De La Rue (DLAR)

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991.50p
   
  • Change Today:
      5.50p
  • 52 Week High: 1,075.00
  • 52 Week Low: 891.50
  • Currency: UK Pounds
  • Shares Issued: 99.76m
  • Volume: 135,618
  • Market Cap: £989.16m
  • RiskGrade: 94
  • Beta: 0.40

Key Financials

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Growth Metrics 31-Mar-12 26-Mar-11 27-Mar-10 28-Mar-09 29-Mar-08
Annualisation Factor 1.0 1.0 1.0 1.0 1.0
Dividend Yield 4.7% 5.3% 4.5% 4.3% 2.4%
           
Continuing Operations          
PE Ratio - Adjusted 20.7 33.1 12.3 16.8 21.2
PE Ratio - Diluted 28.6
19.5		 11.8
31.4		 13.3
n/a		 18.9
16.9		 20.7
20.5
PEG - Adjusted 0.3 n/a 0.4 0.5 n/a
PEG - Diluted n/a
0.2		 n/a
n/a		 0.3
n/a		 1.1
0.6		 n/a
n/a
Return on Capital Employed n/a
n/a		 131.39%
66.04%		 235.96%
253.36%		 100.85%
110.22%		 39.50%
39.59%
Operating Margin 7.00%
12.27%		 16.51%
8.30%		 17.00%
18.50%		 17.08%
18.83%		 17.58%
17.62%
           
Continuing & Discontinued Operations          
PE Ratio - Adjusted 20.7 33.1 12.3 16.8 21.2
PE Ratio - Diluted 28.6
19.5		 11.8
31.4		 13.3
n/a		 3.5
14.5		 15.6
15.4
PEG - Adjusted 0.3 n/a 0.4 0.5 n/a
PEG - Diluted n/a
0.2		 n/a
n/a		 n/a
n/a		 0.0
1.0		 0.5
0.6

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Gearing 31-Mar-12 26-Mar-11 27-Mar-10 28-Mar-09 29-Mar-08
Net Gearing (50.10%) 234.59% 174.60% 187.01% (50.05%)

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Value Metrics 31-Mar-12 26-Mar-11 27-Mar-10 28-Mar-09 29-Mar-08
Price/Book Value (12.8) (121.0) n/a 542.7 7.4
Price/Tangible Book Value (12.1) (78.7) n/a (2,080.3) 7.5
Price/ Cash Flow 10.5 (50.7) n/a 34.0 14.0
Price/Revenue 1.69 1.70 n/a 2.48 2.89
Price/R&D 84.3 76.4 n/a 121.2 n/a
Net Asset Value per Share (exc. Intangibles) (70.29p) (6.57p) n/a 1.76p 119.54p
Net Cash per Share 10.68p 10.40p n/a 7.88p n/a

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Annualised Fundamentals 31-Mar-12 26-Mar-11 27-Mar-10 28-Mar-09 29-Mar-08
Continuing Operations          
Revenue 528.30 463.90 561.10 502.40 467.00
EBITDA 63.60
91.40		 101.00
62.90		 118.40
125.90		 109.50
118.30		 82.10
80.40
Depreciation (26.60)
(26.60)		 (24.40)
(24.40)		 (23.00)
(22.10)		 (23.70)
(23.70)		 n/a
1.90
Net Interest (4.10)
(4.10)		 (3.80)
(3.80)		 (5.10)
(5.10)		 1.40
1.40		 2.00
2.00
Profit Before Tax 32.90
60.70		 72.80
34.70		 96.60
104.10		 96.10
104.90		 91.20
91.40
           
Revenue per Share 532.02p 468.59p n/a 384.39p 306.23p
Pre-Tax Profit per Share 33.13p
61.13p		 73.53p
35.05p		 n/a
n/a		 73.53p
80.26p		 59.80p
59.93p
Market Capitalisation £ (Millions) 895.48 788.17 n/a 933.86 988.68
Enterprise Value (EV) £ (Millions) 937.78 829.77 7.80 1,001.76 982.78
EBITDA/EV 6.78%
9.75%		 12.17%
7.58%		 1,517.95%
1,614.10%		 10.93%
11.81%		 8.35%
8.18%
Operating Margin 7.00%
12.27%		 16.51%
8.30%		 17.00%
18.50%		 17.08%
18.83%		 17.58%
17.62%
Capital Employed £ (Millions) (12.80) 58.30 43.10 93.90 225.80
Return on Capital Employed n/a
n/a		 131.39%
66.04%		 235.96%
253.36%		 100.85%
110.22%		 39.50%
39.59%
Invested Equity Capital £ (Millions) (41.30) 14.30 6.60 17.70 243.10
           
Earnings per Share - Basic 31.80p
46.53p		 67.60p
25.45p		 71.00p
n/a		 50.90p
56.92p		 43.40p
44.07p
Earnings per Share - Diluted 31.50p
46.11p		 67.20p
25.30p		 70.50p
n/a		 50.40p
56.36p		 42.70p
43.27p
Earnings per Share - Adjusted 43.50p 24.00p 76.20p 57.00p 41.70p
Earnings per Share Growth - Basic -53%
83%		 -5%
n/a		 40%
n/a		 17%
29%		 -1%
-5%
Earnings per Share Growth - Diluted -53%
82%		 -5%
n/a		 40%
n/a		 18%
30%		 -0%
-4%
Earnings per Share Growth - Adjusted 81% -68% 34% 37% -5%
PE Ratio - Diluted 28.6
19.5		 11.8
31.4		 13.3
n/a		 18.9
16.9		 20.7
20.5
PEG - Diluted n/a
0.2		 n/a
n/a		 0.3
n/a		 1.1
0.6		 n/a
n/a
Tax Rate 2.13% 7.42% 31.01% 29.82% 29.37%
Dividend Cover 1.03
1.10		 0.57
0.60		 1.80
n/a		 1.39
1.39		 1.95
2.06
Interest Cover 8.48
14.80		 16.49
8.38		 18.89
20.28		 16.02
17.39		 39.00
39.08
           
Continuing & Discontinued Operations          
Earnings per Share - Basic 31.80p
46.53p		 67.60p
25.45p		 71.00p
n/a		 277.70p
66.56p		 57.80p
58.43p
Earnings per Share - Diluted 31.50p
46.11p		 67.20p
25.30p		 70.50p
n/a		 275.00p
65.91p		 56.70p
57.37p
Earnings per Share - Adjusted 43.50p 24.00p 76.20p 57.00p 41.70p
Earnings per Share Growth - Basic -53%
83%		 -5%
n/a		 -74%
-100%		 380%
14%		 32%
26%
Earnings per Share Growth - Diluted -53%
82%		 -5%
n/a		 -74%
-100%		 385%
15%		 32%
27%
Earnings per Share Growth - Adjusted 81% -68% 34% 37% -5%
PE Ratio - Diluted 28.6
19.5		 11.8
31.4		 13.3
n/a		 3.5
14.5		 15.6
15.4
PEG - Diluted n/a
0.2		 n/a
n/a		 n/a
n/a		 0.0
1.0		 0.5
0.6
Dividend Cover 1.03
1.10		 0.57
0.60		 1.80
n/a		 1.39
1.62		 1.95
2.73
Return on Equity (ROE) (76.51%)
(111.86%)		 467.83%
176.22%		 1,059.09%
1,256.06%		 2,050.85%
491.53%		 36.24%
36.65%
Operating Cash Flow per Share 86.10p (15.66p) n/a 28.08p 63.28p
Gross Cash Flow per Share cn/a cn/a cn/a cn/a cn/a
Cash Incr/Decr per Share (0.91p) (14.04p) n/a (50.12p) (20.79p)
Capital Expenditure per Share n/a n/a n/a n/a 13.38p
Dividend per Share 42.30p 42.30p 42.30p 41.10p 21.40p
Dividend per Share Growth n/a n/a 2.92% 92.06% 12.04%
Dividend Yield 4.7% 5.3% 4.5% 4.3% 2.4%
Shareholders Funds (49.50) 13.30 6.30 17.70 213.20
Net Borrowings £ (Millions) 24.80 31.20 11.00 33.10 (106.70)
Net Asset Value per Share (inc. Intangibles) (74.22p) (10.10p) n/a (0.46p) 118.03p

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Gearing - inc Intangibles 31-Mar-12 26-Mar-11 27-Mar-10 28-Mar-09 29-Mar-08
Shareholders' Funds inc Intangibles (49.50) 13.30 6.30 17.70 213.20
Net Borrowings £ (Millions) 24.80 31.20 11.00 33.10 (106.70)
Net Gearing (50.10%) 234.59% 174.60% 187.01% (50.05%)
Cash & Near Cash 24.00 32.60 41.60 58.50 120.30
Cash (48.48%) 245.11% 660.32% 330.51% 56.43%
Gross Borrowings 48.80 63.80 52.60 91.60 13.60
Gross Gearing 98.59% 479.70% 834.92% 517.51% 6.38%
Borrowings Under 5 years 48.80 63.80 52.60 91.60 13.60
Under 5 years (98.59%) 479.70% 834.92% 517.51% 6.38%
Borrowings Under 1 year n/a n/a n/a n/a 8.60
Under 1 year n/a n/a n/a n/a 4.03%

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Gearing - exc Intangibles 31-Mar-12 26-Mar-11 27-Mar-10 28-Mar-09 29-Mar-08
Shareholders' Funds exc Intangibles (73.70) (10.00) (13.00) (0.60) 180.00
Net Borrowings £ (Millions) 24.80 31.20 11.00 33.10 (106.70)
Net Gearing (33.65%) n/a (84.62%) n/a (59.28%)
Cash & Near Cash 24.00 32.60 41.60 58.50 120.30
Cash (32.56%) (326.00%) (320.00%) (9,750.02%) 66.83%
Gross Borrowings 48.80 63.80 52.60 91.60 13.60
Gross Gearing 66.21% 638.00% 404.62% 15,266.71% 7.56%
Borrowings Under 5 years 48.80 63.80 52.60 91.60 13.60
Under 5 years (66.21%) (638.00%) (404.62%) (15,266.71%) 7.56%
Borrowings Under 1 year n/a n/a n/a n/a 8.60
Under 1 year n/a n/a n/a n/a 4.78%

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Cover 31-Mar-12 26-Mar-11 27-Mar-10 28-Mar-09 29-Mar-08
Quick Ratio 0.38 0.48 0.54 0.55 0.78
Current Ratio 0.61 0.70 0.74 0.77 1.08

Key

* GAAP

a. Includes discontinued activities

b. Based on operating cash flow before tax

c. Not disclosed under IFRS

d. Includes non-current assets

Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

Note 3: Above ratios are on a 'per annum' basis, adjusted for corporate actions and based on the fundamentals of the primary listed security.

Note 4: Under IFRS, all figures are based on 'Continuing' operations unless otherwise stated.

Note 5: Normalised ratios are shown in blue text

Note 6: Forecast figures based on normalised accounts.

 

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