Spirent Communications (SPT)

Sector:

IT Hardware

Index:

FTSE 250

191.00p
   
  • Change Today:
    -0.50p
  • 52 Week High: 200.00p
  • 52 Week Low: 90.10p
  • Currency: UK Pounds
  • Shares Issued: 578.65m
  • Volume: 17,055,753
  • Market Cap: £1,105.21m
  • RiskGrade: 172

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 1.8% 2.3% 2.0% 1.8% 1.7%
           
Continuing Operations          
PE Ratio - Adjusted 20.5 17.3 20.9 22.5 23.5
PE Ratio - Diluted 36.3
20.6		 19.9
17.4		 23.8
21.9		 24.1
22.1		 24.9
23.8
PEG - Adjusted n/a 1.2 1.6 2.3 1.0
PEG - Diluted n/a
n/a		 1.7
0.9		 4.0
4.4		 2.7
1.7		 0.6
0.9
Return on Capital Employed 9.50%
23.35%		 39.13%
44.97%		 0.38%
0.41%		 30.22%
32.68%		 31.82%
33.51%
Operating Margin 3.88%
9.53%		 18.55%
21.32%		 18.09%
19.84%		 18.32%
19.81%		 17.79%
18.53%
           
Continuing & Discontinued Operations          
PE Ratio - Adjusted 20.5 17.3 2,065.8 22.5 23.5
PE Ratio - Diluted 36.3
20.6		 19.9
17.4		 2,357.1
2,174.3		 24.1
22.9		 24.9
23.8
PEG - Adjusted n/a 0.0 n/a 2.3 0.0
PEG - Diluted n/a
n/a		 0.0
0.0		 n/a
n/a		 2.7
2.5		 0.0
0.0

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Gearing 31-Dec-23 31-Dec-22 31-Dec-21 31-Dec-20 31-Dec-19
Net Gearing (23.07%) (40.31%) (32.40%) (48.10%) (37.34%)

  £ (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 n/a n/a n/a n/a n/a
Price/Tangible Book Value n/a n/a n/a n/a n/a
Price/ Cash Flow n/a n/a n/a n/a n/a
Price/Revenue n/a n/a n/a n/a n/a
Price/R&D n/a n/a n/a n/a n/a
Net Asset Value per Share (exc. Intangibles) 28.84p 43.36p 39.35p 46.40p 39.68p
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 474.30 607.50 5.81 522.40 503.60
EBITDA (4.60)
22.20		 88.00
104.80		 1.31
1.42		 118.20
126.00		 89.60
93.30
Depreciation 23.00
23.00		 24.70
24.70		 (0.26)
(0.26)		 (22.50)
(22.50)		 n/a
n/a
Net Interest 4.50
4.50		 1.90
1.90		 (0.01)
(0.01)		 0.10
0.10		 n/a
n/a
Profit Before Tax 22.90
49.70		 114.60
131.40		 1.05
1.15		 95.80
103.60		 89.60
93.30
           
Revenue per Share 80.84p 100.08p 0.96p 85.68p 82.57p
Pre-Tax Profit per Share 3.90p
8.47p		 18.88p
21.65p		 0.17p
0.19p		 15.71p
16.99p		 14.69p
15.30p
Market Capitalisation £ (Millions) 754.23 1,591.64 1,689.52 1,614.89 1,533.90
Enterprise Value (EV) £ (Millions) 773.63 1,610.44 1,715.62 1,641.89 1,565.80
EBITDA/EV (0.59%)
2.87%		 5.46%
6.51%		 0.08%
0.08%		 7.20%
7.67%		 5.72%
5.96%
Operating Margin 3.88%
9.53%		 18.55%
21.32%		 18.09%
19.84%		 18.32%
19.81%		 17.79%
18.53%
Capital Employed £ (Millions) 193.60 288.00 279.60 316.70 278.40
Return on Capital Employed 9.50%
23.35%		 39.13%
44.97%		 0.38%
0.41%		 30.22%
32.68%		 31.82%
33.51%
Invested Equity Capital £ (Millions) 378.80 467.90 458.00 448.40 405.70
           
Earnings per Share - Basic 4.30¢
7.55¢		 16.46¢
18.86¢		 14.67¢
15.90¢		 13.84¢
15.12¢		 12.79¢
13.40¢
Earnings per Share - Diluted 4.26¢
7.50¢		 16.36¢
18.75¢		 14.54¢
15.76¢		 13.71¢
14.97¢		 12.63¢
13.23¢
Earnings per Share - Adjusted 7.55¢ 18.86¢ 16.59¢ 14.68¢ 13.40¢
Earnings per Share Growth - Basic -74%
-60%		 12%
19%		 6%
5%		 8%
13%		 40%
28%
Earnings per Share Growth - Diluted -74%
-60%		 12%
19%		 6%
5%		 9%
13%		 40%
28%
Earnings per Share Growth - Adjusted -60% 14% 13% 10% 23%
PE Ratio - Diluted 36.3
20.6		 19.9
17.4		 23.8
21.9		 24.1
22.1		 24.9
23.8
PEG - Diluted n/a
n/a		 1.7
0.9		 4.0
4.4		 2.7
1.7		 0.6
0.9
Tax Rate (10.04%) 12.83% 13.90% 11.90% 12.95%
Dividend Cover 2.74
2.74		 2.49
2.49		 2.45
2.35		 2.43
2.50		 2.49
2.49
Interest Cover 26.44
56.22		 115.60
132.40		 87.33
95.75		 64.87
70.07		 n/a
n/a
           
Continuing & Discontinued Operations          
Earnings per Share - Basic 4.30¢
7.55¢		 16.46¢
18.86¢		 0.15¢
0.16¢		 13.84¢
14.61¢		 12.79¢
13.40¢
Earnings per Share - Diluted 4.26¢
7.50¢		 16.36¢
18.75¢		 0.15¢
0.16¢		 13.71¢
14.47¢		 12.63¢
13.23¢
Earnings per Share - Adjusted 7.55¢ 18.86¢ 0.17¢ 14.68¢ 13.40¢
Earnings per Share Growth - Basic -74%
-60%		 11,016%
11,654%		 -99%
-99%		 8%
9%		 600%
542%
Earnings per Share Growth - Diluted -74%
-60%		 11,047%
11,684%		 -99%
-99%		 9%
9%		 598%
541%
Earnings per Share Growth - Adjusted -60% 11,162% -99% 10% 517%
PE Ratio - Diluted 36.3
20.6		 19.9
17.4		 2,357.1
2,174.3		 24.1
22.9		 24.9
23.8
PEG - Diluted n/a
n/a		 0.0
0.0		 n/a
n/a		 2.7
2.5		 0.0
0.0
Dividend Cover 2.74
2.74		 2.49
2.49		 0.02
0.02		 2.43
2.42		 2.49
2.49
Return on Equity (ROE) 6.65%
11.69%		 21.35%
24.47%		 0.20%
0.21%		 18.82%
19.87%		 19.23%
20.14%
Operating Cash Flow per Share 5.44p 19.41p 16.92p 19.88p 19.56p
Gross Cash Flow per Share cn/a cn/a cn/a cn/a cn/a
Cash Incr/Decr per Share (17.54p) 6.47p (0.11p) 9.37p 10.00p
Capital Expenditure per Share n/a n/a n/a n/a n/a
Dividend per Share 2.76¢ 7.57¢ 6.76¢ 6.04¢ 5.39¢
Dividend per Share Growth (63.54%) 11.98% 11.92% 12.06% 20.04%
Dividend Yield 1.8% 2.3% 2.0% 1.8% 1.7%
Shareholders Funds 375.80 465.20 447.50 442.80 402.30
Net Borrowings £ (Millions) (86.70) (187.50) (145.00) (213.00) (150.20)
Net Asset Value per Share (inc. Intangibles) 28.84p 43.36p 39.35p 46.40p 39.68p

  £ (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 375.80 465.20 447.50 442.80 402.30
Net Borrowings £ (Millions) (86.70) (187.50) (145.00) (213.00) (150.20)
Net Gearing (23.07%) (40.31%) (32.40%) (48.10%) (37.34%)
Cash & Near Cash 108.10 209.60 174.80 241.20 183.20
Cash 28.77% 45.06% 39.06% 54.47% 45.54%
Gross Borrowings 21.40 22.10 29.80 28.20 33.00
Gross Gearing 5.69% 4.75% 6.66% 6.37% 8.20%
Borrowings Under 5 years 21.40 22.10 29.80 28.20 33.00
Under 5 years 5.69% 4.75% 6.66% 6.37% 8.20%
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 169.20 263.20 239.30 282.90 242.00
Net Borrowings £ (Millions) (86.70) (187.50) (145.00) (213.00) (150.20)
Net Gearing (51.24%) (71.24%) (60.59%) (75.29%) (62.07%)
Cash & Near Cash 108.10 209.60 174.80 241.20 183.20
Cash 63.89% 79.64% 73.05% 85.26% 75.70%
Gross Borrowings 21.40 22.10 29.80 28.20 33.00
Gross Gearing 12.65% 8.40% 12.45% 9.97% 13.64%
Borrowings Under 5 years 21.40 22.10 29.80 28.20 33.00
Under 5 years 12.65% 8.40% 12.45% 9.97% 13.64%
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 1.64 1.96 1.94 2.41 2.12
Current Ratio 1.93 2.17 2.09 2.56 2.25

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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