash PS	111.01	p
Net Cash PS	40.69	p
Net Tangible Asset Value PS *	213.35	p
Net Asset Value PS	339.83	p
Spread	25.00 (2.42%)
* 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.

Nichols Balance Sheet

Share Price Performance

Sample Period ^†	High	Low
1 week	1,150.00	1,000.00
4 weeks	1,290.00	1,000.00
12 weeks	1,300.00	1,000.00
1 year	1,760.00	858.00

Share Price Chart (5 years)

Nichols Historic Returns

Period ^†	Open	Change	%	Open Avg.	Avg. Daily Vol [m]	Total Vol [m]	VWAP
1 week	1,150.00	-140.00	-12.17	1,000.00	0.01		1,082.45
4 weeks	1,270.00	-260.00	-20.47	1,000.00	0.02		1,177.02
12 weeks	1,295.00	-285.00	-22.01	1,000.00	0.01		1,210.63
26 weeks	1,200.00	-190.00	-15.83	1,000.00	0.01		1,254.24
1 year	1,620.00	-610.00	-37.65	858.00	0.02		1,319.32
3 years	1,707.00	-697.00	-40.83	858.00	0.02		1,483.62
5 years	1,416.00	-406.00	-28.67	858.00	0.02		1,495.53
† periods calculated are whole weeks rather than calendar months

Nichols Key Management Ratios

Nichols Investment Ratios

(Market value analysis) at previous day's close
PQ Ratio	7.39
PE Ratio	13.87
Tobin's Q Ratio	2.50
Tobin's Q Ratio (excl. intangibles)	3.56
Dividend Yield	1.23	%
Market-to-Book Ratio	2.97
Price-to-Pre-Tax Profit PS	11.49
Price-to-Retained Profit PS	30.12
Price-to-Cash Flow PS	13.22
Price-to-Sales PS	2.53
Price-to-Net Tangible Asset Value PS	4.73
Price-to-Cash PS	9.10
Net Working Capital PS	168.14
Price Pct to Working Capital PS	6.01	%
Earnings Yield	7.21	%
Average PE	22.54
Years in average	5
PE to PE average	61.54	%

Nichols Financial Ratios

(Leverage Ratios)
Debt Ratio	3.88	%
Debt-to-Equity Ratio	0.04
Debt-to-Equity Ratio (excl. Intgbl)	0.06
Debt-to-Equity Market Value	0.01
Net Gearing	-6.36	%
Net Gearing (excl. Intangibles)	-9.06	%
Gross Gearing	19.83	%
Gross Gearing (excl. Intangibles)	28.26	%
Gearing Under 1 Year	16.59	%
Gearing Under 1 Year (excl. Intgbl)	23.64	%
Assets/Equity	1.25
Cash/Equity	32.67
(Liquidity Ratios)
Net Working Capital to Total Assets	39.67	%
Current Ratio	3.39
Quick Ratio (Acid Test)	3.07
Liquidity Ratio	1.58
Cash & Equiv/Current Assets	46.55	%
(Solvency Ratios)
Enterprise Value	336.65	m
CFO/Sales	0.19
CFO/Attributable Profit	1.05
CFO/Assets	0.18
CFO/Debt	0.91
Total Debt/Equity Market Value	0.08
Total Debt/Sales	0.21
Total Debt/Pre-Tax Profit	0.96
Total Debt	31.00	m
Total Debt/Net Current Assets	0.50	%
(Dodds - Graham Ratios)
3 yr Compound Earnings Growth	5.01	%
5 yr Compound Earnings Growth	3.83	%
10 yr Compound Earnings Growth	9.41	%
Earn drops > 5% in 10yrs	8

Beta (60-Mnth)	Beta (36-Mnth)
0.4220	0.3702

Nichols Operating Ratios

(Profitability Ratios)
Return On Capital Employed (ROCE)	24.86	%
Return On Assets (ROA)	18.00	%
Net Profit Margin	18.26	%
Assets Turnover	0.99
Return On Equity (ROE)	21.41	%
Return On Investment (ROI)	21.72	%
Dividend Payout Ratio	17.03	%
Plowback Ratio	82.97	%
Growth from Plowback Ratio	18.75	%
Net Income Of Revenues	8.42	%
(Asset Utilisation Multiples)
Shareholders Equity Turnover	1.24
Fixed Assets Turnover	2.35
Current Assets Turnover	1.70
Net Working Capital Turnover
Inventory Turnover	18.94
(Other Operating Ratios)
Total Assets-to-Sales	1.01
Debtors-to-Sales	26.41	%
Debt Collection Period	96.39	Days

Nichols Dividends

Announcement Date	Type	Curr.	Dividend Amount	Period Start	Period End	Ex Date	Record Date	Payment Date	Total Dividend Amount
22 Jul 2020	Interim	GBX	28.00	31/12/2019	31/12/2020	30/07/2020	31/07/2020	04/09/2020	-
18 Jul 2019	Interim	GBX	12.40	31/12/2018	31/12/2019	25/07/2019	26/07/2019	30/08/2019	12.40
27 Feb 2019	Final	GBX	26.80	31/12/2017	31/12/2018	21/03/2019	22/03/2019	03/05/2019	38.10
19 Jul 2018	Interim	GBX	11.30	30/12/2017	30/06/2018	19/07/2018	20/07/2018	31/08/2018	-
01 Mar 2018	Final	GBX	23.40	31/12/2016	31/12/2017	22/03/2018	23/03/2018	04/05/2018	33.50
20 Jul 2017	Interim	GBX	10.10	31/12/2016	31/12/2017	27/07/2017	28/07/2017	25/08/2017	-
02 Mar 2017	Final	GBX	20.30	31/12/2015	31/12/2016	06/04/2017	07/04/2017	05/05/2017	29.30
21 Jul 2016	Interim	GBX	9.00	31/12/2015	31/12/2016	28/07/2016	29/07/2016	26/08/2016	-
02 Mar 2016	Final	GBX	17.60	31/12/2014	31/12/2015	31/03/2016	01/04/2016	03/05/2016	25.60
23 Jul 2015	Interim	GBX	8.00	31/12/2014	31/12/2015	30/07/2015	31/07/2015	28/08/2015	-
05 Mar 2015	Final	GBX	15.30	31/12/2013	31/12/2014	02/04/2015	07/04/2015	05/05/2015	22.40
24 Jul 2014	Interim	GBX	7.10	31/12/2013	31/12/2014	30/07/2014	01/08/2014	29/08/2014	-
13 Mar 2014	Final	GBX	13.30	31/12/2012	31/12/2013	02/04/2014	04/04/2014	02/05/2014	19.62
25 Jul 2013	Interim	GBX	6.32	31/12/2012	31/12/2013	31/07/2013	02/08/2013	30/08/2013	-
07 Mar 2013	Final	GBX	11.70	31/12/2011	31/12/2012	27/03/2013	02/04/2013	13/05/2013	17.32
26 Jul 2012	Interim	GBX	5.62	31/12/2011	31/12/2012	01/08/2012	03/08/2012	31/08/2012	-
08 Mar 2012	Final	GBX	10.30	31/12/2010	31/12/2011	28/03/2012	30/03/2012	04/05/2012	15.30
04 Aug 2011	Interim	GBX	5.00	31/12/2010	31/12/2011	10/08/2011	12/08/2011	09/09/2011	-
10 Mar 2011	Final	GBX	9.10	31/12/2009	31/12/2010	06/04/2011	08/04/2011	06/05/2011	13.55
04 Aug 2010	Interim	GBX	4.45	31/12/2009	31/12/2010	11/08/2010	13/08/2010	08/09/2010	-
24 Mar 2010	Final	GBX	8.10	31/12/2008	31/12/2009	10/03/2010	12/03/2010	31/03/2010	12.15
05 Aug 2009	Interim	GBX	4.05	30/12/2008	30/06/2009	12/08/2009	14/08/2009	02/09/2009	-
25 Mar 2009	Final	GBX	7.40	31/12/2007	31/12/2008	22/04/2009	24/04/2009	21/05/2009	11.15
06 Aug 2008	Interim	GBX	3.75	30/12/2007	30/06/2008	13/08/2008	15/08/2008	03/09/2008	-
18 Mar 2008	Final	GBX	6.90	31/12/2006	31/12/2007	16/04/2008	18/04/2008	15/05/2008	10.40
06 Aug 2007	Interim	GBX	3.50	30/12/2006	30/06/2007	08/08/2007	10/08/2007	07/09/2007	-
15 Mar 2007	Final	GBX	6.50	31/12/2005	31/12/2006	18/04/2007	20/04/2007	18/05/2007	9.80
02 Aug 2006	Interim	GBX	3.30	30/12/2005	30/06/2006	09/08/2006	11/08/2006	15/09/2006	-
23 Mar 2006	Final	GBX	6.10	31/12/2004	31/12/2005	12/04/2006	18/04/2006	16/05/2006	9.25
10 Aug 2005	Interim	GBX	3.15	30/12/2004	30/06/2005	14/09/2005	16/09/2005	14/10/2005	-
23 Mar 2005	Final	GBX	5.80	31/12/2003	31/12/2004	13/04/2005	15/04/2005	13/05/2005	8.80
10 Aug 2004	Interim	GBX	3.00	30/12/2003	30/06/2004	15/09/2004	17/09/2004	15/10/2004	-
24 Mar 2004	Final	GBX	5.80	31/12/2002	31/12/2003	21/04/2004	23/04/2004	14/05/2004	8.80
13 Aug 2003	Interim	GBX	3.00	30/12/2002	30/06/2003	17/09/2003	19/09/2003	20/10/2003	-
26 Mar 2003	Final	GBX	5.80	31/12/2001	31/12/2002	02/04/2003	04/04/2003	19/05/2003	8.80
20 Aug 2002	Interim	GBX	3.00	01/07/2001	31/12/2001	18/08/2002	20/08/2002	21/10/2002	-
20 Mar 2002	Final	GBX	5.80	31/12/2000	31/12/2001	27/03/2002	02/04/2002	20/05/2002	8.80
15 Aug 2001	Interim	GBX	3.00	30/12/2000	30/06/2001	19/09/2001	21/09/2001	22/10/2001	-
21 Mar 2001	Final	GBX	5.80	31/12/1999	31/12/2000	18/04/2001	20/04/2001	21/05/2001	8.80
16 Aug 2000	Interim	GBX	3.00	30/12/1999	30/06/2000	29/08/2000	04/09/2000	23/10/2000	-
29 Mar 2000	Final	GBX	5.60	31/12/1998	31/12/1999	10/04/2000	14/04/2000	15/05/2000	8.50
18 Aug 1999	Interim	GBX	2.90	30/12/1998	30/06/1999	20/09/1999	24/09/1999	25/10/1999	-
26 Mar 1999	Final	GBX	5.40	31/12/1997	31/12/1998	19/04/1999	23/04/1999	17/05/1999	8.20
25 Mar 1998	Final	GBX	5.20	31/12/1996	31/12/1997	06/04/1998	14/04/1998	18/05/1998	7.90

Nichols Fundamentals

	31 Dec 2016 (GBP)		31 Dec 2017 (GBP)		31 Dec 2018 (GBP)		31 Dec 2019 (GBP)
turnover	117.35	100.00%	132.79	100.00%	142.04	100.00%	146.98	100.00%	m
pre tax profit	31.49	26.84%	28.72	21.63%	31.75	22.36%	32.42	22.06%	m
attributable profit	25.48	21.71%	23.17	17.45%	25.52	17.96%	26.84	18.26%	m
retained profit	15.67	13.35%	11.96	9.01%	12.71	8.95%	12.37	8.42%	m
eps - basic (p)	69.13		62.88		69.23		72.81
eps - diluted (p)	69.07		62.81		69.19		72.77
dividends per share	29.30		33.50		38.10		12.40

Nichols 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	8.72	7.43%	12.06	9.47%	14.57	10.28%	21.74	13.91%	m
intangibles	29.15	24.85%	38.66	30.35%	42.20	29.76%	46.65	29.84%	m
fixed investments	-	-%	-	-%	-	-%	-	-%	m
current assets - other	-	-%	-	-%	-	-%	-	-%	m
stocks	6.72	5.73%	4.82	3.78%	7.16	5.05%	8.36	5.35%	m
debtors	32.94	28.09%	35.81	28.11%	38.99	27.49%	38.65	24.72%	m
cash & securities	39.75	33.90%	36.06	28.30%	38.90	27.43%	40.94	26.19%	m

TOTAL	117.28	100%	127.40	100%	141.82	100%	156.34	100%	m

LIABILITIES
creditors - short	23.81	20.30%	23.57	18.50%	25.15	17.74%	25.94	16.59%	m
creditors - long	7.50	6.39%	4.51	3.54%	4.56	3.21%	5.07	3.24%	m
creditors - other	-	-%	-	-%	-	-%	-	-%	m
subordinated loans	-	-%	-	-%	-	-%	-	-%	m
insurance funds	-	-%	-	-%	-	-%	-	-%	m

TOTAL	31.31	26.70%	28.07	22.04%	29.71	20.95%	31.00	19.83%	m

EQUITY
ord cap, reserves	85.97	73.30%	99.32	77.96%	112.11	79.05%	125.34	80.17%	m
prefs, minorities	-	-%	-	-%	-	-%	-	-%	m

TOTAL	85.97	73.30%	99.32	77.96%	112.11	79.05%	125.34	80.17%	m

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

Nichols Cash Flow Statement

	31 Dec 2016 (GBP)	31 Dec 2017 (GBP)	31 Dec 2018 (GBP)	31 Dec 2019 (GBP)
Operating CF	20.16	17.74	23.26	28.19	m
Pre-Financing CF	14.23	7.52	15.64	17.63	m
Retained CF	4.32	-3.70	2.84	2.05	m

Nichols Brokers

Name	Activity	Type	Mnemonic	Code
Investec Bank Plc	Market Maker(MME)	Broker/Dealer	INV.	IHCSGB21002
Merrill Lynch International	Market Maker(MMF)	Broker/Dealer	MLSB	SNCSGB2LBIC
Winterflood Securities Ltd	Market Maker(MME)	Broker/Dealer	WINS	WNTSGB2LBIC