Spirax-Sarco Engineering (SPX)

Sector:

Engineering

Index:

FTSE 100

9,095.00p
   
  • Change Today:
    -80.00p
  • 52 Week High: 9,400.00p
  • 52 Week Low: 6,240.00p
  • Currency: UK Pounds
  • Shares Issued: 73.61m
  • Volume: 19,297
  • Market Cap: £6,695m
  • RiskGrade: 90

Key Financials

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Growth Metrics 31-Dec-14 31-Dec-13 31-Dec-12 31-Dec-11 31-Dec-10
Annualisation Factor 1.0 1.0 1.0 1.0 1.0
Dividend Yield 2.2% 2.0% 2.3% 2.6% 2.2%
           
Continuing Operations          
PE Ratio - Adjusted 20.5 21.6 18.6 15.1 17.7
PE Ratio - Diluted 21.8
21.9
22.6
22.8
20.5
19.4
15.9
15.3
17.4
18.6
PEG - Adjusted 20.5 1.5 n/a 1.1 0.5
PEG - Diluted n/a
n/a
1.2
1.9
n/a
n/a
2.6
0.8
0.3
0.8
Return on Capital Employed 32.55%
32.62%
34.37%
34.44%
30.80%
32.38%
34.34%
35.32%
35.39%
33.83%
Operating Margin 21.83%
21.88%
21.33%
21.37%
19.00%
19.98%
19.92%
20.44%
20.58%
19.60%
           
Continuing & Discontinued Operations          
PE Ratio - Adjusted 20.5 21.6 18.6 15.1 17.7
PE Ratio - Diluted 21.8
21.9
22.6
22.8
20.5
19.4
15.9
15.3
17.4
18.6
PEG - Adjusted 20.5 1.5 n/a 1.1 0.5
PEG - Diluted n/a
n/a
1.2
1.9
n/a
n/a
2.6
0.8
0.3
0.8

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Gearing 31-Dec-14 31-Dec-13 31-Dec-12 31-Dec-11 31-Dec-10
Net Gearing (6.36%) 4.10% (11.86%) (3.07%) (9.08%)

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Value Metrics 31-Dec-14 31-Dec-13 31-Dec-12 31-Dec-11 31-Dec-10
Price/Book Value 6.3 7.3 5.1 4.6 5.1
Price/Tangible Book Value 6.3 7.3 5.1 4.6 5.1
Price/ Cash Flow 19.1 19.6 16.5 19.7 18.3
Price/Revenue 3.21 3.32 2.68 2.24 2.53
Price/R&D 226.6 238.8 197.1 167.0 n/a
Net Asset Value per Share (exc. Intangibles) 458.18p 409.02p 445.39p 405.98p 381.74p
Net Cash per Share 12.71p 12.54p 11.54p 11.25p n/a

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Annualised Fundamentals 31-Dec-14 31-Dec-13 31-Dec-12 31-Dec-11 31-Dec-10
Continuing Operations          
Revenue 678.28 689.39 661.72 649.99 589.75
EBITDA 167.38
167.66
165.99
166.13
150.96
157.49
147.38
150.74
143.96
135.98
Depreciation (19.28)
(19.28)
(18.94)
(18.80)
(25.24)
(25.24)
(17.88)
(17.88)
(22.57)
(20.42)
Net Interest (2.98)
(2.98)
(2.30)
(2.30)
(3.17)
(3.17)
1.08
1.08
(0.59)
(0.59)
Profit Before Tax 144.79
145.08
145.71
146.01
124.09
130.62
132.34
136.07
123.49
118.05
           
Revenue per Share 898.00p 900.38p 849.39p 838.08p 767.21p
Pre-Tax Profit per Share 191.70p
192.08p
190.31p
190.69p
159.29p
167.66p
170.64p
175.45p
160.65p
153.57p
Market Capitalisation £ (Millions) 2,170.09 2,252.54 1,776.50 1,459.29 1,499.92
Enterprise Value (EV) £ (Millions) 2,201.41 2,296.97 1,807.15 1,488.16 1,523.15
EBITDA/EV 7.60%
7.62%
7.23%
7.23%
8.35%
8.71%
9.90%
10.13%
9.45%
8.93%
Operating Margin 21.83%
21.88%
21.33%
21.37%
19.00%
19.98%
19.92%
20.44%
20.58%
19.60%
Capital Employed £ (Millions) 453.97 430.67 413.13 382.22 350.66
Return on Capital Employed 32.55%
32.62%
34.37%
34.44%
30.80%
32.38%
34.34%
35.32%
35.39%
33.83%
Invested Equity Capital £ (Millions) 458.97 419.31 453.75 418.78 395.86
           
Earnings per Share - Basic 132.80p
132.36p
133.40p
132.24p
112.20p
118.37p
120.00p
124.79p
112.50p
105.39p
Earnings per Share - Diluted 132.00p
131.57p
132.40p
131.29p
110.90p
117.00p
118.40p
123.17p
111.20p
104.22p
Earnings per Share - Adjusted 140.40p 138.80p 122.20p 124.80p 109.50p
Earnings per Share Growth - Basic -0%
0%
19%
12%
-6%
-5%
7%
18%
62%
24%
Earnings per Share Growth - Diluted -0%
0%
19%
12%
-6%
-5%
6%
18%
60%
23%
Earnings per Share Growth - Adjusted 1% 14% -2% 14% 33%
PE Ratio - Diluted 21.8
21.9
22.6
22.8
20.5
19.4
15.9
15.3
17.4
18.6
PEG - Diluted n/a
n/a
1.2
1.9
n/a
n/a
2.6
0.8
0.3
0.8
Tax Rate 30.47% 29.98% 30.05% 30.31% 31.13%
Dividend Cover 2.18
2.05
2.35
2.24
2.31
2.23
2.55
2.55
2.55
2.45
Interest Cover 28.69
28.75
35.14
35.21
28.94
30.41
8.56
8.77
8.18
7.86
           
Continuing & Discontinued Operations          
Earnings per Share - Basic 132.80p
132.36p
133.40p
132.24p
112.20p
118.37p
120.00p
124.79p
112.50p
105.39p
Earnings per Share - Diluted 132.00p
131.57p
132.40p
131.29p
110.90p
117.00p
118.40p
123.17p
111.20p
104.22p
Earnings per Share - Adjusted 140.40p 138.80p 122.20p 124.80p 109.50p
Earnings per Share Growth - Basic -0%
0%
19%
12%
-6%
-5%
7%
18%
62%
24%
Earnings per Share Growth - Diluted -0%
0%
19%
12%
-6%
-5%
6%
18%
60%
23%
Earnings per Share Growth - Adjusted 1% 14% -2% 14% 33%
PE Ratio - Diluted 21.8
21.9
22.6
22.8
20.5
19.4
15.9
15.3
17.4
18.6
PEG - Diluted n/a
n/a
1.2
1.9
n/a
n/a
2.6
0.8
0.3
0.8
Dividend Cover 2.18
2.05
2.35
2.24
2.31
2.23
2.55
2.55
2.55
2.45
Return on Equity (ROE) 21.86%
21.78%
24.35%
24.15%
19.27%
20.32%
22.22%
23.11%
21.84%
20.47%
Operating Cash Flow per Share 150.48p 153.08p 138.03p 95.20p 106.01p
Gross Cash Flow per Share cn/a cn/a cn/a cn/a cn/a
Cash Incr/Decr per Share 41.71p (18.05p) 57.88p (19.31p) 11.81p
Capital Expenditure per Share n/a n/a n/a n/a n/a
Dividend per Share 64.50p 59.00p 53.00p 49.00p 43.00p
Dividend per Share Growth 9.32% 11.32% 8.16% 13.95% 19.11%
Dividend Yield 2.2% 2.0% 2.3% 2.6% 2.2%
Shareholders Funds 441.00 402.73 435.75 399.33 378.73
Net Borrowings £ (Millions) (28.06) 16.50 (51.68) (12.27) (34.39)
Net Asset Value per Share (inc. Intangibles) 457.02p 407.98p 444.36p 404.97p 380.71p

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Gearing - inc Intangibles 31-Dec-14 31-Dec-13 31-Dec-12 31-Dec-11 31-Dec-10
Shareholders' Funds inc Intangibles 441.00 402.73 435.75 399.33 378.73
Net Borrowings £ (Millions) (28.06) 16.50 (51.68) (12.27) (34.39)
Net Gearing (6.36%) 4.10% (11.86%) (3.07%) (9.08%)
Cash & Near Cash 117.98 84.42 99.83 60.17 74.48
Cash 26.75% 20.96% 22.91% 15.07% 19.67%
Gross Borrowings 89.92 100.92 48.16 47.90 40.09
Gross Gearing 20.39% 25.06% 11.05% 12.00% 10.59%
Borrowings Under 5 years 89.92 100.92 48.16 47.90 40.09
Under 5 years 20.39% 25.06% 11.05% 12.00% 10.59%
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-14 31-Dec-13 31-Dec-12 31-Dec-11 31-Dec-10
Shareholders' Funds exc Intangibles 345.19 312.37 346.19 314.08 292.65
Net Borrowings £ (Millions) (28.06) 16.50 (51.68) (12.27) (34.39)
Net Gearing (8.13%) 5.28% (14.93%) (3.91%) (11.75%)
Cash & Near Cash 117.98 84.42 99.83 60.17 74.48
Cash 34.18% 27.02% 28.84% 19.16% 25.45%
Gross Borrowings 89.92 100.92 48.16 47.90 40.09
Gross Gearing 26.05% 32.31% 13.91% 15.25% 13.70%
Borrowings Under 5 years 89.92 100.92 48.16 47.90 40.09
Under 5 years 26.05% 32.31% 13.91% 15.25% 13.70%
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-14 31-Dec-13 31-Dec-12 31-Dec-11 31-Dec-10
Quick Ratio 2.16 1.98 2.24 1.57 1.87
Current Ratio 2.80 2.70 3.12 2.39 2.66

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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