EBIT (H1, 2017)57.6 M

Closing share price, 31-Oct-201718.3

Cash, 31-Dec-201674.6 M

EV1.5 B

GBP | FY, 2013 | FY, 2014 | FY, 2015 | FY, 2016 |
---|---|---|---|---|

## Revenue | 745.2 m | 713.7 m | 726.3 m | 785.8 m |

## Revenue growth, % | (4%) | 2% | 8% | |

## Cost of goods sold | 523.7 m | 494.3 m | 499.5 m | 536.6 m |

## Gross profit | 221.5 m | 219.4 m | 226.8 m | 249.2 m |

## Gross profit Margin, % | 30% | 31% | 31% | 32% |

## Sales and marketing expense | 1.8 m | 1.9 m | 1.6 m | 1.1 m |

## General and administrative expense | 126.4 m | 137.7 m | 143 m | 144.9 m |

## Operating expense total | 175.4 m | 195 m | 162.5 m | 161.2 m |

## EBIT | 57.4 m | 39.5 m | 66.4 m | 89.7 m |

## EBIT margin, % | 8% | 6% | 9% | 11% |

## Interest expense | 9.7 m | 18.2 m | 15.4 m | 33.7 m |

## Pre tax profit | 49.3 m | 21.5 m | 34.8 m | 67.6 m |

## Income tax expense | 11.1 m | 15 m | 9.8 m | 9.4 m |

## Net Income | 38.2 m | 6.5 m | 25 m | 58.3 m |

- Source: Company Filings

GBP | H1, 2014 | H1, 2015 | H1, 2017 | H1, 2017 |
---|---|---|---|---|

## Revenue | 341 m | 331.7 m | 366.6 m | 366.4 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 m | 50.4 m | 57.7 m | 57.6 m |

## EBIT margin, % | 1% | 15% | 16% | 16% |

## Interest expense | 5.2 m | 3 m | ||

## Pre tax profit | 45.8 m | 47.4 m | 52.4 m | 52.3 m |

## Income tax expense | 8.8 m | 10.8 m | ||

## Net Income | 37 m | 36.6 m |

- Source: Company Filings

GBP | FY, 2014 | FY, 2015 | FY, 2016 |
---|---|---|---|

## Cash | 41.3 m | 45.5 m | 74.6 m |

## Accounts Receivable | 91.6 m | 92.1 m | 97.7 m |

## Inventories | 73.7 m | 81.8 m | 78.2 m |

## Current Assets | 308.7 m | 343.6 m | 378.2 m |

## PP&E | 94.6 m | 68.2 m | 66.2 m |

## Goodwill | 461.5 m | 569 m | 415.6 m |

## Total Assets | 864.8 m | 1 b | 1.1 b |

## Accounts Payable | 92.9 m | 70.7 m | 68.3 m |

## Current Liabilities | 268.1 m | 238 m | 229.7 m |

## Long-term debt | 170.8 m | 341 m | 331.3 m |

## Non-Current Liabilities | 279.6 m | 447.5 m | 478.1 m |

## Total Debt | 170.8 m | 341 m | 331.3 m |

## Total Liabilities | 547.7 m | 685.5 m | 707.9 m |

## Common Stock | 3.5 m | 3.5 m | 3.5 m |

## Additional Paid-in Capital | 56.1 m | 61.1 m | 64 m |

## Retained Earnings | 246.1 m | 238.7 m | 228 m |

## Total Equity | 317.1 m | 316.8 m | 363.5 m |

## EPS | 0.3 | 0.4 | 0.8 |

## Debt to Equity Ratio | 0.5 x | 1.1 x | 0.9 x |

## Debt to Assets Ratio | 0.2 x | 0.3 x | 0.3 x |

## Financial Leverage | 2.7 x | 3.2 x | 2.9 x |

GBP | H1, 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 |

GBP | FY, 2014 | FY, 2015 | FY, 2016 |
---|---|---|---|

## Cash From Operating Activities | 68.7 m | 47.8 m | 92.8 m |

## Purchases of PP&E | 8.4 m | 4.6 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 m | 129.3 m | (87 m) |

## Net Change in Cash | 11.7 m | 5.9 m | 20.8 m |

GBP | H1, 2014 | H1, 2015 | H1, 2017 | H1, 2017 |
---|---|---|---|---|

## Cash From Operating Activities | 35.3 m | 15.8 m | 38.5 m | 30.5 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 |

GBP | Y, 2017 |
---|---|

## EV/EBIT | 26.9 x |

## EV/CFO | 50.7 x |

## Revenue/Employee | 75.7 k |

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