Merchants Trust (MRCH)

Sector:

Investment Firms

Index:

FTSE 250

555.00p
   
  • Change Today:
      3.00p
  • 52 Week High: 579.00
  • 52 Week Low: 477.50
  • Currency: UK Pounds
  • Shares Issued: 148.32m
  • Volume: 217,083
  • Market Cap: £823.20m
  • RiskGrade: 130

Key Financials

Growth Metrics 31-Jan-09 31-Jan-08 31-Jan-07 31-Jan-06 31-Jan-05
Annualisation Factor 1.0 1.0 1.0 1.0 1.0
Dividend Yield 7.9% 5.1% 3.9% 4.2% 4.7%
Price/Earnings (Company Adjusted) 10.3 18.6 23.1 23.2 21.8
Price/Earnings Growth (Company Adjusted) 0.5 6.2 1.7 2.1 21.8
Return on Capital Employed n/a
n/a		 n/a
n/a		 n/a
n/a		 n/a
n/a		 n/a
n/a
Operating Margin 99.08%
99.08%		 94.79%
94.79%		 94.78%
94.78%		 94.15%
94.15%		 94.19%
94.19%

Gearing 31-Jan-09 31-Jan-08 31-Jan-07 31-Jan-06 31-Jan-05
Net Gearing n/a 21.49% 18.32% 21.53% n/a

Value Metrics 31-Jan-09 31-Jan-08 31-Jan-07 31-Jan-06 31-Jan-05
Price/Book Value 0.9 0.9 0.9 0.9 0.9
Price/Tangible Book Value 0.9 0.9 0.9 0.9 0.9
Price/ Cash Flow 15.9 13.1 18.7 20.2 30.6
Price/Sales 9.14 15.43 19.06 18.63 17.28
Price/R&D n/a n/a n/a n/a n/a
Net Asset Value per Share (exc. Intangibles) 306.19p 489.30p 571.22p 504.11p 415.76p
Net Cash per Share n/a n/a n/a n/a n/a

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Annualised Fundamentals 31-Jan-09 31-Jan-08 31-Jan-07 31-Jan-06 31-Jan-05
Turnover 31.73 28.50 27.75 24.71 22.67
  (3.42)
(3.42)		 (3.34)
(3.34)		 (3.45)
(3.45)		 n/a
n/a		 (3.41)
(3.41)
Profit Before Tax 28.02
28.02		 23.67
23.67		 22.85
22.85		 19.85
19.85		 17.95
17.95
           
Turnover per Share 30.86p 27.54p 26.92p 24.20p 22.21p
Pre-Tax Profit per Share 27.25p
27.25p		 22.88p
22.88p		 22.17p
22.17p		 19.45p
19.45p		 17.58p
17.58p
Market Capitalisation £ (Millions) 289.93 436.96 532.29 460.49 391.82
Enterprise Value (EV) £ (Millions) 404.73 551.69 647.16 573.10 505.14
Operating Margin 99.08%
99.08%		 94.79%
94.79%		 94.78%
94.78%		 94.15%
94.15%		 94.19%
94.19%
Capital Employed £ (Millions) 314.80 620.92 703.70 630.91 424.51
Return on Capital Employed n/a
n/a		 n/a
n/a		 n/a
n/a		 n/a
n/a		 n/a
n/a
Invested Equity Capital £ (Millions) 314.80 506.19 588.84 514.71 424.51
Return on Equity (ROE) 8.90%
8.90%		 4.67%
4.67%		 3.88%
3.88%		 3.86%
3.86%		 4.23%
4.23%
EPS Basic n/a
n/a		 n/a
n/a		 n/a
n/a		 n/a
n/a		 n/a
n/a
Earnings per Share - Adjusted 27.25p 22.86p 22.17p 19.44p 17.58p
EPS Diluted n/a
n/a		 n/a
n/a		 n/a
n/a		 n/a
n/a		 n/a
n/a
Earnings per Share Growth - Basic 19%
19%		 3%
3%		 14%
14%		 11%
11%		 1%
1%
EPS Company Adjusted Growth 19% 3% 14% 11% 1%
Earnings per Share Growth - Diluted 19%
19%		 3%
3%		 14%
14%		 11%
11%		 1%
1%
Tax Rate n/a (0.08%) n/a n/a n/a
Price/Earnings n/a
n/a		 n/a
n/a		 n/a
n/a		 n/a
n/a		 n/a
n/a
PEG - Diluted 0.5
0.5		 6.2
6.2		 1.7
1.7		 2.1
2.1		 21.8
21.8
Operating Cash Flow per Share 27.10p 32.55p 27.42p 22.34p 21.92p
Gross Cash Flow per Share 17.74p n/a n/a n/a 12.53p
Cash Incr/Decr per Share 8.33p (1.02p) 1.58p 2.14p (2.98p)
Dividend per Share 22.30p 21.60p 20.00p 18.90p 18.00p
Dividend per Share Growth 3.24% 8.00% 5.82% 5.00% 2.27%
Dividend Yield 7.9% 5.1% 3.9% 4.2% 4.7%
Dividend Cover 1.22
1.22		 1.06
1.06		 1.11
1.11		 1.03
1.03		 0.98
0.98
Shareholders Funds 314.80 506.19 588.84 514.71 424.51
Net Borrowings £ (Millions) 100.28 108.79 107.86 110.82 (3.19)
Net Current Assets 16.48 n/a n/a n/a 2.73
Net Asset Value per Share (inc. Intangibles) 306.19p 489.30p 571.22p 504.11p 415.76p

Gearing - inc Intangibles 31-Jan-09 31-Jan-08 31-Jan-07 31-Jan-06 31-Jan-05
Shareholders' Funds inc Intangibles 314.80 506.19 588.84 514.71 424.51
Net Borrowings £ (Millions) 100.28 108.79 107.86 110.82 (3.19)
Net Gearing n/a 21.49% 18.32% 21.53% n/a
Cash & Near Cash 14.51 5.95 7.00 5.38 3.19
Cash 4.61% 1.17% 1.19% 1.04% 0.75%
Gross Borrowings 114.79 114.73 114.87 116.20 n/a
Gross Gearing n/a 22.67% 19.51% 22.57% n/a
Borrowings Under 5 years 114.79 114.73 114.87 116.20 n/a
Under 5 years 36.46% 22.67% 19.51% 22.57% n/a
Borrowings Under 1 year 1.32 1.32 1.32 2.84 n/a
Under 1 year 0.42% 0.26% 0.22% 0.55% n/a

Gearing - exc Intangibles 31-Jan-09 31-Jan-08 31-Jan-07 31-Jan-06 31-Jan-05
Shareholders' Funds exc Intangibles 314.80 506.19 588.84 514.71 424.51
Net Borrowings £ (Millions) 100.28 108.79 107.86 110.82 (3.19)
Net Gearing n/a 21.49% 18.32% 21.53% n/a
Cash & Near Cash 14.51 5.95 7.00 5.38 3.19
Cash 4.61% 1.17% 1.19% 1.04% 0.75%
Gross Borrowings 114.79 114.73 114.87 116.20 n/a
Gross Gearing n/a 22.67% 19.51% 22.57% n/a
Borrowings Under 5 years 114.79 114.73 114.87 116.20 n/a
Under 5 years 36.46% 22.67% 19.51% 22.57% n/a
Borrowings Under 1 year 1.32 1.32 1.32 2.84 n/a
Under 1 year 0.42% 0.26% 0.22% 0.55% n/a

Cover 31-Jan-09 31-Jan-08 31-Jan-07 31-Jan-06 31-Jan-05
Quick Ratio n/a n/a 2.17 n/a n/a
Current Ratio 9.65 6.24 3.05 3.15 2.26
Interest Cover 9.19
9.19		 8.08
8.08		 7.63
7.63		 n/a
n/a		 6.27
6.27

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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