Shepherd Neame Ltd
The Company owns and operates 321 high quality pubs and hotels throughout the South East of England, the majority of which are freehold sites. These pubs are a mixture of 242 tenanted, 68 managed operations, and 11 free of tie pubs, where the Company’s beer products are sold alongside wine and food and a growing accommodation business with 294 letting rooms in the managed estate. Their pubs provide numerous jobs and are important assets in their local communities.
| Symbol | Ccy Code | Bid | Ask | Share Price (Mid) | Previous Close | Volume | Last Traded |
|---|---|---|---|---|---|---|---|
| SHEP | GBX | 910 | 950 | 930 | 937.5 | 300 | 17.01.22 |
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Financial Information
Performance
Earnings per share of -79.75p for 06/2020 has declined from 68.1p in 06/2018 or -147.85p over the period. Looking at this trend over the last 3 reported periods earnings are showing a decline.
Earnings per share
% growth (1)
06/2019 -74% 06/2020 -553% Average over 3 periods+ -314%
LowHigh
(1) % growth is year on year % change in EPS.
Basic earnings per share are earnings from continuing and discontinued operations that are attributable to current equity holders.
Earnings per share of -79.75p for 06/2020 has declined from 68.1p in 06/2018 or -147.85p over the period. Looking at this trend over the last 3 reported periods earnings are showing a decline.
| Earnings per share | % growth (1) | |
|---|---|---|
| 06/2019 | -74% | |
| 06/2020 | -553% | |
| Average over 3 periods+ | -314% | |
(1) % growth is year on year % change in EPS.
Basic earnings per share are earnings from continuing and discontinued operations that are attributable to current equity holders.
Business Insight
Costs to Revenues ratio of 0.6 in 06/2020 has declined from 0.5 in 06/2018. Operating costs over the period have declined at a slower pace than the Revenues have declined.
Cost to Revenue ratio (2)
Multiple to Revenue
06/2018 0.5x 06/2019 0.5x 06/2020 0.6x Average multiple over 3 periods+ 0.5x
LowHigh
(2) Costs include selling and admin, depreciation, amortisation and other operating costs.
Costs to Revenues ratio of 0.6 in 06/2020 has declined from 0.5 in 06/2018. Operating costs over the period have declined at a slower pace than the Revenues have declined.
| Cost to Revenue ratio (2) | Multiple to Revenue | |
|---|---|---|
| 06/2018 | 0.5x | |
| 06/2019 | 0.5x | |
| 06/2020 | 0.6x | |
| Average multiple over 3 periods+ | 0.5x | |
(2) Costs include selling and admin, depreciation, amortisation and other operating costs.
Valuation
Financial Metric
Price multiple to metric Relationship strength between metric and share price ± EBITDA 12.9x 
EBIT 120.3x NI -10.5x FCF 39.2x DPS - Assets 0.4x CE 0.6x
| Financial Metric | ||
|---|---|---|
| EBITDA | 12.9x | |
| EBIT | 120.3x | |
| NI | -10.5x | |
| FCF | 39.2x | |
| DPS | - | |
| Assets | 0.4x | |
| CE | 0.6x | |
The Relationship Strength is statistical measure of how close the data is to a line of best-fit line between share price and the metric shown. It is scaled between zero (no relationship) and 5 (strong relationship).
In this case Net Income has the strongest relationship to share price, with the company's Market Capital value at -10.5x Net Income.
+ In cases of change in accounting period length, the average is for the last 3 periods. In all cases, it is dependent on published available data and may be for periods shorter than 3 years
± The ‘Strength’ bar shows the strength of the statistical linear relationship of the metrics shown in the chart over the last three periods of data.
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All data provided by Fregnan.
| Last results date: 27.06.20 | |
|---|---|
| Enterprise Value | £207.35m |
| EV/EBITDA | 21.79 |
| EV/EBIT | 202.88 |
| PE Ratio | (10.38) |
| PEG | (118.07)% |
| Dividend Yield | - |
| Free Cash Yield | 2.57% |
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All data provided by Fregnan.
| 30.06.18 (£'000) |
29.06.19 (£'000) |
27.06.20 (£'000) |
|
|---|---|---|---|
| Income Statement | |||
| Revenue | 156,567 | 145,801 | 123,619 |
| Operating Income (EBIT) | 14,825 | 16,187 | 1,022 |
| Net Income | 10,015 | 2,589 | (11,750) |
| Balance Sheet | |||
| Cash | 1,625 | 116 | 9,861 |
| Total Debt | 76,422 | 82,093 | 94,262 |
| Total Liabilities | 133,175 | 128,631 | 147,092 |
| Total Equity | 201,052 | 208,097 | 192,246 |
| Operating Margin | 9.47% | 11.10% | 0.83% |
| EPS - Basic | 68.10p | 17.59p | (79.75)p |
| EPS - Growth | (1.44)% | (74.17)% | (553.35)% |
| Dividend Per Share | 29.20p | 30.08p | - |
| Average Shares Outstanding | 14.71m | 14.72m | 14.73m |
| ROA | 2.98% | 0.77% | (3.48%) |
| ROCE | 4.81% | 5.20% | 0.39% |
| ROE | 5.11% | 1.27% | (5.87%) |
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All data provided by Fregnan.
| 30.06.18 (£'000) |
29.06.19 (£'000) |
27.06.20 (£'000) |
|
|---|---|---|---|
| Revenue | 156,567 | 145,801 | 123,619 |
| Cost of Revenue | 64,331 | 55,810 | 50,208 |
| Depreciation & Amortisation | 8,294 | 8,298 | 8,493 |
| Gross Profit | 83,942 | 81,693 | 64,918 |
| Other Operating Expenses | 69,117 | 65,506 | 63,896 |
| Operating Income (EBIT) | 14,825 | 16,187 | 1,022 |
| Net Interest Expense | 4,295 | 13,721 | 4,042 |
| Unusual Expense (incl. Exceptionals) | 316 | 1,858 | 9,075 |
| Non-Operating Expense | 1,905 | 2,863 | (6) |
| Profit (pre-tax) | 12,119 | 3,471 | (12,101) |
| Taxation | (2,104) | (882) | 351 |
| Other Expenses and Minortity Interest | - | - | - |
| Net Income | 10,015 | 2,589 | (11,750) |
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All data provided by Fregnan.
| 30.06.18 (£'000) |
29.06.19 (£'000) |
27.06.20 (£'000) |
|
|---|---|---|---|
| Cash from Operations | 22,599 | 22,497 | 15,253 |
| Cash from Investing | (8,665) | (11,071) | (10,514) |
| Cash from Financing | (12,493) | (13,868) | 5,939 |
| Other Miscellaneous | - | - | - |
| Net Cash Flow | 1,441 | (2,442) | 10,678 |
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All data provided by Fregnan.
| 30.06.18 (£'000) |
29.06.19 (£'000) |
27.06.20 (£'000) |
|
|---|---|---|---|
| Current Assets | 25,494 | 21,230 | 29,413 |
| Non-Current Assets | 308,733 | 315,498 | 309,925 |
| Total Assets | 334,227 | 336,728 | 339,338 |
| Current Liabilities | 24,614 | 24,029 | 122,108 |
| Non-Current Liabilities | 108,561 | 104,602 | 24,984 |
| Total Liabilities | 133,175 | 128,631 | 147,092 |
| Net Assets | 201,052 | 208,097 | 192,246 |
| Total Equity | 201,052 | 208,097 | 192,246 |
Click here to download a glossary of terms.
All data provided by Fregnan.
Address
Business Address
Shepherd Neame Ltd, 17 Court Street, Faversham, Kent, ME13 7AX, United Kingdom.
Email: company@shepherdneame.co.uk
Phone: 01795 532206
Registered Address
17 Court Street, Faversham, Kent, ME13 7AX, United Kingdom.
Contacts
Corporate Adviser
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Registrar
Computershare Investor Services PLC, The Pavilions, Bridgwater Road, Bristol, BS13 8AE, United Kingdom.
Email: web.queries@computershare.co.uk
Phone: 0370 703 6191
Research
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