Begbies Traynor Group (BEG)

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Index:

FTSE AIM All-Share

106.50p
   
  • Change Today:
      1.50p
  • 52 Week High: 136.00
  • 52 Week Low: 102.50
  • Currency: UK Pounds
  • Shares Issued: 158.99m
  • Volume: 397,712
  • Market Cap: £169.32m
  • RiskGrade: 232

Key Financials

  £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Growth Metrics 30-Apr-11 30-Apr-10 30-Apr-09 30-Apr-08
Annualisation Factor 1.0 1.0 1.0 1.0
Dividend Yield 4.2% 4.0% 2.5% 2.1%
         
Continuing Operations        
PE Ratio - Adjusted 8.1 9.0 14.4 19.9
PE Ratio - Diluted 12.1
8.6		 10.2
9.2		 20.6
18.2		 25.4
15.2
PEG - Adjusted n/a 0.9 0.5 n/a
PEG - Diluted n/a
n/a		 0.3
0.3		 1.4
n/a		 n/a
n/a
Return on Capital Employed 14.70%
19.20%		 25.86%
27.79%		 28.76%
31.39%		 36.00%
48.92%
Operating Margin 10.24%
13.67%		 17.21%
18.49%		 14.47%
15.79%		 14.54%
19.76%
         
Continuing & Discontinued Operations        
PE Ratio - Adjusted 260.6 9.0 14.4 19.9
PE Ratio - Diluted 12.1
9.6		 12.2
9.2		 25.2
20.2		 85.4
16.2
PEG - Adjusted n/a 0.9 0.5 n/a
PEG - Diluted n/a
n/a		 0.3
0.2		 0.1
n/a		 n/a
n/a

  £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Gearing 30-Apr-11 30-Apr-10 30-Apr-09 30-Apr-08
Net Gearing 33.86% 30.14% 27.44% 36.00%

  £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Value Metrics 30-Apr-11 30-Apr-10 30-Apr-09 30-Apr-08
Price/Book Value 3.2 4.9 9.5 (83.9)
Price/Tangible Book Value 3.2 4.9 9.5 (83.9)
Price/ Cash Flow 7.4 13.1 (43.1) 33.3
Price/Revenue 0.77 1.09 1.54 2.01
Price/R&D n/a n/a n/a n/a
Net Asset Value per Share (exc. Intangibles) 16.11p 15.52p 11.62p (1.42p)
Net Cash per Share n/a n/a n/a n/a

  £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Annualised Fundamentals 30-Apr-11 30-Apr-10 30-Apr-09 30-Apr-08
Continuing Operations        
Revenue 60.55 62.79 62.14 48.11
EBITDA 8.35
10.42		 12.82
13.61		 11.90
12.72		 9.91
12.42
Depreciation (2.14)
(2.14)		 (2.01)
(2.00)		 (2.91)
(2.91)		 (2.92)
(2.92)
Net Interest (1.03)
(0.95)		 (0.64)
(0.51)		 (1.74)
(1.74)		 (1.32)
(1.32)
Profit Before Tax 5.75
7.90		 10.17
11.10		 7.25
8.07		 5.68
8.19
         
Revenue per Share 67.56p 70.26p 72.19p 59.37p
Pre-Tax Profit per Share 6.41p
8.82p		 11.38p
12.43p		 8.42p
9.38p		 7.01p
10.10p
Market Capitalisation £ (Millions) 46.63 68.67 98.98 97.05
Enterprise Value (EV) £ (Millions) 63.72 92.03 116.71 114.26
EBITDA/EV 13.10%
16.36%		 13.93%
14.79%		 10.19%
10.90%		 8.68%
10.87%
Operating Margin 10.24%
13.67%		 17.21%
18.49%		 14.47%
15.79%		 14.54%
19.76%
Capital Employed £ (Millions) 46.12 41.79 31.26 19.43
Return on Capital Employed 14.70%
19.20%		 25.86%
27.79%		 28.76%
31.39%		 36.00%
48.92%
Invested Equity Capital £ (Millions) 70.91 71.73 67.24 51.68
         
Earnings per Share - Basic 4.30p
6.07p		 7.50p
8.31p		 5.40p
6.09p		 4.70p
7.87p
Earnings per Share - Diluted 4.30p
6.07p		 7.50p
8.31p		 5.40p
6.09p		 4.70p
7.87p
Earnings per Share - Adjusted 6.40p 8.50p 7.70p 6.00p
Earnings per Share Growth - Basic -43%
-27%		 39%
36%		 15%
-23%		 n/a
n/a
Earnings per Share Growth - Diluted -43%
-27%		 39%
36%		 15%
-23%		 n/a
n/a
Earnings per Share Growth - Adjusted -25% 10% 28% n/a
PE Ratio - Diluted 12.1
8.6		 10.2
9.2		 20.6
18.2		 25.4
15.2
PEG - Diluted n/a
n/a		 0.3
0.3		 1.4
n/a		 n/a
n/a
Tax Rate 32.21% 33.95% 36.10% 32.99%
Dividend Cover 2.91
2.76		 2.74
2.68		 2.75
2.18		 2.40
3.15
Interest Cover 6.57
9.31		 16.99
22.95		 5.16
5.64		 5.30
7.20
         
Continuing & Discontinued Operations        
Earnings per Share - Basic 4.30p
5.43p		 6.30p
8.31p		 4.40p
5.51p		 1.40p
7.39p
Earnings per Share - Diluted 4.30p
5.43p		 6.30p
8.31p		 4.40p
5.51p		 1.40p
7.39p
Earnings per Share - Adjusted 0.20p 8.50p 7.70p 6.00p
Earnings per Share Growth - Basic -32%
-35%		 43%
51%		 214%
-25%		 n/a
n/a
Earnings per Share Growth - Diluted -32%
-35%		 43%
51%		 214%
-25%		 n/a
n/a
Earnings per Share Growth - Adjusted -98% 10% 28% n/a
PE Ratio - Diluted 12.1
9.6		 12.2
9.2		 25.2
20.2		 85.4
16.2
PEG - Diluted n/a
n/a		 0.3
0.2		 0.1
n/a		 n/a
n/a
Dividend Cover 0.09
2.47		 2.74
2.68		 2.75
1.97		 2.40
2.95
Return on Equity (ROE) 0.28%
6.87%		 7.80%
10.35%		 5.67%
7.05%		 2.27%
11.58%
Operating Cash Flow per Share 7.03p 5.85p (2.57p) 3.59p
Gross Cash Flow per Share cn/a cn/a cn/a cn/a
Cash Incr/Decr per Share 1.36p 3.21p (0.35p) 0.032p
Capital Expenditure per Share n/a n/a n/a n/a
Dividend per Share 2.20p 3.10p 2.80p 2.50p
Dividend per Share Growth (29.03%) 10.71% 12.00% n/a
Dividend Yield 4.2% 4.0% 2.5% 2.1%
Shareholders Funds 65.86 67.17 63.72 49.45
Net Borrowings £ (Millions) 22.30 20.24 17.49 17.80
Net Asset Value per Share (inc. Intangibles) 16.11p 15.52p 11.62p (1.42p)

  £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Gearing - inc Intangibles 30-Apr-11 30-Apr-10 30-Apr-09 30-Apr-08
Shareholders' Funds inc Intangibles 65.86 67.17 63.72 49.45
Net Borrowings £ (Millions) 22.30 20.24 17.49 17.80
Net Gearing 33.86% 30.14% 27.44% 36.00%
Cash & Near Cash 4.33 3.12 0.25 0.55
Cash 6.58% 4.64% 0.39% 1.12%
Gross Borrowings 26.63 23.36 17.74 18.36
Gross Gearing 40.44% 34.78% 27.83% 37.12%
Borrowings Under 5 years 26.63 23.36 17.74 18.36
Under 5 years 40.44% 34.78% 27.83% 37.12%
Borrowings Under 1 year n/a n/a n/a n/a
Under 1 year n/a n/a n/a n/a

  £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Gearing - exc Intangibles 30-Apr-11 30-Apr-10 30-Apr-09 30-Apr-08
Shareholders' Funds exc Intangibles 14.44 13.87 10.01 (1.15)
Net Borrowings £ (Millions) 22.30 20.24 17.49 17.80
Net Gearing 154.44% 146.01% 174.78% n/a
Cash & Near Cash 4.33 3.12 0.25 0.55
Cash 30.02% 22.49% 2.47% (47.92%)
Gross Borrowings 26.63 23.36 17.74 18.36
Gross Gearing 184.45% 168.50% 177.24% 1,590.64%
Borrowings Under 5 years 26.63 23.36 17.74 18.36
Under 5 years 184.45% 168.50% 177.24% (1,590.64%)
Borrowings Under 1 year n/a n/a n/a n/a
Under 1 year n/a n/a n/a n/a

  £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Cover 30-Apr-11 30-Apr-10 30-Apr-09 30-Apr-08
Quick Ratio n/a n/a n/a n/a
Current Ratio 3.08 2.93 2.15 1.82

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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