Ultra Electronics Financials

£366.4 M

Revenue H1, 2017

£1.3 B

Mkt cap, 31-Oct-2017
EBIT (H1, 2017)57.6 M
Closing share price, 31-Oct-201718.3
Cash, 31-Dec-201674.6 M
EV1.5 B

Financials

Market Value

Revenue/Financials

Income Statement

Annual

GBPFY, 2013FY, 2014FY, 2015FY, 2016

Revenue

745.2 m713.7 m726.3 m785.8 m

Revenue growth, %

(4%)2%8%

Cost of goods sold

523.7 m494.3 m499.5 m536.6 m

Gross profit

221.5 m219.4 m226.8 m249.2 m

Gross profit Margin, %

30%31%31%32%

Sales and marketing expense

1.8 m1.9 m1.6 m1.1 m

General and administrative expense

126.4 m137.7 m143 m144.9 m

Operating expense total

175.4 m195 m162.5 m161.2 m

EBIT

57.4 m39.5 m66.4 m89.7 m

EBIT margin, %

8%6%9%11%

Interest expense

9.7 m18.2 m15.4 m33.7 m

Pre tax profit

49.3 m21.5 m34.8 m67.6 m

Income tax expense

11.1 m15 m9.8 m9.4 m

Net Income

38.2 m6.5 m25 m58.3 m

Half Year

GBPH1, 2014H1, 2015H1, 2017H1, 2017

Revenue

341 m331.7 m366.6 m366.4 m

Cost of goods sold

246.2 m

Gross profit

94.8 m

Gross profit Margin, %

28%

Sales and marketing expense

521 k

R&D expense

54 m

Operating expense total

56.4 m

EBIT

4.8 m50.4 m57.7 m57.6 m

EBIT margin, %

1%15%16%16%

Interest expense

5.2 m3 m

Pre tax profit

45.8 m47.4 m52.4 m52.3 m

Income tax expense

8.8 m10.8 m

Net Income

37 m36.6 m

Balance Sheet

Annual

GBPFY, 2014FY, 2015FY, 2016

Cash

41.3 m45.5 m74.6 m

Accounts Receivable

91.6 m92.1 m97.7 m

Inventories

73.7 m81.8 m78.2 m

Current Assets

308.7 m343.6 m378.2 m

PP&E

94.6 m68.2 m66.2 m

Goodwill

461.5 m569 m415.6 m

Total Assets

864.8 m1 b1.1 b

Accounts Payable

92.9 m70.7 m68.3 m

Current Liabilities

268.1 m238 m229.7 m

Long-term debt

170.8 m341 m331.3 m

Non-Current Liabilities

279.6 m447.5 m478.1 m

Total Debt

170.8 m341 m331.3 m

Total Liabilities

547.7 m685.5 m707.9 m

Common Stock

3.5 m3.5 m3.5 m

Additional Paid-in Capital

56.1 m61.1 m64 m

Retained Earnings

246.1 m238.7 m228 m

Total Equity

317.1 m316.8 m363.5 m

EPS

0.30.40.8

Debt to Equity Ratio

0.5 x1.1 x0.9 x

Debt to Assets Ratio

0.2 x0.3 x0.3 x

Financial Leverage

2.7 x3.2 x2.9 x

Half Year

GBPH1, 2014

Cash

46.1 m

Accounts Receivable

78.5 m

Inventories

64.4 m

Current Assets

349.3 m

PP&E

63.1 m

Goodwill

318.2 m

Total Assets

899.7 m

Accounts Payable

89.9 m

Current Liabilities

279.4 m

Non-Current Liabilities

286 m

Total Liabilities

565.4 m

Common Stock

3.5 m

Additional Paid-in Capital

54.7 m

Retained Earnings

276.2 m

Total Equity

334.3 k

EPS

0.5

Financial Leverage

2691 x

Cash Flow

Annual

GBPFY, 2014FY, 2015FY, 2016

Cash From Operating Activities

68.7 m47.8 m92.8 m

Purchases of PP&E

8.4 m4.6 m(4.6 m)

Cash From Investing Activities

(120.4 m)(171.2 m)10 m

Long-term Borrowings

(68.3 m)(160.5 m)(114.4 m)

Dividends Paid

(29.7 m)(31.3 m)(32.6 m)

Cash From Financing Activities

63.4 m129.3 m(87 m)

Net Change in Cash

11.7 m5.9 m20.8 m

Half Year

GBPH1, 2014H1, 2015H1, 2017H1, 2017

Cash From Operating Activities

35.3 m15.8 m38.5 m30.5 m

Purchases of PP&E

(5.1 m)

Cash From Investing Activities

(111.9 m)

Dividends Paid

(20.5 m)

Cash From Financing Activities

93.1 m

Net Change in Cash

16.5 m

Ratios

GBPY, 2017

EV/EBIT

26.9 x

EV/CFO

50.7 x

Revenue/Employee

75.7 k

Operating Metrics

Ultra Electronics's Backlog was reported to be £807.8 m in H1, 2017
FY, 2014FY, 2015H1, 2017FY, 2016H1, 2017

Backlog

£787.3 m£753.8 m£785.7 m£799.3 m£807.8 m