Pendragon (PDG)

Company name:	Pendragon Plc
Company Description:	Motor vehicle franchise dealerships for BMW, Mercedes-Benz, Porsche, Jaguar, Land Rover, Ford, Vauxhall, Rover, Volvo, Motorcycle franchises for Harley-Davidson; Commercial Vehicle dealerships for Mercedes-Benz; Contract hire & fleet management
EPIC:	PDG	Trading Currency:	GBX
Market Sector:	SSC5	ISIN:	GB00B1JQBT10
Market Segment:	SSMM	Share Type:	DE
WWW Address:	http://www.pendragonplc.com/	Description:	ORD 5P
Industry Sector:	GENERAL RETAILERS

Price	Price Change [%]	Bid	Offer	Open	High	Low	Volume
6.25	0.25 [4.17]	5.95	6.24	5.82	6.10	5.82	6,845,220
Market Cap. [m]	Shares In Issue [m]	Beta	EPS	DPS	PE Ratio	Yield	52-Wks-Range
88.06	1,408.96	-0.02	-3.60	1.50	-	24.00	28.50 - 4.02

Pendragon Key Figures

(at previous day's close)
Market Cap.	88.06	m
Shares In Issue	1,408.96	m
Prev. Close	6.00
PE Ratio	-
Dividend Yield	24.00	%
EPS - basic	-3.60	p
Dividend PS	1.50	p
Dividend Cover	-
Cash Flow PS	3.72	p
Return On Equity (ROE)	-14.61	%
Operating Margin	-0.96	%
PEG Factor	-
EPS Growth Rate	-197.30	%
Dividends PS Growth Rate	-3.23	%
Net Debt	1,618.50	m
Gross Gearing	82.85	%
Quick Assets	317.90	m
Net Working Capital	-36.90	m
Intangibles / Fixed Assets	37.14	%
Turnover PS	328.40	p
Pre-Tax Profit PS	-3.15	p
Retained Profit PS	-5.18	p
Cash PS	3.65	p
Net Cash PS	-89.64	p
Net Tangible Asset Value PS *	5.07	p
Net Asset Value PS	24.53	p
Spread	0.29 (4.65%)
* 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.

Pendragon Balance Sheet

Share Price Performance

Sample Period ^†	High	Low
1 week	6.50	5.56
4 weeks	12.02	4.02
12 weeks	13.00	4.02
1 year	28.50	4.02

Share Price Chart (5 years)

Pendragon Historic Returns

Period ^†	Open	Change	%	Open Avg.	Avg. Daily Vol [m]	Total Vol [m]	VWAP
1 week	5.90	0.35	5.93	5.56	2.36		6.07
4 weeks	11.98	-5.73	-47.83	4.02	1.91		5.94
12 weeks	12.90	-6.65	-51.55	4.02	1.28		9.10
26 weeks	9.09	-2.84	-31.24	4.02	1.89		10.66
1 year	28.50	-22.25	-78.07	4.02	1.59		12.76
3 years	35.00	-28.75	-82.14	4.02	2.50		24.11
5 years	40.00	-33.75	-84.38	4.02	2.43		29.08
† periods calculated are whole weeks rather than calendar months

Pendragon Key Management Ratios

Pendragon Investment Ratios

(Market value analysis) at previous day's close
PQ Ratio	2.34
PE Ratio	-
Tobin's Q Ratio	0.04
Tobin's Q Ratio (excl. intangibles)	0.05
Dividend Yield	24.00	%
Market-to-Book Ratio	0.25
Price-to-Pre-Tax Profit PS	-1.98
Price-to-Retained Profit PS	-1.21
Price-to-Cash Flow PS	1.68
Price-to-Sales PS	0.02
Price-to-Net Tangible Asset Value PS	1.23
Price-to-Cash PS	1.71
Net Working Capital PS	-2.62
Price Pct to Working Capital PS	-2.39	%
Earnings Yield	-	%
Average PE	8.62
Years in average	4
PE to PE average	-	%

Pendragon Financial Ratios

(Leverage Ratios)
Debt Ratio	50.71	%
Debt-to-Equity Ratio	1.03
Debt-to-Equity Ratio (excl. Intgbl)	4.97
Debt-to-Equity Market Value	4.04
Net Gearing	80.30	%
Net Gearing (excl. Intangibles)	92.94	%
Gross Gearing	82.85	%
Gross Gearing (excl. Intangibles)	95.89	%
Gearing Under 1 Year	65.21	%
Gearing Under 1 Year (excl. Intgbl)	75.48	%
Assets/Equity	5.83
Cash/Equity	14.87
(Liquidity Ratios)
Net Working Capital to Total Assets	-1.83	%
Current Ratio	0.97
Quick Ratio (Acid Test)	0.24
Liquidity Ratio	0.04
Cash & Equiv/Current Assets	4.02	%
(Solvency Ratios)
Enterprise Value	392.16	m
CFO/Sales	0.01
CFO/Attributable Profit	-
CFO/Assets	0.03
CFO/Debt	0.03
Total Debt/Equity Market Value	18.96
Total Debt/Sales	0.36
Total Debt/Pre-Tax Profit	-37.61
Total Debt	1,669.90	m
Total Debt/Net Current Assets	-45.25	%
(Dodds - Graham Ratios)
3 yr Compound Earnings Growth	-	%
5 yr Compound Earnings Growth	-	%
10 yr Compound Earnings Growth	-	%
Earn drops > 5% in 10yrs	9

Beta (60-Mnth)	Beta (36-Mnth)
-0.0156	0.0104

Pendragon Operating Ratios

(Profitability Ratios)
Return On Capital Employed (ROCE)	-6.33	%
Return On Assets (ROA)	-2.48	%
Net Profit Margin	-1.09	%
Assets Turnover	2.27
Return On Equity (ROE)	-14.61	%
Return On Investment (ROI)	-6.80	%
Dividend Payout Ratio	-	%
Plowback Ratio	100.00	%
Growth from Plowback Ratio	-	%
Net Income Of Revenues	-1.58	%
(Asset Utilisation Multiples)
Shareholders Equity Turnover	12.00
Fixed Assets Turnover	5.83
Current Assets Turnover	3.72
Net Working Capital Turnover
Inventory Turnover	4.71
(Other Operating Ratios)
Total Assets-to-Sales	0.44
Debtors-to-Sales	2.95	%
Debt Collection Period	10.77	Days

Pendragon Dividends

Announcement Date	Type	Curr.	Dividend Amount	Period Start	Period End	Ex Date	Record Date	Payment Date	Total Dividend Amount
12 Mar 2019	Final	GBX	0.70	31/12/2017	31/12/2018	22/04/2019	23/04/2019	30/05/2019	1.50
07 Aug 2018	Interim	GBX	0.80	30/12/2017	30/06/2018	20/09/2018	21/09/2018	23/10/2018	-
13 Feb 2018	Final	GBX	0.80	31/12/2016	31/12/2017	19/04/2018	20/04/2018	23/05/2018	1.55
01 Aug 2017	Interim	GBX	0.75	30/12/2016	30/06/2017	21/09/2017	22/09/2017	24/10/2017	-
14 Feb 2017	Final	GBX	0.75	31/12/2015	31/12/2016	20/04/2017	21/04/2017	23/05/2017	1.45
02 Aug 2016	Interim	GBX	0.70	30/12/2015	30/06/2016	22/09/2016	23/09/2016	25/10/2016	-
16 Feb 2016	Final	GBX	0.70	31/12/2014	31/12/2015	21/04/2016	22/04/2016	24/05/2016	1.30
04 Aug 2015	Interim	GBX	0.60	30/12/2014	30/06/2015	24/09/2015	25/09/2015	23/10/2015	-
17 Feb 2015	Final	GBX	0.60	31/12/2013	31/12/2014	23/04/2015	24/04/2015	22/05/2015	0.90
05 Aug 2014	Interim	GBX	0.30	30/12/2013	30/06/2014	24/09/2014	26/09/2014	27/10/2014	-
19 Feb 2014	Final	GBX	0.30	31/12/2012	31/12/2013	23/04/2014	25/04/2014	08/05/2014	0.40
06 Aug 2013	Interim	GBX	0.10	30/12/2012	30/06/2013	25/09/2013	27/09/2013	28/10/2013	-
01 May 2009	Final	GBX	-	31/12/2007	31/12/2008	-	-	-	0.50
20 Feb 2009	Final	GBX	-	31/12/2007	31/12/2008	20/02/2009	20/02/2009	20/02/2009	0.50
28 Aug 2008	Interim	GBX	0.50	30/06/2007	30/06/2008	03/09/2008	05/09/2008	03/10/2008	-
20 Feb 2008	Final	GBX	2.00	31/12/2006	31/12/2007	02/04/2008	04/04/2008	07/05/2008	4.00
07 Aug 2007	Interim	GBX	2.00	30/12/2006	30/06/2007	05/09/2007	07/09/2007	03/10/2007	-
13 Feb 2007	Final	GBX	2.00	31/12/2005	31/12/2006	08/04/2007	10/04/2007	02/05/2007	3.45
02 Aug 2006	Interim	GBX	7.25	30/12/2005	30/06/2006	13/09/2006	15/09/2006	03/10/2006	-
09 Feb 2006	Final	GBX	6.60	31/12/2004	31/12/2005	29/03/2006	31/03/2006	02/05/2006	2.64
04 Aug 2005	Interim	GBX	6.60	30/12/2004	30/06/2005	07/09/2005	09/09/2005	03/10/2005	-
17 Feb 2005	Final	GBX	6.00	31/12/2003	31/12/2004	16/03/2005	18/03/2005	19/04/2005	2.04
04 Aug 2004	Interim	GBX	4.20	30/12/2003	30/06/2004	01/09/2004	03/09/2004	01/10/2004	-
12 Feb 2004	Final	GBX	3.80	31/12/2002	31/12/2003	17/03/2004	19/03/2004	16/04/2004	1.52
14 Aug 2003	Interim	GBX	3.80	30/12/2002	30/06/2003	10/09/2003	12/09/2003	17/10/2003	-
20 Feb 2003	Final	GBX	4.60	31/12/2001	31/12/2002	19/03/2003	21/03/2003	16/04/2003	1.38
15 Aug 2002	Interim	GBX	2.28	30/12/2001	30/06/2002	18/09/2002	20/09/2002	18/10/2002	-
14 Feb 2002	Final	GBX	10.60	31/12/2000	31/12/2001	13/03/2002	15/03/2002	16/04/2002	3.18
23 Aug 2001	Interim	GBX	5.30	30/12/2000	30/06/2001	26/09/2001	28/09/2001	26/10/2001	-
19 Feb 2001	Final	GBX	9.80	31/12/1999	31/12/2000	21/03/2001	23/03/2001	24/04/2001	2.94
31 Aug 2000	Interim	GBX	4.90	30/12/1999	30/06/2000	25/09/2000	29/09/2000	27/10/2000	-
25 Feb 2000	Final	GBX	8.80	31/12/1998	31/12/1999	27/03/2000	31/03/2000	03/05/2000	2.64
13 Sep 1999	Interim	GBX	4.40	30/12/1998	30/06/1999	27/09/1999	01/10/1999	18/10/1999	-
02 Mar 1999	Final	GBX	8.00	31/12/1997	31/12/1998	22/03/1999	26/03/1999	29/04/1999	2.40
10 Sep 1998	Interim	GBX	4.00	30/12/1997	30/06/1998	21/09/1998	25/09/1998	09/10/1998	-

Pendragon Fundamentals

	31 Dec 2015 (GBP)		31 Dec 2016 (GBP)		31 Dec 2017 (GBP)		31 Dec 2018 (GBP)
turnover	4,453.90	100.00%	4,537.00	100.00%	4,739.10	100.00%	4,627.00	100.00%	m
pre tax profit	79.00	1.77%	73.00	1.61%	65.30	1.38%	-44.40	-0.96%	m
attributable profit	72.90	1.64%	55.50	1.22%	53.30	1.12%	-50.50	-1.09%	m
retained profit	55.50	1.25%	35.20	0.78%	32.00	0.68%	-73.00	-1.58%	m
eps - basic (p)	5.00		3.80		3.70		-3.60
eps - diluted (p)	5.00		3.80		3.70		-3.60
dividends per share	1.30		1.45		1.55		1.50

Pendragon Balance Sheet

	31 Dec 2015 (GBP)		31 Dec 2016 (GBP)		31 Dec 2017 (GBP)		31 Dec 2018 (GBP)


	31 Dec 2015 (GBP)		31 Dec 2016 (GBP)		31 Dec 2017 (GBP)		31 Dec 2018 (GBP)
ASSETS
fixed assets	352.70	19.06%	405.30	21.60%	479.90	23.29%	463.90	23.02%	m
intangibles	366.60	19.81%	362.20	19.30%	368.70	17.89%	274.10	13.60%	m
fixed investments	-	-%	-	-%	-	-%	-	-%	m
current assets - other	16.20	0.88%	6.60	0.35%	11.00	0.53%	137.60	6.83%	m
stocks	830.60	44.88%	846.20	45.10%	1,003.50	48.70%	959.60	47.61%	m
debtors	146.00	7.89%	172.10	9.17%	144.20	7.00%	128.90	6.40%	m
cash & securities	138.80	7.50%	84.00	4.48%	53.30	2.59%	51.40	2.55%	m

TOTAL	1,850.90	100%	1,876.40	100%	2,060.60	100%	2,015.50	100%	m

LIABILITIES
creditors - short	1,098.00	59.32%	1,119.30	59.65%	1,277.30	61.99%	1,314.40	65.21%	m
creditors - long	357.80	19.33%	384.30	20.48%	357.90	17.37%	355.50	17.64%	m
creditors - other	-	-%	-	-%	-	-%	-	-%	m
subordinated loans	-	-%	-	-%	-	-%	-	-%	m
insurance funds	-	-%	-	-%	-	-%	-	-%	m

TOTAL	1,455.80	78.65%	1,503.60	80.13%	1,635.20	79.36%	1,669.90	82.85%	m

EQUITY
ord cap, reserves	395.10	21.35%	372.80	19.87%	425.40	20.64%	345.60	17.15%	m
prefs, minorities	-	-%	-	-%	-	-%	-	-%	m

TOTAL	395.10	21.35%	372.80	19.87%	425.40	20.64%	345.60	17.15%	m

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

Pendragon Cash Flow Statement

	31 Dec 2015 (GBP)	31 Dec 2016 (GBP)	31 Dec 2017 (GBP)	31 Dec 2018 (GBP)
Operating CF	74.50	60.10	92.80	52.40	m
Pre-Financing CF	63.40	16.30	-3.90	26.10	m
Retained CF	47.40	-54.80	-26.50	-5.90	m

Pendragon Brokers

Name	Activity	Type	Mnemonic	Code
Arden Partners Plc	Market Maker(MME)	Broker/Dealer	ARDA	ARRRGB2100A
Deutsche Bank AG London Branch	Market Maker(MME)	Broker/Dealer	DEUT	DEUTGB2L
Commerzbank AG	Market Maker(MME)	Broker/Dealer	KLWT	DRESGB2LPST
Evolution Securities Limited	Market Maker(MME)	Broker/Dealer	EVO	EVBGGB21MMT
Goldman Sachs International	Market Maker(MME)	Broker/Dealer	GSCO	GSILGB2X
J.P. Morgan Securities Ltd	Market Maker(MME)	Broker/Dealer	JPMS	JPMSGB2L
Morgan Stanley Securities Ltd	Market Maker(MME)	Broker/Dealer	MOST	MSSEGB21
Panmure Gordon (UK) Limited	Market Maker(MME)	Broker/Dealer	PMUR	PMURGB2L
Numis Securities Limited	Market Maker(MME)	Broker/Dealer	NUMS	RAZHGB2LBIC
Citigrp Global Mkt UK Equities	Market Maker(MME)	Broker/Dealer	CITI	SBUKGB21
Shore Capital Stockbrokers Ltd	Market Maker(MME)	Broker/Dealer	SCAP	SHOCGB21
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