Parity Group Plc (PTY)
ISR viewParity has had a rough time through the downturn and its revenues have been under pressure but prudent cost control has meant that the group has remained profitable. If Parity Solutions is to be less of a slave to the economic cycle, it needs greater scale and, in our view, clearer positioning.
Share price21.50p
Market cap.£14.8m
Financials
|
Year end Dec Profit & Loss |
Dec 2006 A £m | Dec 2007 A £m | Dec 2008 A £m | Dec 2009 A £m | Dec 2010 A £m |
Dec 2011 E £m |
|---|---|---|---|---|---|---|
| Revenue £m | 156.8 | 141.3 | 132.3 | 119.0 | 93.0 | 93.7 |
| Adj EBITDA £m | 1.3 | 4.5 | 3.3 | 1.4 | -1.9 | 2.1 |
| Adj EBIT £m | 0.8 | 4.0 | 2.9 | 0.8 | -2.6 | 1.6 |
| Reported PBT | -1.5 | 1.6 | -3.3 | -0.5 | -6.2 | 0.6 |
| PBT before exceptionals and AAG | -0.9 | 2.1 | 1.7 | 0.3 | -3.1 | 0.6 |
| Fully adj PBT | -0.8 | 2.6 | 1.6 | 0.3 | -3.0 | 0.6 |
| NOPAT £m | 0.5 | 2.8 | 2.0 | 0.6 | -1.8 | 1.1 |
| Reported EPS | -5.9 | 0.8 | -9.1 | -0.7 | -16.2 | 1.2 |
| EPS before exceptionals and AAG | -2.1 | 3.8 | 3.0 | 0.5 | -5.6 | 1.1 |
| Fully adj EPS | -1.9 | 4.8 | 2.8 | 0.6 | -5.6 | 1.1 |
| Dividend per share p | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Cash flow & Balance sheet | ||||||
| Operating cash flow | -4.5 | 1.7 | 3.9 | -3.5 | 4.1 | 1.1 |
| Free Cash flow £m | -5.9 | 0.7 | 3.1 | -4.4 | 3.1 | -0.1 |
| FCF per share p | -21.3 | 1.7 | 8.0 | -11.5 | 8.1 | -0.1 |
| Capex | -0.3 | -2.2 | -0.5 | -1.9 | -0.1 | -0.5 |
| Acquisitions | 4.7 | 0.0 | 0.0 | -0.3 | 0.0 | 0.0 |
| Net cash flow | -0.9 | -1.1 | 3.0 | -6.0 | 3.7 | -0.1 |
| Shares issued | 14.6 | 0.1 | 0.0 | 0.0 | 0.0 | 0.0 |
| Net cash | -5.7 | -6.6 | -3.8 | -9.8 | -6.1 | -6.2 |
| Metrics | Dec 2006 A | Dec 2007 A | Dec 2008 A | Dec 2009 A | Dec 2010 A | Dec 2011 E |
| Revenue growth | -9.9% | -6.4% | -10.0% | -21.9% | 0.8% | |
| Adj EBITDA growth | 232.2% | -26.6% | -58.5% | -241.5% | -210.1% | |
| Adj EBIT growth | 415.6% | -28.0% | -71.1% | -407.3% | -163.3% | |
| Adj PBT growth | -439.7% | -40.3% | -80.6% | -1092.1% | -120.6% | |
| Adj EPS growth | -346.6% | -41.3% | -80.0% | -1092.1% | -120.6% | |
| Dividend growth | ||||||
| Adj EBIT margins | 0.5% | 2.8% | 2.2% | 0.7% | -2.8% | 1.7% |
| Operating cash conversion | -335.0% | 38.0% | 119.0% | -259.0% | -211.0% | 53.0% |
| Capex/Depreciation | 48.0% | 474.0% | 123.0% | 351.0% | 10.0% | 100.0% |