Berkeley (BKG)

Company name:	Berkeley Group Holdings (the) Plc
Company Description:	Residential housebuilding and commercial property investment and development
EPIC:	BKG	Trading Currency:	GBX
Market Sector:	FS10	ISIN:	GB00B02L3W35
Market Segment:	SET1	Share Type:	DE
WWW Address:	http://www.berkeleygroup.co.uk/	Description:	ORD SHS 5P
Industry Sector:	HOUSEHOLD GOODS & HOME CONSTRUCTION

Price	Price Change [%]	Bid	Offer	Open	High	Low	Volume
4,208.00	130.0 [3.19]	4,205.00	4,209.00	4,083.00	4,209.00	4,074.00	772,996
Market Cap. [m]	Shares In Issue [m]	Beta	EPS	DPS	PE Ratio	Yield	52-Wks-Range
5,520.47	131.19	1.07	481.10	27.20	8.75	0.65	4,209.00 - 3,170.00

Berkeley Key Figures

(at previous day's close)
Market Cap.	5,520.47	m
Shares In Issue	131.19	m
Prev. Close	4,078.00
PE Ratio	8.75
Dividend Yield	0.65	%
EPS - basic	481.10	p
Dividend PS	27.20	p
Dividend Cover	17.69
Cash Flow PS	466.73	p
Return On Equity (ROE)	21.17	%
Operating Margin	26.21	%
PEG Factor	-0.60
EPS Growth Rate	-14.50	%
Dividends PS Growth Rate	-69.79	%
Net Debt	699.60	m
Gross Gearing	39.99	%
Quick Assets	1,388.80	m
Net Working Capital	2,928.50	m
Intangibles / Fixed Assets	3.96	%
Turnover PS	2,254.29	p
Pre-Tax Profit PS	590.90	p
Retained Profit PS	437.84	p
Cash PS	971.87	p
Net Cash PS	-228.68	p
Net Tangible Asset Value PS *	2,245.68	p
Net Asset Value PS	2,258.79	p
Spread	4.00 (0.10%)
* 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.

Berkeley Balance Sheet

Share Price Performance

Sample Period ^†	High	Low
1 week	4,209.00	3,875.00
4 weeks	4,209.00	3,765.00
12 weeks	4,209.00	3,537.00
1 year	4,209.00	3,170.00

Share Price Chart (5 years)

Berkeley Historic Returns

Period ^†	Open	Change	%	Open Avg.	Avg. Daily Vol [m]	Total Vol [m]	VWAP
1 week	3,875.00	333.00	8.59	3,875.00	0.54		4,004.04
4 weeks	3,766.00	442.00	11.74	3,765.00	0.47		3,916.44
12 weeks	3,553.00	655.00	18.44	3,537.00	0.48		3,815.98
26 weeks	3,880.00	328.00	8.45	3,416.00	0.48		3,754.65
1 year	3,587.00	621.00	17.31	3,170.00	0.56		3,642.59
3 years	2,638.00	1,570.00	59.51	2,289.00	0.66		3,467.00
5 years	2,349.00	1,859.00	79.14	2,015.00	0.67		3,247.74
† periods calculated are whole weeks rather than calendar months

Berkeley Key Management Ratios

Berkeley Investment Ratios

(Market value analysis) at previous day's close
PQ Ratio	3.76
PE Ratio	8.75
Tobin's Q Ratio	1.14
Tobin's Q Ratio (excl. intangibles)	1.14
Dividend Yield	0.65	%
Market-to-Book Ratio	1.86
Price-to-Pre-Tax Profit PS	7.12
Price-to-Retained Profit PS	9.61
Price-to-Cash Flow PS	9.02
Price-to-Sales PS	1.87
Price-to-Net Tangible Asset Value PS	1.87
Price-to-Cash PS	4.33
Net Working Capital PS	2,232.26
Price Pct to Working Capital PS	1.89	%
Earnings Yield	11.43	%
Average PE	8.03
Years in average	5
PE to PE average	108.89	%

Berkeley Financial Ratios

(Leverage Ratios)
Debt Ratio	11.88	%
Debt-to-Equity Ratio	0.13
Debt-to-Equity Ratio (excl. Intgbl)	0.14
Debt-to-Equity Market Value	0.07
Net Gearing	14.17	%
Net Gearing (excl. Intangibles)	14.22	%
Gross Gearing	39.99	%
Gross Gearing (excl. Intangibles)	40.13	%
Gearing Under 1 Year	31.90	%
Gearing Under 1 Year (excl. Intgbl)	32.01	%
Assets/Equity	1.67
Cash/Equity	43.03
(Liquidity Ratios)
Net Working Capital to Total Assets	59.31	%
Current Ratio	2.86
Quick Ratio (Acid Test)	0.88
Liquidity Ratio	0.81
Cash & Equiv/Current Assets	28.31	%
(Solvency Ratios)
Enterprise Value	4,645.07	m
CFO/Sales	0.21
CFO/Attributable Profit	0.98
CFO/Assets	0.12
CFO/Debt	0.31
Total Debt/Equity Market Value	0.36
Total Debt/Sales	0.67
Total Debt/Pre-Tax Profit	2.55
Total Debt	1,974.60	m
Total Debt/Net Current Assets	0.67	%
(Dodds - Graham Ratios)
3 yr Compound Earnings Growth	0.94	%
5 yr Compound Earnings Growth	8.98	%
10 yr Compound Earnings Growth	23.14	%
Earn drops > 5% in 10yrs	5

Beta (60-Mnth)	Beta (36-Mnth)
1.0681	1.9584

Berkeley Operating Ratios

(Profitability Ratios)
Return On Capital Employed (ROCE)	23.05	%
Return On Assets (ROA)	12.92	%
Net Profit Margin	21.21	%
Assets Turnover	0.61
Return On Equity (ROE)	21.17	%
Return On Investment (ROI)	19.56	%
Dividend Payout Ratio	5.65	%
Plowback Ratio	94.35	%
Growth from Plowback Ratio	21.20	%
Net Income Of Revenues	19.42	%
(Asset Utilisation Multiples)
Shareholders Equity Turnover	1.06
Fixed Assets Turnover	7.46
Current Assets Turnover	0.66
Net Working Capital Turnover
Inventory Turnover	0.93
(Other Operating Ratios)
Total Assets-to-Sales	1.64
Debtors-to-Sales	5.16	%
Debt Collection Period	18.82	Days

Berkeley Dividends

Announcement Date	Type	Curr.	Dividend Amount	Period Start	Period End	Ex Date	Record Date	Payment Date	Total Dividend Amount
15 Aug 2019	Interim	GBX	20.08	30/04/2018	30/04/2019	22/08/2019	23/08/2019	13/09/2019	27.20
07 Dec 2018	Interim	GBX	7.12	01/05/2018	31/10/2018	20/12/2018	21/12/2018	16/01/2019	-
16 Aug 2018	Interim	GBX	33.30	30/04/2017	30/04/2018	23/08/2018	24/08/2018	14/09/2018	90.05
22 Feb 2018	Interim	GBX	56.75	01/05/2017	31/10/2017	01/03/2018	02/03/2018	23/03/2018	-
21 Jun 2017	Final	GBX	99.76	30/04/2016	30/04/2017	24/08/2017	25/08/2017	15/09/2017	185.00
23 Feb 2017	Interim	GBX	85.24	01/05/2016	31/10/2016	02/03/2017	03/03/2017	24/03/2017	-
15 Jun 2016	Final	GBX	100.00	30/04/2015	30/04/2016	11/08/2016	12/08/2016	15/09/2016	190.00
04 Dec 2015	Interim	GBX	90.00	01/05/2015	31/10/2015	17/12/2015	18/12/2015	22/01/2016	-
17 Jun 2015	Final	GBX	90.00	30/04/2014	30/04/2015	13/08/2015	14/08/2015	17/09/2015	180.00
05 Dec 2014	Interim	GBX	90.00	01/05/2014	31/10/2014	18/12/2014	19/12/2014	23/01/2015	-
18 Jun 2014	Final	GBX	90.00	30/04/2013	30/04/2014	20/08/2014	22/08/2014	26/09/2014	180.00
06 Dec 2013	Interim	GBX	90.00	01/05/2013	31/10/2013	18/12/2013	20/12/2013	17/01/2014	-
19 Jun 2013	Final	GBX	59.00	30/04/2012	30/04/2013	28/08/2013	30/08/2013	27/09/2013	74.00
07 Dec 2012	Interim	GBX	15.00	01/05/2012	31/10/2012	20/03/2013	22/03/2013	19/04/2013	-
25 Jun 2004	Final	GBX	16.50	30/04/2003	30/04/2004	11/08/2004	13/08/2004	09/09/2004	22.30
05 Dec 2003	Interim	GBX	5.80	01/05/2003	31/10/2003	14/01/2004	16/01/2004	12/02/2004	-
26 Jun 2003	Final	GBX	14.40	30/04/2002	30/04/2003	06/08/2003	08/08/2003	04/09/2003	19.20
12 Dec 2002	Interim	GBX	4.80	01/05/2002	31/10/2002	15/01/2003	17/01/2003	14/02/2003	-
26 Jun 2002	Final	GBX	12.50	30/04/2001	30/04/2002	31/07/2002	02/07/2002	30/08/2002	16.50
13 Dec 2001	Interim	GBX	4.00	01/05/2001	31/10/2001	16/01/2002	18/01/2002	15/02/2002	-
26 Jun 2001	Final	GBX	11.30	30/04/2000	30/04/2001	01/08/2001	03/08/2001	31/08/2001	14.90
12 Dec 2000	Interim	GBX	3.60	01/05/2000	31/10/2000	08/01/2001	12/01/2001	09/02/2001	-
27 Jun 2000	Final	GBX	9.80	30/04/1999	30/04/2000	24/07/2000	28/07/2000	01/09/2000	12.90
14 Dec 1999	Interim	GBX	3.10	01/05/1999	31/10/1999	10/01/2000	14/01/2000	11/02/2000	-
29 Jun 1999	Final	GBX	8.40	30/04/1998	30/04/1999	26/07/1999	30/07/1999	01/09/1999	11.20
08 Dec 1998	Interim	GBX	2.80	01/05/1998	31/10/1998	04/01/1999	08/01/1999	12/02/1999	-
07 Jul 1998	Final	GBX	7.60	30/04/1997	30/04/1998	27/07/1998	31/07/1998	01/09/1998	10.25

Berkeley Fundamentals

	30 Apr 2016 (GBP)		30 Apr 2017 (GBP)		30 Apr 2018 (GBP)		30 Apr 2019 (GBP)
turnover	2,047.50	100.00%	2,723.50	100.00%	2,703.70	100.00%	2,957.40	100.00%	m
pre tax profit	530.90	25.93%	812.40	29.83%	934.90	34.58%	775.20	26.21%	m
attributable profit	404.10	19.74%	645.10	23.69%	762.10	28.19%	627.40	21.21%	m
retained profit	144.60	7.06%	390.50	14.34%	615.40	22.76%	574.40	19.42%	m
eps - basic (p)	295.80		467.80		562.70		481.10
eps - diluted (p)	268.70		451.40		550.20		469.90
dividends per share	190.00		185.00		90.05		27.20

Berkeley Balance Sheet

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


	30 Apr 2016 (GBP)		30 Apr 2017 (GBP)		30 Apr 2018 (GBP)		30 Apr 2019 (GBP)
ASSETS
fixed assets	23.50	0.61%	22.80	0.50%	25.90	0.54%	42.50	0.86%	m
intangibles	17.20	0.45%	17.20	0.38%	17.20	0.36%	17.20	0.35%	m
fixed investments	150.00	3.91%	135.00	2.98%	315.00	6.59%	374.70	7.59%	m
current assets - other	-	-%	-	-%	-	-%	-	-%	m
stocks	3,256.10	84.83%	3,483.40	76.85%	3,239.90	67.83%	3,114.70	63.08%	m
debtors	284.20	7.40%	288.90	6.37%	191.20	4.00%	113.80	2.30%	m
cash & securities	107.40	2.80%	585.50	12.92%	987.30	20.67%	1,275.00	25.82%	m

TOTAL	3,838.40	100%	4,532.80	100%	4,776.50	100%	4,937.90	100%	m

LIABILITIES
creditors - short	1,867.00	48.64%	1,953.70	43.10%	1,725.90	36.13%	1,575.00	31.90%	m
creditors - long	158.60	4.13%	442.20	9.76%	430.60	9.01%	399.60	8.09%	m
creditors - other	-	-%	-	-%	-	-%	-	-%	m
subordinated loans	-	-%	-	-%	-	-%	-	-%	m
insurance funds	-	-%	-	-%	-	-%	-	-%	m

TOTAL	2,025.60	52.77%	2,395.90	52.86%	2,156.50	45.15%	1,974.60	39.99%	m

EQUITY
ord cap, reserves	1,812.80	47.23%	2,136.90	47.14%	2,620.00	54.85%	2,963.30	60.01%	m
prefs, minorities	-	-%	-	-%	-	-%	-	-%	m

TOTAL	1,812.80	47.23%	2,136.90	47.14%	2,620.00	54.85%	2,963.30	60.01%	m

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

Berkeley Cash Flow Statement

	30 Apr 2016 (GBP)	30 Apr 2017 (GBP)	30 Apr 2018 (GBP)	30 Apr 2019 (GBP)
Operating CF	-6.30	420.60	716.60	612.30	m
Pre-Financing CF	-59.50	497.10	688.90	539.10	m
Retained CF	-323.50	478.10	401.80	287.70	m

Berkeley Brokers

Name	Activity	Type	Mnemonic	Code
THE ROYAL BANK OF SCOT N.V.	Market Maker(MME)	Broker/Dealer	RBSM	ABNAGB22
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
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