Esker |
Accelerating growth in new contracts |
FY18 results |
Software & comp services |
28 March 2019 |
Share price performance
Business description
Next events
Analyst
Esker is a research client of Edison Investment Research Limited |
Esker reported another year of double-digit revenue growth in FY18 and expects to repeat this in FY19. The company continues hiring to drive and support growth, resulting in operating margins undershooting its 15% target. We have revised our forecasts to reflect the higher level of investment. The 68% growth in the value of contracts signed in FY18 (up from 45% in FY17) supports the sustained growth of the business.
Year end |
Revenue (€m) |
PBT* |
EPS* |
DPS |
P/E |
Yield |
12/17 |
76.1 |
10.7 |
1.32 |
0.32 |
51.6 |
0.5 |
12/18 |
86.9 |
12.2 |
1.64 |
0.36 |
41.5 |
0.5 |
12/19e |
99.1 |
14.4 |
1.81 |
0.39 |
37.5 |
0.6 |
12/20e |
112.7 |
17.8 |
2.19 |
0.43 |
31.1 |
0.6 |
Note: *PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments.
FY18 results confirm strong revenue & profit growth
Esker reported FY18 revenue growth of 14% (16% in constant currency, cc). SaaS-related revenues grew 18% (20% cc), whereas licence-based DPA revenues declined 4% (-1% cc) and legacy product revenues declined 8% y-o-y (-7% cc). Normalised operating profit grew 13% y-o-y, although higher than expected operating costs resulted in a normalised operating margin of 13.7% versus our 15.4% forecast. Higher than expected contract wins towards the end of Q4 resulted in the payment of higher sales commissions (which are expensed immediately) whereas revenue from these multi-year contracts made almost no contribution in FY18. Normalised diluted EPS grew 24.4%, and was 3.7% below our forecast. Net cash of €16.6m at the end of FY18 was 65% higher than a year ago.
Growth in contract base gives good visibility
The company saw contracts worth €21.5m signed in FY18, 68% higher than in FY17. With contracts typically signed for three years, this gives the company good revenue visibility. Management expects to generate double-digit revenue growth in FY19 and is targeting 20% growth of SaaS-related revenues with operating margins in the region of 15%. We have revised our forecasts to reflect a higher cost base entering FY19; we reduce our FY19 normalised EPS forecast by 4.4% (10.6% growth y-o-y) and introduce a forecast for 20.6% growth in FY20.
Valuation: Reflects high levels of recurring revenue
On a P/E basis, Esker continues to trade at a premium to global DPA software peers and French small-cap software peers. As SaaS-related revenues make up 87% of group revenues, we believe it is more relevant to consider US SaaS software companies: Esker trades at a discount on all valuation metrics. We view Esker’s operating model as sitting somewhere between low-growth, high-profitability on-premise software businesses and US SaaS companies’ high-growth, high-investment operating model, aiming for a happy medium of double-digit revenue growth while achieving mid-teen operating margins. In our view, high levels of recurring revenue, a strong balance sheet and a focus on investing to maintain growth warrant a premium valuation.
Review of FY18 results
Exhibit 1: FY18 results highlights
€m |
FY17a |
FY18e |
FY18a |
change |
y-o-y |
Revenues |
76.1 |
86.9 |
86.9 |
(0.1%) |
14.2% |
EBITDA |
16.4 |
19.8 |
18.5 |
(6.2%) |
13.0% |
EBITDA margin |
21.6% |
22.7% |
21.3% |
(1.4%) |
(0.2%) |
Normalised EBIT |
10.5 |
13.4 |
11.9 |
(10.8%) |
12.9% |
Normalised EBIT margin |
13.9% |
15.4% |
13.7% |
(1.6%) |
(0.2%) |
Reported EBIT |
9.8 |
13.1 |
11.5 |
(11.7%) |
17.7% |
Reported EBIT margin |
12.9% |
15.0% |
13.3% |
(1.7%) |
0.4% |
Normalised PBT |
10.7 |
13.7 |
12.2 |
(11.1%) |
14.1% |
Normalised net income |
7.3 |
9.9 |
9.1 |
(7.3%) |
25.5% |
Normalised diluted EPS (€) |
1.32 |
1.70 |
1.64 |
(3.7%) |
24.4% |
Reported basic EPS (€) |
1.28 |
1.79 |
1.64 |
(8.5%) |
28.0% |
Diluted basic EPS (€) |
1.22 |
1.66 |
1.59 |
(4.7%) |
30.3% |
Net cash |
10.0 |
15.5 |
16.6 |
7.3% |
65.5% |
DPS (€) |
0.32 |
0.36 |
0.36 |
0.0% |
12.5% |
Source: Esker, Edison Investment Research
Double-digit growth for fifth year in a row
As Esker had previously reported Q4 revenues, FY2018 revenues were in line with expectations. Revenues grew 14% in FY18, the fifth year of double-digit growth. On a constant currency basis, revenues grew 16% y-o-y. Recurring revenues made up 78% of total revenues, flat in percentage terms versus last year.
Exhibit 2: Revenues by type
€m |
FY17 |
FY18 |
y-o-y |
SaaS |
51.4 |
61.0 |
18.6% |
Maintenance |
8.0 |
6.9 |
(13.6%) |
Consulting |
14.4 |
16.5 |
14.9% |
Licences |
1.6 |
1.6 |
(5.1%) |
Hardware |
0.6 |
0.9 |
43.6% |
Total |
76.1 |
86.9 |
14.2% |
SaaS-based DPA revenues |
64.4 |
75.8 |
17.7% |
Licence & maintenance-based DPA revenues |
8.1 |
7.8 |
(3.7%) |
Legacy products |
3.6 |
3.3 |
(8.3%) |
Total |
76.1 |
86.9 |
14.2% |
Source: Esker
SaaS revenues grew 19% y-o-y to make up 70% of revenues. Maintenance revenues continued to decline, reflecting the gradual decline in perpetual licence sales, which now make up only 2% of revenues. Consulting revenues grew 15%, reflecting the growth in new contracts signed.
Looking at all SaaS-based DPA revenues (including consulting), growth was 18% over the year, or 20% on a constant currency basis.
Higher investment in headcount reduces profit growth
EBITDA came in €1.4m lower than our forecast. Staff costs were €0.9m/1.8% higher than forecast and other operating costs were €0.9m/3.9% higher than forecast, partially offset by higher other income (€1.3m versus our €1.0m forecast).
The business increased headcount by 15% over the year to end FY18 with 580 employees. Average headcount increased 13% y-o-y. R&D and consulting headcount made up 56% of the overall increase. More recently the company started increasing investment in sales and marketing headcount.
As the proportion of costs that are US-dollar denominated is lower than the proportion of revenues generated in US dollars, the weakening of the dollar versus the euro (average 1.18 in FY18 vs 1.13 in FY17) had a €0.48m negative impact on operating profit.
New contract wins increase costs in short term but boost recurring revenue base
Contracts worth €21.5m were signed in FY18, 68% higher than in FY17, which in turn was 45% higher than FY16. As the company has noted before, this value represents several years of revenues (typically three), whereas all the costs incurred in winning this business are charged in the period the contracts were signed. The total amount of revenue typically generated from a contract is roughly double the level originally contracted, owing to volume-based revenues. This gives the company good revenue visibility. Esker highlighted that sales towards the end of Q4 were higher than expected, resulting in higher than expected pay-out of sales commission, but very little impact on revenues yet. In total, Esker paid out €1.1m more in sales commissions in FY18 than it did in FY17.
The company saw a small increase in the contribution from the Neopost JV, from €232k in FY17 to €317k in FY18. As expected, the tax rate decreased due to tax cuts enacted in the US.
Normalised net income was 7.3% below our forecast and diluted normalised EPS came in 3.7% lower – the difference was due to a lower than forecast dilutive share count.
The company had a net cash balance of €16.6m at the end of FY18, up 65.5% y-o-y. It generated operating cash inflow of €15.6m, and paid out €1.8m in dividends and €8.1m in capex.
Business update
Recent contract announcement highlights potential in Asia
In February, the company announced that Fuji Xerox would market Esker’s accounts payable automation solution as part of its offering to optimise accounts payable management processes in Japan, and soon Australia, Hong Kong and Singapore. Esker and Fuji Xerox already work together in New Zealand where customers in the construction, retail, business and education sectors have signed up to use Esker’s accounts payable solution.
Fuji Xerox is a 75/25 joint venture between FUJIFILM and Xerox; its direct sales force covers Japan and the Asia-Pacific region including China. Esker generated 4% of its revenues in Asia Pacific/Australia in FY18. As the agreement also includes Fuji Xerox providing consulting, implementation and support to customers that choose to buy the software, this agreement could accelerate Esker’s penetration of this region without Esker incurring substantial sales and consulting costs in the region.
Continuing to develop the channel
To accelerate the pace at which it can sign up new customers, Esker has started to build a network of channel partners. Last year, the company signed a partnership with Optima ECM Consulting in the US and with systems integrator Viveris in France. Ideally, these companies will start as implementation partners, but could end up as resellers. Esker has started training partners in France, with some implementation projects already underway.
Outlook and changes to forecasts
Management confirmed it is targeting 20% recurring organic growth (ie growth in SaaS revenues) with operating margins in the region of 15%, while continuing to invest in sales, consulting and R&D.
We have made minimal changes to our FY19 revenue forecast and we introduce a forecast for 13.8% growth in FY20. We have increased our cost base to reflect costs incurred in FY18 and a faster hiring rate. This reduces our FY19e normalised EBIT margin from 15.3% to 14.1%; however, as the company is targeting 15% margins we could see upside to our forecast. For FY20, we forecast growth in the margin to 15.4%. This results in normalised diluted EPS growth of 10.6% in FY19 and 20.6% in FY20. We expect continued strong cash generation and a net cash position of €32.0m by the end of FY20.
Exhibit 3: Changes to forecasts
€m |
FY19e old |
FY19e new |
change |
y-o-y |
FY20e |
y-o-y |
Revenues |
99.0 |
99.1 |
0.1% |
14.1% |
112.7 |
13.8% |
EBITDA |
22.2 |
21.0 |
(5.4%) |
13.2% |
24.8 |
18.2% |
EBITDA margin |
22.4% |
21.2% |
(1.2%) |
(0.2%) |
22.0% |
0.8% |
Normalised EBIT |
15.2 |
14.0 |
(7.9%) |
17.4% |
17.4 |
24.4% |
Normalised EBIT margin |
15.3% |
14.1% |
(1.2%) |
0.4% |
15.4% |
1.3% |
Reported EBIT |
14.9 |
13.7 |
(8.0%) |
18.7% |
17.1 |
25.0% |
Reported EBIT margin |
15.0% |
13.8% |
(1.2%) |
0.5% |
15.2% |
1.4% |
Normalised PBT |
15.5 |
14.4 |
(7.1%) |
18.3% |
17.8 |
23.7% |
Normalised net income |
11.2 |
10.4 |
(7.1%) |
13.5% |
12.8 |
23.7% |
Normalised dil. EPS (€) |
1.89 |
1.81 |
(4.4%) |
10.6% |
2.19 |
20.6% |
Reported basic EPS (€) |
1.99 |
1.84 |
(7.8%) |
12.4% |
2.24 |
22.0% |
Diluted basic EPS (€) |
1.86 |
1.77 |
(4.5%) |
11.9% |
2.15 |
21.0% |
Net cash |
22.3 |
23.7 |
6.3% |
43.2% |
32.0 |
34.9% |
DPS (€) |
0.39 |
0.39 |
0.0% |
8.3% |
0.43 |
10.3% |
Source: Edison Investment Research
Valuation
On a P/E basis, Esker continues to trade at a premium to global DPA software peers and French small-cap software peers. As SaaS-related revenues make up 87% of group revenues, we believe it is more relevant to consider US SaaS software companies: Esker trades at a discount on all valuation metrics. We view Esker’s operating model as sitting somewhere between low-growth, high-profitability on-premise software businesses and US SaaS companies’ high-growth, high-investment operating model, aiming for a happy medium of double-digit revenue growth while achieving mid-teen operating margins. In our view, high levels of recurring revenue, a strong balance sheet and a focus on investing to maintain growth warrant a premium valuation.
Exhibit 4: Peer group multiples
Company |
Share |
Market |
Rev growth |
EBIT margin |
EBITDA margin |
EV/Sales (x) |
P/E (x) |
|||||
price |
cap (m) |
CY |
NY |
CY |
NY |
CY |
NY |
CY |
NY |
CY |
NY |
|
Esker |
€ 68.00 |
€ 372.2 |
14.1% |
13.8% |
14.1% |
15.4% |
21.2% |
22.0% |
3.6 |
3.2 |
37.5 |
31.1 |
Software companies with DPA software offerings |
||||||||||||
Basware |
€ 23.40 |
€ 338.8 |
5.1% |
9.9% |
-8.8% |
(5.1%) |
1.3% |
2.9% |
2.4 |
2.2 |
N/A |
N/A |
Bottomline |
$48.33 |
$2,087.6 |
8.6% |
11.2% |
19.6% |
20.9% |
24.9% |
25.9% |
4.6 |
4.1 |
31.1 |
26.3 |
Coupa |
$90.40 |
$5,373.8 |
25.9% |
25.2% |
1.7% |
6.3% |
5.5% |
10.8% |
16.0 |
12.7 |
1234.8 |
279.3 |
ITESoft |
€ 3.10 |
€ 19.1 |
(1.2%) |
7.5% |
10.8% |
0.6 |
11.5 |
|||||
OpenText |
$50.27 |
$13,511 |
5.2% |
0.6% |
34.8% |
35.9% |
38.4% |
39.6% |
4.0 |
3.9 |
16.9 |
16.1 |
Average |
8.7% |
11.7% |
11.0% |
14.5% |
16.2% |
19.8% |
5.5 |
5.7 |
19.8* |
21.2* |
||
Median |
5.2% |
10.5% |
7.5% |
13.6% |
10.8% |
18.3% |
4.0 |
4.0 |
16.9* |
21.2* |
||
French small-cap software companies |
||||||||||||
Axway Software |
€ 11.30 |
€ 236 |
1.0% |
1.6% |
8.1% |
9.9% |
10.2% |
12.0% |
0.9 |
0.8 |
16.4 |
15.3 |
Claranova |
€ 0.73 |
€ 289 |
18.7% |
17.7% |
9.8% |
10.8% |
10.1% |
11.4% |
0.9 |
0.7 |
13.7 |
10.4 |
ESI Group |
€ 23.20 |
€ 139 |
2.6% |
6.3% |
5.3% |
8.2% |
7.4% |
9.9% |
1.2 |
1.1 |
39.7 |
19.7 |
Harvest |
€ 85.50 |
€ 121 |
10.0% |
9.9% |
22.0% |
25.0% |
23.3% |
26.2% |
3.6 |
3.2 |
26.1 |
21.0 |
Lectra |
€ 21.70 |
€ 692 |
6.6% |
4.4% |
14.2% |
14.6% |
16.9% |
17.5% |
2.0 |
1.9 |
21.9 |
20.4 |
Linedata Service |
€ 29.60 |
€ 212 |
(1.4%) |
3.8% |
16.6% |
17.0% |
25.3% |
25.5% |
1.6 |
1.6 |
10.5 |
10.1 |
Sidetrade |
€ 58.60 |
€ 83 |
4.6% |
17.1% |
7.1% |
10.8% |
10.3% |
3.1 |
2.6 |
51.4 |
||
Average |
6.0% |
8.7% |
11.9% |
13.7% |
14.8% |
17.1% |
1.9 |
1.7 |
25.7 |
16.1 |
||
Median |
4.6% |
6.3% |
9.8% |
10.8% |
10.3% |
14.7% |
1.6 |
1.6 |
21.9 |
17.5 |
Source: Edison Investment Research, Refinitiv. Note: Priced at 25 March; *excludes Basware and Coupa.
Exhibit 5: SaaS companies financial and valuation metrics
Name |
Market cap (m) |
EV in reporting currency (m) |
Sales Growth CY (%) |
Sales Growth NY (%) |
EBITDA margin CY (%) |
EBITDA margin NY (%) |
EBIT margin CY (%) |
EBIT margin NY (%) |
EV/ Sales CY (x) |
EV/ Sales NY (x) |
P/E CY (x) |
P/E NY (x) |
Salesforce.Com |
124,517 |
123,351 |
20.7 |
19.5 |
24.2 |
25.0 |
18.3 |
19.6 |
7.7 |
6.4 |
58.4 |
46.9 |
Workday |
42,420 |
41,846 |
25.9 |
22.7 |
19.0 |
20.9 |
12.4 |
14.3 |
11.8 |
9.6 |
115.2 |
86.7 |
ServiceNow |
43,538 |
42,702 |
31.5 |
28.1 |
26.8 |
28.1 |
21.2 |
23.1 |
12.4 |
9.7 |
77.6 |
56.3 |
Atlassian |
26,305 |
25,497 |
37.1 |
27.8 |
26.5 |
26.9 |
20.5 |
21.3 |
21.3 |
16.7 |
134.5 |
107.9 |
Twilio |
16,007 |
15,696 |
65.6 |
32.2 |
3.7 |
5.6 |
0.7 |
3.1 |
14.6 |
11.0 |
1320.5 |
482.1 |
Paycom Software |
10,616 |
10,605 |
25.8 |
22.4 |
40.6 |
41.7 |
35.4 |
36.8 |
14.9 |
12.2 |
57.3 |
45.2 |
Ultimate Software Group |
10,460 |
9,692 |
19.7 |
19.3 |
24.2 |
24.7 |
20.1 |
20.7 |
7.1 |
5.9 |
52.7 |
43.5 |
Okta |
9,096 |
8,804 |
33.8 |
30.6 |
-9.7 |
-2.8 |
-11.9 |
-4.1 |
16.5 |
12.6 |
Nm |
Nm |
Zendesk |
8,974 |
9,006 |
34.0 |
29.6 |
7.0 |
10.1 |
2.1 |
6.2 |
11.2 |
8.7 |
289.7 |
125.5 |
HubSpot |
6,819 |
6,546 |
26.9 |
23.7 |
12.1 |
14.0 |
7.4 |
9.7 |
10.1 |
8.1 |
145.9 |
100.7 |
Proofpoint |
6,636 |
6,405 |
21.8 |
21.0 |
15.3 |
16.5 |
11.3 |
13.3 |
7.3 |
6.1 |
72.7 |
53.3 |
Coupa Software |
5,374 |
5,227 |
25.9 |
25.2 |
5.5 |
10.8 |
1.7 |
6.3 |
16.0 |
12.7 |
1234.8 |
279.3 |
Paylocity |
4,525 |
4,421 |
21.8 |
21.0 |
28.2 |
29.3 |
20.5 |
21.8 |
9.6 |
7.9 |
67.5 |
52.5 |
Blackbaud |
3,696 |
4,051 |
4.9 |
5.3 |
20.1 |
20.7 |
17.0 |
16.3 |
4.5 |
4.3 |
34.4 |
31.0 |
FireEye |
3,386 |
3,232 |
6.6 |
7.4 |
9.9 |
12.6 |
5.2 |
8.3 |
3.6 |
3.4 |
88.9 |
53.7 |
Cornerstone OnDemand |
3,157 |
3,103 |
4.8 |
13.8 |
22.1 |
26.7 |
14.0 |
17.7 |
5.5 |
4.8 |
54.8 |
37.4 |
Qualys |
3,223 |
2,936 |
15.4 |
16.3 |
38.4 |
39.4 |
29.7 |
30.9 |
9.1 |
7.8 |
44.2 |
37.6 |
Mimecast |
2,735 |
2,767 |
29.6 |
23.7 |
15.8 |
17.9 |
7.8 |
10.2 |
8.1 |
6.6 |
167.7 |
90.5 |
Box |
2,752 |
2,648 |
15.4 |
16.0 |
6.7 |
9.4 |
-0.2 |
4.3 |
3.8 |
3.3 |
Nm |
110.1 |
LivePerson |
1,803 |
1,737 |
15.3 |
19.2 |
3.9 |
8.4 |
-2.1 |
2.9 |
6.0 |
5.1 |
Nm |
221.2 |
Kinaxis |
2,053 |
1,357 |
23.7 |
18.1 |
24.5 |
25.7 |
19.5 |
19.3 |
7.3 |
6.2 |
52.2 |
42.0 |
Upland Software |
873 |
1,136 |
31.3 |
4.6 |
36.6 |
38.0 |
34.9 |
31.3 |
5.8 |
5.5 |
19.2 |
18.4 |
Average |
24.4 |
20.3 |
18.2 |
20.5 |
13.0 |
15.2 |
9.7 |
7.9 |
125.7 |
112.5 |
||
Median |
24.7 |
21.0 |
19.6 |
20.8 |
13.2 |
15.3 |
8.6 |
7.2 |
63.0 |
53.5 |
Source: Refinitiv. Note: Priced at 25 March.
Exhibit 6: Financial summary
€'000s |
2014 |
2015 |
2016 |
2017 |
2018 |
2019e |
2020e |
||
Year end 31 December |
French GAAP |
French GAAP |
French GAAP |
French GAAP |
French GAAP |
French GAAP |
French GAAP |
||
PROFIT & LOSS |
|||||||||
Revenue |
|
|
46,061 |
58,457 |
65,990 |
76,064 |
86,871 |
99,079 |
112,716 |
EBITDA |
|
|
8,979 |
13,405 |
14,871 |
16,399 |
18,529 |
20,979 |
24,794 |
Operating Profit (before amort and except) |
|
|
5,700 |
9,257 |
9,934 |
10,547 |
11,911 |
13,979 |
17,394 |
Amortisation of acquired intangibles |
0 |
(302) |
(200) |
(300) |
(300) |
(300) |
(300) |
||
Exceptionals and other income |
53 |
(245) |
(474) |
(456) |
(88) |
0 |
0 |
||
Other income |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
||
Operating Profit |
5,753 |
8,710 |
9,260 |
9,791 |
11,523 |
13,679 |
17,094 |
||
Net Interest |
220 |
(6) |
(108) |
(110) |
(57) |
100 |
100 |
||
Profit Before Tax (norm) |
|
|
5,920 |
9,312 |
9,949 |
10,669 |
12,171 |
14,396 |
17,811 |
Profit Before Tax (FRS 3) |
|
|
5,973 |
8,765 |
9,275 |
9,913 |
11,783 |
14,096 |
17,511 |
Tax |
(1,323) |
(2,292) |
(2,950) |
(3,148) |
(2,940) |
(3,947) |
(4,903) |
||
Profit After Tax (norm) |
4,609 |
6,877 |
6,785 |
7,281 |
9,135 |
10,365 |
12,824 |
||
Profit After Tax (FRS 3) |
4,650 |
6,473 |
6,325 |
6,765 |
8,843 |
10,149 |
12,608 |
||
Ave. Number of Shares Outstanding (m) |
4.8 |
5.0 |
5.3 |
5.3 |
5.4 |
5.5 |
5.6 |
||
EPS - normalised (c) |
|
|
97 |
138 |
128 |
138 |
169 |
188 |
228 |
EPS - normalised fully diluted (c) |
|
|
90 |
131 |
122 |
132 |
164 |
181 |
219 |
EPS - (GAAP) (c) |
|
|
97 |
130 |
120 |
128 |
164 |
184 |
224 |
Dividend per share (c) |
24.00 |
30.00 |
30.00 |
32.00 |
36.00 |
39.00 |
43.00 |
||
Gross margin (%) |
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
||
EBITDA Margin (%) |
19.5 |
22.9 |
22.5 |
21.6 |
21.3 |
21.2 |
22.0 |
||
Operating Margin (before GW and except) (%) |
12.4 |
15.8 |
15.1 |
13.9 |
13.7 |
14.1 |
15.4 |
||
BALANCE SHEET |
|||||||||
Fixed Assets |
|
|
12,552 |
25,184 |
28,324 |
37,912 |
39,635 |
40,292 |
40,666 |
Intangible Assets |
7,709 |
19,603 |
22,381 |
26,673 |
28,096 |
29,253 |
30,227 |
||
Tangible Assets |
4,470 |
4,985 |
5,158 |
7,115 |
7,050 |
6,550 |
5,950 |
||
Other |
373 |
596 |
785 |
4,124 |
4,489 |
4,489 |
4,489 |
||
Current Assets |
|
|
33,894 |
36,110 |
42,024 |
42,823 |
49,016 |
58,922 |
68,514 |
Stocks |
93 |
161 |
101 |
176 |
147 |
147 |
147 |
||
Debtors |
15,110 |
18,073 |
19,523 |
21,253 |
25,551 |
27,688 |
31,499 |
||
Cash |
17,559 |
16,295 |
21,338 |
20,632 |
22,794 |
30,563 |
36,344 |
||
Other |
1,132 |
1,581 |
1,062 |
762 |
524 |
524 |
524 |
||
Current Liabilities |
|
|
(19,827) |
(24,789) |
(28,299) |
(26,206) |
(30,072) |
(32,272) |
(34,730) |
Creditors |
(19,827) |
(24,789) |
(28,299) |
(26,206) |
(30,072) |
(32,272) |
(34,730) |
||
Short term borrowings |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
||
Long Term Liabilities |
|
|
(5,113) |
(7,317) |
(7,657) |
(14,909) |
(10,810) |
(8,310) |
(5,810) |
Long term borrowings |
(5,113) |
(7,317) |
(7,657) |
(13,716) |
(9,318) |
(6,818) |
(4,318) |
||
Other long term liabilities |
0 |
0 |
0 |
(1,193) |
(1,492) |
(1,492) |
(1,492) |
||
Net Assets |
|
|
21,506 |
29,188 |
34,392 |
39,620 |
47,769 |
58,631 |
68,640 |
CASH FLOW |
|||||||||
Operating Cash Flow |
|
|
9,245 |
14,307 |
15,331 |
17,311 |
18,366 |
21,043 |
23,441 |
Net Interest |
310 |
(27) |
(127) |
(75) |
63 |
100 |
100 |
||
Tax |
(1,075) |
(1,165) |
(1,456) |
(2,053) |
(2,795) |
(3,947) |
(4,903) |
||
Capex |
(4,028) |
(3,909) |
(7,021) |
(9,304) |
(7,792) |
(7,957) |
(8,074) |
||
Acquisitions/disposals |
22 |
(11,700) |
(335) |
(7,551) |
(264) |
0 |
0 |
||
Financing |
(694) |
1,324 |
480 |
(345) |
785 |
0 |
0 |
||
Dividends |
(877) |
(1,208) |
(1,550) |
(1,633) |
(1,756) |
(2,070) |
(2,282) |
||
Net Cash Flow |
2,903 |
(2,378) |
5,322 |
(3,650) |
6,607 |
7,169 |
8,282 |
||
Opening net debt/(cash) |
|
|
(11,961) |
(12,446) |
(8,978) |
(13,681) |
(10,011) |
(16,576) |
(23,745) |
HP finance leases initiated |
(2,293) |
(1,090) |
(645) |
0 |
0 |
0 |
0 |
||
Other |
(125) |
0 |
26 |
(20) |
(43) |
(0) |
0 |
||
Closing net debt/(cash) |
|
|
(12,446) |
(8,978) |
(13,681) |
(10,011) |
(16,576) |
(23,745) |
(32,026) |
Source: Esker, Edison Investment Research
|
|