Scottish Mortgage (SMT)

Company name:	Scottish Mort
EPIC:	SMT	Trading Currency:	GBX
Market Sector:	FS10	ISIN:	GB00BLDYK618
Market Segment:	SET1	Share Type:	DE
WWW Address:	https://www.bailliegifford.com/individual-investors/funds/scottish-mortgage-investment-trust/perform	Description:	ORD 5P
Industry Sector:	EQUITY INVESTMENT INSTRUMENTS

Price	Price Change [%]	Bid	Offer	Open	High	Low	Volume
534.50	-1.1 [-0.21]	534.30	534.80	538.00	539.30	532.90	2,271,222
Market Cap. [m]	Shares In Issue [m]	Beta	EPS	DPS	PE Ratio	Yield	52-Wks-Range
7,703.78	1,441.31	0.32	1.20	3.07	445.42	0.57	569.00 - 407.60

Scottish Mortgage Key Figures

(at previous day's close)
Market Cap.	7,703.78	m
Shares In Issue	1,441.31	m
Prev. Close	535.60
PE Ratio	445.42
Dividend Yield	0.57	%
EPS - basic	1.20	p
Dividend PS	3.07	p
Dividend Cover	0.39
Cash Flow PS	-0.68	p
Return On Equity (ROE)	0.27	%
Operating Margin	54.62	%
PEG Factor	36.66
EPS Growth Rate	12.15	%
Dividends PS Growth Rate	2.33	%
Net Debt	461.02	m
Gross Gearing	7.42	%
Quick Assets	37.74	m
Net Working Capital	-204.22	m
Intangibles / Fixed Assets	-	%
Turnover PS	2.13	p
Pre-Tax Profit PS	1.16	p
Retained Profit PS	-1.73	p
Cash PS	2.43	p
Net Cash PS	-14.36	p
Net Tangible Asset Value PS *	429.32	p
Net Asset Value PS	429.32	p
Spread	0.50 (0.09%)
* 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.

Scottish Mortgage Balance Sheet

Share Price Performance

Sample Period ^†	High	Low
1 week	544.40	526.60
4 weeks	569.00	522.10
12 weeks	569.00	522.10
1 year	569.00	407.60

Share Price Chart (5 years)

Scottish Mortgage Historic Returns

Period ^†	Open	Change	%	Open Avg.	Avg. Daily Vol [m]	Total Vol [m]	VWAP
1 week	530.50	4.00	0.75	526.60	2.30		535.13
4 weeks	557.80	-23.30	-4.18	522.10	2.29		542.74
12 weeks	532.00	2.50	0.47	522.10	2.20		544.30
26 weeks	449.80	84.70	18.83	417.40	2.81		511.00
1 year	410.00	124.50	30.37	407.60	2.86		479.47
3 years	237.90	296.60	124.67	219.00	2.17		395.32
5 years	185.70	348.80	187.83	183.20	1.61		367.27
† periods calculated are whole weeks rather than calendar months

Scottish Mortgage Key Management Ratios

Scottish Mortgage Investment Ratios

(Market value analysis) at previous day's close
PQ Ratio	-
PE Ratio	445.42
Tobin's Q Ratio	1.28
Tobin's Q Ratio (excl. intangibles)	1.28
Dividend Yield	0.57	%
Market-to-Book Ratio	1.25
Price-to-Pre-Tax Profit PS	459.95
Price-to-Retained Profit PS	-308.58
Price-to-Cash Flow PS	-791.43
Price-to-Sales PS	251.24
Price-to-Net Tangible Asset Value PS	1.25
Price-to-Cash PS	220.27
Net Working Capital PS	-14.17
Price Pct to Working Capital PS	-37.72	%
Earnings Yield	0.22	%
Average PE	201.02
Years in average	5
PE to PE average	221.58	%

Scottish Mortgage Financial Ratios

(Leverage Ratios)
Debt Ratio	3.94	%
Debt-to-Equity Ratio	0.04
Debt-to-Equity Ratio (excl. Intgbl)	0.04
Debt-to-Equity Market Value	0.03
Net Gearing	6.90	%
Net Gearing (excl. Intangibles)	6.90	%
Gross Gearing	7.42	%
Gross Gearing (excl. Intangibles)	7.42	%
Gearing Under 1 Year	3.62	%
Gearing Under 1 Year (excl. Intgbl)	3.62	%
Assets/Equity	1.08
Cash/Equity	0.57
(Liquidity Ratios)
Net Working Capital to Total Assets	-3.06	%
Current Ratio	0.16
Quick Ratio (Acid Test)	0.16
Liquidity Ratio	0.14
Cash & Equiv/Current Assets	92.68	%
(Solvency Ratios)
Enterprise Value	7,922.84	m
CFO/Sales	-0.32
CFO/Attributable Profit	-
CFO/Assets	-0.00
CFO/Debt	-0.02
Total Debt/Equity Market Value	0.06
Total Debt/Sales	16.18
Total Debt/Pre-Tax Profit	29.61
Total Debt	496.00	m
Total Debt/Net Current Assets	-2.43	%
(Dodds - Graham Ratios)
3 yr Compound Earnings Growth	-	%
5 yr Compound Earnings Growth	-	%
10 yr Compound Earnings Growth	-	%
Earn drops > 5% in 10yrs	11

Beta (60-Mnth)	Beta (36-Mnth)
0.3242	0.2794

Scottish Mortgage Operating Ratios

(Profitability Ratios)
Return On Capital Employed (ROCE)	0.26	%
Return On Assets (ROA)	0.28	%
Net Profit Margin	54.47	%
Assets Turnover	0.01
Return On Equity (ROE)	0.27	%
Return On Investment (ROI)	0.29	%
Dividend Payout Ratio	255.83	%
Plowback Ratio	-155.83	%
Growth from Plowback Ratio	-0.47	%
Net Income Of Revenues	-81.42	%
(Asset Utilisation Multiples)
Shareholders Equity Turnover	0.01
Fixed Assets Turnover	0.01
Current Assets Turnover	0.47
Net Working Capital Turnover
Inventory Turnover	-
(Other Operating Ratios)
Total Assets-to-Sales	196.90
Debtors-to-Sales	31.07	%
Debt Collection Period	113.42	Days

Scottish Mortgage Dividends

Announcement Date	Type	Curr.	Dividend Amount	Period Start	Period End	Ex Date	Record Date	Payment Date	Total Dividend Amount
14 May 2018	Final	GBX	1.68	31/03/2017	31/03/2018	07/06/2018	08/06/2018	02/07/2018	3.07
03 Nov 2017	Interim	GBX	1.39	31/03/2017	31/03/2018	16/11/2017	17/11/2017	01/12/2017	-
15 May 2017	Final	GBX	1.61	31/03/2016	31/03/2017	08/06/2017	09/06/2017	03/07/2017	3.00
04 Nov 2016	Interim	GBX	1.39	31/03/2016	31/03/2017	17/11/2016	18/11/2016	02/12/2016	-
13 May 2016	Final	GBX	1.58	31/03/2015	31/03/2016	09/06/2016	10/06/2016	04/07/2016	2.96
06 Nov 2015	Interim	GBX	1.38	31/03/2015	31/03/2016	19/11/2015	20/11/2015	04/12/2015	-
08 May 2015	Final	GBX	1.55	31/03/2014	31/03/2015	11/06/2015	12/06/2015	06/07/2015	2.93
07 Nov 2014	Interim	GBX	1.38	31/03/2014	31/03/2015	20/11/2014	21/11/2014	05/12/2014	-
09 May 2014	Final	GBX	7.60	31/03/2013	31/03/2014	11/06/2014	13/06/2014	07/07/2014	14.50
31 Oct 2013	Interim	GBX	6.90	31/03/2013	31/03/2014	13/11/2013	15/11/2013	29/11/2013	-
01 May 2013	Final	GBX	7.30	31/03/2012	31/03/2013	29/05/2013	31/05/2013	01/07/2013	14.00
26 Oct 2012	Interim	GBX	6.70	31/03/2012	31/03/2013	07/11/2012	09/11/2012	23/11/2012	-
04 May 2012	Final	GBX	6.80	31/03/2011	31/03/2012	30/05/2012	01/06/2012	02/07/2012	13.00
28 Oct 2011	Interim	GBX	6.20	31/03/2011	31/03/2012	09/11/2011	11/11/2011	25/11/2011	-
06 May 2011	Final	GBX	6.20	31/03/2010	31/03/2011	01/06/2011	03/06/2011	04/07/2011	12.00
05 Nov 2010	Interim	GBX	5.80	31/03/2010	31/03/2011	17/11/2010	19/11/2010	03/12/2010	-
07 May 2010	Final	GBX	5.80	31/03/2009	31/03/2010	02/06/2010	04/06/2010	01/07/2010	11.30
30 Oct 2009	Interim	GBX	5.50	31/03/2009	31/03/2010	11/11/2009	13/11/2009	27/11/2009	-
08 May 2009	Final	GBX	5.50	31/03/2008	31/03/2009	03/06/2009	05/06/2009	01/07/2009	12.03
31 Oct 2008	Interim	GBX	6.80	31/03/2008	31/03/2009	12/11/2008	14/11/2008	28/11/2008	-
02 May 2008	Final	GBX	5.30	31/03/2007	31/03/2008	04/06/2008	06/06/2008	02/07/2008	10.30
26 Oct 2007	Interim	GBX	5.00	31/03/2007	31/03/2008	07/11/2007	09/11/2007	23/11/2007	-
02 May 2007	Final	GBX	5.00	31/03/2006	31/03/2007	06/06/2007	08/06/2007	04/07/2007	9.50
27 Oct 2006	Interim	GBX	4.50	30/03/2006	30/09/2006	08/11/2006	10/11/2006	24/11/2006	-
27 Apr 2006	Final	GBX	4.65	31/03/2005	31/03/2006	07/06/2006	09/06/2006	05/07/2006	8.50
28 Oct 2005	Interim	GBX	3.85	30/03/2005	30/09/2005	09/11/2005	11/11/2005	25/11/2005	-
27 Apr 2005	Final	GBX	5.05	31/03/2004	31/03/2005	08/06/2005	10/06/2005	06/07/2005	7.35
29 Oct 2004	Interim	GBX	2.30	30/03/2004	30/09/2004	10/11/2004	12/11/2004	12/11/2004	-
30 Apr 2004	Final	GBX	0.40	31/03/2003	31/03/2004	09/06/2004	11/06/2004	07/07/2004	7.00
26 Feb 2004	Interim	GBX	4.40	31/03/2003	31/03/2004	10/03/2004	12/03/2004	01/04/2004	-
31 Oct 2003	Interim	GBX	2.20	30/03/2003	30/09/2003	12/11/2003	14/11/2003	28/11/2003	-
25 Apr 2003	Final	GBX	4.50	31/03/2002	31/03/2003	11/06/2003	13/06/2003	09/07/2003	6.60
31 Oct 2002	Interim	GBX	2.10	30/03/2002	30/09/2002	13/11/2002	15/11/2002	29/11/2002	-
26 Apr 2002	Final	GBX	4.25	31/03/2001	31/03/2002	12/06/2002	14/06/2002	10/07/2002	6.25
01 Nov 2001	Interim	GBX	2.00	30/03/2001	30/09/2001	14/11/2001	16/11/2001	30/11/2001	-
27 Apr 2001	Final	GBX	4.10	31/03/2000	31/03/2001	13/06/2001	15/06/2001	11/07/2001	6.00
27 Oct 2000	Interim	GBX	1.90	30/03/2000	30/09/2000	13/11/2000	17/11/2000	01/12/2000	-
28 Apr 2000	Final	GBX	3.85	31/03/1999	31/03/2000	05/06/2000	09/06/2000	05/07/2000	5.65
29 Oct 1999	Interim	GBX	1.80	30/03/1999	30/09/1999	08/11/1999	12/11/1999	01/12/1999	-
29 Apr 1999	Final	GBX	3.75	31/03/1998	31/03/1999	01/06/1999	07/06/1999	07/07/1999	5.50
29 Oct 1998	Interim	GBX	1.75	30/03/1998	30/09/1998	09/11/1998	13/11/1998	01/12/1998	-
22 Apr 1998	Final	GBX	3.65	31/03/1997	31/03/1998	01/06/1998	05/06/1998	01/07/1998	5.35

Scottish Mortgage Fundamentals

	31 Mar 2015 (GBP)		31 Mar 2016 (GBP)		31 Mar 2017 (GBP)		31 Mar 2018 (GBP)
turnover	38.96	100.00%	32.91	100.00%	27.80	100.00%	30.66	100.00%	m
pre tax profit	28.64	73.49%	22.29	67.71%	15.86	57.05%	16.75	54.62%	m
attributable profit	27.54	70.68%	21.43	65.11%	14.14	50.86%	16.70	54.47%	m
retained profit	-8.01	-20.54%	-16.24	-49.36%	-24.95	-89.75%	-24.97	-81.42%	m
eps - basic (p)	2.24		1.66		1.07		1.20
eps - diluted (p)	2.24		1.66		1.07		1.20
dividends per share	2.93		2.96		3.00		3.07

Scottish Mortgage Balance Sheet

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


	31 Mar 2015 (GBP)		31 Mar 2016 (GBP)		31 Mar 2017 (GBP)		31 Mar 2018 (GBP)
ASSETS
fixed assets	-	-%	-	-%	-	-%	-	-%	m
intangibles	-	-%	-	-%	-	-%	-	-%	m
fixed investments	3,747.29	97.90%	3,922.12	98.79%	5,298.34	98.28%	6,646.01	99.44%	m
current assets - other	-	-%	-	-%	-	-%	-	-%	m
stocks	-	-%	-	-%	-	-%	-	-%	m
debtors	3.69	0.10%	4.05	0.10%	16.29	0.30%	2.76	0.04%	m
cash & securities	76.54	2.00%	43.97	1.11%	76.64	1.42%	34.97	0.52%	m

TOTAL	3,827.52	100%	3,970.15	100%	5,391.27	100%	6,683.75	100%	m

LIABILITIES
creditors - short	118.23	3.09%	303.49	7.64%	367.97	6.83%	241.96	3.62%	m
creditors - long	376.07	9.83%	209.22	5.27%	149.71	2.78%	254.04	3.80%	m
creditors - other	-	-%	-	-%	-	-%	-	-%	m
subordinated loans	-	-%	-	-%	-	-%	-	-%	m
insurance funds	-	-%	-	-%	-	-%	-	-%	m

TOTAL	494.31	12.91%	512.70	12.91%	517.68	9.60%	496.00	7.42%	m

EQUITY
ord cap, reserves	3,333.22	87.09%	3,457.44	87.09%	4,873.59	90.40%	6,187.76	92.58%	m
prefs, minorities	-	-%	-	-%	-	-%	-	-%	m

TOTAL	3,333.22	87.09%	3,457.44	87.09%	4,873.59	90.40%	6,187.76	92.58%	m

OTHER
NAV Basic	262.40		259.20		358.70		-
NAV Diluted	268.00		259.20		358.70		-

Scottish Mortgage Cash Flow Statement

	31 Mar 2015 (GBP)	31 Mar 2016 (GBP)	31 Mar 2017 (GBP)	31 Mar 2018 (GBP)
Operating CF	28.05	-1.28	-10.65	-9.73	m
Pre-Financing CF	-42.40	-171.59	-40.19	-147.49	m
Retained CF	54.84	-32.57	32.67	-35.21	m

Scottish Mortgage Brokers

Name	Activity	Type	Mnemonic	Code
J.P. Morgan Cazenove Limited	Market Maker(MME)	Broker/Dealer	CAZR	CAZEGB2L
Cenkos Securities Plc	Market Maker(MME)	Broker/Dealer	CNKS	CNKOGB21
Collins Stewart Europe Limited	Market Maker(MME)	Broker/Dealer	CSCS	CSTEGB21
Canaccord Genuity Limited	Market Maker(MME)	Broker/Dealer	CANA	HOARGB21001
HSBC Bank plc	Market Maker(MME)	Broker/Dealer	HSBC	JCAPGB2L
J.P. Morgan Securities Ltd	Market Maker(MME)	Broker/Dealer	JPMS	JPMSGB2L
Oriel Securities Limited	Market Maker(MME)	Broker/Dealer	OREL	ORSNGB21
Numis Securities Limited	Market Maker(MME)	Broker/Dealer	NUMS	RAZHGB2LBIC
UBS AG	Market Maker(MME)	Broker/Dealer	UBS.	UBSWGB2LEQU
Winterflood Securities Ltd	Market Maker(MME)	Broker/Dealer	WINS	WNTSGB2LBIC