Wh Smith (SMWH)

[ADVERT]

Company name:	Wh Smith Plc
Company Description:	Distribution and sale of books, newspapers, magazines, music, video and stationery; Consumer publishing
EPIC:	SMWH	Trading Currency:	GBX
Market Sector:	F25F	ISIN:	GB00B2PDGW16
Market Segment:	STMM	Share Type:	DE
WWW Address:	http://www.whsmithplc.co.uk/investors	Description:	ORD 22 6/67P
Industry Sector:	GENERAL RETAILERS

Price	Price Change [%]	Bid	Offer	Open	High	Low	Volume
1,681.00	-27.5 [-1.61]	1,690.00	1,692.00	1,704.00	1,723.50	1,670.50	529,958
Market Cap. [m]	Shares In Issue [m]	Beta	EPS	DPS	PE Ratio	Yield	52-Wks-Range
2,200.59	130.91	0.99	-62.60	0.87	-	0.05	2,064.00 - 1,303.00

Wh Smith Key Figures

(at previous day's close)
Market Cap.	2,200.59	m
Shares In Issue	130.91	m
Prev. Close	1,708.50
PE Ratio	-
Dividend Yield	0.05	%
EPS - basic	-62.60	p
Dividend PS	0.87	p
Dividend Cover	-
Cash Flow PS	76.39	p
Return On Equity (ROE)	-47.40	%
Operating Margin	-13.09	%
PEG Factor	-
EPS Growth Rate	68.57	%
Dividends PS Growth Rate	-	%
Net Debt	1,037.00	m
Gross Gearing	86.44	%
Quick Assets	238.00	m
Net Working Capital	-3.00	m
Intangibles / Fixed Assets	48.41	%
Turnover PS	676.80	p
Pre-Tax Profit PS	-88.61	p
Retained Profit PS	-62.64	p
Cash PS	99.31	p
Net Cash PS	-187.92	p
Net Tangible Asset Value PS *	-229.17	p
Net Asset Value PS	139.79	p
Spread	2.00 (0.12%)
* 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.

Wh Smith Balance Sheet

Share Price Performance

Sample Period ^†	High	Low
1 week	1,730.00	1,637.00
4 weeks	1,730.00	1,470.00
12 weeks	1,730.00	1,303.00
1 year	2,064.00	1,303.00

Share Price Chart (5 years)

Wh Smith Historic Returns

Period ^†	Open	Change	%	Open Avg.	Avg. Daily Vol [m]	Total Vol [m]	VWAP
1 week	1,660.00	21.00	1.27	1,637.00	0.40		1,680.52
4 weeks	1,486.00	195.00	13.12	1,470.00	0.39		1,625.51
12 weeks	1,578.00	103.00	6.53	1,303.00	0.45		1,506.49
26 weeks	1,666.00	15.00	0.90	1,303.00	0.44		1,566.06
1 year	1,557.00	124.00	7.96	1,303.00	0.47		1,673.31
3 years	1,979.00	-298.00	-15.06	585.50	0.51		1,588.78
5 years	1,609.00	72.00	4.47	585.50	0.46		1,695.51
† periods calculated are whole weeks rather than calendar months

Wh Smith Key Management Ratios

Wh Smith Investment Ratios

(Market value analysis) at previous day's close
PQ Ratio	47.52
PE Ratio	-
Tobin's Q Ratio	1.57
Tobin's Q Ratio (excl. intangibles)	3.10
Dividend Yield	0.05	%
Market-to-Book Ratio	12.72
Price-to-Pre-Tax Profit PS	-18.97
Price-to-Retained Profit PS	-26.84
Price-to-Cash Flow PS	22.01
Price-to-Sales PS	2.48
Price-to-Net Tangible Asset Value PS	-7.59
Price-to-Cash PS	16.93
Net Working Capital PS	-2.29
Price Pct to Working Capital PS	-733.53	%
Earnings Yield	-	%
Average PE	18.85
Years in average	3
PE to PE average	-	%

Wh Smith Financial Ratios

(Leverage Ratios)
Debt Ratio	81.21	%
Debt-to-Equity Ratio	4.32
Debt-to-Equity Ratio (excl. Intgbl)	-2.73
Debt-to-Equity Market Value	0.36
Net Gearing	76.81	%
Net Gearing (excl. Intangibles)	118.24	%
Gross Gearing	86.44	%
Gross Gearing (excl. Intangibles)	133.07	%
Gearing Under 1 Year	27.85	%
Gearing Under 1 Year (excl. Intgbl)	42.87	%
Assets/Equity	7.38
Cash/Equity	71.04
(Liquidity Ratios)
Net Working Capital to Total Assets	-0.22	%
Current Ratio	0.99
Quick Ratio (Acid Test)	0.63
Liquidity Ratio	0.35
Cash & Equiv/Current Assets	34.85	%
(Solvency Ratios)
Enterprise Value	2,871.59	m
CFO/Sales	0.11
CFO/Attributable Profit	-
CFO/Assets	0.07
CFO/Debt	0.09
Total Debt/Equity Market Value	0.53
Total Debt/Sales	1.32
Total Debt/Pre-Tax Profit	-10.06
Total Debt	1,167.00	m
Total Debt/Net Current Assets	-389.00	%
(Dodds - Graham Ratios)
3 yr Compound Earnings Growth	-	%
5 yr Compound Earnings Growth	-	%
10 yr Compound Earnings Growth	-	%
Earn drops > 5% in 10yrs	6

Beta (60-Mnth)	Beta (36-Mnth)
0.9890	1.0330

Wh Smith Operating Ratios

(Profitability Ratios)
Return On Capital Employed (ROCE)	-11.91	%
Return On Assets (ROA)	-5.86	%
Net Profit Margin	-9.26	%
Assets Turnover	0.63
Return On Equity (ROE)	-47.40	%
Return On Investment (ROI)	-8.02	%
Dividend Payout Ratio	-	%
Plowback Ratio	100.00	%
Growth from Plowback Ratio	-	%
Net Income Of Revenues	-9.26	%
(Asset Utilisation Multiples)
Shareholders Equity Turnover	4.49
Fixed Assets Turnover	0.85
Current Assets Turnover	2.46
Net Working Capital Turnover
Inventory Turnover	6.22
(Other Operating Ratios)
Total Assets-to-Sales	1.58
Debtors-to-Sales	11.12	%
Debt Collection Period	40.58	Days

Wh Smith Dividends

Announcement Date	Type	Curr.	Dividend Amount	Period Start	Period End	Ex Date	Record Date	Payment Date	Total Dividend Amount
12 Nov 2020	Interim	GBX	0.87	31/08/2020	31/08/2021	27/01/2021	28/01/2021	25/02/2021	0.87
17 Oct 2019	Final	GBX	41.00	31/08/2018	31/08/2019	09/01/2020	10/01/2020	30/01/2020	58.20
11 Apr 2019	Interim	GBX	17.20	28/08/2018	28/02/2019	11/07/2019	12/07/2019	01/08/2019	-
11 Oct 2018	Final	GBX	38.10	31/08/2017	31/08/2018	10/01/2019	11/01/2019	31/01/2019	54.10
12 Apr 2018	Interim	GBX	16.00	28/08/2017	28/02/2018	12/07/2018	13/07/2018	02/08/2018	-
12 Oct 2017	Final	GBX	33.60	31/08/2016	31/08/2017	11/01/2018	12/01/2018	01/02/2018	48.20
12 Apr 2017	Interim	GBX	14.60	28/08/2016	28/02/2017	13/07/2017	14/07/2017	03/08/2017	-
13 Oct 2016	Final	GBX	30.50	31/08/2015	31/08/2016	12/01/2017	13/01/2017	02/02/2017	43.90
13 Apr 2016	Interim	GBX	13.40	29/08/2015	29/02/2016	14/07/2016	15/07/2016	04/08/2016	-
15 Oct 2015	Final	GBX	27.30	31/08/2014	31/08/2015	14/01/2016	15/01/2016	04/02/2016	39.40
16 Apr 2015	Interim	GBX	12.10	28/08/2014	28/02/2015	16/07/2015	17/07/2015	06/08/2015	-
16 Oct 2014	Final	GBX	24.20	31/08/2013	31/08/2014	08/01/2015	09/01/2015	29/01/2015	35.00
10 Apr 2014	Interim	GBX	10.80	28/08/2013	28/02/2014	16/07/2014	18/07/2014	07/08/2014	-
10 Oct 2013	Final	GBX	21.30	31/08/2012	31/08/2013	08/01/2014	10/01/2014	30/01/2014	30.70
11 Apr 2013	Interim	GBX	9.40	28/08/2012	28/02/2013	17/07/2013	19/07/2013	08/08/2013	-
11 Oct 2012	Final	GBX	18.60	31/08/2011	31/08/2012	02/01/2013	04/01/2013	31/01/2013	26.90
19 Apr 2012	Interim	GBX	8.30	29/08/2011	29/02/2012	13/06/2012	15/06/2012	18/07/2012	-
13 Oct 2011	Final	GBX	15.30	31/08/2010	31/08/2011	04/01/2012	06/01/2012	02/02/2012	22.50
14 Apr 2011	Interim	GBX	7.20	31/08/2010	31/08/2011	18/05/2011	20/05/2011	09/06/2011	-
14 Oct 2010	Final	GBX	13.30	31/08/2009	31/08/2010	05/01/2011	07/01/2011	03/02/2011	19.40
22 Apr 2010	Interim	GBX	6.10	31/08/2009	31/08/2010	19/05/2010	21/05/2010	10/06/2010	-
04 Nov 2009	Final	GBX	11.30	31/08/2008	31/08/2009	06/01/2010	08/01/2010	04/02/2010	16.70
23 Apr 2009	Interim	GBX	5.40	28/02/2008	28/02/2009	20/05/2009	22/05/2009	12/06/2009	-
09 Oct 2008	Final	GBX	9.70	31/08/2007	31/08/2008	07/01/2009	09/01/2009	05/02/2009	14.30
23 Apr 2008	Interim	GBX	4.60	29/08/2007	29/02/2008	21/05/2008	23/05/2008	13/06/2008	-
11 Oct 2007	Final	GBX	8.10	31/08/2006	31/08/2007	09/01/2008	11/01/2008	06/02/2008	11.80
19 Apr 2007	Interim	GBX	3.70	28/08/2006	28/02/2007	23/05/2007	25/05/2007	14/06/2007	-
12 Oct 2006	Final	GBX	6.20	31/08/2005	31/08/2006	03/01/2007	05/01/2007	06/02/2007	11.30
06 Apr 2006	Interim	GBX	5.10	28/08/2005	28/02/2006	17/05/2006	19/05/2006	15/06/2006	-
13 Oct 2005	Final	GBX	9.20	31/08/2004	31/08/2005	04/01/2006	06/01/2006	07/02/2006	13.70
21 Apr 2005	Interim	GBX	4.50	28/08/2004	28/02/2005	25/05/2005	27/05/2005	23/06/2005	-
14 Oct 2004	Final	GBX	8.00	31/08/2003	31/08/2004	29/12/2004	31/12/2004	28/01/2005	12.00
22 Apr 2004	Interim	GBX	4.00	29/08/2003	29/02/2004	-	-	-	-
16 Oct 2003	Final	GBX	13.00	31/08/2002	31/08/2003	03/01/2004	05/01/2004	30/01/2004	19.00
17 Apr 2003	Interim	GBX	6.00	28/08/2002	28/02/2003	28/05/2003	30/05/2003	26/06/2003	-
17 Oct 2002	Final	GBX	13.00	31/08/2001	31/08/2002	04/01/2003	06/01/2003	31/01/2003	19.00
23 Apr 2002	Interim	GBX	6.00	28/08/2001	28/02/2002	29/05/2002	31/05/2002	27/06/2002	-
18 Oct 2001	Final	GBX	13.00	31/08/2000	31/08/2001	24/10/2001	26/10/2001	01/02/2002	19.00
12 Apr 2001	Interim	GBX	6.00	28/08/2000	28/02/2001	25/04/2001	27/04/2001	28/06/2001	-
26 Oct 2000	Final	GBX	13.00	31/08/1999	31/08/2000	06/11/2000	10/11/2000	02/02/2001	19.00
18 Apr 2000	Interim	GBX	6.00	29/08/1999	29/02/2000	02/05/2000	08/05/2000	29/06/2000	-
29 Oct 1999	Final	GBX	12.45	31/08/1998	31/08/1999	08/11/1999	12/11/1999	28/01/2000	18.20
11 Nov 1998	Final	GBX	4.00	31/08/1997	31/08/1998	23/11/1998	27/11/1998	29/01/1999	20.80

Wh Smith Fundamentals

	31 Aug 2018 (GBP)		31 Aug 2019 (GBP)		31 Aug 2020 (GBP)		31 Aug 2021 (GBP)
turnover	1,262.00	100.00%	1,397.00	100.00%	1,021.00	100.00%	886.00	100.00%	m
pre tax profit	134.00	10.62%	135.00	9.66%	-68.00	-6.66%	-116.00	-13.09%	m
attributable profit	108.00	8.56%	106.00	7.59%	-52.00	-5.09%	-82.00	-9.26%	m
retained profit	54.00	4.28%	46.00	3.29%	-99.00	-9.70%	-82.00	-9.26%	m
eps - basic (p)	109.20		98.10		-199.20		-62.60
eps - diluted (p)	108.20		97.20		-199.20		-62.60
dividends per share	54.10		58.20		-		0.87

Wh Smith Balance Sheet

	31 Aug 2018 (GBP)		31 Aug 2019 (GBP)		31 Aug 2020 (GBP)		31 Aug 2021 (GBP)


	31 Aug 2018 (GBP)		31 Aug 2019 (GBP)		31 Aug 2020 (GBP)		31 Aug 2021 (GBP)
ASSETS
fixed assets	179.00	33.90%	201.00	26.94%	192.00	13.27%	502.00	37.19%	m
intangibles	72.00	13.64%	225.00	30.16%	906.00	62.61%	473.00	35.04%	m
fixed investments	4.00	0.76%	6.00	0.80%	2.00	0.14%	2.00	0.15%	m
current assets - other	-	-%	-	-%	-	-%	-	-%	m
stocks	154.00	29.17%	174.00	23.32%	150.00	10.37%	135.00	10.00%	m
debtors	74.00	14.02%	91.00	12.20%	89.00	6.15%	108.00	8.00%	m
cash & securities	45.00	8.52%	49.00	6.57%	108.00	7.46%	130.00	9.63%	m

TOTAL	528.00	100%	746.00	100%	1,447.00	100%	1,350.00	100%	m

LIABILITIES
creditors - short	287.00	54.36%	279.00	37.40%	377.00	26.05%	376.00	27.85%	m
creditors - long	29.00	5.49%	230.00	30.83%	843.00	58.26%	791.00	58.59%	m
creditors - other	-	-%	-	-%	-	-%	-	-%	m
subordinated loans	-	-%	-	-%	-	-%	-	-%	m
insurance funds	-	-%	-	-%	-	-%	-	-%	m

TOTAL	316.00	59.85%	509.00	68.23%	1,220.00	84.31%	1,167.00	86.44%	m

EQUITY
ord cap, reserves	212.00	40.15%	235.00	31.50%	222.00	15.34%	173.00	12.81%	m
prefs, minorities	-	-%	2.00	0.27%	5.00	0.35%	10.00	0.74%	m

TOTAL	212.00	40.15%	237.00	31.77%	227.00	15.69%	183.00	13.56%	m

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

Wh Smith Cash Flow Statement

	31 Aug 2018 (GBP)	31 Aug 2019 (GBP)	31 Aug 2020 (GBP)	31 Aug 2021 (GBP)
Operating CF	143.00	149.00	81.00	100.00	m
Pre-Financing CF	85.00	-71.00	-314.00	57.00	m
Retained CF	8.00	4.00	6.00	22.00	m

Wh Smith Brokers

Name	Activity	Type	Mnemonic	Code
Altium Capital Limited	Market Maker(MME)	Broker/Dealer	ALTI	APCFGB21
Commerzbank AG	Market Maker(MME)	Broker/Dealer	KLWT	DRESGB2LPST
Evolution Securities Limited	Market Maker(MME)	Broker/Dealer	EVO	EVBGGB21MMT
HSBC Bank plc	Market Maker(MME)	Broker/Dealer	HSBC	JCAPGB2L
Winterflood Securities Ltd	Market Maker(MME)	Broker/Dealer	WINS	WNTSGB2LBIC