Morgan Advanced Materials (MGAM)

Sector:

Electronic and Electrical Equipment

Index:

FTSE 250

316.50p
   
  • Change Today:
      3.00p
  • 52 Week High: 331.00
  • 52 Week Low: 218.50
  • Currency: UK Pounds
  • Shares Issued: 285.37m
  • Volume: 214,092
  • Market Cap: £903.20m

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 4.2% 3.8% 2.5% 1.8% 1.3%
           
Continuing Operations          
PE Ratio - Adjusted 11.3 9.3 13.2 16.4 11.3
PE Ratio - Diluted 17.4
12.0		 10.4
9.9		 15.1
14.4		 n/a
17.2		 12.7
12.9
PEG - Adjusted n/a 0.4 0.3 n/a 2.3
PEG - Diluted n/a
n/a		 0.4
0.4		 n/a
0.4		 n/a
n/a		 0.5
4.3
Return on Capital Employed 15.67%
19.95%		 24.41%
25.36%		 0.28%
0.29%		 n/a
24.09%		 26.63%
22.76%
Operating Margin 8.24%
10.50%		 12.66%
13.19%		 11.90%
12.41%		 (0.13%)
9.47%		 10.45%
10.31%
           
Continuing & Discontinued Operations          
PE Ratio - Adjusted 11.3 9.3 1,305.7 16.4 11.3
PE Ratio - Diluted 17.2
11.9		 10.2
9.8		 1,381.9
1,425.6		 n/a
n/a		 12.4
12.8
PEG - Adjusted n/a 0.0 n/a n/a 0.0
PEG - Diluted n/a
n/a		 0.0
0.0		 n/a
n/a		 n/a
n/a		 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 64.47% 51.52% 31.07% 76.92% 82.01%

  £ (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 3.7 3.7 6.1 16.2 8.4
Price/Tangible Book Value 4.5 4.5 8.0 52.4 13.8
Price/ Cash Flow 10.3 47.0 9.7 8.1 7.4
Price/Revenue 0.72 0.80 106.34 0.97 0.86
Price/R&D n/a n/a n/a n/a n/a
Net Asset Value per Share (exc. Intangibles) 75.98p 84.66p 58.50p 19.18p 37.56p
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 1,114.70 1,112.10 9.59 910.70 1,049.50
EBITDA 134.70
159.80		 183.60
189.50		 1.59
1.64		 46.80
134.20		 109.70
108.20
Depreciation (42.80)
(42.80)		 (42.80)
(42.80)		 (0.44)
(0.44)		 (48.00)
(48.00)		 n/a
n/a
Net Interest (14.10)
(14.10)		 (9.20)
(9.20)		 (0.09)
(0.09)		 (11.90)
(11.90)		 n/a
n/a
Profit Before Tax 77.80
102.90		 131.60
137.10		 1.05
1.10		 (13.10)
76.50		 109.70
108.20
           
Revenue per Share 391.40p 391.31p 3.37p 319.88p 368.76p
Pre-Tax Profit per Share 27.32p
36.13p		 46.30p
48.24p		 0.37p
0.39p		 (4.60p)
26.87p		 38.55p
38.02p
Market Capitalisation £ (Millions) 807.60 897.49 1,023.05 887.50 904.62
Enterprise Value (EV) £ (Millions) 1,161.70 1,214.29 1,246.25 1,188.30 1,255.22
EBITDA/EV 11.60%
13.76%		 15.12%
15.61%		 0.13%
0.13%		 3.94%
11.29%		 8.74%
8.62%
Operating Margin 8.24%
10.50%		 12.66%
13.19%		 11.90%
12.41%		 (0.13%)
9.47%		 10.45%
10.31%
Capital Employed £ (Millions) 586.50 576.80 406.30 367.00 475.40
Return on Capital Employed 15.67%
19.95%		 24.41%
25.36%		 0.28%
0.29%		 n/a
24.09%		 26.63%
22.76%
Invested Equity Capital £ (Millions) 373.60 407.10 326.60 211.30 284.30
           
Earnings per Share - Basic 16.40p
23.84p		 30.60p
32.12p		 23.90p
25.12p		 (8.60p)
18.20p		 25.20p
24.63p
Earnings per Share - Diluted 16.30p
23.63p		 30.30p
31.83p		 23.70p
24.91p		 (8.60p)
18.11p		 25.00p
24.49p
Earnings per Share - Adjusted 25.00p 33.80p 27.20p 19.00p 28.00p
Earnings per Share Growth - Basic -46%
-26%		 28%
28%		 n/a
38%		 n/a
-26%		 26%
3%
Earnings per Share Growth - Diluted -46%
-26%		 28%
28%		 n/a
38%		 n/a
-26%		 26%
3%
Earnings per Share Growth - Adjusted -26% 24% 43% -32% 5%
PE Ratio - Diluted 17.4
12.0		 10.4
9.9		 15.1
14.4		 n/a
17.2		 12.7
12.9
PEG - Diluted n/a
n/a		 0.4
0.4		 n/a
0.4		 n/a
n/a		 0.5
4.3
Tax Rate 28.53% 27.36% 27.14% (52.67%) 27.26%
Dividend Cover 2.08
1.99		 2.82
2.68		 2.99
2.76		 3.45
3.31		 7.00
6.16
Interest Cover 5.32
6.72		 13.19
13.69		 11.43
11.92		 (0.02)
6.98		 n/a
n/a
           
Continuing & Discontinued Operations          
Earnings per Share - Basic 16.60p
24.09p		 31.00p
32.51p		 0.26p
0.25p		 (7.90p)
(4.92p)		 25.70p
24.88p
Earnings per Share - Diluted 16.50p
23.88p		 30.70p
32.22p		 0.26p
0.25p		 (7.90p)
(4.89p)		 25.50p
24.74p
Earnings per Share - Adjusted 25.00p 33.80p 0.28p 19.00p 28.00p
Earnings per Share Growth - Basic -46%
-26%		 11,758%
12,721%		 n/a
n/a		 n/a
n/a		 535%
325%
Earnings per Share Growth - Diluted -46%
-26%		 11,734%
12,712%		 n/a
n/a		 n/a
n/a		 534%
325%
Earnings per Share Growth - Adjusted -26% 12,211% -99% -32% 320%
PE Ratio - Diluted 17.2
11.9		 10.2
9.8		 1,381.9
1,425.6		 n/a
n/a		 12.4
12.8
PEG - Diluted n/a
n/a		 0.0
0.0		 n/a
n/a		 n/a
n/a		 0.0
0.0
Dividend Cover 2.08
2.01		 2.82
2.71		 0.03
0.03		 3.45
(0.89)		 7.00
6.22
Return on Equity (ROE) 12.66%
18.36%		 21.62%
22.70%		 0.23%
0.22%		 (10.65%)
(6.63%)		 25.71%
24.90%
Operating Cash Flow per Share 27.56p 6.69p 37.03p 38.57p 42.94p
Gross Cash Flow per Share cn/a cn/a cn/a cn/a cn/a
Cash Incr/Decr per Share 5.72p (4.57p) (0.071p) 5.90p (0.42p)
Capital Expenditure per Share n/a n/a n/a n/a n/a
Dividend per Share 12.00p 12.00p 9.10p 5.50p 4.00p
Dividend per Share Growth n/a 31.87% 65.45% 37.50% (63.64%)
Dividend Yield 4.2% 3.8% 2.5% 1.8% 1.3%
Shareholders Funds 360.30 389.00 310.60 202.30 270.20
Net Borrowings £ (Millions) 232.30 200.40 96.50 155.60 221.60
Net Asset Value per Share (inc. Intangibles) 62.53p 70.37p 44.80p 5.94p 22.98p

  £ (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 360.30 389.00 310.60 202.30 270.20
Net Borrowings £ (Millions) 232.30 200.40 96.50 155.60 221.60
Net Gearing 64.47% 51.52% 31.07% 76.92% 82.01%
Cash & Near Cash 124.50 117.70 127.30 147.80 132.80
Cash 34.55% 30.26% 40.99% 73.06% 49.15%
Gross Borrowings 356.80 318.10 223.80 303.40 354.40
Gross Gearing 99.03% 81.77% 72.05% 149.98% 131.16%
Borrowings Under 5 years 356.80 318.10 223.80 303.40 354.40
Under 5 years 99.03% 81.77% 72.05% 149.98% 131.16%
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 178.10 200.00 127.50 16.90 65.40
Net Borrowings £ (Millions) 232.30 200.40 96.50 155.60 221.60
Net Gearing 130.43% 100.20% 75.69% 920.71% 338.84%
Cash & Near Cash 124.50 117.70 127.30 147.80 132.80
Cash 69.90% 58.85% 99.84% 874.56% 203.06%
Gross Borrowings 356.80 318.10 223.80 303.40 354.40
Gross Gearing 200.34% 159.05% 175.53% 1,795.27% 541.90%
Borrowings Under 5 years 356.80 318.10 223.80 303.40 354.40
Under 5 years 200.34% 159.05% 175.53% 1,795.27% 541.90%
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 1.33 1.14 1.27 1.05 0.95
Current Ratio 2.06 1.75 1.89 1.49 1.37

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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