Mears (MER)

Company name:	Mears Group Plc
EPIC:	MER	Trading Currency:	GBX
Market Sector:	SSC5	ISIN:	GB0005630420
Market Segment:	SSMM	Share Type:	DE
WWW Address:	http://www.mearsgroup.co.uk/	Description:	ORD 1P
Industry Sector:	SUPPORT SERVICES

Price	Price Change [%]	Bid	Offer	Open	High	Low	Volume
295.00	0.0 [0.00]	283.00	292.00	297.00	300.00	283.00	90,239
Market Cap. [m]	Shares In Issue [m]	Beta	EPS	DPS	PE Ratio	Yield	52-Wks-Range
325.95	110.49	-0.07	23.05	12.40	12.80	4.20	323.00 - 220.00

Mears Key Figures

(at previous day's close)
Market Cap.	325.95	m
Shares In Issue	110.49	m
Prev. Close	295.00
PE Ratio	12.80
Dividend Yield	4.20	%
EPS - basic	23.05	p
Dividend PS	12.40	p
Dividend Cover	1.86
Cash Flow PS	0.58	p
Return On Equity (ROE)	11.42	%
Operating Margin	3.27	%
PEG Factor	0.06
EPS Growth Rate	213.61	%
Dividends PS Growth Rate	3.33	%
Net Debt	287.18	m
Gross Gearing	59.97	%
Quick Assets	224.62	m
Net Working Capital	37.10	m
Intangibles / Fixed Assets	84.38	%
Turnover PS	787.26	p
Pre-Tax Profit PS	25.73	p
Retained Profit PS	10.43	p
Cash PS	25.23	p
Net Cash PS	-171.42	p
Net Tangible Asset Value PS *	-16.23	p
Net Asset Value PS	190.32	p
Spread	9.00 (3.08%)
* 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.

Mears Balance Sheet

Share Price Performance

Sample Period ^†	High	Low
1 week	306.00	283.00
4 weeks	323.00	281.00
12 weeks	323.00	232.00
1 year	323.00	220.00

Share Price Chart (5 years)

Mears Historic Returns

Period ^†	Open	Change	%	Open Avg.	Avg. Daily Vol [m]	Total Vol [m]	VWAP
1 week	297.00	-2.00	-0.67	283.00	0.09		297.96
4 weeks	303.00	-8.00	-2.64	281.00	0.08		302.86
12 weeks	240.00	55.00	22.92	232.00	0.08		286.86
26 weeks	270.00	25.00	9.26	232.00	0.08		273.04
1 year	290.00	5.00	1.72	220.00	0.09		265.52
3 years	535.00	-240.00	-44.86	220.00	0.09		351.59
5 years	464.00	-169.00	-36.42	220.00	0.11		396.94
† periods calculated are whole weeks rather than calendar months

Mears Key Management Ratios

Mears Investment Ratios

(Market value analysis) at previous day's close
PQ Ratio	1,249.68
PE Ratio	12.80
Tobin's Q Ratio	0.65
Tobin's Q Ratio (excl. intangibles)	1.16
Dividend Yield	4.20	%
Market-to-Book Ratio	1.55
Price-to-Pre-Tax Profit PS	11.46
Price-to-Retained Profit PS	28.28
Price-to-Cash Flow PS	506.13
Price-to-Sales PS	0.37
Price-to-Net Tangible Asset Value PS	-17.75
Price-to-Cash PS	11.69
Net Working Capital PS	33.58
Price Pct to Working Capital PS	8.79	%
Earnings Yield	7.81	%
Average PE	28.72
Years in average	5
PE to PE average	44.56	%

Mears Financial Ratios

(Leverage Ratios)
Debt Ratio	31.74	%
Debt-to-Equity Ratio	0.47
Debt-to-Equity Ratio (excl. Intgbl)	-5.33
Debt-to-Equity Market Value	0.30
Net Gearing	54.67	%
Net Gearing (excl. Intangibles)	96.79	%
Gross Gearing	59.97	%
Gross Gearing (excl. Intangibles)	106.19	%
Gearing Under 1 Year	41.36	%
Gearing Under 1 Year (excl. Intgbl)	73.23	%
Assets/Equity	2.50
Cash/Equity	13.26
(Liquidity Ratios)
Net Working Capital to Total Assets	7.06	%
Current Ratio	1.17
Quick Ratio (Acid Test)	1.03
Liquidity Ratio	0.13
Cash & Equiv/Current Assets	10.96	%
(Solvency Ratios)
Enterprise Value	395.43	m
CFO/Sales	0.00
CFO/Attributable Profit	0.03
CFO/Assets	0.00
CFO/Debt	0.00
Total Debt/Equity Market Value	0.97
Total Debt/Sales	0.36
Total Debt/Pre-Tax Profit	11.08
Total Debt	315.06	m
Total Debt/Net Current Assets	8.49	%
(Dodds - Graham Ratios)
3 yr Compound Earnings Growth	3.10	%
5 yr Compound Earnings Growth	-	%
10 yr Compound Earnings Growth	2.05	%
Earn drops > 5% in 10yrs	5

Beta (60-Mnth)	Beta (36-Mnth)
-0.0724	0.0682

Mears Operating Ratios

(Profitability Ratios)
Return On Capital Employed (ROCE)	9.23	%
Return On Assets (ROA)	4.81	%
Net Profit Margin	2.77	%
Assets Turnover	1.74
Return On Equity (ROE)	11.42	%
Return On Investment (ROI)	8.22	%
Dividend Payout Ratio	53.80	%
Plowback Ratio	46.20	%
Growth from Plowback Ratio	5.29	%
Net Income Of Revenues	1.32	%
(Asset Utilisation Multiples)
Shareholders Equity Turnover	4.14
Fixed Assets Turnover	3.27
Current Assets Turnover	3.70
Net Working Capital Turnover
Inventory Turnover	35.90
(Other Operating Ratios)
Total Assets-to-Sales	0.58
Debtors-to-Sales	19.70	%
Debt Collection Period	71.89	Days

Mears Dividends

Announcement Date	Type	Curr.	Dividend Amount	Period Start	Period End	Ex Date	Record Date	Payment Date	Total Dividend Amount
13 Aug 2019	Interim	GBX	3.65	31/12/2018	31/12/2019	03/10/2019	04/10/2019	24/10/2019	-
19 Mar 2019	Final	GBX	8.85	31/12/2017	31/12/2018	13/06/2019	14/06/2019	04/07/2019	12.40
14 Aug 2018	Interim	GBX	3.55	31/12/2017	31/12/2018	18/10/2018	19/10/2018	08/11/2018	-
20 Mar 2018	Final	GBX	8.55	31/12/2016	31/12/2017	14/06/2018	15/06/2018	05/07/2018	12.00
15 Aug 2017	Interim	GBX	3.45	31/12/2016	31/12/2017	19/10/2017	20/10/2017	07/11/2017	-
21 Mar 2017	Final	GBX	8.40	31/12/2015	31/12/2016	15/06/2017	16/06/2017	06/07/2017	11.70
16 Aug 2016	Interim	GBX	3.30	31/12/2015	31/12/2016	13/10/2016	14/10/2016	01/11/2016	-
15 Mar 2016	Final	GBX	7.90	31/12/2014	31/12/2015	16/06/2016	17/06/2016	07/07/2016	11.00
18 Aug 2015	Interim	GBX	3.10	31/12/2014	31/12/2015	15/10/2015	16/10/2015	03/11/2015	-
17 Mar 2015	Final	GBX	7.15	31/12/2013	31/12/2014	11/06/2015	12/06/2015	02/07/2015	10.00
19 Aug 2014	Interim	GBX	2.85	31/12/2013	31/12/2014	15/10/2014	17/10/2014	03/11/2014	-
18 Mar 2014	Final	GBX	6.30	31/12/2012	31/12/2013	11/06/2014	13/06/2014	03/07/2014	8.80
13 Aug 2013	Interim	GBX	2.50	31/12/2012	31/12/2013	16/10/2013	18/10/2013	04/11/2013	-
19 Mar 2013	Final	GBX	5.70	31/12/2011	31/12/2012	12/06/2013	14/06/2013	02/07/2013	8.00
14 Aug 2012	Interim	GBX	2.30	31/12/2011	31/12/2012	17/10/2012	19/10/2012	05/11/2012	-
20 Mar 2012	Final	GBX	5.35	31/12/2010	31/12/2011	13/06/2012	15/06/2012	03/07/2012	7.50
16 Aug 2011	Interim	GBX	2.15	31/12/2010	31/12/2011	12/10/2011	14/10/2011	02/11/2011	-
15 Mar 2011	Final	GBX	4.85	31/12/2009	31/12/2010	08/06/2011	10/06/2011	01/07/2011	6.75
17 Aug 2010	Interim	GBX	1.90	31/12/2009	31/12/2010	17/10/2010	19/10/2010	05/11/2010	-
09 Mar 2010	Final	GBX	4.10	31/12/2008	31/12/2009	09/06/2010	11/06/2010	02/07/2010	5.70
16 Aug 2009	Interim	GBX	1.60	30/12/2008	30/06/2009	14/10/2009	16/10/2009	03/11/2009	-
10 Mar 2009	Final	GBX	3.40	31/12/2007	31/12/2008	10/06/2009	12/06/2009	01/07/2009	4.75
19 Aug 2008	Interim	GBX	1.35	30/12/2007	30/06/2008	15/10/2008	17/10/2008	06/11/2008	-
11 Mar 2008	Final	GBX	2.90	31/12/2006	31/12/2007	11/06/2008	13/06/2008	02/07/2008	4.00
21 Aug 2007	Interim	GBX	1.10	30/12/2006	30/06/2007	17/10/2007	19/10/2007	05/11/2007	-
02 Mar 2007	Final	GBX	2.40	31/12/2005	31/12/2006	13/06/2007	15/06/2007	02/07/2007	3.30
22 Aug 2006	Interim	GBX	0.90	30/12/2005	30/06/2006	18/10/2006	20/10/2006	06/11/2006	-
21 Mar 2006	Final	GBX	1.90	31/12/2004	31/12/2005	14/06/2006	16/06/2006	03/07/2006	2.60
30 Aug 2005	Interim	GBX	0.70	30/12/2004	30/06/2005	19/10/2005	21/10/2005	07/11/2005	-
22 Mar 2005	Final	GBX	1.40	31/12/2003	31/12/2004	08/06/2005	10/06/2005	01/07/2005	1.90
31 Aug 2004	Interim	GBX	0.50	30/12/2003	30/06/2004	20/10/2004	22/10/2004	08/11/2004	-
30 Mar 2004	Final	GBX	1.00	31/12/2002	31/12/2003	02/06/2004	04/06/2004	01/07/2004	1.35
02 Sep 2003	Interim	GBX	0.35	30/12/2002	30/06/2003	22/10/2003	24/10/2003	10/11/2003	-
02 Apr 2003	Final	GBX	0.75	31/12/2001	31/12/2002	04/06/2003	06/06/2003	01/07/2003	1.00
03 Sep 2002	Interim	GBX	0.25	30/12/2001	30/06/2002	16/10/2002	18/10/2002	08/11/2002	-
03 Apr 2002	Final	GBX	0.60	31/12/2000	31/12/2001	05/06/2002	07/06/2002	01/07/2002	0.80
03 Sep 2001	Interim	GBX	0.20	30/12/2000	30/06/2001	17/10/2001	19/10/2001	09/11/2001	-
03 Apr 2001	Final	GBX	0.50	31/12/1999	31/12/2000	11/04/2001	17/04/2001	02/07/2001	0.65
30 Aug 2000	Interim	GBX	0.15	30/12/1999	30/06/2000	16/10/2000	20/10/2000	10/11/2000	-
04 Apr 2000	Final	GBX	0.40	31/12/1998	31/12/1999	10/04/2000	14/04/2000	04/07/2000	0.50
09 Aug 1999	Interim	GBX	0.10	30/12/1998	30/06/1999	11/10/1999	15/10/1999	05/11/1999	-
30 Mar 1999	Final	GBX	0.30	31/12/1997	31/12/1998	12/04/1999	16/04/1999	01/07/1999	0.40
05 Oct 1998	Interim	GBX	0.10	30/12/1997	30/06/1998	12/10/1998	16/10/1998	06/11/1998	-
07 Apr 1998	Final	GBX	0.22	31/12/1996	31/12/1997	20/04/1998	24/04/1998	01/07/1998	0.32

Mears Fundamentals

	31 Dec 2015 (GBP)		31 Dec 2016 (GBP)		31 Dec 2017 (GBP)		31 Dec 2018 (GBP)
turnover	881.14	100.00%	940.10	100.00%	900.18	100.00%	869.84	100.00%	m
pre tax profit	25.92	2.94%	29.37	3.12%	26.48	2.94%	28.43	3.27%	m
attributable profit	12.87	1.46%	21.53	2.29%	7.58	0.84%	24.06	2.77%	m
retained profit	2.43	0.28%	10.04	1.07%	-4.64	-0.52%	11.53	1.32%	m
eps - basic (p)	12.65		21.03		7.35		23.05
eps - diluted (p)	12.52		20.91		7.29		22.91
dividends per share	11.00		11.70		12.00		12.40

Mears 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	18.44	3.72%	20.27	4.18%	22.04	4.63%	24.96	4.75%	m
intangibles	224.91	45.35%	219.62	45.34%	210.91	44.31%	228.64	43.52%	m
fixed investments	8.27	1.67%	17.51	3.61%	27.31	5.74%	17.37	3.31%	m
current assets - other	13.26	2.67%	-	-%	13.94	2.93%	12.44	2.37%	m
stocks	9.02	1.82%	11.23	2.32%	18.71	3.93%	29.75	5.66%	m
debtors	153.46	30.94%	162.88	33.62%	158.34	33.26%	184.30	35.08%	m
cash & securities	68.61	13.83%	52.90	10.92%	24.77	5.20%	27.88	5.31%	m

TOTAL	495.97	100%	484.42	100%	476.01	100%	525.34	100%	m

LIABILITIES
creditors - short	219.88	44.33%	194.57	40.16%	198.68	41.74%	217.27	41.36%	m
creditors - long	84.46	17.03%	91.18	18.82%	67.74	14.23%	97.79	18.61%	m
creditors - other	-	-%	-	-%	-	-%	-	-%	m
subordinated loans	-	-%	-	-%	-	-%	-	-%	m
insurance funds	-	-%	-	-%	-	-%	-	-%	m

TOTAL	304.34	61.36%	285.75	58.99%	266.42	55.97%	315.06	59.97%	m

EQUITY
ord cap, reserves	192.87	38.89%	199.32	41.15%	209.49	44.01%	210.71	40.11%	m
prefs, minorities	-1.25	-0.25%	-0.64	-0.13%	0.10	0.02%	-0.43	-0.08%	m

TOTAL	191.63	38.64%	198.67	41.01%	209.59	44.03%	210.28	40.03%	m

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

Mears Cash Flow Statement

	31 Dec 2015 (GBP)	31 Dec 2016 (GBP)	31 Dec 2017 (GBP)	31 Dec 2018 (GBP)
Operating CF	34.07	25.71	15.54	0.64	m
Pre-Financing CF	9.45	2.59	-11.96	-39.93	m
Retained CF	0.82	0.82	-12.37	3.11	m

Mears 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
Collins Stewart Europe Limited	Market Maker(MME)	Broker/Dealer	CSCS	CSTEGB21
Commerzbank AG	Market Maker(MME)	Broker/Dealer	KLWT	DRESGB2LPST
Evolution Securities Limited	Market Maker(MME)	Broker/Dealer	EVO	EVBGGB21MMT
Investec Bank Plc	Market Maker(MME)	Broker/Dealer	INV.	IHCSGB21002
Morgan Stanley Securities Ltd	Market Maker(MME)	Broker/Dealer	MOST	MSSEGB21
Panmure Gordon (UK) Limited	Market Maker(MME)	Broker/Dealer	PMUR	PMURGB2L
Numis Securities Limited	Market Maker(MME)	Broker/Dealer	NUMS	RAZHGB2LBIC
Merrill Lynch International	Market Maker(MME)	Broker/Dealer	MLSB	SNCSGB2LBIC
Winterflood Securities Ltd	Market Maker(MME)	Broker/Dealer	WINS	WNTSGB2LBIC