Communisis Plc (CMS)
ISR viewConsiderable achievements over the last three years are currently being masked by earnings weakness prompted by recessionary pressure but we are confident that, once uncertainty over the impact of the recession on earnings is removed, the shares will start to reflect these successes.
Share price28.38p
Market cap.£39.3m
Financials
|
Year end December Profit & Loss |
December 2007 A £m | December 2008 A £m | December 2009 A £m |
December 2010 E £m | December 2011 E £m |
|---|---|---|---|---|---|
| Revenue £m | 290.6 | 257.7 | 190.2 | 189.2 | 191.8 |
| Adj EBITDA £m | 17.2 | 21.4 | 14.2 | 14.9 | 15.9 |
| Adj EBIT £m | 10.5 | 15.0 | 7.2 | 7.9 | 8.6 |
| Reported PBT | 7.9 | 12.7 | 2.6 | 5.7 | 6.2 |
| PBT before exceptionals and AAG | 7.9 | 13.3 | 5.2 | 5.7 | 6.2 |
| Fully adj PBT | 7.9 | 13.3 | 5.2 | 5.7 | 6.2 |
| NOPAT £m | 8.1 | 11.0 | 5.6 | 6.2 | 6.8 |
| Reported EPS | 4.7 | 8.1 | 2.2 | 3.5 | 3.1 |
| EPS before exceptionals and AAG | 4.7 | 8.5 | 4.1 | 3.5 | 3.1 |
| Fully adj EPS | 3.9 | 6.6 | 2.6 | 2.8 | 3.1 |
| Dividend per share p | 2.5 | 2.5 | 1.3 | 1.3 | 1.3 |
| Cash flow & Balance sheet | |||||
| Operating cash flow | 32.9 | 23.4 | 4.9 | 10.6 | 15.1 |
| Free Cash flow £m | 21.2 | 13.1 | -5.8 | 0.7 | 3.5 |
| FCF per share p | 15.1 | 9.3 | -4.1 | 0.5 | 2.5 |
| Capex | -8.7 | -7.6 | -4.1 | -6.5 | -6.5 |
| Acquisitions | 1.4 | 4.4 | 2.9 | 0.0 | -5.0 |
| Net cash flow | 18.8 | 13.0 | -3.5 | -0.6 | -2.5 |
| Shares issued | -0.2 | 0.2 | -0.2 | 0.0 | 0.0 |
| Net cash | -26.3 | -13.1 | -16.8 | -17.5 | -20.0 |
| Metrics | December 2007 A | December 2008 A | December 2009 A | December 2010 E | December 2011 E |
| Revenue growth | -11.3% | -26.2% | -0.5% | 1.4% | |
| Adj EBITDA growth | 24.4% | -33.8% | 4.9% | 7.2% | |
| Adj EBIT growth | 42.5% | -51.9% | 9.1% | 9.8% | |
| Adj PBT growth | 69.2% | -60.6% | 7.9% | 10.0% | |
| Adj EPS growth | 69.4% | -60.6% | 7.9% | 10.0% | |
| Dividend growth | 1.7% | -48.1% | 0.0% | 0.0% | |
| Adj EBIT margins | 3.6% | 5.8% | 3.8% | 4.2% | 4.5% |
| Operating cash conversion | 313.0% | 156.0% | 68.0% | 135.0% | 175.0% |
| Capex/Depreciation | 130.0% | 117.0% | 59.0% | 93.0% | 89.0% |