Redrow (RDW)

Company name:	Redrow Plc
Company Description:	Housebuilding and commercial property development
EPIC:	RDW	Trading Currency:	GBX
Market Sector:	F25F	ISIN:	GB00BG11K365
Market Segment:	STMM	Share Type:	DE
WWW Address:	http://www.redrow.co.uk/	Description:	ORD 10.5P
Industry Sector:	HOUSEHOLD GOODS & HOME CONSTRUCTION

Price	Price Change [%]	Bid	Offer	Open	High	Low	Volume
461.40	11.8 [2.62]	458.40	459.00	448.60	462.40	437.60	1,692,150
Market Cap. [m]	Shares In Issue [m]	Beta	EPS	DPS	PE Ratio	Yield	52-Wks-Range
1,706.26	369.80	0.24	92.30	30.50	5.00	6.61	850.00 - 293.00

Redrow Key Figures

(at previous day's close)
Market Cap.	1,706.26	m
Shares In Issue	369.80	m
Prev. Close	449.60
PE Ratio	5.00
Dividend Yield	6.61	%
EPS - basic	92.30	p
Dividend PS	30.50	p
Dividend Cover	3.03
Cash Flow PS	78.96	p
Return On Equity (ROE)	20.76	%
Operating Margin	19.22	%
PEG Factor	0.61
EPS Growth Rate	8.21	%
Dividends PS Growth Rate	8.93	%
Net Debt	815.00	m
Gross Gearing	39.13	%
Quick Assets	265.00	m
Net Working Capital	1,802.00	m
Intangibles / Fixed Assets	4.76	%
Turnover PS	571.12	p
Pre-Tax Profit PS	109.79	p
Retained Profit PS	30.02	p
Cash PS	55.16	p
Net Cash PS	-150.35	p
Net Tangible Asset Value PS *	428.07	p
Net Asset Value PS	428.61	p
Spread	0.60 (0.13%)
* 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.

Redrow Balance Sheet

Share Price Performance

Sample Period ^†	High	Low
1 week	472.00	421.20
4 weeks	501.50	399.60
12 weeks	769.00	293.00
1 year	850.00	293.00

Share Price Chart (5 years)

Redrow Historic Returns

Period ^†	Open	Change	%	Open Avg.	Avg. Daily Vol [m]	Total Vol [m]	VWAP
1 week	425.80	35.60	8.36	421.20	1.96		453.94
4 weeks	445.60	15.80	3.55	399.60	2.15		456.16
12 weeks	729.00	-267.60	-36.71	293.00	2.58		440.12
26 weeks	650.00	-188.60	-29.02	293.00	2.29		594.77
1 year	571.00	-109.60	-19.19	293.00	1.65		592.31
3 years	577.50	-116.10	-20.10	293.00	1.16		586.01
5 years	421.10	40.30	9.57	100.00	1.01		539.57
† periods calculated are whole weeks rather than calendar months

Redrow Key Management Ratios

Redrow Investment Ratios

(Market value analysis) at previous day's close
PQ Ratio	2.40
PE Ratio	5.00
Tobin's Q Ratio	0.68
Tobin's Q Ratio (excl. intangibles)	0.68
Dividend Yield	6.61	%
Market-to-Book Ratio	1.08
Price-to-Pre-Tax Profit PS	4.20
Price-to-Retained Profit PS	15.37
Price-to-Cash Flow PS	5.84
Price-to-Sales PS	0.81
Price-to-Net Tangible Asset Value PS	1.08
Price-to-Cash PS	8.36
Net Working Capital PS	487.29
Price Pct to Working Capital PS	0.95	%
Earnings Yield	20.00	%
Average PE	7.11
Years in average	5
PE to PE average	70.29	%

Redrow Financial Ratios

(Leverage Ratios)
Debt Ratio	14.05	%
Debt-to-Equity Ratio	0.16
Debt-to-Equity Ratio (excl. Intgbl)	0.16
Debt-to-Equity Market Value	0.15
Net Gearing	31.30	%
Net Gearing (excl. Intangibles)	31.32	%
Gross Gearing	39.13	%
Gross Gearing (excl. Intangibles)	39.16	%
Gearing Under 1 Year	29.19	%
Gearing Under 1 Year (excl. Intgbl)	29.21	%
Assets/Equity	1.64
Cash/Equity	12.87
(Liquidity Ratios)
Net Working Capital to Total Assets	69.20	%
Current Ratio	3.37
Quick Ratio (Acid Test)	0.35
Liquidity Ratio	0.27
Cash & Equiv/Current Assets	7.96	%
(Solvency Ratios)
Enterprise Value	1,761.26	m
CFO/Sales	0.14
CFO/Attributable Profit	0.89
CFO/Assets	0.11
CFO/Debt	0.29
Total Debt/Equity Market Value	0.60
Total Debt/Sales	0.48
Total Debt/Pre-Tax Profit	2.51
Total Debt	1,019.00	m
Total Debt/Net Current Assets	0.57	%
(Dodds - Graham Ratios)
3 yr Compound Earnings Growth	9.55	%
5 yr Compound Earnings Growth	15.71	%
10 yr Compound Earnings Growth	84.68	%
Earn drops > 5% in 10yrs	2

Beta (60-Mnth)	Beta (36-Mnth)
0.2417	0.1886

Redrow Operating Ratios

(Profitability Ratios)
Return On Capital Employed (ROCE)	22.02	%
Return On Assets (ROA)	13.13	%
Net Profit Margin	15.58	%
Assets Turnover	0.84
Return On Equity (ROE)	20.76	%
Return On Investment (ROI)	18.67	%
Dividend Payout Ratio	33.04	%
Plowback Ratio	66.96	%
Growth from Plowback Ratio	14.36	%
Net Income Of Revenues	5.26	%
(Asset Utilisation Multiples)
Shareholders Equity Turnover	1.38
Fixed Assets Turnover	48.55
Current Assets Turnover	0.86
Net Working Capital Turnover
Inventory Turnover	0.94
(Other Operating Ratios)
Total Assets-to-Sales	1.19
Debtors-to-Sales	2.72	%
Debt Collection Period	9.94	Days

Redrow Dividends

Announcement Date	Type	Curr.	Dividend Amount	Period Start	Period End	Ex Date	Record Date	Payment Date	Total Dividend Amount
06 Feb 2020	Interim	GBX	10.50	01/07/2019	31/12/2019	05/03/2020	06/03/2020	09/04/2020	-
05 Sep 2019	Final	GBX	20.50	30/06/2018	30/06/2019	19/09/2019	20/09/2019	13/11/2019	30.50
06 Feb 2019	Interim	GBX	10.00	01/07/2018	31/12/2018	07/03/2019	08/03/2019	09/04/2019	-
04 Sep 2018	Final	GBX	19.00	30/06/2017	30/06/2018	20/09/2018	21/09/2018	13/11/2018	28.00
07 Feb 2018	Interim	GBX	9.00	01/07/2017	31/12/2017	05/04/2018	06/04/2018	04/05/2018	-
05 Sep 2017	Final	GBX	11.00	30/06/2016	30/06/2017	21/09/2017	22/09/2017	10/11/2017	17.00
08 Feb 2017	Interim	GBX	6.00	01/07/2016	31/12/2016	23/03/2017	24/03/2017	05/05/2017	-
06 Sep 2016	Final	GBX	6.00	30/06/2015	30/06/2016	22/09/2016	23/09/2016	11/11/2016	10.00
09 Feb 2016	Interim	GBX	4.00	01/07/2015	31/12/2015	18/02/2016	19/02/2016	31/03/2016	-
08 Sep 2015	Final	GBX	4.00	30/06/2014	30/06/2015	24/09/2015	25/09/2015	13/11/2015	6.00
11 Feb 2015	Interim	GBX	2.00	01/07/2014	31/12/2014	05/03/2015	06/03/2015	01/05/2015	-
02 Sep 2014	Final	GBX	2.00	30/06/2013	30/06/2014	24/09/2014	26/09/2014	14/11/2014	3.00
27 Feb 2014	Interim	GBX	1.00	01/07/2013	31/12/2013	05/03/2014	07/03/2014	02/05/2014	-
19 Sep 2013	Final	GBX	1.00	30/06/2012	30/06/2013	25/09/2013	27/09/2013	15/11/2013	1.00
11 Sep 2007	Final	GBX	7.80	31/12/2006	31/12/2007	19/09/2007	21/09/2007	16/11/2007	15.60
02 Mar 2007	Interim	GBX	7.80	01/07/2006	31/12/2006	14/03/2007	16/03/2007	04/05/2007	-
12 Sep 2006	Final	GBX	8.70	30/06/2005	30/06/2006	20/09/2006	22/09/2006	17/11/2006	13.00
07 Mar 2006	Interim	GBX	4.30	01/07/2005	31/12/2005	15/03/2006	17/03/2006	05/05/2006	-
13 Sep 2005	Final	GBX	7.20	30/06/2004	30/06/2005	21/09/2005	23/09/2005	18/11/2005	10.80
08 Mar 2005	Interim	GBX	3.60	01/07/2004	31/12/2004	16/03/2005	18/03/2005	06/05/2005	-
14 Sep 2004	Final	GBX	6.00	30/06/2003	30/06/2004	22/09/2004	24/09/2004	19/11/2004	9.00
09 Mar 2004	Interim	GBX	3.00	01/07/2003	31/12/2003	17/03/2004	19/03/2004	07/05/2004	-
16 Sep 2003	Final	GBX	5.00	30/06/2002	30/06/2003	24/09/2003	26/09/2003	21/11/2003	7.50
06 Mar 2003	Interim	GBX	2.50	01/07/2002	31/12/2002	12/03/2003	14/03/2003	09/05/2003	-
10 Sep 2002	Final	GBX	4.04	30/06/2001	30/06/2002	18/09/2002	20/09/2002	22/11/2002	6.06
05 Mar 2002	Interim	GBX	2.02	01/07/2001	31/12/2001	13/03/2002	15/03/2002	10/05/2002	-
11 Sep 2001	Final	GBX	3.67	30/06/2000	30/06/2001	19/09/2001	21/09/2001	23/11/2001	5.50
05 Mar 2001	Interim	GBX	1.83	01/07/2000	31/12/2000	14/03/2001	16/03/2001	18/05/2001	-
12 Sep 2000	Final	GBX	3.30	30/06/1999	30/06/2000	25/09/2000	29/09/2000	24/11/2000	4.95
07 Mar 2000	Interim	GBX	1.65	01/07/1999	31/12/1999	10/04/2000	14/04/2000	19/05/2000	-
14 Sep 1999	Final	GBX	3.00	30/06/1998	30/06/1999	20/09/1999	24/09/1999	26/11/1999	4.50
01 Mar 1999	Interim	GBX	1.50	01/07/1998	31/12/1998	08/03/1999	12/03/1999	21/05/1999	-
15 Sep 1998	Final	GBX	2.70	30/06/1997	30/06/1998	21/09/1998	25/09/1998	27/11/1998	4.05

Redrow Fundamentals

	30 Jun 2016 (GBP)		30 Jun 2017 (GBP)		30 Jun 2018 (GBP)		30 Jun 2019 (GBP)
turnover	1,382.00	100.00%	1,660.00	100.00%	1,920.00	100.00%	2,112.00	100.00%	m
pre tax profit	250.00	18.09%	315.00	18.98%	380.00	19.79%	406.00	19.22%	m
attributable profit	200.00	14.47%	253.00	15.24%	308.00	16.04%	329.00	15.58%	m
retained profit	170.00	12.30%	209.00	12.59%	234.00	12.19%	111.00	5.26%	m
eps - basic (p)	55.40		70.20		85.30		92.30
eps - diluted (p)	55.20		70.00		85.20		92.00
dividends per share	10.00		17.00		28.00		30.50

Redrow Balance Sheet

	30 Jun 2016 (GBP)		30 Jun 2017 (GBP)		30 Jun 2018 (GBP)		30 Jun 2019 (GBP)


	30 Jun 2016 (GBP)		30 Jun 2017 (GBP)		30 Jun 2018 (GBP)		30 Jun 2019 (GBP)
ASSETS
fixed assets	17.00	0.83%	16.00	0.73%	15.00	0.62%	16.00	0.61%	m
intangibles	2.00	0.10%	2.00	0.09%	2.00	0.08%	2.00	0.08%	m
fixed investments	31.00	1.52%	27.00	1.23%	28.00	1.16%	24.00	0.92%	m
current assets - other	-	-%	-	-%	-	-%	-	-%	m
stocks	1,808.00	88.37%	2,043.00	92.82%	2,218.00	92.15%	2,297.00	88.21%	m
debtors	53.00	2.59%	51.00	2.32%	54.00	2.24%	61.00	2.34%	m
cash & securities	135.00	6.60%	62.00	2.82%	90.00	3.74%	204.00	7.83%	m

TOTAL	2,046.00	100%	2,201.00	100%	2,407.00	100%	2,604.00	100%	m

LIABILITIES
creditors - short	634.00	30.99%	666.00	30.26%	727.00	30.20%	760.00	29.19%	m
creditors - long	395.00	19.31%	300.00	13.63%	197.00	8.18%	259.00	9.95%	m
creditors - other	-	-%	-	-%	-	-%	-	-%	m
subordinated loans	-	-%	-	-%	-	-%	-	-%	m
insurance funds	-	-%	-	-%	-	-%	-	-%	m

TOTAL	1,029.00	50.29%	966.00	43.89%	924.00	38.39%	1,019.00	39.13%	m

EQUITY
ord cap, reserves	1,017.00	49.71%	1,235.00	56.11%	1,483.00	61.61%	1,585.00	60.87%	m
prefs, minorities	-	-%	-	-%	-	-%	-	-%	m

TOTAL	1,017.00	49.71%	1,235.00	56.11%	1,483.00	61.61%	1,585.00	60.87%	m

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

Redrow Cash Flow Statement

	30 Jun 2016 (GBP)	30 Jun 2017 (GBP)	30 Jun 2018 (GBP)	30 Jun 2019 (GBP)
Operating CF	78.00	128.00	198.00	292.00	m
Pre-Financing CF	61.00	126.00	222.00	289.00	m
Retained CF	95.00	-74.00	51.00	136.00	m

Redrow Brokers

Name	Activity	Type	Mnemonic	Code
THE ROYAL BANK OF SCOT N.V.	Market Maker(MME)	Broker/Dealer	RBSM	ABNAGB22
Arbuthnot Securities Limited	Market Maker(MME)	Broker/Dealer	ARBT	ALESGB31MKT
J.P. Morgan Cazenove Limited	Market Maker(MME)	Broker/Dealer	CAZR	CAZEGB2L
CREDIT SUISSE SEC (EUROPE) LTD	Market Maker(MME)	Broker/Dealer	CSFB	CSFBGB2L
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
Investec Bank Plc	Market Maker(MME)	Broker/Dealer	INV.	IHCSGB21002
HSBC Bank plc	Market Maker(MME)	Broker/Dealer	HSBC	JCAPGB2L
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