Spectris (SXS)

Company name:	Spectris Plc
EPIC:	SXS	Trading Currency:	GBX
Market Sector:	F25F	ISIN:	GB0003308607
Market Segment:	STMM	Share Type:	DE
WWW Address:	http://www.spectris.com/	Description:	ORD 5P
Industry Sector:	ELECTRONIC & ELECTRICAL EQUIPMENT

Price	Price Change [%]	Bid	Offer	Open	High	Low	Volume
2,370.00	-9.0 [-0.38]	2,363.00	2,365.00	2,364.00	2,370.00	2,340.00	295,007
Market Cap. [m]	Shares In Issue [m]	Beta	EPS	DPS	PE Ratio	Yield	52-Wks-Range
2,737.41	115.50	1.14	157.60	61.00	15.04	2.57	2,932.00 - 1,924.50

Spectris Key Figures

(at previous day's close)
Market Cap.	2,737.41	m
Shares In Issue	115.50	m
Prev. Close	2,379.00
PE Ratio	15.04
Dividend Yield	2.57	%
EPS - basic	157.60	p
Dividend PS	61.00	p
Dividend Cover	2.58
Cash Flow PS	154.20	p
Return On Equity (ROE)	15.02	%
Operating Margin	13.59	%
PEG Factor	-0.75
EPS Growth Rate	-20.00	%
Dividends PS Growth Rate	7.96	%
Net Debt	787.20	m
Gross Gearing	41.10	%
Quick Assets	510.30	m
Net Working Capital	302.60	m
Intangibles / Fixed Assets	75.35	%
Turnover PS	1,388.89	p
Pre-Tax Profit PS	188.74	p
Retained Profit PS	101.30	p
Cash PS	63.29	p
Net Cash PS	-303.89	p
Net Tangible Asset Value PS *	176.01	p
Net Asset Value PS	1,067.42	p
Spread	2.00 (0.08%)
* 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.

Spectris Balance Sheet

Share Price Performance

Sample Period ^†	High	Low
1 week	2,387.00	2,238.00
4 weeks	2,488.00	2,238.00
12 weeks	2,689.00	2,210.00
1 year	2,932.00	1,924.50

Share Price Chart (5 years)

Spectris Historic Returns

Period ^†	Open	Change	%	Open Avg.	Avg. Daily Vol [m]	Total Vol [m]	VWAP
1 week	2,373.00	-3.00	-0.13	2,238.00	0.71		2,302.12
4 weeks	2,414.00	-44.00	-1.82	2,238.00	0.39		2,345.25
12 weeks	2,648.00	-278.00	-10.50	2,210.00	0.40		2,368.76
26 weeks	2,772.00	-402.00	-14.50	2,210.00	0.37		2,515.77
1 year	1,997.50	372.50	18.65	1,924.50	0.40		2,460.50
3 years	2,160.00	210.00	9.72	1,924.50	0.36		2,474.97
5 years	1,693.00	677.00	39.99	1,441.00	0.32		2,292.76
† periods calculated are whole weeks rather than calendar months

Spectris Key Management Ratios

Spectris Investment Ratios

(Market value analysis) at previous day's close
PQ Ratio	26.41
PE Ratio	15.04
Tobin's Q Ratio	1.41
Tobin's Q Ratio (excl. intangibles)	2.70
Dividend Yield	2.57	%
Market-to-Book Ratio	2.22
Price-to-Pre-Tax Profit PS	12.56
Price-to-Retained Profit PS	23.40
Price-to-Cash Flow PS	15.37
Price-to-Sales PS	1.71
Price-to-Net Tangible Asset Value PS	13.46
Price-to-Cash PS	37.45
Net Working Capital PS	261.99
Price Pct to Working Capital PS	9.05	%
Earnings Yield	6.65	%
Average PE	66.65
Years in average	5
PE to PE average	22.56	%

Spectris Financial Ratios

(Leverage Ratios)
Debt Ratio	26.13	%
Debt-to-Equity Ratio	0.35
Debt-to-Equity Ratio (excl. Intgbl)	2.15
Debt-to-Equity Market Value	0.16
Net Gearing	37.61	%
Net Gearing (excl. Intangibles)	74.01	%
Gross Gearing	41.10	%
Gross Gearing (excl. Intangibles)	80.89	%
Gearing Under 1 Year	20.26	%
Gearing Under 1 Year (excl. Intgbl)	39.87	%
Assets/Equity	1.70
Cash/Equity	5.93
(Liquidity Ratios)
Net Working Capital to Total Assets	14.46	%
Current Ratio	1.71
Quick Ratio (Acid Test)	1.20
Liquidity Ratio	0.17
Cash & Equiv/Current Assets	10.06	%
(Solvency Ratios)
Enterprise Value	3,100.51	m
CFO/Sales	0.11
CFO/Attributable Profit	0.96
CFO/Assets	0.09
CFO/Debt	0.21
Total Debt/Equity Market Value	0.31
Total Debt/Sales	0.54
Total Debt/Pre-Tax Profit	3.95
Total Debt	860.30	m
Total Debt/Net Current Assets	2.84	%
(Dodds - Graham Ratios)
3 yr Compound Earnings Growth	163.64	%
5 yr Compound Earnings Growth	6.75	%
10 yr Compound Earnings Growth	15.63	%
Earn drops > 5% in 10yrs	9

Beta (60-Mnth)	Beta (36-Mnth)
1.1420	0.8106

Spectris Operating Ratios

(Profitability Ratios)
Return On Capital Employed (ROCE)	13.06	%
Return On Assets (ROA)	9.52	%
Net Profit Margin	11.54	%
Assets Turnover	0.82
Return On Equity (ROE)	15.02	%
Return On Investment (ROI)	11.78	%
Dividend Payout Ratio	38.71	%
Plowback Ratio	61.29	%
Growth from Plowback Ratio	9.32	%
Net Income Of Revenues	7.29	%
(Asset Utilisation Multiples)
Shareholders Equity Turnover	1.32
Fixed Assets Turnover	1.29
Current Assets Turnover	2.27
Net Working Capital Turnover
Inventory Turnover	8.18
(Other Operating Ratios)
Total Assets-to-Sales	1.21
Debtors-to-Sales	24.04	%
Debt Collection Period	87.73	Days

Spectris Dividends

Announcement Date	Type	Curr.	Dividend Amount	Period Start	Period End	Ex Date	Record Date	Payment Date	Total Dividend Amount
30 Jul 2019	Interim	GBX	21.90	31/12/2018	31/12/2019	10/10/2019	11/10/2019	08/11/2019	-
19 Feb 2019	Final	GBX	40.50	31/12/2017	31/12/2018	23/05/2019	24/05/2019	28/06/2019	61.00
24 Jul 2018	Interim	GBX	20.50	31/12/2017	31/12/2018	11/10/2018	12/10/2018	09/11/2018	-
19 Feb 2018	Final	GBX	37.50	31/12/2016	31/12/2017	24/05/2018	25/05/2018	29/06/2018	56.50
25 Jul 2017	Interim	GBX	19.00	31/12/2016	31/12/2017	12/10/2017	13/10/2017	10/11/2017	-
14 Feb 2017	Final	GBX	34.00	31/12/2015	31/12/2016	25/05/2017	26/05/2017	30/06/2017	52.00
28 Jul 2016	Interim	GBX	18.00	31/12/2015	31/12/2016	13/10/2016	14/10/2016	11/11/2016	-
16 Feb 2016	Final	GBX	32.20	31/12/2014	31/12/2015	25/05/2016	26/05/2016	24/06/2016	49.50
30 Jul 2015	Interim	GBX	17.30	31/12/2014	31/12/2015	15/10/2015	16/10/2015	13/11/2015	-
27 Feb 2015	Final	GBX	30.75	31/12/2013	31/12/2014	28/05/2015	29/05/2015	26/06/2015	46.75
25 Jul 2014	Interim	GBX	16.00	31/12/2013	31/12/2014	15/10/2014	17/10/2014	12/11/2014	-
27 Feb 2014	Final	GBX	28.00	31/12/2012	31/12/2013	28/05/2014	30/05/2014	25/06/2014	42.75
26 Jul 2013	Interim	GBX	14.75	31/12/2012	31/12/2013	16/10/2013	18/10/2013	08/11/2013	-
20 Feb 2013	Final	GBX	25.50	31/12/2011	31/12/2012	29/05/2013	31/05/2013	26/06/2013	39.00
27 Jul 2012	Interim	GBX	13.50	31/12/2011	31/12/2012	17/10/2012	19/10/2012	09/11/2012	-
17 Feb 2012	Final	GBX	25.40	31/12/2010	31/12/2011	30/05/2012	01/06/2012	26/06/2012	33.60
23 Aug 2011	Interim	GBX	8.20	31/12/2010	31/12/2011	19/10/2011	21/10/2011	11/11/2011	-
25 Feb 2011	Final	GBX	20.90	31/12/2009	31/12/2010	01/06/2011	03/06/2011	24/06/2011	28.00
24 Aug 2010	Interim	GBX	7.10	31/12/2009	31/12/2010	20/10/2010	22/10/2010	12/11/2010	-
23 Feb 2010	Final	GBX	17.85	31/12/2008	31/12/2009	02/06/2010	04/06/2010	25/06/2010	24.25
25 Aug 2009	Interim	GBX	6.40	30/12/2008	30/06/2009	21/10/2009	23/10/2009	13/11/2009	-
24 Feb 2009	Final	GBX	17.00	31/12/2007	31/12/2008	03/06/2009	05/06/2009	26/06/2009	23.40
22 Aug 2008	Interim	GBX	6.40	30/12/2007	30/06/2008	22/10/2008	24/10/2008	14/11/2008	-
22 Feb 2008	Final	GBX	15.75	31/12/2006	31/12/2007	28/05/2008	30/05/2008	20/06/2008	21.00
24 Aug 2007	Interim	GBX	5.75	30/12/2006	30/06/2007	24/10/2007	26/10/2007	16/11/2007	-
25 Feb 2007	Final	GBX	12.50	31/12/2005	31/12/2006	30/05/2007	01/06/2007	22/06/2007	17.50
05 Sep 2006	Interim	GBX	5.00	30/12/2005	30/06/2006	18/10/2006	20/10/2006	17/11/2006	-
07 Mar 2006	Final	GBX	11.20	31/12/2004	31/12/2005	31/05/2006	02/06/2006	23/06/2006	15.80
13 Sep 2005	Interim	GBX	4.60	30/12/2004	30/06/2005	19/10/2005	21/10/2005	18/11/2005	-
15 Mar 2005	Final	GBX	10.25	31/12/2003	31/12/2004	18/05/2005	20/05/2005	10/06/2005	14.50
14 Sep 2004	Interim	GBX	4.25	30/12/2003	30/06/2004	20/10/2004	22/10/2004	19/11/2004	-
16 Mar 2004	Final	GBX	9.30	31/12/2002	31/12/2003	19/05/2004	21/05/2004	11/06/2004	13.35
09 Sep 2003	Interim	GBX	4.05	30/12/2002	30/06/2003	15/10/2003	17/10/2003	14/11/2003	-
11 Mar 2003	Final	GBX	8.85	31/12/2001	31/12/2002	14/05/2003	16/05/2003	13/06/2003	12.75
09 Sep 2002	Interim	GBX	3.90	30/12/2001	30/06/2002	16/10/2002	18/10/2002	15/11/2002	-
11 Mar 2002	Final	GBX	8.50	31/12/2000	31/12/2001	15/05/2002	17/05/2002	14/06/2002	12.25
10 Sep 2001	Interim	GBX	3.75	30/12/2000	30/06/2001	17/10/2001	19/10/2001	16/11/2001	-
12 Mar 2001	Final	GBX	8.15	31/12/1999	31/12/2000	16/05/2001	18/05/2001	15/06/2001	11.70
11 Sep 2000	Interim	GBX	3.55	30/12/1999	30/06/2000	16/10/2000	20/10/2000	15/11/2000	-
13 Mar 2000	Final	GBX	7.65	31/12/1998	31/12/1999	15/05/2000	19/05/2000	16/06/2000	11.00
13 Sep 1999	Interim	GBX	3.35	03/01/1999	03/07/1999	11/10/1999	15/10/1999	12/11/1999	-
15 Mar 1999	Final	GBX	7.30	31/12/1997	31/12/1998	17/05/1999	21/05/1999	18/06/1999	10.50
14 Sep 1998	Interim	GBX	3.20	04/01/1998	04/07/1998	12/10/1998	16/10/1998	13/11/1998	-
16 Mar 1998	Final	GBX	6.95	31/12/1996	31/12/1997	11/05/1998	15/05/1998	12/06/1998	10.00

Spectris Fundamentals

	31 Dec 2015 (GBP)		31 Dec 2016 (GBP)		31 Dec 2017 (GBP)		31 Dec 2018 (GBP)
turnover	1,190.00	100.00%	1,345.80	100.00%	1,525.60	100.00%	1,604.20	100.00%	m
pre tax profit	141.60	11.90%	31.90	2.37%	278.40	18.25%	218.00	13.59%	m
attributable profit	113.80	9.56%	10.30	0.77%	234.80	15.39%	185.20	11.54%	m
retained profit	56.90	4.78%	-49.50	-3.68%	171.60	11.25%	117.00	7.29%	m
eps - basic (p)	95.60		8.60		197.00		157.60
eps - diluted (p)	95.40		8.60		196.10		156.90
dividends per share	49.50		52.00		56.50		61.00

Spectris 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	160.80	11.02%	238.80	13.79%	275.80	15.33%	331.50	15.84%	m
intangibles	786.60	53.91%	899.50	51.93%	837.40	46.55%	1,029.60	49.19%	m
fixed investments	-	-%	-	-%	1.40	0.08%	5.40	0.26%	m
current assets - other	-	-%	-	-%	32.50	1.81%	3.90	0.19%	m
stocks	182.50	12.51%	187.80	10.84%	176.00	9.78%	216.40	10.34%	m
debtors	271.00	18.57%	322.40	18.61%	337.90	18.78%	433.30	20.70%	m
cash & securities	58.20	3.99%	83.50	4.82%	137.90	7.67%	73.10	3.49%	m

TOTAL	1,459.10	100%	1,732.00	100%	1,798.90	100%	2,093.20	100%	m

LIABILITIES
creditors - short	258.40	17.71%	332.00	19.17%	323.10	17.96%	424.10	20.26%	m
creditors - long	234.70	16.09%	332.60	19.20%	266.90	14.84%	436.20	20.84%	m
creditors - other	-	-%	-	-%	4.80	0.27%	-	-%	m
subordinated loans	-	-%	-	-%	-	-%	-	-%	m
insurance funds	-	-%	-	-%	-	-%	-	-%	m

TOTAL	493.10	33.79%	664.60	38.37%	594.80	33.06%	860.30	41.10%	m

EQUITY
ord cap, reserves	966.00	66.21%	1,067.40	61.63%	1,204.10	66.94%	1,232.90	58.90%	m
prefs, minorities	-	-%	-	-%	-	-%	-	-%	m

TOTAL	966.00	66.21%	1,067.40	61.63%	1,204.10	66.94%	1,232.90	58.90%	m

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

Spectris Cash Flow Statement

	31 Dec 2015 (GBP)	31 Dec 2016 (GBP)	31 Dec 2017 (GBP)	31 Dec 2018 (GBP)
Operating CF	153.40	215.90	190.60	178.10	m
Pre-Financing CF	88.40	32.20	174.00	-63.30	m
Retained CF	26.60	9.00	65.60	-65.20	m

Spectris 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
Altium Capital Limited	Market Maker(MME)	Broker/Dealer	ALTI	APCFGB21
Arden Partners Plc	Market Maker(MME)	Broker/Dealer	ARDA	ARRRGB2100A
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
HSBC Bank plc	Market Maker(MME)	Broker/Dealer	HSBC	JCAPGB2L
Jefferies International Ltd	Market Maker(MME)	Broker/Dealer	JEFF	JEFFGB2X
J.P. Morgan Securities Ltd	Market Maker(MME)	Broker/Dealer	JPMS	JPMSGB2L
Morgan Stanley Securities Ltd	Market Maker(MME)	Broker/Dealer	MOST	MSSEGB21
Numis Securities Limited	Market Maker(MME)	Broker/Dealer	NUMS	RAZHGB2LBIC
Citigrp Global Mkt UK Equities	Market Maker(MME)	Broker/Dealer	CITI	SBUKGB21
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