Firstgroup (FGP)

Company name:	Firstgroup Plc
Company Description:	FirstGroup is the UK's largest bus operator running more than 1 in 5 of all bus services. UK rail operations cover Intercity, London commuter and regional railways. US Transport operations headquartered in Cincinnati, Ohio and spread across 37 states
EPIC:	FGP	Trading Currency:	GBX
Market Sector:	F25S	ISIN:	GB0003452173
Market Segment:	STMM	Share Type:	DE
WWW Address:	http://www.firstgroup.com/	Description:	ORD 5P
Industry Sector:	TRAVEL & LEISURE

Price	Price Change [%]	Bid	Offer	Open	High	Low	Volume
102.10	-0.4 [-0.39]	102.50	102.80	102.00	104.20	100.00	1,760,259
Market Cap. [m]	Shares In Issue [m]	Beta	EPS	DPS	PE Ratio	Yield	52-Wks-Range
765.92	750.16	0.06	60.20	-	1.70	-	143.60 - 83.95

Firstgroup Key Figures

(at previous day's close)
Market Cap.	765.92	m
Shares In Issue	750.16	m
Prev. Close	102.50
PE Ratio	1.70
Dividend Yield	-	%
EPS - basic	60.20	p
Dividend PS	-	p
Dividend Cover	-
Cash Flow PS	8.72	p
Return On Equity (ROE)	72.60	%
Operating Margin	-0.39	%
PEG Factor	0.00
EPS Growth Rate	1,443.59	%
Dividends PS Growth Rate	-	%
Net Debt	2,161.10	m
Gross Gearing	76.91	%
Quick Assets	1,653.80	m
Net Working Capital	-392.30	m
Intangibles / Fixed Assets	4.92	%
Turnover PS	612.01	p
Pre-Tax Profit PS	-2.36	p
Retained Profit PS	84.83	p
Cash PS	105.00	p
Net Cash PS	-171.60	p
Net Tangible Asset Value PS *	102.74	p
Net Asset Value PS	117.99	p
Spread	0.30 (0.29%)
* 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.

Firstgroup Balance Sheet

Share Price Performance

Sample Period ^†	High	Low
1 week	107.00	98.00
4 weeks	113.20	89.55
12 weeks	128.70	89.55
1 year	143.60	83.95

Share Price Chart (5 years)

Firstgroup Historic Returns

Period ^†	Open	Change	%	Open Avg.	Avg. Daily Vol [m]	Total Vol [m]	VWAP
1 week	98.00	4.10	4.18	98.00	1.64		103.33
4 weeks	106.50	-4.40	-4.13	89.55	2.69		99.61
12 weeks	118.50	-16.40	-13.84	89.55	2.13		107.76
26 weeks	133.50	-31.40	-23.52	89.55	2.12		117.98
1 year	96.90	5.20	5.37	83.95	5.73		100.29
3 years	121.80	-19.70	-16.17	25.00	4.14		84.65
5 years	110.60	-8.50	-7.69	25.00	3.46		88.85
† periods calculated are whole weeks rather than calendar months

Firstgroup Key Management Ratios

Firstgroup Investment Ratios

(Market value analysis) at previous day's close
PQ Ratio	9.73
PE Ratio	1.70
Tobin's Q Ratio	0.13
Tobin's Q Ratio (excl. intangibles)	0.13
Dividend Yield	-	%
Market-to-Book Ratio	0.87
Price-to-Pre-Tax Profit PS	-43.27
Price-to-Retained Profit PS	1.20
Price-to-Cash Flow PS	11.71
Price-to-Sales PS	0.17
Price-to-Net Tangible Asset Value PS	0.98
Price-to-Cash PS	0.97
Net Working Capital PS	-52.30
Price Pct to Working Capital PS	-1.95	%
Earnings Yield	58.96	%
Average PE	12.69
Years in average	2
PE to PE average	13.36	%

Firstgroup Financial Ratios

(Leverage Ratios)
Debt Ratio	49.68	%
Debt-to-Equity Ratio	0.99
Debt-to-Equity Ratio (excl. Intgbl)	1.12
Debt-to-Equity Market Value	1.14
Net Gearing	56.37	%
Net Gearing (excl. Intangibles)	57.97	%
Gross Gearing	76.91	%
Gross Gearing (excl. Intangibles)	79.10	%
Gearing Under 1 Year	54.12	%
Gearing Under 1 Year (excl. Intgbl)	55.66	%
Assets/Equity	4.33
Cash/Equity	89.00
(Liquidity Ratios)
Net Working Capital to Total Assets	-10.23	%
Current Ratio	0.81
Quick Ratio (Acid Test)	0.80
Liquidity Ratio	0.38
Cash & Equiv/Current Assets	46.81	%
(Solvency Ratios)
Enterprise Value	860.52	m
CFO/Sales	0.01
CFO/Attributable Profit	0.10
CFO/Assets	0.02
CFO/Debt	0.02
Total Debt/Equity Market Value	3.85
Total Debt/Sales	0.64
Total Debt/Pre-Tax Profit	-166.60
Total Debt	2,948.80	m
Total Debt/Net Current Assets	-7.52	%
(Dodds - Graham Ratios)
3 yr Compound Earnings Growth	-	%
5 yr Compound Earnings Growth	-	%
10 yr Compound Earnings Growth	23.49	%
Earn drops > 5% in 10yrs	10

Beta (60-Mnth)	Beta (36-Mnth)
0.0622	0.0658

Firstgroup Operating Ratios

(Profitability Ratios)
Return On Capital Employed (ROCE)	-1.01	%
Return On Assets (ROA)	10.50	%
Net Profit Margin	13.86	%
Assets Turnover	0.76
Return On Equity (ROE)	72.60	%
Return On Investment (ROI)	18.18	%
Dividend Payout Ratio	-	%
Plowback Ratio	100.00	%
Growth from Plowback Ratio	61.95	%
Net Income Of Revenues	13.86	%
(Asset Utilisation Multiples)
Shareholders Equity Turnover	4.47
Fixed Assets Turnover	1.92
Current Assets Turnover	1.25
Net Working Capital Turnover
Inventory Turnover	157.50
(Other Operating Ratios)
Total Assets-to-Sales	1.32
Debtors-to-Sales	16.77	%
Debt Collection Period	61.20	Days

Firstgroup Dividends

Announcement Date	Type	Curr.	Dividend Amount	Period Start	Period End	Ex Date	Record Date	Payment Date	Total Dividend Amount
07 Nov 2012	Interim	GBX	7.62	30/03/2012	30/09/2012	09/01/2013	11/01/2013	07/02/2013	7.62
23 May 2012	Final	GBX	16.05	31/03/2011	31/03/2012	09/07/2012	11/07/2012	17/08/2012	23.67
09 Nov 2011	Interim	GBX	7.62	31/03/2011	31/03/2012	04/01/2012	06/01/2012	01/02/2012	-
12 May 2011	Final	GBX	15.00	31/03/2010	31/03/2011	13/07/2011	15/07/2011	19/08/2011	22.12
03 Nov 2010	Interim	GBX	7.12	31/03/2010	31/03/2011	05/01/2011	07/01/2011	02/02/2011	-
12 May 2010	Final	GBX	14.00	31/03/2009	31/03/2010	14/07/2010	16/07/2010	20/08/2010	20.65
04 Nov 2009	Interim	GBX	6.65	31/03/2009	31/03/2010	06/01/2010	08/01/2010	03/02/2010	-
13 May 2009	Final	GBX	12.70	31/03/2008	31/03/2009	15/07/2009	17/07/2009	21/08/2009	18.75
05 Nov 2008	Interim	GBX	6.05	30/03/2008	30/09/2008	07/01/2009	09/01/2009	04/02/2009	-
14 May 2008	Final	GBX	11.55	31/03/2007	31/03/2008	16/07/2008	18/07/2008	22/08/2008	17.50
17 May 2007	Final	GBX	10.50	31/03/2006	31/03/2007	18/07/2007	20/07/2007	24/08/2007	15.50
13 Nov 2006	Interim	GBX	5.00	30/03/2006	30/09/2006	10/01/2007	12/01/2007	07/02/2007	-
17 May 2006	Final	GBX	9.55	31/03/2005	31/03/2006	19/07/2006	21/07/2006	25/08/2006	14.10
09 Nov 2005	Interim	GBX	4.55	30/03/2005	30/09/2005	11/01/2006	13/01/2006	08/02/2006	-
10 May 2005	Final	GBX	8.69	31/03/2004	31/03/2005	20/07/2005	22/07/2005	26/08/2005	12.82
03 Nov 2004	Interim	GBX	4.13	30/03/2004	30/09/2004	12/01/2005	14/01/2005	09/02/2005	-
12 May 2004	Final	GBX	7.90	31/03/2003	31/03/2004	21/07/2004	23/07/2004	27/08/2004	11.65
05 Nov 2003	Interim	GBX	3.75	30/03/2003	30/09/2003	14/01/2004	16/01/2004	11/02/2004	-
14 May 2003	Final	GBX	7.45	31/03/2002	31/03/2003	23/07/2003	25/07/2003	29/08/2003	11.00
06 Nov 2002	Interim	GBX	3.55	30/03/2002	30/09/2002	15/01/2003	17/01/2003	12/02/2003	-
15 May 2002	Final	GBX	7.00	31/03/2001	31/03/2002	24/07/2002	26/07/2002	30/08/2002	10.30
07 Nov 2001	Interim	GBX	3.30	30/03/2001	30/09/2001	16/01/2002	18/01/2002	13/02/2002	-
15 May 2001	Final	GBX	6.40	31/03/2000	31/03/2001	25/07/2001	27/07/2001	24/08/2001	9.40
07 Nov 2000	Interim	GBX	3.00	30/03/2000	30/09/2000	15/01/2001	19/01/2001	14/02/2001	-
16 May 2000	Final	GBX	5.80	31/03/1999	31/03/2000	24/07/2000	28/07/2000	25/08/2000	8.50
09 Nov 1999	Interim	GBX	2.70	30/03/1999	30/09/1999	04/01/2000	10/01/2000	16/02/2000	-
18 May 1999	Final	GBX	5.00	31/03/1998	31/03/1999	12/07/1999	16/07/1999	27/08/1999	7.50
17 Nov 1998	Interim	GBX	2.50	30/03/1998	30/09/1998	04/01/1999	08/01/1999	17/02/1999	-
02 Jun 1998	Final	GBX	4.40	31/03/1997	31/03/1998	13/07/1998	17/07/1998	28/08/1998	6.60

Firstgroup Fundamentals

	31 Mar 2019 (GBP)		31 Mar 2020 (GBP)		31 Mar 2021 (GBP)		26 Mar 2022 (GBP)
turnover	7,126.90	100.00%	7,754.60	100.00%	4,641.80	100.00%	4,591.10	100.00%	m
pre tax profit	-97.90	-1.37%	-299.60	-3.86%	75.20	1.62%	-17.70	-0.39%	m
attributable profit	-66.90	-0.94%	-327.20	-4.22%	78.40	1.69%	636.40	13.86%	m
retained profit	-66.90	-0.94%	-327.20	-4.22%	78.40	1.69%	636.40	13.86%	m
eps - basic (p)	-5.50		-27.00		3.90		60.20
eps - diluted (p)	-5.50		-27.00		3.90		60.20
dividends per share	-		-		-		-

Firstgroup Balance Sheet

	31 Mar 2019 (GBP)		31 Mar 2020 (GBP)		31 Mar 2021 (GBP)		26 Mar 2022 (GBP)


	31 Mar 2019 (GBP)		31 Mar 2020 (GBP)		31 Mar 2021 (GBP)		26 Mar 2022 (GBP)
ASSETS
fixed assets	2,165.90	36.41%	4,374.50	52.43%	2,443.70	29.47%	1,692.70	44.15%	m
intangibles	1,673.20	28.13%	1,715.10	20.56%	100.10	1.21%	105.90	2.76%	m
fixed investments	139.30	2.34%	106.70	1.28%	77.30	0.93%	352.60	9.20%	m
current assets - other	31.70	0.53%	1.00	0.01%	3,491.40	42.10%	38.50	1.00%	m
stocks	60.20	1.01%	63.30	0.76%	29.40	0.35%	28.90	0.75%	m
debtors	1,185.40	19.93%	1,214.00	14.55%	712.10	8.59%	827.60	21.59%	m
cash & securities	692.90	11.65%	869.30	10.42%	1,438.90	17.35%	787.70	20.55%	m

TOTAL	5,948.60	100%	8,343.90	100%	8,292.90	100%	3,833.90	100%	m

LIABILITIES
creditors - short	1,934.40	32.52%	2,820.70	33.81%	3,049.00	36.77%	2,075.00	54.12%	m
creditors - long	2,490.90	41.87%	4,346.50	52.09%	2,953.20	35.61%	873.80	22.79%	m
creditors - other	-	-%	-	-%	1,136.60	13.71%	-	-%	m
subordinated loans	-	-%	-	-%	-	-%	-	-%	m
insurance funds	-	-%	-	-%	-	-%	-	-%	m

TOTAL	4,425.30	74.39%	7,167.20	85.90%	7,138.80	86.08%	2,948.80	76.91%	m

EQUITY
ord cap, reserves	1,554.50	26.13%	1,209.80	14.50%	1,178.00	14.20%	876.60	22.86%	m
prefs, minorities	-31.20	-0.52%	-33.10	-0.40%	-23.90	-0.29%	8.50	0.22%	m

TOTAL	1,523.30	25.61%	1,176.70	14.10%	1,154.10	13.92%	885.10	23.09%	m

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

Firstgroup Cash Flow Statement

	31 Mar 2019 (GBP)	31 Mar 2020 (GBP)	31 Mar 2021 (GBP)	26 Mar 2022 (GBP)
Operating CF	563.70	958.20	1,204.40	65.40	m
Pre-Financing CF	197.40	654.80	934.40	2,147.00	m
Retained CF	149.10	173.80	576.50	-743.00	m

Firstgroup Brokers

Name	Activity	Type	Mnemonic	Code
THE ROYAL BANK OF SCOT N.V.	Market Maker(MME)	Broker/Dealer	RBSM	ABNAGB22
J.P. Morgan Cazenove Limited	Market Maker(MME)	Broker/Dealer	CAZR	CAZEGB2L
Evolution Securities Limited	Market Maker(MME)	Broker/Dealer	EVO	EVBGGB21MMT
Winterflood Securities Ltd	Market Maker(MME)	Broker/Dealer	WINS	WNTSGB2LBIC