Core business performing strongly

Solid State 12 July 2016 Update

Solid State

Core business performing strongly

FY16 results

Tech hardware & equipment

12 July 2016

Price

317.5p

Market cap

£27m

Net cash (£m) end March 2016
(pro-forma as if MoJ settlement received by year-end)

0.35

Shares in issue

8.4m

Free float

73.0%

Code

SOLI

Primary exchange

AIM

Secondary exchange

N/A

Share price performance

%

1m

3m

12m

Abs

(8.6

(12.4)

(63.5)

Rel (local)

(14.8)

(17.5)

(63.3)

52-week high/low

910.0p

292.5p

Business description

Solid State is a high value-add manufacturer and specialist design-in distributor to the electronics industry. It has expertise in industrial/ruggedised computers, electronic components, antennas, microwave systems, secure communications systems and battery power solutions.

Next events

AGM

13 September 2016

Analysts

Anne Margaret Crow

+44 (0)20 3077 5700

Roger Johnston

+44 (0)20 3077 5722

Solid State is a research client of Edison Investment Research Limited

Solid State’s FY16 results were flattered by an undisclosed sum in settlement of the terminated MoJ contract. This obscures the underlying performance of the rest of the business, which looks in a good position, given the record order book at the year-end, to deliver a modest improvement in underlying profit before tax in FY17. Management expects the recent Creasefield acquisition to generate incremental profit from FY18 and is keen to execute one acquisition each year going forward. Investors still seem unable to look beyond the ups and downs of the MoJ contract. Increased confidence that the group is able to deliver the modest underlying profit growth in our estimates should help move the share price towards our indicative SOTP valuation of 505p/share.

Year
end

Revenue (£m)

PBT*
(£m)

EPS*
(p)

DPS
(p)

P/E
(x)

Yield
(%)

03/15

36.6

3.2

37.4

12.0

8.5

3.7

03/16

44.1

4.4**

52.0**

12.0

6.1

3.7

03/17e

43.6

3.2

32.9

12.5

9.7

3.9

03/18e

45.1

3.5

35.4

13.0

9.0

4.0

Note: *PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments except in FY16. There are no share-based payments in FY17 or FY18. **Including MoJ settlement and other exceptional items.

FY16 results flattered by MoJ settlement

FY16 revenues were in line with our estimates. Reported profit before tax, which was flattered by a one-off payment in settlement of the MoJ contract, was very slightly ahead. The terms of the settlement are confidential, as is usual in this situation, but we believe that the normalised profit before tax estimate shown in our June note, which was similar to the record levels achieved in FY15, is representative of underlying performance for the year.

Record order book supports FY17 underlying growth

The group has started the year with a record order book (£17.8m vs £14.4m end FY15 excluding MoJ). This underpins our FY17 estimates, which we leave broadly unchanged. We expect underlying revenues to be similar to FY16, with a small increase in underlying PBT attributable to the cost-savings programme instigated by management as a precaution in H116. The Creasefield acquisition adds an estimated £4.0m revenue in FY17, while neutral at the PBT level. Noting management’s reference to resuming a progressive dividend policy, we revise our FY17 dividend estimate from 12.0p to 12.5p. We also introduce FY18 estimates.

Over-reaction to MoJ termination still depresses price

The share price dropped from 525p to 350p in February on the news of the termination of the MoJ contract and has not recovered, despite confirmation of a cash settlement with regards to the MoJ programme and the Creasefield acquisition. Management does not expect Brexit to have a material impact. As the market becomes more confident that Solid State is able to deliver the performance shown in our estimates, the share price should begin to move towards our indicative SOTP valuation of 505p/share (unchanged).

Execution of strategy

In our initiation note, published in September 2015, we described the successful strategy that management has been pursuing since 2002. This delivered five consecutive years of profits growth between FY10 and FY15. It is based on top-line growth through selective acquisitions, the addition of new product lines and entry into new industry verticals such as green energy and security solutions, combined with margin improvement through focus on value-added design and assembly capability and development of own-brand products. This diversification has provided resilience in softening markets globally and reduced the impact of delays in individual major programmes such as the airborne antennae programme. We highlight recent examples of this strategy in action in the following paragraphs.

Acquisitions

Management has completed two acquisitions in the last 18 months. The first, Ginsbury Electronics, was acquired at the start of FY16. The transaction has extended the range of products offered to Solid State Supplies’ existing customer base and the range of embedded products offered to Ginsbury customers. Cross-selling initiatives have been successful, with many customers now developing products utilising expertise from both entities, for example systems deploying both displays (Ginsbury) and embedded computing devices (Solid State Supplies) for electric vehicle charging and on-food printing. Ginsbury made a material contribution to group profit during FY16.

In June 2016 the group acquired Creasefield, which specialises in the design and manufacture of custom battery packs. This transaction extends the technologies offered and takes the group into new sectors. Solid State’s solutions are based primarily on lithium-ion technology while Creasefield is also expert in alkaline battery technology. Solid State’s existing batteries activity is primarily focused on the oil and gas and sub-sea sectors, where investment is currently subdued because of low global oil prices. Creasefield is also involved in the aerospace, medical, security and water industries. The combination enhances the group’s existing engineering and production capabilities for batteries – there is substantially more manufacturing space at Creasefield’s site in Crewkerne than that allocated for battery activity in Redditch – and creates further opportunities for cross-selling.

Management continues to evaluate acquisition opportunities and has stated its intention of completing one transaction each year.

New products

The distribution division, Solid State Supplies, secured two important new franchise contracts during FY16. One is with Luminus, which offers a comprehensive range of LED solutions for general lighting markets, as well as high-output speciality lighting solutions for performance-driven markets including consumer displays, entertainment lighting and medical applications. This began to contribute revenue during Q416. The other is with Silicon Labs, a global supplier of low-energy microprocessors and radio devices with annual revenues of $620m. Management expects this to start contributing revenue in FY17. We estimate that the two new franchises could generate additional $3-4m annual revenues in the medium term. We note that the Silicon Labs agreement epitomises management’s strategy of gaining franchises with mid-tier companies that have annual revenues of between $250m and $1,000m globally, thus enabling potentially faster ramp-up in sales volumes with each new franchise.

The Genie own-brand single board computer platform developed by Ginsbury has been well received, as have the own-brand LED lighting controllers developed by Solid State Supplies. On the Steatite side, new product introductions include next generation portable ticketing equipment for the UK rail industry, airborne antennas for a Northern European aerospace company and fully integrated computer cabinet systems, which have been sold to a global technology leader in the aerospace, transport, defence and security markets for use in air traffic control systems.

Additional industry verticals

Solid State Supplies has begun to sell embedded modules used in the powertrain control systems of electric vehicles and sensors for use in vehicle monitoring systems and roadside charging stations. It is also developing battery packs for deployment as energy storage with solar and wind power generation sources. Energy storage is key to increasing the adoption of renewable energy as it helps match power output with demand.

Margin improvement

Management’s drive to improve margins appears to be working. Group gross profit margin increased by 1.3pp year-on-year to 31.8% and operating margin by 1.4pp to 9.8% in FY16. The cost-reduction programme instigated by management in H116 as a precautionary measure in response to a general weakness in the market delivered £0.25m net savings during the year. The full benefit (we estimate another £0.25m) will be visible in FY17. The new facility currently under construction in Leominster for the antennae business will reduce new equipment costing for pre-compliance testing, bringing this service in house and thus potentially improving margins.

Adding value

Ginsbury continues to enhance its value-added element through the introduction of its own-brand product as discussed above, and by offering displays as part of a kit with related components. Steatite’s fully integrated computer cabinets, also discussed above, are another example. The availability of value-added design and assembly capability is a key acquisition criterion.

Financials

Exhibit 1: Revision to estimates

FY16

FY17e

FY18e

Old

Actual

% change

Old

New

% change

New

Revenue (£000s)

43,989

44,100

0.3

43,591

43,591

0.0

45,140

Share-based payments (£000s)

(250)

(174)

-30.4

(250)

0

N/A

0

Normalised PBT* (£000s)

3,222

N/A

N/A

3,360

3,246

-3.4

3,495

Reported PBT (£000s)

4,072

4,196

3.0

3,110

3,246

4.4

3,495

Normalised EPS*(p)

35.4

N/A

N/A

36.8

32.9

-10.6

35.4

Reported EPS (p)

44.3

49.9

12.6

33.8

32.9

-2.7

35.4

DPS (p)

12.0

12.0

0.0

12.0

12.5

4.2

13.0

Source: Edison Investment Research. Note: *Normalised for exceptional items, share-based payments and amortisation of intangibles. FY16 normalised figures are not provided due to the MOJ settlement.

We leave our FY17 estimates broadly unchanged and introduce estimates for FY18. The modifications are a reduction in interest payments reflecting the cashflow relating to the MoJ settlement, a removal of share-based payments as there is no share-based incentive scheme operational during FY17 and a higher effective tax rate (15% vs 9%). Noting management’s reference to resuming a progressive dividend policy, we revise our FY17 dividend estimate upwards, with a further increment in FY18.

Earnings

FY16 revenues grew by £7.5m (21%) year-on-year to £44.1m, in line with our estimate (£44.0m). This strong growth was primarily attributable to the deliveries for the mobilisation phase of the MoJ contract (estimated at £5m), additional contribution from Ginsbury Electronics (estimated at £3.2m), acquired in April 2015, and initial sales of product from Luminus. Revenues from the Q-par antennae business were adversely affected by delays to an airborne programme, which is expected to pick up in FY17.

Exhibit 2: Divisional analysis

Year ended 30 April (£000s)

2014

2015

2016

2017e

2018e

Manufacturing revenues

22,190

22,752

27,472

26,919

27,634

Manufacturing PBT

2,899

3, 389

4,112

3,084

3,232

Distribution revenues

9,895

13,807

16,628

16,672

17,506

Distribution PBT

397

661

1,187

1,263

1,384

Head office

(1,142)

(1,036)

(1,103)

(1,161)

(1,161)

Group revenues

32,085

36,559

44,100

43,591

45,140

Group reported PBT

2,154

3,014

4,196

3,246

3,495

Source: Edison Investment Research, Solid State accounts

Reported profit before tax was flattered by a one-off payment in settlement of the MoJ contract., bringing the total to £4.2m, very slightly ahead of our estimate (£4.1m). The terms of the settlement are confidential, as is usual in this situation. Management notes that, had the settlement been received by the year end, the balance sheet would have shown £0.35m net cash rather than £3.4m net debt, giving an idea of the scale of the payment. This cash inflow needs to be offset against payments to suppliers with which Steatite had contracts for the MoJ project, non-cash impairment of IP associated with the MoJ project (though this has been retained by the group and will be used as the basis for future electronic monitoring projects) and costs associated with restructuring not just the electronic monitoring activity but more generally across the group as part of the cost-reduction programme instigated by management. We believe that the normalised profit before tax estimate of £3.2m shown in our last note is representative of underlying performance for the year. This is similar to the record performance delivered in FY15.

The full year dividend was maintained at 12.0p, in line with our estimates (12.0p).

The group has started the year with a record order book (£17.8m vs £14.4m end FY15 excluding MoJ). This underpins our FY17 estimates, which we have modified slightly as described above. Stripping out c £5m MoJ revenues received in FY16 at very low margin, we model FY17 underlying revenues at similar levels to FY16, with new product introductions offsetting any market weakness. Noting that management’s programme to realise c £0.5m annualised cost-savings completed successfully, we model a £0.2m increase in FY17 underlying operating profit based on our assumption for underlying FY16 performance referred to above, but this is obscured by the lack of share-based payments charges in FY17, which flattered FY16. We then add £4.0m revenues (based on historic levels) and a neutral profit contribution from Creasefield. We model modest underlying revenue growth in both divisions for FY18.

Balance sheet and cash flow

FY16 operating cash flow was distorted by the settlement of the MoJ contract award, which unwinds in FY17. Capex was higher than in FY15, with investment at several sites, including the new facility for the antennae and subsystems. This facility is expected to open in Q117. It will permit the construction of larger antennae for specialist applications and enable pre-compliance testing to be carried out in house. An estimated £0.7m of capex is allocated for this new equipment, spread across FY16 and FY17. £0.8m (net) was spent on acquiring Ginsbury. Net debt increased by £0.9m to £3.4m at end March 2016, and gearing from 19.9% to 21.6%.

We expect the anomalous debtor position at end FY16 to unwind during FY17 on receipt of the MoJ settlement. As part of this settlement will be paid out to suppliers involved in the project, the creditors level is expected to reduce as well. Capital expenditure is modelled at similar levels to FY16 to cover completion of the antenna facility. £1.9m is allocated for the Creasefield acquisition. We model net debt reducing to £1.0m at end FY17 (gearing of 5.9%). Our estimates show cash generation resulting in £1.0m net cash by end FY18, though in reality this cash will probably be expended on further acquisitions in line with management’s stated strategy. We are not forecasting any acquisitions in our model unless they are announced.

Valuation

Exhibit 3: Listed peers

Company

Market cap

Current EV/S

Next
EV/S

Current EV/EBITDA

Next EV/EBITDA

Current P/E

Next
P/E

Arotech Corp

£61m

0.8x

0.8x

12.3x

9.5x

18.4x

12.3x

Cobham

£2,678m

1.9x

1.9x

10.4x

9.8x

12.1x

11.9x

Cohort

£130m

0.8x

0.8x

7.2x

6.6x

12.1x

10.6x

Concurrent Technologies

£4,539m

-

-

-

-

11.6x

10.1x

Cubic Corp

£815m

0.6x

0.6x

7.2x

6.0x

23.0x

14.9x

Elbit Systems

£3,006m

1.2x

1.2x

9.6x

9.4x

16.2x

14.0x

Rockwell Collins Inc

£83m

0.4x

0.4x

1.6x

1.4x

15.0x

14.3x

Saft Groupe

£811m

1.3x

1.2x

8.6x

7.8x

17.0x

15.0x

Ultra Electronics Holdings

£1,221m

1.9x

1.9x

10.5x

10.2x

13.4x

12.7x

Mean manufacturing companies

 

1.1x

1.1x

8.4x

7.6x

15.4x

12.9x

Acal

£141m

-

-

-

-

11.9x

10.7x

APC Technology Group

£9m

-

-

-

-

20.6x

7.5x

Diploma

£934m

-

-

-

-

20.4x

18.9x

Mean added-value distributors

17.6x

12.4x

Solid State

£25m

0.6x

0.5x

7.1x

6.1x

8.9x

8.3x

Source: Bloomberg, Edison Investment Research. Note: Prices at 7 July 2016.

The share price dropped from 525p to 350p in February on the news of the termination of the MoJ contract and has not recovered, despite confirmation of a cash settlement with regards to the MoJ programme and the acquisition of Creasefield, which the cash settlement will have helped fund. A comparison of Solid State’s prospective share price multiples with its listed peers shows it trading at a discount on all metrics (see Exhibit 2). In our opinion, this discount is not justified since the share price does not reflect the profit generating ability of the group in its current format, ie without the benefit of the MoJ activity. It is substantially below the 390p price immediately prior to the announcement of the MoJ contract in July 2014, yet the group is in better shape than two years ago, having acquired both Ginsbury Electronics (which is already generating incremental profits for the group) and Creasefield (which is expected to be earnings enhancing from FY18).

We reiterate our indicative value of 505p/share, which is based on a sum-of-the parts analysis, for the group post-MoJ activity. It is likely that the discrepancy between our view and the current market sentiment has arisen because management is obliged to keep the value of the MoJ settlement confidential. This makes it very difficult for investors to assess the group’s underlying performance in FY16 and thus extrapolate what future performance is likely to be. As the market becomes more confident that Solid State is able to deliver the performance shown in our estimates, the share price should begin to move towards our indicative valuation.

With regards to the potential impact of Brexit, 85% of FY16 group revenues were attributable to customers based in the UK (though the country in which the end-systems are deployed may be very different), 5% North America and 7% mainland Europe. The impact with respect to customer relationships in mainland Europe will be mitigated by the added-value design capability and other services that the group can offer, which make it relatively difficult for customers to find alternative suppliers. The impact of changes in foreign exchange rates is limited because most contracts are denominated in sterling, but the supply of components that the group has purchased in US dollars will be billed in US dollars. The key risk identified by management is the potential loss of two distribution franchises, where the group has a pan-European remit. Collectively these represent £80k profit per annum, which is hardly material.

Exhibit 4: Financial summary

£'000

2014

2015

2016

2017e

2018e

Year end 31 March

PROFIT & LOSS

Revenue

 

 

32,085

36,559

44,100

43,591

45,140

Cost of Sales

(22,729)

(25,396)

(30,072)

(31,355)

(32,410)

Gross Profit

9,357

11,164

14,028

12,236

12,730

EBITDA

 

 

2,809

3,766

5,113*

3,684

3,912

Operating Profit (pre amort. of acq intangibles & SBP)

 

2,461

3,273

4,482*

3,276

3,505

Amortisation of acquired intangibles

0

0

0

0

0

Share-based payments

(235)

(211)

(174)

0

0

Exceptionals

0

0

0

0

0

Operating Profit

2,226

3,062

4,308*

3,276

3,505

Net Interest

(72)

(48)

(112)

(30)

(10)

Profit Before Tax (norm)

 

 

2,389

3,224

4,370*

3,246

3,495

Profit Before Tax (FRS 3)

 

 

2,154

3,014

4,196*

3,246

3,495

Tax

(278)

(122)

(28)

(487)

(524)

Profit After Tax (norm)

2,111

3,102

4,342*

2,759

2,970

Profit After Tax (FRS 3)

1,876

2,892

4,168*

2,759

2,970

Average Number of Shares Outstanding (m)

7.4

8.3

8.3

8.4

8.4

EPS - normalised (p)

 

 

28.5

37.4

52.0*

32.9

35.4

EPS - normalised fully diluted (p)

 

 

28.4

36.3

51.2*

32.4

34.9

EPS - FRS 3 (p)

 

 

25.3

34.9

49.9*

32.9

35.4

Dividend per share (p)

8.5

12.0

12.0

12.5

13.0

Gross Margin (%)

29.2

30.5

31.8

28.1

28.2

EBITDA Margin (%)

8.8

10.3

11.6

8.5

8.7

Operating Margin (before GW and except.) (%)

7.7

9.0

10.2

7.5

7.8

BALANCE SHEET

Fixed Assets

 

 

5,995

6,643

6,648

8,601

8,613

Intangible Assets

4,936

5,400

5,283

6,002

6,021

Tangible Assets

1,059

1,243

1,366

2,599

2,593

Current Assets

 

 

15,744

16,142

19,993

16,815

18,416

Stocks

4,575

5,402

5,534

5,971

6,184

Debtors

10,484

9,003

13,465

9,554

9,894

Cash

685

1,738

994

1,290

2,338

Current Liabilities

 

 

(10,926)

(10,039)

(10,587)

(7,958)

(7,648)

Creditors including tax, social security and provisions

(7,888)

(5,838)

(6,189)

(5,658)

(6,348)

Short term borrowings

(3,038)

(4,201)

(4,398)

(2,300)

(1,300)

Long Term Liabilities

 

 

(405)

(355)

(290)

(290)

(290)

Long term borrowings

0

0

0

0

0

Other long term liabilities

(405)

(355)

(290)

(290)

(290)

Net Assets

 

 

10,407

12,391

15,765

17,168

19,091

CASH FLOW

Operating Cash Flow

 

 

2,214

2,680

1,796

6,627

4,050

Net Interest

(72)

(48)

(112)

(30)

(10)

Tax

(161)

(476)

26

(487)

(524)

Capital expenditure

(305)

(487)

(845)

(800)

(400)

Capitalised product development

(8)

(661)

(36)

(20)

(20)

Acquisitions/disposals

(2,323)

0

(783)**

(1,890)

0

Financing

2,618

(308)

5

0

0

Dividends

(603)

(810)

(991)

(1,006)

(1,047)

Net Cash Flow

1,359

(110)

(941)

2,394

2,048

Opening net debt/(cash)

 

 

2,304

2,353

2,463

3,404

1,010

HP finance leases initiated

0

0

0

0

0

Other

1,408

0

0

0

0

Closing net debt/(cash)

 

 

2,353

2,463

3,404

1,010

(1,038)

Source: Edison Investment Research. Note: *Including MoJ settlement, impairment and restructuring costs. **Net of cash acquired with Ginsbury.


Edison, the investment intelligence firm, is the future of investor interaction with corporates. Our team of over 100 analysts and investment professionals work with leading companies, fund managers and investment banks worldwide to support their capital markets activity. We provide services to more than 400 retained corporate and investor clients from our offices in London, New York, Frankfurt, Sydney and Wellington. Edison is authorised and regulated by the Financial Conduct Authority. Edison Investment Research (NZ) Limited (Edison NZ) is the New Zealand subsidiary of Edison. Edison NZ is registered on the New Zealand Financial Service Providers Register (FSP number 247505) and is registered to provide wholesale and/or generic financial adviser services only. Edison Investment Research Inc (Edison US) is the US subsidiary of Edison and is regulated by the Securities and Exchange Commission. Edison Investment Research Limited (Edison Aus) [46085869] is the Australian subsidiary of Edison and is not regulated by the Australian Securities and Investment Commission. Edison Germany is a branch entity of Edison Investment Research Limited [4794244]. www.edisongroup.com

DISCLAIMER
Copyright 2016 Edison Investment Research Limited. All rights reserved. This report has been commissioned by Solid State and prepared and issued by Edison for publication globally. All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report. Opinions contained in this report represent those of the research department of Edison at the time of publication. The securities described in the Investment Research may not be eligible for sale in all jurisdictions or to certain categories of investors. This research is issued in Australia by Edison Aus and any access to it, is intended only for "wholesale clients" within the meaning of the Australian Corporations Act. The Investment Research is distributed in the United States by Edison US to major US institutional investors only. Edison US is registered as an investment adviser with the Securities and Exchange Commission. Edison US relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. As such, Edison does not offer or provide personalised advice. We publish information about companies in which we believe our readers may be interested and this information reflects our sincere opinions. The information that we provide or that is derived from our website is not intended to be, and should not be construed in any manner whatsoever as, personalised advice. Also, our website and the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. This document is provided for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.
Edison has a restrictive policy relating to personal dealing. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report. Edison or its affiliates may perform services or solicit business from any of the companies mentioned in this report. The value of securities mentioned in this report can fall as well as rise and are subject to large and sudden swings. In addition it may be difficult or not possible to buy, sell or obtain accurate information about the value of securities mentioned in this report. Past performance is not necessarily a guide to future performance. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (ie without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision. To the maximum extent permitted by law, Edison, its affiliates and contractors, and their respective directors, officers and employees will not be liable for any loss or damage arising as a result of reliance being placed on any of the information contained in this report and do not guarantee the returns on investments in the products discussed in this publication. FTSE International Limited (“FTSE”) © FTSE 2016. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under license. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

245 Park Avenue, 39th Floor

10167, New York

US

Sydney +61 (0)2 9258 1161

Level 25, Aurora Place

88 Phillip St, Sydney

NSW 2000, Australia

Wellington +64 (0)48 948 555

Level 15, 171 Featherston St

Wellington 6011

New Zealand

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

245 Park Avenue, 39th Floor

10167, New York

US

Sydney +61 (0)2 9258 1161

Level 25, Aurora Place

88 Phillip St, Sydney

NSW 2000, Australia

Wellington +64 (0)48 948 555

Level 15, 171 Featherston St

Wellington 6011

New Zealand

Share this with friends and colleagues