Lancashire (LRE)

Company name:	Lancashire Holdings Limited
EPIC:	LRE	Trading Currency:	GBX
Market Sector:	F25F	ISIN:	BMG5361W1047
Market Segment:	STMM	Share Type:	DE
WWW Address:	http://www.lancashiregroup.com/	Description:	COM SHS USD0.50
Industry Sector:	NONLIFE INSURANCE

Price	Price Change [%]	Bid	Offer	Open	High	Low	Volume
635.00	-0.5 [-0.08]	634.50	635.50	627.00	639.50	624.50	849,301
Market Cap. [m]	Shares In Issue [m]	Beta	EPS	DPS	PE Ratio	Yield	52-Wks-Range
1,549.46	244.01	-0.11	1.62	12.00	393.10	-	669.00 - 342.40

Lancashire Key Figures

(at previous day's close)
Market Cap.	1,549.46	m
Shares In Issue	244.01	m
Prev. Close	635.50
PE Ratio	393.10
Dividend Yield	-	%
EPS - basic	1.62	p
Dividend PS	12.00	p
Dividend Cover	0.12
Cash Flow PS	24.25	p
Return On Equity (ROE)	0.29	%
Operating Margin	1.07	%
PEG Factor	-4.07
EPS Growth Rate	-96.61	%
Dividends PS Growth Rate	-25.00	%
Net Debt	1,154.91	m
Gross Gearing	56.65	%
Quick Assets	932.49	m
Net Working Capital	-	m
Intangibles / Fixed Assets	4.62	%
Turnover PS	165.31	p
Pre-Tax Profit PS	1.77	p
Retained Profit PS	-8.33	p
Cash PS	129.61	p
Net Cash PS	129.61	p
Net Tangible Asset Value PS *	429.66	p
Net Asset Value PS	461.28	p
Spread	1.00 (0.16%)
* 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.

Lancashire Balance Sheet

Share Price Performance

Sample Period ^†	High	Low
1 week	661.50	624.50
4 weeks	669.00	624.50
12 weeks	669.00	546.00
1 year	669.00	342.40

Share Price Chart (5 years)

Lancashire Historic Returns

Period ^†	Open	Change	%	Open Avg.	Avg. Daily Vol [m]	Total Vol [m]	VWAP
1 week	660.00	-25.00	-3.79	624.50	0.46		641.78
4 weeks	659.00	-24.00	-3.64	624.50	0.43		647.27
12 weeks	576.00	59.00	10.24	546.00	0.58		611.92
26 weeks	452.00	183.00	40.49	430.60	0.79		536.03
1 year	556.50	78.50	14.11	342.40	0.86		470.27
3 years	750.50	-115.50	-15.39	342.40	0.67		579.93
5 years	679.50	-44.50	-6.55	342.40	0.62		596.92
† periods calculated are whole weeks rather than calendar months

Lancashire Key Management Ratios

Lancashire Investment Ratios

(Market value analysis) at previous day's close
PQ Ratio	16.01
PE Ratio	393.10
Tobin's Q Ratio	0.47
Tobin's Q Ratio (excl. intangibles)	0.49
Dividend Yield	-	%
Market-to-Book Ratio	1.38
Price-to-Pre-Tax Profit PS	359.06
Price-to-Retained Profit PS	-76.20
Price-to-Cash Flow PS	26.19
Price-to-Sales PS	3.84
Price-to-Net Tangible Asset Value PS	1.48
Price-to-Cash PS	4.90
Net Working Capital PS	-
Price Pct to Working Capital PS	-	%
Earnings Yield	0.25	%
Average PE	103.90
Years in average	4
PE to PE average	378.33	%

Lancashire Financial Ratios

(Leverage Ratios)
Debt Ratio	56.65	%
Debt-to-Equity Ratio	1.31
Debt-to-Equity Ratio (excl. Intgbl)	1.40
Debt-to-Equity Market Value	0.95
Net Gearing	44.48	%
Net Gearing (excl. Intangibles)	45.83	%
Gross Gearing	56.65	%
Gross Gearing (excl. Intangibles)	58.38	%
Gearing Under 1 Year	-	%
Gearing Under 1 Year (excl. Intgbl)	-	%
Assets/Equity	2.31
Cash/Equity	28.10
(Liquidity Ratios)
Net Working Capital to Total Assets	35.91	%
Current Ratio	-
Quick Ratio (Acid Test)	-
Liquidity Ratio	-
Cash & Equiv/Current Assets	33.92	%
(Solvency Ratios)
Enterprise Value	2,704.67	m
CFO/Sales	0.15
CFO/Attributable Profit	17.98
CFO/Assets	0.02
CFO/Debt	0.04
Total Debt/Equity Market Value	0.95
Total Debt/Sales	3.65
Total Debt/Pre-Tax Profit	340.92
Total Debt	1,471.18	m
Total Debt/Net Current Assets	1.58	%
(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)
-0.1149	-0.1740

Lancashire Operating Ratios

(Profitability Ratios)
Return On Capital Employed (ROCE)	0.17	%
Return On Assets (ROA)	0.10	%
Net Profit Margin	0.82	%
Assets Turnover	0.12
Return On Equity (ROE)	0.29	%
Return On Investment (ROI)	0.10	%
Dividend Payout Ratio	820.32	%
Plowback Ratio	-720.32	%
Growth from Plowback Ratio	-1.74	%
Net Income Of Revenues	-5.04	%
(Asset Utilisation Multiples)
Shareholders Equity Turnover	0.30
Fixed Assets Turnover	0.18
Current Assets Turnover	0.40
Net Working Capital Turnover
Inventory Turnover	-
(Other Operating Ratios)
Total Assets-to-Sales	8.18
Debtors-to-Sales	157.27	%
Debt Collection Period	574.04	Days

Lancashire Dividends

Announcement Date	Type	Curr.	Dividend Amount	Period Start	Period End	Ex Date	Record Date	Payment Date	Total Dividend Amount
29 Jul 2020	Interim	GBX	4.00	31/12/2019	31/12/2020	13/08/2020	14/08/2020	11/09/2020	-
13 Feb 2020	Final	GBX	8.00	31/12/2019	31/12/2020	06/05/2021	07/05/2021	04/06/2021	12.00
13 Feb 2020	Final	GBX	8.00	31/12/2018	31/12/2019	10/05/2020	11/05/2020	05/06/2020	16.00
25 Jul 2019	Interim	GBX	8.00	31/12/2018	31/12/2019	08/08/2019	09/08/2019	06/09/2019	-
14 Feb 2019	Final	GBX	8.00	31/12/2017	31/12/2018	21/02/2019	22/02/2019	27/03/2019	33.00
01 Nov 2018	Special	GBX	15.00	31/12/2017	31/12/2018	08/11/2018	09/11/2018	12/12/2018	-
26 Jul 2018	Interim	GBX	3.00	31/12/2017	31/12/2018	16/08/2018	17/08/2018	12/09/2018	-
15 Feb 2018	Final	GBX	7.00	31/12/2016	31/12/2017	22/02/2018	23/02/2018	21/03/2018	11.00
27 Jul 2017	Interim	GBX	4.00	31/12/2016	31/12/2017	10/08/2017	11/08/2017	06/09/2017	-
16 Feb 2017	Final	GBX	8.00	31/12/2015	31/12/2016	23/02/2017	24/02/2017	22/03/2017	73.00
03 Nov 2016	Interim	GBX	61.00	31/12/2015	31/12/2016	17/11/2016	18/11/2016	14/12/2016	-
27 Jul 2016	Interim	GBX	4.00	31/12/2015	31/12/2016	04/08/2016	05/08/2016	31/08/2016	-
18 Feb 2016	Final	GBX	7.00	31/12/2014	31/12/2015	25/02/2016	26/02/2016	23/03/2016	10.00
05 Nov 2015	Special	GBX	61.00	31/12/2014	31/12/2015	26/11/2015	27/11/2015	18/12/2015	-
05 Aug 2015	Interim	GBX	3.00	31/12/2014	31/12/2015	27/08/2015	28/08/2015	25/09/2015	-
12 Feb 2015	Final	GBX	6.00	31/12/2013	31/12/2014	19/03/2015	20/03/2015	15/04/2015	9.00
12 Feb 2015	Special	GBX	33.00	31/12/2013	31/12/2014	19/03/2015	20/03/2015	15/04/2015	-
05 Nov 2014	Special	GBX	75.00	31/12/2013	31/12/2014	27/11/2014	28/11/2014	19/12/2014	-
24 Jul 2014	Interim	GBX	3.00	31/12/2013	31/12/2014	27/08/2014	29/08/2014	24/09/2014	-
13 Feb 2014	Final	GBX	10.00	31/12/2012	31/12/2013	19/03/2014	21/03/2014	16/04/2014	15.00
13 Feb 2014	Special	GBX	20.00	31/12/2012	31/12/2013	19/03/2014	21/03/2014	16/04/2014	-
06 Nov 2013	Special	GBX	45.00	31/12/2012	31/12/2013	27/11/2013	29/11/2013	20/12/2013	-
25 Jul 2013	Interim	GBX	5.00	31/12/2012	31/12/2013	21/08/2013	23/08/2013	25/09/2013	-
21 Feb 2013	Final	GBX	10.00	31/12/2011	31/12/2012	20/03/2013	22/03/2013	17/04/2013	15.00
08 Nov 2012	Special	GBX	90.00	31/12/2011	31/12/2012	28/11/2012	30/11/2012	19/12/2012	-
25 Jul 2012	Interim	GBX	5.00	31/12/2011	31/12/2012	29/08/2012	31/08/2012	26/09/2012	-
23 Feb 2012	Final	GBX	10.00	31/12/2010	31/12/2011	14/03/2012	16/03/2012	18/04/2012	15.00
04 Nov 2011	Special	GBX	80.00	31/12/2010	31/12/2011	23/11/2011	25/11/2011	21/12/2011	-
27 Jul 2011	Interim	GBX	5.00	31/12/2010	31/12/2011	24/08/2011	26/08/2011	28/09/2011	-
21 Feb 2011	Final	GBX	10.00	31/12/2009	31/12/2010	16/03/2011	18/03/2011	20/04/2011	15.00
21 Feb 2011	Special	GBX	140.00	31/12/2009	31/12/2010	08/12/2010	10/12/2010	19/01/2011	-
05 Aug 2010	Interim	GBX	5.00	31/12/2009	31/12/2010	01/09/2010	03/09/2010	13/10/2010	-
26 Feb 2010	Final	GBX	10.00	31/12/2008	31/12/2009	17/03/2010	19/03/2010	14/04/2010	15.00
07 Aug 2009	Interim	GBX	5.00	31/12/2008	31/12/2009	26/08/2009	28/08/2009	07/10/2009	-
05 Nov 2009	Special	GBX	125.00	30/03/2009	30/09/2009	18/11/2009	20/11/2009	06/01/2010	-
13 Feb 2008	Final	GBX	110.00	31/12/2006	31/12/2007	-	-	-	110.00
10 Dec 2007	Interim	GBX	1.10	30/03/2007	30/09/2007	09/01/2008	11/01/2008	16/01/2008	-

Lancashire Fundamentals

	31 Dec 2017 (USD)		31 Dec 2018 (USD)		31 Dec 2019 (USD)		31 Dec 2020 (USD)
turnover	478.80	100.00%	442.60	100.00%	492.10	100.00%	551.50	100.00%	m
pre tax profit	-72.90	-15.23%	33.60	7.59%	119.50	24.28%	5.90	1.07%	m
attributable profit	-71.10	-14.85%	24.70	5.58%	117.90	23.96%	4.50	0.82%	m
retained profit	-101.00	-21.09%	-45.50	-10.28%	89.50	18.19%	-27.80	-5.04%	m
eps - basic	-36.00		19.00		59.00		2.00
eps - diluted	-36.00		19.00		58.00		2.00
dividends per share	11.00		33.00		16.00		12.00

Lancashire Balance Sheet

	31 Dec 2017 (USD)		31 Dec 2018 (USD)		31 Dec 2019 (USD)		31 Dec 2020 (USD)


	31 Dec 2017 (USD)		31 Dec 2018 (USD)		31 Dec 2019 (USD)		31 Dec 2020 (USD)
ASSETS
fixed assets	2.60	0.09%	1.40	0.05%	1.20	0.04%	0.70	0.02%	m
intangibles	153.80	5.31%	153.80	5.38%	154.50	5.06%	105.10	2.96%	m
fixed investments	2,116.00	73.07%	2,179.90	76.23%	2,150.30	70.44%	2,169.60	61.11%	m
current assets - other	-	-%	-	-%	-	-%	-	-%	m
stocks	-	-%	-	-%	-	-%	-	-%	m
debtors	367.10	12.68%	370.00	12.94%	426.30	13.96%	842.50	23.73%	m
cash & securities	256.50	8.86%	154.60	5.41%	320.40	10.50%	432.40	12.18%	m

TOTAL	2,896.00	100%	2,859.70	100%	3,052.70	100%	3,550.30	100%	m

LIABILITIES
creditors - short	-	-%	-	-%	-	-%	-	-%	m
creditors - long	326.30	11.27%	324.30	11.34%	323.50	10.60%	327.50	9.22%	m
creditors - other	137.30	4.74%	146.30	5.12%	100.10	3.28%	99.00	2.79%	m
subordinated loans	-	-%	-	-%	-	-%	-	-%	m
insurance funds	1,325.10	45.76%	1,321.60	46.21%	1,434.90	47.00%	1,584.90	44.64%	m

TOTAL	1,788.70	61.76%	1,792.20	62.67%	1,858.50	60.88%	2,011.40	56.65%	m

EQUITY
ord cap, reserves	1,106.90	38.22%	1,067.20	37.32%	1,193.60	39.10%	1,538.50	43.33%	m
prefs, minorities	0.40	0.01%	0.30	0.01%	0.60	0.02%	0.40	0.01%	m

TOTAL	1,107.30	38.24%	1,067.50	37.33%	1,194.20	39.12%	1,538.90	43.35%	m

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

Lancashire Cash Flow Statement

	31 Dec 2017 (USD)	31 Dec 2018 (USD)	31 Dec 2019 (USD)	31 Dec 2020 (USD)
Operating CF	-38.70	-2.50	34.50	80.90	m
Pre-Financing CF	-7.40	-8.90	217.90	-179.20	m
Retained CF	-58.10	-100.00	164.30	108.10	m

Lancashire Brokers

Name	Activity	Type	Mnemonic	Code
J.P. Morgan Cazenove Limited	Market Maker(MME)	Broker/Dealer	CAZR	CAZEGB2L
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