Vianet Group (VNET)

Sector:

IT Services

Index:

FTSE AIM All-Share

 111.50p
   
  • Change Today:
      0.000p
  • 52 Week High: 118.50
  • 52 Week Low: 63.50
  • Currency: UK Pounds
  • Shares Issued: 29.40m
  • Volume: 0
  • Market Cap: £32.78m

Key Financials

  £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Growth Metrics 31-Mar-11 31-Mar-10 31-Mar-09 31-Mar-08
Annualisation Factor 1.0 1.0 1.0 1.0
Dividend Yield 6.0% 4.3% 5.7% 3.5%
         
Continuing Operations        
PE Ratio - Adjusted 10.3 10.0 6.9 12.0
PE Ratio - Diluted 11.3
11.2
12.0
10.6
7.1
6.7
12.3
12.6
PEG - Adjusted n/a n/a 0.5 n/a
PEG - Diluted n/a
n/a
n/a
n/a
0.5
0.3
n/a
n/a
Return on Capital Employed 41.84%
43.15%
40.43%
45.08%
48.39%
52.14%
98.03%
98.03%
Operating Margin 12.59%
12.99%
20.36%
22.71%
24.56%
26.46%
23.37%
23.37%
         
Continuing & Discontinued Operations        
PE Ratio - Adjusted 10.3 10.0 6.9 12.0
PE Ratio - Diluted 11.3
11.2
12.0
10.6
7.1
6.7
12.0
12.6
PEG - Adjusted n/a n/a 0.5 n/a
PEG - Diluted n/a
n/a
n/a
n/a
0.6
0.3
n/a
n/a

  £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Gearing 31-Mar-11 31-Mar-10 31-Mar-09 31-Mar-08
Net Gearing 5.49% (18.77%) (21.22%) 6.19%

  £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Value Metrics 31-Mar-11 31-Mar-10 31-Mar-09 31-Mar-08
Price/Book Value 8.3 5.4 4.2 (96.1)
Price/Tangible Book Value 8.3 5.4 4.2 (96.1)
Price/ Cash Flow 27.3 10.9 8.5 8.5
Price/Revenue 1.09 1.80 1.24 2.00
Price/R&D 35.9 94.5 80.0 127.6
Net Asset Value per Share (exc. Intangibles) 11.27p 23.27p 22.37p (1.47p)
Net Cash per Share 2.60p 1.34p 1.17p 1.11p

  £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Annualised Fundamentals 31-Mar-11 31-Mar-10 31-Mar-09 31-Mar-08
Continuing Operations        
Revenue 24.28 19.83 19.07 17.06
EBITDA 4.23
4.33
4.89
5.35
5.34
5.70
4.32
4.32
Depreciation (1.18)
(1.18)
(0.85)
(0.85)
(0.66)
(0.66)
(0.33)
(0.33)
Net Interest (0.03)
(0.03)
n/a
n/a
(0.06)
(0.06)
0.18
0.18
Profit Before Tax 3.03
3.12
4.03
4.50
4.62
4.99
4.16
4.16
         
Revenue per Share 85.96p 70.45p 75.31p 70.61p
Pre-Tax Profit per Share 10.72p
11.06p
14.33p
15.98p
18.26p
19.70p
17.23p
17.23p
Market Capitalisation £ (Millions) 26.19 35.29 n/a n/a
Enterprise Value (EV) £ (Millions) 29.94 38.23 3.44 3.88
EBITDA/EV 14.14%
14.46%
12.78%
14.00%
155.22%
165.77%
111.34%
111.34%
Operating Margin 12.59%
12.99%
20.36%
22.71%
24.56%
26.46%
23.37%
23.37%
Capital Employed £ (Millions) 7.31 9.99 9.68 4.07
Return on Capital Employed 41.84%
43.15%
40.43%
45.08%
48.39%
52.14%
98.03%
98.03%
Invested Equity Capital £ (Millions) 22.82 21.54 20.63 13.80
         
Earnings per Share - Basic 8.61p
8.77p
10.89p
12.54p
13.59p
14.65p
11.84p
11.84p
Earnings per Share - Diluted 8.26p
8.32p
10.57p
11.93p
13.12p
13.86p
11.53p
11.25p
Earnings per Share - Adjusted 9.06p 12.68p 13.59p 11.84p
Earnings per Share Growth - Basic -21%
-30%
-20%
-14%
15%
24%
n/a
n/a
Earnings per Share Growth - Diluted -22%
-30%
-19%
-14%
14%
23%
n/a
n/a
Earnings per Share Growth - Adjusted -28% -7% 15% n/a
PE Ratio - Diluted 11.3
11.2
12.0
10.6
7.1
6.7
12.3
12.6
PEG - Diluted n/a
n/a
n/a
n/a
0.5
0.3
n/a
n/a
Tax Rate 19.72% 24.02% 25.61% 31.28%
Dividend Cover 1.60
1.55
2.31
2.28
2.54
2.74
2.37
2.37
Interest Cover 46.88
48.33
47.91
53.31
24.47
26.31
58.85
58.85
         
Continuing & Discontinued Operations        
Earnings per Share - Basic 8.61p
8.77p
10.89p
12.54p
13.59p
14.65p
11.84p
11.84p
Earnings per Share - Diluted 8.26p
8.32p
10.57p
11.93p
13.12p
13.86p
11.77p
11.25p
Earnings per Share - Adjusted 9.06p 12.68p 13.59p 11.84p
Earnings per Share Growth - Basic -21%
-30%
-20%
-14%
15%
24%
n/a
n/a
Earnings per Share Growth - Diluted -22%
-30%
-19%
-14%
12%
23%
n/a
n/a
Earnings per Share Growth - Adjusted -28% -7% 15% n/a
PE Ratio - Diluted 11.3
11.2
12.0
10.6
7.1
6.7
12.0
12.6
PEG - Diluted n/a
n/a
n/a
n/a
0.6
0.3
n/a
n/a
Dividend Cover 1.60
1.55
2.31
2.28
2.54
2.74
2.37
2.37
Return on Equity (ROE) 10.65%
10.86%
14.23%
16.39%
16.67%
17.98%
20.73%
20.73%
Operating Cash Flow per Share 3.43p 11.61p 10.98p 16.62p
Gross Cash Flow per Share cn/a cn/a cn/a cn/a
Cash Incr/Decr per Share (19.94p) (2.86p) 18.32p (4.22p)
Capital Expenditure per Share n/a n/a n/a n/a
Dividend per Share 5.65p 5.50p 5.35p 5.00p
Dividend per Share Growth 2.73% 2.80% 7.00% n/a
Dividend Yield 6.0% 4.3% 5.7% 3.5%
Shareholders Funds 22.44 21.04 20.06 13.26
Net Borrowings £ (Millions) 1.23 (3.95) (4.26) 0.82
Net Asset Value per Share (inc. Intangibles) 11.27p 23.27p 22.37p (1.47p)

  £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Gearing - inc Intangibles 31-Mar-11 31-Mar-10 31-Mar-09 31-Mar-08
Shareholders' Funds inc Intangibles 22.44 21.04 20.06 13.26
Net Borrowings £ (Millions) 1.23 (3.95) (4.26) 0.82
Net Gearing 5.49% (18.77%) (21.22%) 6.19%
Cash & Near Cash 2.52 6.89 7.70 3.06
Cash 11.22% 32.75% 38.37% 23.07%
Gross Borrowings 3.75 2.94 3.44 3.88
Gross Gearing 16.70% 13.98% 17.15% 29.26%
Borrowings Under 5 years 3.75 2.94 3.44 3.88
Under 5 years 16.70% 13.98% 17.15% 29.26%
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 31-Mar-11 31-Mar-10 31-Mar-09 31-Mar-08
Shareholders' Funds exc Intangibles 3.18 6.55 5.67 (0.36)
Net Borrowings £ (Millions) 1.23 (3.95) (4.26) 0.82
Net Gearing 38.67% (60.27%) (75.13%) n/a
Cash & Near Cash 2.52 6.89 7.70 3.06
Cash 79.08% 105.19% 135.87% (858.99%)
Gross Borrowings 3.75 2.94 3.44 3.88
Gross Gearing 117.75% 44.92% 60.74% 1,089.61%
Borrowings Under 5 years 3.75 2.94 3.44 3.88
Under 5 years 117.75% 44.92% 60.74% (1,089.61%)
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 31-Mar-11 31-Mar-10 31-Mar-09 31-Mar-08
Quick Ratio 0.84 1.61 1.56 0.89
Current Ratio 1.16 1.84 1.74 1.04

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

Note 3: Under IFRS, all figures are based on 'Continuing' operations unless otherwise stated.

Note 4: Normalised ratios are shown in blue text

Note 5: Forecast figures based on normalised accounts.

 

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