Marshalls (MSLH)

Sector:

Construction and Building Materials

Index:

FTSE 250

315.00p
   
  • Change Today:
    -8.00p
  • 52 Week High: 358.00p
  • 52 Week Low: 247.00p
  • Currency: UK Pounds
  • Shares Issued: 252.97m
  • Volume: 309,151
  • Market Cap: £796.85m
  • RiskGrade: 148
  • Beta: 1.65

Key Financials

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Growth Metrics 31-Dec-23 31-Dec-22 31-Dec-21 31-Dec-20 31-Dec-19
Annualisation Factor 1.0 1.0 n/a 1.0 1.0
Dividend Yield 3.0% 5.7% 2.1% 0.6% 0.5%
           
Continuing Operations          
PE Ratio - Adjusted 16.7 8.7 23.5 86.5 29.3
PE Ratio - Diluted 38.3
16.8		 24.2
8.8		 25.1
24.3		 630.7
83.5		 29.5
29.4
PEG - Adjusted n/a 1.2 0.1 n/a 2.4
PEG - Diluted n/a
n/a		 n/a
1.0		 0.0
0.1		 n/a
n/a		 2.5
2.4
Return on Capital Employed 9.50%
14.99%		 9.74%
19.26%		 0.21%
0.22%		 2.39%
6.92%		 22.05%
22.05%
Operating Margin 6.11%
9.64%		 6.66%
13.16%		 12.94%
14.91%		 2.00%
5.79%		 13.60%
13.60%
           
Continuing & Discontinued Operations          
PE Ratio - Adjusted 16.7 8.7 2,328.9 86.5 29.3
PE Ratio - Diluted 38.3
16.8		 24.2
8.8		 2,481.9
2,402.6		 630.7
83.5		 29.5
29.4
PEG - Adjusted n/a 0.0 n/a n/a 0.1
PEG - Diluted n/a
n/a		 0.0
0.0		 n/a
n/a		 n/a
n/a		 0.1
0.1

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Gearing 31-Dec-23 31-Dec-22 31-Dec-21 31-Dec-20 31-Dec-19
Net Gearing 33.93% 35.83% 11.98% 26.34% 20.33%

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Value Metrics 31-Dec-23 31-Dec-22 31-Dec-21 31-Dec-20 31-Dec-19
Price/Book Value 7.9 6.3 5.5 7.7 8.5
Price/Tangible Book Value 7.9 6.4 5.5 7.7 8.5
Price/ Cash Flow 9.1 7.5 20.9 119.5 19.3
Price/Revenue 1.05 0.89 230.78 3.15 3.13
Price/R&D n/a n/a n/a n/a n/a
Net Asset Value per Share (exc. Intangibles) 35.36p 43.08p 125.22p 97.25p 100.82p
Net Cash per Share n/a n/a n/a n/a n/a

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Annualised Fundamentals 31-Dec-23 31-Dec-22 31-Dec-21 31-Dec-20 31-Dec-19
Continuing Operations          
Revenue 671.20 719.40 5.95 469.45 541.83
EBITDA 62.40
86.10		 69.70
116.50		 1.07
1.19		 39.77
57.58		 73.68
73.68
Depreciation (21.40)
(21.40)		 (21.80)
(21.80)		 (0.30)
(0.30)		 (30.40)
(30.40)		 n/a
n/a
Net Interest (18.80)
(18.80)		 (10.70)
(10.70)		 (0.07)
(0.07)		 (4.72)
(4.72)		 (3.83)
(3.83)
Profit Before Tax 22.20
45.90		 37.20
84.00		 0.70
0.73		 4.65
22.46		 69.85
69.85
           
Revenue per Share 265.48p 305.62p 2.99p 236.33p 273.17p
Pre-Tax Profit per Share 8.78p
18.16p		 15.80p
35.69p		 0.35p
0.36p		 2.34p
11.31p		 35.22p
35.22p
Market Capitalisation £ (Millions) 706.79 691.11 1,744.13 1,488.83 1,712.91
Enterprise Value (EV) £ (Millions) 952.89 980.41 1,823.79 1,667.33 1,825.52
EBITDA/EV 6.55%
9.04%		 7.11%
11.88%		 0.06%
0.07%		 2.39%
3.45%		 4.04%
4.04%
Operating Margin 6.11%
9.64%		 6.66%
13.16%		 12.94%
14.91%		 2.00%
5.79%		 13.60%
13.60%
Capital Employed £ (Millions) 431.70 491.70 360.55 392.66 334.16
Return on Capital Employed 9.50%
14.99%		 9.74%
19.26%		 0.21%
0.22%		 2.39%
6.92%		 22.05%
22.05%
Invested Equity Capital £ (Millions) 731.50 757.70 372.23 307.11 316.00
           
Earnings per Share - Basic 7.40p
16.65p		 11.40p
31.14p		 27.62p
28.60p		 1.19p
8.98p		 29.23p
29.36p
Earnings per Share - Diluted 7.30p
16.59p		 11.30p
30.98p		 27.52p
28.43p		 1.18p
8.92p		 29.02p
29.14p
Earnings per Share - Adjusted 16.70p 31.30p 29.33p 8.60p 29.23p
Earnings per Share Growth - Basic -35%
-46%		 -59%
9%		 2,221%
218%		 -96%
-69%		 12%
12%
Earnings per Share Growth - Diluted -35%
-46%		 -59%
9%		 2,232%
219%		 -96%
-69%		 12%
12%
Earnings per Share Growth - Adjusted -47% 7% 241% -71% 12%
PE Ratio - Diluted 38.3
16.8		 24.2
8.8		 25.1
24.3		 630.7
83.5		 29.5
29.4
PEG - Diluted n/a
n/a		 n/a
1.0		 0.0
0.1		 n/a
n/a		 2.5
2.4
Tax Rate 17.12% 28.76% 20.81% 45.02% 17.10%
Dividend Cover 2.01
2.01		 2.01
2.00		 2.05
2.00		 2.00
2.09		 6.25
6.27
Interest Cover 2.18
3.44		 4.48
8.85		 11.04
11.44		 1.98
5.75		 19.21
19.21
           
Continuing & Discontinued Operations          
Earnings per Share - Basic 7.40p
16.65p		 11.40p
31.14p		 0.28p
0.29p		 1.19p
8.98p		 29.23p
29.36p
Earnings per Share - Diluted 7.30p
16.59p		 11.30p
30.98p		 0.28p
0.29p		 1.18p
8.92p		 29.02p
29.14p
Earnings per Share - Adjusted 16.70p 31.30p 0.30p 8.60p 29.23p
Earnings per Share Growth - Basic -35%
-46%		 3,989%
10,685%		 -77%
-97%		 -96%
-69%		 347%
347%
Earnings per Share Growth - Diluted -35%
-46%		 3,968%
10,696%		 -76%
-97%		 -96%
-69%		 347%
347%
Earnings per Share Growth - Adjusted -47% 10,473% -97% -71% 347%
PE Ratio - Diluted 38.3
16.8		 24.2
8.8		 2,481.9
2,402.6		 630.7
83.5		 29.5
29.4
PEG - Diluted n/a
n/a		 0.0
0.0		 n/a
n/a		 n/a
n/a		 0.1
0.1
Dividend Cover 2.01
2.01		 2.01
2.00		 0.02
0.02		 2.00
2.09		 6.25
6.27
Return on Equity (ROE) 2.52%
5.76%		 3.50%
9.67%		 0.15%
0.15%		 0.77%
5.81%		 18.43%
18.43%
Operating Cash Flow per Share 30.73p 36.24p 32.92p 6.23p 44.43p
Gross Cash Flow per Share cn/a cn/a cn/a cn/a cn/a
Cash Incr/Decr per Share (8.54p) 6.29p (0.32p) 25.41p 3.86p
Capital Expenditure per Share n/a n/a n/a n/a n/a
Dividend per Share 8.30p 15.60p 14.30p 4.30p 4.68p
Dividend per Share Growth (46.79%) 9.09% 232.56% (8.12%) (60.83%)
Dividend Yield 3.0% 5.7% 2.1% 0.6% 0.5%
Shareholders Funds 641.30 660.30 343.33 286.90 295.04
Net Borrowings £ (Millions) 217.60 236.60 41.12 75.57 59.98
Net Asset Value per Share (inc. Intangibles) 35.36p 42.74p 124.73p 96.77p 100.45p

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Gearing - inc Intangibles 31-Dec-23 31-Dec-22 31-Dec-21 31-Dec-20 31-Dec-19
Shareholders' Funds inc Intangibles 641.30 660.30 343.33 286.90 295.04
Net Borrowings £ (Millions) 217.60 236.60 41.12 75.57 59.98
Net Gearing 33.93% 35.83% 11.98% 26.34% 20.33%
Cash & Near Cash 34.50 56.30 41.21 103.71 53.26
Cash 5.38% 8.53% 12.00% 36.15% 18.05%
Gross Borrowings 252.10 292.90 82.33 179.27 113.23
Gross Gearing 39.31% 44.36% 23.98% 62.49% 38.38%
Borrowings Under 5 years 252.10 292.90 82.33 179.27 113.23
Under 5 years 39.31% 44.36% 23.98% 62.49% 38.38%
Borrowings Under 1 year n/a n/a n/a n/a n/a
Under 1 year n/a n/a n/a n/a n/a

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Gearing - exc Intangibles 31-Dec-23 31-Dec-22 31-Dec-21 31-Dec-20 31-Dec-19
Shareholders' Funds exc Intangibles 89.40 100.60 248.33 192.22 199.24
Net Borrowings £ (Millions) 217.60 236.60 41.12 75.57 59.98
Net Gearing 243.40% 235.19% 16.56% 39.31% 30.10%
Cash & Near Cash 34.50 56.30 41.21 103.71 53.26
Cash 38.59% 55.96% 16.60% 53.95% 26.73%
Gross Borrowings 252.10 292.90 82.33 179.27 113.23
Gross Gearing 281.99% 291.15% 33.16% 93.26% 56.83%
Borrowings Under 5 years 252.10 292.90 82.33 179.27 113.23
Under 5 years 281.99% 291.15% 33.16% 93.26% 56.83%
Borrowings Under 1 year n/a n/a n/a n/a n/a
Under 1 year n/a n/a n/a n/a n/a

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Cover 31-Dec-23 31-Dec-22 31-Dec-21 31-Dec-20 31-Dec-19
Quick Ratio 0.97 1.10 1.03 1.27 0.76
Current Ratio 1.87 1.92 1.75 1.85 1.31

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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