FGP

Firstgroup (FGP)

Company name:	Firstgroup Plc
Company Description:	FirstGroup is the UK's largest bus operator running more than 1 in 5 of all bus services. UK rail operations cover Intercity, London commuter and regional railways. US Transport operations headquartered in Cincinnati, Ohio and spread across 37 states
EPIC:	FGP	Trading Currency:	GBX
Market Sector:	F25S	ISIN:	GB0003452173
Market Segment:	STMM	Share Type:	DE
WWW Address:	http://www.firstgroup.com/	Description:	ORD 5P
Industry Sector:	TRAVEL & LEISURE

Price	Price Change [%]	Bid	Ask	Open	High	Low	Volume
113.10	-1.1 [-0.96]	113.40	114.00	113.60	118.30	113.30	2,402,019
Market Cap. [m]	Shares In Issue [m]	Beta	EPS	DPS	PE Ratio	Yield	52-Wks-Range
844.48	746.66	0.06	60.20	-	1.88	-	143.60 - 82.55

Firstgroup Key Figures

Key Figures
(at previous day's close)
Market Cap.	844.48	m
Shares In Issue	746.66	m
Prev. Close	114.20
PE Ratio	1.88
Dividend Yield	-	%
EPS - basic	60.20	p
Dividend PS	-	p
Dividend Cover	-
Cash Flow PS	8.76	p
Return On Equity (ROE)	72.60	%
Operating Margin	-0.39	%
PEG Factor	0.00
EPS Growth Rate	1,443.59	%
Dividends PS Growth Rate	-	%
Net Debt	2,161.10	m
Gross Gearing	76.91	%
Quick Assets	1,653.80	m
Net Working Capital	-392.30	m
Intangibles / Fixed Assets	4.92	%
Turnover PS	614.88	p
Pre-Tax Profit PS	-2.37	p
Retained Profit PS	85.23	p
Cash PS	105.50	p
Net Cash PS	-172.41	p
Net Tangible Asset Value PS *	103.22	p
Net Asset Value PS	118.54	p
Spread	0.60 (0.53%)
* Calculation based on Ordinary Capital figure as contained in last annual report, and the most recent shares in issue figure. Therefore the ratio might be exposed to inaccuracies.

Firstgroup Balance Sheet

%1$s Balance Sheet

Share Price Performance

Share Price Performance
Sample Period ^†	High	Low
1 week	136.60	107.20
4 weeks	137.90	107.20
12 weeks	143.60	107.20
1 year	143.60	82.55

Share Price Chart (5 years)

Firstgroup Historic Returns

%1$s Historic Returns
Giorni da oggi ^†	Open	Change	%	Open Avg.	Avg. Daily Vol [m]	Total Vol [m]	VWAP
1 week	135.20	-22.10	-16.35	107.20	3.54		121.39
4 weeks	132.00	-18.90	-14.32	107.20	1.95		127.42
12 weeks	116.00	-2.90	-2.50	107.20	2.33		130.66
26 weeks	108.10	5.00	4.63	83.95	1.76		122.02
1 year	89.55	23.55	26.30	82.55	5.70		98.64
3 years	124.20	-11.10	-8.94	25.00	4.14		85.62
5 years	117.20	-4.10	-3.50	25.00	3.44		88.83
† periods calculated are whole weeks rather than calendar months

Firstgroup Key Management Ratios

DEEPER ANALYSIS

Firstgroup Investment Ratios

%1$s Investment Ratios
(Market value analysis) at previous day's close
PQ Ratio	10.73
PE Ratio	1.88
Tobin's Q Ratio	0.14
Tobin's Q Ratio (excl. intangibles)	0.14
Dividend Yield	-	%
Market-to-Book Ratio	0.96
Price-to-Pre-Tax Profit PS	-47.71
Price-to-Retained Profit PS	1.33
Price-to-Cash Flow PS	12.91
Price-to-Sales PS	0.18
Price-to-Net Tangible Asset Value PS	1.08
Price-to-Cash PS	1.07
Net Working Capital PS	-52.54
Price Pct to Working Capital PS	-2.15	%
Earnings Yield	53.23	%
Average PE	12.62
Years in average	2
PE to PE average	14.88	%

Firstgroup Financial Ratios

%1$s Financial Ratios
(Leverage Ratios)
Debt Ratio	49.68	%
Debt-to-Equity Ratio	0.99
Debt-to-Equity Ratio (excl. Intgbl)	1.12
Debt-to-Equity Market Value	1.03
Net Gearing	56.37	%
Net Gearing (excl. Intangibles)	57.97	%
Gross Gearing	76.91	%
Gross Gearing (excl. Intangibles)	79.10	%
Gearing Under 1 Year	54.12	%
Gearing Under 1 Year (excl. Intgbl)	55.66	%
Assets/Equity	4.33
Cash/Equity	89.00
(Liquidity Ratios)
Net Working Capital to Total Assets	-10.23	%
Current Ratio	0.81
Quick Ratio (Acid Test)	0.80
Liquidity Ratio	0.38
Cash & Equiv/Current Assets	46.81	%
(Solvency Ratios)
Enterprise Value	939.08	m
CFO/Sales	0.01
CFO/Attributable Profit	0.10
CFO/Assets	0.02
CFO/Debt	0.02
Total Debt/Equity Market Value	3.49
Total Debt/Sales	0.64
Total Debt/Pre-Tax Profit	-166.60
Total Debt	2,948.80	m
Total Debt/Net Current Assets	-7.52	%
(Dodds - Graham Ratios)
3 yr Compound Earnings Growth	-	%
5 yr Compound Earnings Growth	-	%
10 yr Compound Earnings Growth	23.49	%
Earn drops > 5% in 10yrs	10

Beta coefficients
Beta (60-Mnth)	Beta (36-Mnth)
0.0633	0.0688

Firstgroup Operating Ratios

%1$s Operating Ratios
(Profitability Ratios)
Return On Capital Employed (ROCE)	-1.01	%
Return On Assets (ROA)	10.50	%
Net Profit Margin	13.86	%
Assets Turnover	0.76
Return On Equity (ROE)	72.60	%
Return On Investment (ROI)	18.18	%
Dividend Payout Ratio	-	%
Plowback Ratio	100.00	%
Growth from Plowback Ratio	61.95	%
Net Income Of Revenues	13.86	%
(Asset Utilisation Multiples)
Shareholders Equity Turnover	4.47
Fixed Assets Turnover	1.92
Current Assets Turnover	1.25
Net Working Capital Turnover
Inventory Turnover	157.50
(Other Operating Ratios)
Total Assets-to-Sales	1.32
Debtors-to-Sales	16.77	%
Debt Collection Period	61.20	Days

Firstgroup Dividends

%1$s Dividends
Announcement Date	Type	Curr.	Dividend Amount	Period Start	Period End	Ex Date	Record Date	Payment Date	Total Dividend Amount
07 Nov 2012	Interim	GBX	7.62	03/30/2012	09/30/2012	01/09/2013	01/11/2013	02/07/2013	7.62
23 May 2012	Final	GBX	16.05	03/31/2011	03/31/2012	07/09/2012	07/11/2012	08/17/2012	23.67
09 Nov 2011	Interim	GBX	7.62	03/31/2011	03/31/2012	01/04/2012	01/06/2012	02/01/2012	-
12 May 2011	Final	GBX	15.00	03/31/2010	03/31/2011	07/13/2011	07/15/2011	08/19/2011	22.12
03 Nov 2010	Interim	GBX	7.12	03/31/2010	03/31/2011	01/05/2011	01/07/2011	02/02/2011	-
12 May 2010	Final	GBX	14.00	03/31/2009	03/31/2010	07/14/2010	07/16/2010	08/20/2010	20.65
04 Nov 2009	Interim	GBX	6.65	03/31/2009	03/31/2010	01/06/2010	01/08/2010	02/03/2010	-
13 May 2009	Final	GBX	12.70	03/31/2008	03/31/2009	07/15/2009	07/17/2009	08/21/2009	18.75
05 Nov 2008	Interim	GBX	6.05	03/30/2008	09/30/2008	01/07/2009	01/09/2009	02/04/2009	-
14 May 2008	Final	GBX	11.55	03/31/2007	03/31/2008	07/16/2008	07/18/2008	08/22/2008	17.50
17 May 2007	Final	GBX	10.50	03/31/2006	03/31/2007	07/18/2007	07/20/2007	08/24/2007	15.50
13 Nov 2006	Interim	GBX	5.00	03/30/2006	09/30/2006	01/10/2007	01/12/2007	02/07/2007	-
17 May 2006	Final	GBX	9.55	03/31/2005	03/31/2006	07/19/2006	07/21/2006	08/25/2006	14.10
09 Nov 2005	Interim	GBX	4.55	03/30/2005	09/30/2005	01/11/2006	01/13/2006	02/08/2006	-
10 May 2005	Final	GBX	8.69	03/31/2004	03/31/2005	07/20/2005	07/22/2005	08/26/2005	12.82
03 Nov 2004	Interim	GBX	4.13	03/30/2004	09/30/2004	01/12/2005	01/14/2005	02/09/2005	-
12 May 2004	Final	GBX	7.90	03/31/2003	03/31/2004	07/21/2004	07/23/2004	08/27/2004	11.65
05 Nov 2003	Interim	GBX	3.75	03/30/2003	09/30/2003	01/14/2004	01/16/2004	02/11/2004	-
14 May 2003	Final	GBX	7.45	03/31/2002	03/31/2003	07/23/2003	07/25/2003	08/29/2003	11.00
06 Nov 2002	Interim	GBX	3.55	03/30/2002	09/30/2002	01/15/2003	01/17/2003	02/12/2003	-
15 May 2002	Final	GBX	7.00	03/31/2001	03/31/2002	07/24/2002	07/26/2002	08/30/2002	10.30
07 Nov 2001	Interim	GBX	3.30	03/30/2001	09/30/2001	01/16/2002	01/18/2002	02/13/2002	-
15 May 2001	Final	GBX	6.40	03/31/2000	03/31/2001	07/25/2001	07/27/2001	08/24/2001	9.40
07 Nov 2000	Interim	GBX	3.00	03/30/2000	09/30/2000	01/15/2001	01/19/2001	02/14/2001	-
16 May 2000	Final	GBX	5.80	03/31/1999	03/31/2000	07/24/2000	07/28/2000	08/25/2000	8.50
09 Nov 1999	Interim	GBX	2.70	03/30/1999	09/30/1999	01/04/2000	01/10/2000	02/16/2000	-
18 May 1999	Final	GBX	5.00	03/31/1998	03/31/1999	07/12/1999	07/16/1999	08/27/1999	7.50
17 Nov 1998	Interim	GBX	2.50	03/30/1998	09/30/1998	01/04/1999	01/08/1999	02/17/1999	-
02 Jun 1998	Final	GBX	4.40	03/31/1997	03/31/1998	07/13/1998	07/17/1998	08/28/1998	6.60

Firstgroup Fundamentals

Profit and Loss Account
	31 Mar 2019 (GBP)		31 Mar 2020 (GBP)		31 Mar 2021 (GBP)		26 Mar 2022 (GBP)
turnover	7,126.90	100.00%	7,754.60	100.00%	4,641.80	100.00%	4,591.10	100.00%	m
pre tax profit	-97.90	-1.37%	-299.60	-3.86%	75.20	1.62%	-17.70	-0.39%	m
attributable profit	-66.90	-0.94%	-327.20	-4.22%	78.40	1.69%	636.40	13.86%	m
retained profit	-66.90	-0.94%	-327.20	-4.22%	78.40	1.69%	636.40	13.86%	m
eps - basic (p)	-5.50		-27.00		3.90		60.20
eps - diluted (p)	-5.50		-27.00		3.90		60.20
dividends per share	-		-		-		-

Firstgroup Balance Sheet

Balance Sheet
	31 Mar 2019 (GBP)		31 Mar 2020 (GBP)		31 Mar 2021 (GBP)		26 Mar 2022 (GBP)


	31 Mar 2019 (GBP)		31 Mar 2020 (GBP)		31 Mar 2021 (GBP)		26 Mar 2022 (GBP)
ASSETS
fixed assets	2,165.90	36.41%	4,374.50	52.43%	2,443.70	29.47%	1,692.70	44.15%	m
intangibles	1,673.20	28.13%	1,715.10	20.56%	100.10	1.21%	105.90	2.76%	m
fixed investments	139.30	2.34%	106.70	1.28%	77.30	0.93%	352.60	9.20%	m
current assets - other	31.70	0.53%	1.00	0.01%	3,491.40	42.10%	38.50	1.00%	m
stocks	60.20	1.01%	63.30	0.76%	29.40	0.35%	28.90	0.75%	m
debtors	1,185.40	19.93%	1,214.00	14.55%	712.10	8.59%	827.60	21.59%	m
cash & securities	692.90	11.65%	869.30	10.42%	1,438.90	17.35%	787.70	20.55%	m

TOTAL	5,948.60	100%	8,343.90	100%	8,292.90	100%	3,833.90	100%	m

LIABILITIES
creditors - short	1,934.40	32.52%	2,820.70	33.81%	3,049.00	36.77%	2,075.00	54.12%	m
creditors - long	2,490.90	41.87%	4,346.50	52.09%	2,953.20	35.61%	873.80	22.79%	m
creditors - other	-	-%	-	-%	1,136.60	13.71%	-	-%	m
subordinated loans	-	-%	-	-%	-	-%	-	-%	m
insurance funds	-	-%	-	-%	-	-%	-	-%	m

TOTAL	4,425.30	74.39%	7,167.20	85.90%	7,138.80	86.08%	2,948.80	76.91%	m

EQUITY
ord cap, reserves	1,554.50	26.13%	1,209.80	14.50%	1,178.00	14.20%	876.60	22.86%	m
prefs, minorities	-31.20	-0.52%	-33.10	-0.40%	-23.90	-0.29%	8.50	0.22%	m

TOTAL	1,523.30	25.61%	1,176.70	14.10%	1,154.10	13.92%	885.10	23.09%	m

OTHER
NAV Basic	-		-		-		-
NAV Diluted	-		-		-		-

Firstgroup Cash Flow Statement

%1$s Cash Flow Statement
	31 Mar 2019 (GBP)	31 Mar 2020 (GBP)	31 Mar 2021 (GBP)	26 Mar 2022 (GBP)
Operating CF	563.70	958.20	1,204.40	65.40	m
Pre-Financing CF	197.40	654.80	934.40	2,147.00	m
Retained CF	149.10	173.80	576.50	-743.00	m

Firstgroup Brokers

%1$s Brokers
Name	Activity	Type	Mnemonic	Code
THE ROYAL BANK OF SCOT N.V.	Market Maker(MME)	Broker/Dealer	RBSM	ABNAGB22
J.P. Morgan Cazenove Limited	Market Maker(MME)	Broker/Dealer	CAZR	CAZEGB2L
Evolution Securities Limited	Market Maker(MME)	Broker/Dealer	EVO	EVBGGB21MMT
Winterflood Securities Ltd	Market Maker(MME)	Broker/Dealer	WINS	WNTSGB2LBIC