Associated British Foods (ABF)

Company name:	Associated British Foods Plc
Company Description:	Processing and manufacturing of food in Europe, Australia, New Zealand, Asia, and the US and textile retailing in the UK and the Republic of Ireland
EPIC:	ABF	Trading Currency:	GBX
Market Sector:	FE10	ISIN:	GB0006731235
Market Segment:	SET1	Share Type:	DE
WWW Address:	http://www.abf.co.uk/	Description:	ORD 5 15/22P
Industry Sector:	FOOD PRODUCERS

Price	Price Change [%]	Bid	Offer	Open	High	Low	Volume
2,254.00	-65.0 [-2.80]	2,253.00	2,255.00	2,318.00	2,322.00	2,235.00	1,222,734
Market Cap. [m]	Shares In Issue [m]	Beta	EPS	DPS	PE Ratio	Yield	52-Wks-Range
17,844.34	791.67	0.43	57.60	-	39.13	-	2,730.00 - 0.01

Associated British Foods Key Figures

(at previous day's close)
Market Cap.	17,844.34	m
Shares In Issue	791.67	m
Prev. Close	2,319.00
PE Ratio	39.13
Dividend Yield	-	%
EPS - basic	57.60	p
Dividend PS	-	p
Dividend Cover	-
Cash Flow PS	221.43	p
Return On Equity (ROE)	4.86	%
Operating Margin	4.92	%
PEG Factor	-0.81
EPS Growth Rate	-48.15	%
Dividends PS Growth Rate	-	%
Net Debt	5,234.00	m
Gross Gearing	43.37	%
Quick Assets	3,654.00	m
Net Working Capital	2,651.00	m
Intangibles / Fixed Assets	42.51	%
Turnover PS	1,760.45	p
Pre-Tax Profit PS	86.65	p
Retained Profit PS	23.24	p
Cash PS	252.12	p
Net Cash PS	-146.15	p
Net Tangible Asset Value PS *	598.23	p
Net Asset Value PS	1,192.28	p
Spread	2.00 (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.

Associated British Foods Balance Sheet

Share Price Performance

Sample Period ^†	High	Low
1 week	2,329.00	2,229.00
4 weeks	2,342.00	2,158.00
12 weeks	2,394.00	1,624.00
1 year	2,730.00	0.01

Share Price Chart (5 years)

Associated British Foods Historic Returns

Period ^†	Open	Change	%	Open Avg.	Avg. Daily Vol [m]	Total Vol [m]	VWAP
1 week	2,250.00	4.00	0.18	2,229.00	1.19		2,288.55
4 weeks	2,338.00	-84.00	-3.59	2,158.00	1.37		2,251.03
12 weeks	1,650.00	604.00	36.61	1,624.00	1.71		2,123.99
26 weeks	1,922.00	332.00	17.27	1,618.00	1.27		2,024.53
1 year	2,670.00	-416.00	-15.58	0.01	1.31		2,019.40
3 years	2,747.00	-493.00	-17.95	0.01	1.20		2,280.98
5 years	2,994.00	-740.00	-24.72	0.01	1.12		2,482.47
† periods calculated are whole weeks rather than calendar months

Associated British Foods Key Management Ratios

Associated British Foods Investment Ratios

(Market value analysis) at previous day's close
PQ Ratio	9.34
PE Ratio	39.13
Tobin's Q Ratio	1.17
Tobin's Q Ratio (excl. intangibles)	1.48
Dividend Yield	-	%
Market-to-Book Ratio	1.91
Price-to-Pre-Tax Profit PS	26.01
Price-to-Retained Profit PS	96.98
Price-to-Cash Flow PS	10.18
Price-to-Sales PS	1.28
Price-to-Net Tangible Asset Value PS	3.70
Price-to-Cash PS	8.94
Net Working Capital PS	334.86
Price Pct to Working Capital PS	6.73	%
Earnings Yield	2.56	%
Average PE	23.87
Years in average	5
PE to PE average	163.96	%

Associated British Foods Financial Ratios

(Leverage Ratios)
Debt Ratio	30.16	%
Debt-to-Equity Ratio	0.43
Debt-to-Equity Ratio (excl. Intgbl)	0.85
Debt-to-Equity Market Value	0.23
Net Gearing	31.40	%
Net Gearing (excl. Intangibles)	43.44	%
Gross Gearing	43.37	%
Gross Gearing (excl. Intangibles)	60.00	%
Gearing Under 1 Year	18.92	%
Gearing Under 1 Year (excl. Intgbl)	26.17	%
Assets/Equity	1.77
Cash/Equity	21.15
(Liquidity Ratios)
Net Working Capital to Total Assets	15.90	%
Current Ratio	1.84
Quick Ratio (Acid Test)	1.16
Liquidity Ratio	0.63
Cash & Equiv/Current Assets	34.39	%
(Solvency Ratios)
Enterprise Value	20,009.34	m
CFO/Sales	0.13
CFO/Attributable Profit	3.85
CFO/Assets	0.11
CFO/Debt	0.24
Total Debt/Equity Market Value	0.41
Total Debt/Sales	0.52
Total Debt/Pre-Tax Profit	10.54
Total Debt	7,230.00	m
Total Debt/Net Current Assets	2.73	%
(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)
0.4300	0.7670

Associated British Foods Operating Ratios

(Profitability Ratios)
Return On Capital Employed (ROCE)	5.08	%
Return On Assets (ROA)	2.99	%
Net Profit Margin	3.26	%
Assets Turnover	0.92
Return On Equity (ROE)	4.86	%
Return On Investment (ROI)	3.76	%
Dividend Payout Ratio	-	%
Plowback Ratio	100.00	%
Growth from Plowback Ratio	4.84	%
Net Income Of Revenues	1.32	%
(Asset Utilisation Multiples)
Shareholders Equity Turnover	1.48
Fixed Assets Turnover	1.46
Current Assets Turnover	2.45
Net Working Capital Turnover
Inventory Turnover	6.15
(Other Operating Ratios)
Total Assets-to-Sales	1.09
Debtors-to-Sales	12.10	%
Debt Collection Period	44.16	Days

Associated British Foods Dividends

Announcement Date	Type	Curr.	Dividend Amount	Period Start	Period End	Ex Date	Record Date	Payment Date	Total Dividend Amount
05 Nov 2019	Final	GBX	34.30	14/09/2018	14/09/2019	12/12/2019	13/12/2019	10/01/2020	46.35
24 Apr 2019	Interim	GBX	12.05	02/09/2018	02/03/2019	06/06/2019	07/06/2019	05/07/2019	-
06 Nov 2018	Final	GBX	33.30	15/09/2017	15/09/2018	13/12/2018	14/12/2018	11/01/2019	45.00
17 Apr 2018	Interim	GBX	11.70	03/09/2017	03/03/2018	07/06/2018	08/06/2018	06/07/2018	-
07 Nov 2017	Final	GBX	29.65	16/09/2016	16/09/2017	14/12/2017	15/12/2017	12/01/2018	41.00
19 Apr 2017	Interim	GBX	11.35	04/09/2016	04/03/2017	08/06/2017	09/06/2017	07/07/2017	-
08 Nov 2016	Final	GBX	26.45	17/09/2015	17/09/2016	15/12/2016	16/12/2016	13/01/2017	36.45
19 Apr 2016	Interim	GBX	10.30	27/02/2015	27/02/2016	02/06/2016	03/06/2016	01/07/2016	-
03 Nov 2015	Final	GBX	25.00	12/09/2014	12/09/2015	10/12/2015	11/12/2015	08/01/2016	35.00
21 Apr 2015	Interim	GBX	10.00	28/08/2014	28/02/2015	04/06/2015	05/06/2015	03/07/2015	-
04 Nov 2014	Final	GBX	24.30	13/09/2013	13/09/2014	11/12/2014	12/12/2014	09/01/2015	34.00
23 Apr 2014	Interim	GBX	9.70	01/09/2013	01/03/2014	04/06/2014	06/06/2014	04/07/2014	-
05 Nov 2013	Final	GBX	22.65	14/09/2012	14/09/2013	04/12/2013	06/12/2013	10/01/2014	32.00
23 Apr 2013	Interim	GBX	9.35	02/09/2012	02/03/2013	05/06/2013	07/06/2013	05/07/2013	-
06 Nov 2012	Final	GBX	20.00	15/09/2011	15/09/2012	05/12/2012	07/12/2012	11/01/2013	28.50
24 Apr 2012	Interim	GBX	8.50	03/09/2011	03/03/2012	06/06/2012	08/06/2012	06/07/2012	-
08 Nov 2011	Final	GBX	16.85	17/09/2010	17/09/2011	07/12/2011	09/12/2011	13/01/2012	24.75
27 Apr 2011	Interim	GBX	7.90	05/09/2010	05/03/2011	08/06/2011	10/06/2011	08/07/2011	-
09 Nov 2010	Final	GBX	16.20	18/09/2009	18/09/2010	08/12/2010	10/12/2010	14/01/2011	23.80
20 Apr 2010	Interim	GBX	7.60	27/08/2009	27/02/2010	02/06/2010	04/06/2010	02/07/2010	-
05 Nov 2009	Final	GBX	14.10	12/09/2008	12/09/2009	02/12/2009	04/12/2009	08/01/2010	21.00
21 Apr 2009	Interim	GBX	6.90	28/08/2008	28/02/2009	03/06/2009	05/06/2009	03/07/2009	-
04 Nov 2008	Final	GBX	13.50	13/09/2007	13/09/2008	03/12/2008	05/12/2008	09/01/2009	20.25
22 Apr 2008	Interim	GBX	6.75	01/09/2007	01/03/2008	04/06/2008	06/06/2008	03/07/2008	-
06 Nov 2007	Final	GBX	13.00	15/09/2006	15/09/2007	05/12/2007	07/12/2007	11/01/2008	19.50
24 Apr 2007	Interim	GBX	6.50	03/09/2006	03/03/2007	30/05/2007	01/06/2007	02/07/2007	-
07 Nov 2006	Final	GBX	12.50	16/09/2005	16/09/2006	30/11/2006	01/12/2006	12/01/2007	18.75
19 Apr 2006	Interim	GBX	6.25	04/09/2005	04/03/2006	31/05/2006	02/06/2006	03/07/2006	-
08 Nov 2005	Final	GBX	12.00	17/09/2004	17/09/2005	30/11/2005	02/12/2005	13/01/2006	18.00
19 Apr 2005	Interim	GBX	6.00	05/09/2004	05/03/2005	01/06/2005	03/06/2005	04/07/2005	-
10 Nov 2004	Final	GBX	11.15	18/09/2003	18/09/2004	01/12/2004	03/12/2004	14/01/2005	16.40
14 Apr 2004	Interim	GBX	5.25	28/08/2003	28/02/2004	28/07/2004	30/07/2004	31/08/2004	-
04 Nov 2003	Final	GBX	9.85	13/09/2002	13/09/2003	14/01/2004	16/01/2004	18/02/2004	14.60
16 Apr 2003	Interim	GBX	4.75	01/09/2002	01/03/2003	31/07/2003	01/08/2003	29/08/2003	-
05 Nov 2002	Final	GBX	9.00	14/09/2001	14/09/2002	15/01/2003	17/01/2003	18/02/2003	13.25
17 Apr 2002	Interim	GBX	4.25	02/09/2001	02/03/2002	31/07/2002	02/08/2002	30/08/2002	-
06 Nov 2001	Final	GBX	7.55	15/09/2000	15/09/2001	16/01/2002	18/01/2002	18/02/2002	11.80
18 Apr 2001	Interim	GBX	4.25	03/09/2000	03/03/2001	01/08/2001	03/08/2001	31/08/2001	-
08 Nov 2000	Final	GBX	7.00	16/09/1999	16/09/2000	29/01/2001	02/02/2001	19/02/2001	11.25
18 Apr 2000	Interim	GBX	4.25	28/08/1999	28/02/2000	31/07/2000	04/08/2000	01/09/2000	-
08 Nov 1999	Final	GBX	6.50	16/09/1998	16/09/1999	24/01/2000	28/01/2000	21/02/2000	10.75
02 Nov 1998	Final	GBX	6.25	12/09/1997	12/09/1998	01/03/1999	05/03/1999	06/04/1999	10.50

Associated British Foods Fundamentals

	16 Sep 2017 (GBP)		15 Sep 2018 (GBP)		14 Sep 2019 (GBP)		12 Sep 2020 (GBP)
turnover	15,357.00	100.00%	15,574.00	100.00%	15,824.00	100.00%	13,937.00	100.00%	m
pre tax profit	1,576.00	10.26%	1,279.00	8.21%	1,173.00	7.41%	686.00	4.92%	m
attributable profit	1,198.00	7.80%	1,007.00	6.47%	878.00	5.55%	455.00	3.26%	m
retained profit	899.00	5.85%	680.00	4.37%	520.00	3.29%	184.00	1.32%	m
eps - basic (p)	151.60		127.50		111.10		57.60
eps - diluted (p)	151.60		127.50		111.10		57.60
dividends per share	41.00		45.00		46.35		-

Associated British Foods Balance Sheet

	16 Sep 2017 (GBP)		15 Sep 2018 (GBP)		14 Sep 2019 (GBP)		12 Sep 2020 (GBP)


	16 Sep 2017 (GBP)		15 Sep 2018 (GBP)		14 Sep 2019 (GBP)		12 Sep 2020 (GBP)
ASSETS
fixed assets	5,470.00	42.70%	5,747.00	41.97%	5,769.00	41.93%	5,651.00	33.90%	m
intangibles	1,414.00	11.04%	1,632.00	11.92%	1,681.00	12.22%	4,619.00	27.71%	m
fixed investments	708.00	5.53%	1,091.00	7.97%	715.00	5.20%	595.00	3.57%	m
current assets - other	-	-%	-	-%	-	-%	-	-%	m
stocks	2,101.00	16.40%	2,187.00	15.97%	2,386.00	17.34%	2,150.00	12.90%	m
debtors	1,567.00	12.23%	1,673.00	12.22%	1,714.00	12.46%	1,658.00	9.95%	m
cash & securities	1,550.00	12.10%	1,362.00	9.95%	1,495.00	10.86%	1,996.00	11.97%	m

TOTAL	12,810.00	100%	13,692.00	100%	13,760.00	100%	16,669.00	100%	m

LIABILITIES
creditors - short	3,153.00	24.61%	3,248.00	23.72%	3,068.00	22.30%	3,153.00	18.92%	m
creditors - long	1,245.00	9.72%	1,148.00	8.38%	1,142.00	8.30%	4,077.00	24.46%	m
creditors - other	-	-%	-	-%	-	-%	-	-%	m
subordinated loans	-	-%	-	-%	-	-%	-	-%	m
insurance funds	-	-%	-	-%	-	-%	-	-%	m

TOTAL	4,398.00	34.33%	4,396.00	32.11%	4,210.00	30.60%	7,230.00	43.37%	m

EQUITY
ord cap, reserves	8,339.00	65.10%	9,211.00	67.27%	9,452.00	68.69%	9,355.00	56.12%	m
prefs, minorities	73.00	0.57%	85.00	0.62%	98.00	0.71%	84.00	0.50%	m

TOTAL	8,412.00	65.67%	9,296.00	67.89%	9,550.00	69.40%	9,439.00	56.63%	m

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

Associated British Foods Cash Flow Statement

	16 Sep 2017 (GBP)	15 Sep 2018 (GBP)	14 Sep 2019 (GBP)	12 Sep 2020 (GBP)
Operating CF	1,641.00	1,430.00	1,509.00	1,753.00	m
Pre-Financing CF	1,274.00	430.00	778.00	1,235.00	m
Retained CF	939.00	-103.00	87.00	557.00	m

Associated British Foods Brokers

Name	Activity	Type	Mnemonic	Code
Evolution Securities Limited	Market Maker(MME)	Broker/Dealer	EVO	EVBGGB21MMT
Winterflood Securities Ltd	Market Maker(MME)	Broker/Dealer	WINS	WNTSGB2LBIC