ASL

Aberforth Smaller Compan... (ASL)

Company name:	Aberforth Smaller Companies Trust Plc
EPIC:	ASL	Trading Currency:	GBX
Market Sector:	F25F	ISIN:	GB0000066554
Market Segment:	STMM	Share Type:	DE
WWW Address:	http://www.aberforth.co.uk	Description:	ORD 1P
Industry Sector:	EQUITY INVESTMENT INSTRUMENTS

Price	Price Change [%]	Bid	Ask	Open	High	Low	Volume
1,200.00	-16.0 [-1.32]	1,206.00	1,210.00	1,214.00	1,230.00	1,198.00	106,210
Market Cap. [m]	Shares In Issue [m]	Beta	EPS	DPS	PE Ratio	Yield	52-Wks-Range
1,065.88	88.82	0.50	42.26	32.00	28.40	2.67	1,514.00 - 610.00

Aberforth Smaller Compan... Key Figures

(at previous day's close)
Market Cap.	1,065.88	m
Shares In Issue	88.82	m
Prev. Close	1,216.00
PE Ratio	28.40
Dividend Yield	2.67	%
EPS - basic	42.26	p
Dividend PS	32.00	p
Dividend Cover	1.32
Cash Flow PS	37.84	p
Return On Equity (ROE)	2.71	%
Operating Margin	89.70	%
PEG Factor	-4.23
EPS Growth Rate	-6.71	%
Dividends PS Growth Rate	5.79	%
Net Debt	13.69	m
Gross Gearing	0.98	%
Quick Assets	3.00	m
Net Working Capital	-10.88	m
Intangibles / Fixed Assets	-	%
Turnover PS	47.82	p
Pre-Tax Profit PS	42.90	p
Retained Profit PS	3.69	p
Cash PS	0.21	p
Net Cash PS	-15.41	p
Net Tangible Asset Value PS *	1,582.70	p
Net Asset Value PS	1,582.70	p
Spread	4.00 (0.33%)
* Calculation based on Ordinary Capital figure as contained in last annual report, and the most recent shares in issue figure. Therefore the ratio might be exposed to inaccuracies.

Aberforth Smaller Compan... Balance Sheet

Share Price Performance

Sample Period ^†	High	Low
1 week	1,268.00	1,198.00
4 weeks	1,324.00	1,100.00
12 weeks	1,324.00	857.00
1 year	1,514.00	610.00

Share Price Chart (5 years)

Aberforth Smaller Compan... Historic Returns

Giorni da oggi ^†	Open	Change	%	Open Avg.	Avg. Daily Vol [m]	Total Vol [m]	VWAP
1 week	1,240.00	-40.00	-3.23	1,198.00	0.17		1,234.21
4 weeks	1,220.00	-20.00	-1.64	1,100.00	0.15		1,222.47
12 weeks	905.00	295.00	32.60	857.00	0.21		1,116.06
26 weeks	899.00	301.00	33.48	796.00	0.21		972.18
1 year	1,490.00	-290.00	-19.46	610.00	0.22		976.70
3 years	1,370.00	-170.00	-12.41	610.00	0.16		1,152.38
5 years	1,120.00	80.00	7.14	610.00	0.13		1,147.13
† periods calculated are whole weeks rather than calendar months

Aberforth Smaller Compan... Key Management Ratios

Aberforth Smaller Compan... Investment Ratios

(Market value analysis) at previous day's close
PQ Ratio	0.31
PE Ratio	28.40
Tobin's Q Ratio	0.82
Tobin's Q Ratio (excl. intangibles)	0.82
Dividend Yield	2.67	%
Market-to-Book Ratio	0.76
Price-to-Pre-Tax Profit PS	27.97
Price-to-Retained Profit PS	325.06
Price-to-Cash Flow PS	31.71
Price-to-Sales PS	25.09
Price-to-Net Tangible Asset Value PS	0.76
Price-to-Cash PS	5,699.88
Net Working Capital PS	-12.25
Price Pct to Working Capital PS	-97.98	%
Earnings Yield	3.52	%
Average PE	31.48
Years in average	5
PE to PE average	90.19	%

Aberforth Smaller Compan... Financial Ratios

(Leverage Ratios)
Debt Ratio	-	%
Debt-to-Equity Ratio	-
Debt-to-Equity Ratio (excl. Intgbl)	-
Debt-to-Equity Market Value	-
Net Gearing	0.96	%
Net Gearing (excl. Intangibles)	0.96	%
Gross Gearing	0.98	%
Gross Gearing (excl. Intangibles)	0.98	%
Gearing Under 1 Year	0.98	%
Gearing Under 1 Year (excl. Intgbl)	0.98	%
Assets/Equity	1.01
Cash/Equity	0.01
(Liquidity Ratios)
Net Working Capital to Total Assets	-0.77	%
Current Ratio	0.22
Quick Ratio (Acid Test)	0.22
Liquidity Ratio	0.01
Cash & Equiv/Current Assets	6.24	%
(Solvency Ratios)
Enterprise Value	1,065.69	m
CFO/Sales	0.79
CFO/Attributable Profit	0.88
CFO/Assets	0.02
CFO/Debt	2.42
Total Debt/Equity Market Value	0.01
Total Debt/Sales	0.33
Total Debt/Pre-Tax Profit	0.36
Total Debt	13.87	m
Total Debt/Net Current Assets	-1.28	%
(Dodds - Graham Ratios)
3 yr Compound Earnings Growth	0.53	%
5 yr Compound Earnings Growth	3.82	%
10 yr Compound Earnings Growth	8.84	%
Earn drops > 5% in 10yrs	4

Beta (60-Mnth)	Beta (36-Mnth)
0.4969	0.5494

Aberforth Smaller Compan... Operating Ratios

(Profitability Ratios)
Return On Capital Employed (ROCE)	2.71	%
Return On Assets (ROA)	2.94	%
Net Profit Margin	89.70	%
Assets Turnover	0.03
Return On Equity (ROE)	2.71	%
Return On Investment (ROI)	2.96	%
Dividend Payout Ratio	75.72	%
Plowback Ratio	24.28	%
Growth from Plowback Ratio	0.72	%
Net Income Of Revenues	7.72	%
(Asset Utilisation Multiples)
Shareholders Equity Turnover	0.03
Fixed Assets Turnover	0.03
Current Assets Turnover	13.52
Net Working Capital Turnover
Inventory Turnover	-
(Other Operating Ratios)
Total Assets-to-Sales	30.50
Debtors-to-Sales	7.11	%
Debt Collection Period	25.95	Days

Aberforth Smaller Compan... Dividends

Announcement Date	Type	Curr.	Dividend Amount	Period Start	Period End	Ex Date	Record Date	Payment Date	Total Dividend Amount
28 Jul 2020	Interim	GBX	10.40	12/31/2019	12/31/2020	08/06/2020	08/07/2020	08/28/2020	-
29 Jan 2020	Special	GBX	4.00	12/31/2018	12/31/2019	02/06/2020	02/07/2020	03/06/2020	-
29 Jan 2020	Final	GBX	22.00	12/31/2018	12/31/2019	02/06/2020	02/07/2020	03/06/2020	32.00
26 Jul 2019	Interim	GBX	10.00	12/31/2018	12/31/2019	08/08/2019	08/09/2019	08/30/2019	-
25 Jan 2019	Final	GBX	20.75	12/31/2017	12/31/2018	02/07/2019	02/08/2019	03/07/2019	30.25
25 Jan 2019	Special	GBX	7.75	12/31/2017	12/31/2018	02/07/2019	02/08/2019	03/07/2019	-
25 Jul 2018	Interim	GBX	9.50	12/31/2017	12/31/2018	08/09/2018	08/10/2018	08/31/2018	-
26 Jan 2018	Final	GBX	19.75	12/31/2016	12/31/2017	02/08/2018	02/09/2018	03/06/2018	28.80
26 Jan 2018	Special	GBX	6.70	12/31/2016	12/31/2017	02/08/2018	02/09/2018	03/06/2018	-
27 Jul 2017	Interim	GBX	9.05	12/31/2016	12/31/2017	08/03/2017	08/04/2017	08/24/2017	-
27 Jan 2017	Final	GBX	18.75	12/31/2015	12/31/2016	02/09/2017	02/10/2017	03/03/2017	27.35
27 Jan 2017	Special	GBX	2.75	12/31/2015	12/31/2016	02/09/2017	02/10/2017	03/03/2017	-
27 Jul 2016	Interim	GBX	8.60	12/31/2015	12/31/2016	08/04/2016	08/05/2016	08/25/2016	-
27 Jan 2016	Special	GBX	2.75	12/31/2014	12/31/2015	02/11/2016	02/12/2016	03/04/2016	-
27 Jan 2016	Final	GBX	17.85	12/31/2014	12/31/2015	02/11/2016	02/12/2016	03/04/2016	28.75
29 Jul 2015	Interim	GBX	8.15	12/31/2014	12/31/2015	08/06/2015	08/07/2015	08/27/2015	-
29 Jan 2015	Final	GBX	17.00	12/31/2013	12/31/2014	02/12/2015	02/13/2015	03/05/2015	24.75
25 Jul 2014	Interim	GBX	7.75	12/31/2013	12/31/2014	08/06/2014	08/08/2014	08/28/2014	-
28 Jan 2014	Final	GBX	16.15	12/31/2012	12/31/2013	02/05/2014	02/07/2014	03/06/2014	23.50
18 Jul 2013	Interim	GBX	7.35	12/31/2012	12/31/2013	07/31/2013	08/02/2013	08/22/2013	-
29 Jan 2013	Final	GBX	15.25	12/31/2011	12/31/2012	02/06/2013	02/08/2013	02/28/2013	22.25
18 Jul 2012	Interim	GBX	7.00	12/31/2011	12/31/2012	08/01/2012	08/03/2012	08/23/2012	-
25 Jan 2012	Final	GBX	14.30	12/31/2010	12/31/2011	02/01/2012	02/03/2012	02/24/2012	20.75
20 Jul 2011	Interim	GBX	6.45	12/31/2010	12/31/2011	08/03/2011	08/05/2011	08/26/2011	-
26 Jan 2011	Final	GBX	13.00	12/31/2009	12/31/2010	02/02/2011	02/04/2011	02/25/2011	19.00
20 Jul 2010	Interim	GBX	6.00	12/31/2009	12/31/2010	03/10/2010	03/12/2010	04/02/2010	-
26 Jan 2010	Final	GBX	13.00	12/31/2008	12/31/2009	02/03/2010	02/05/2010	02/26/2010	19.00
22 Jul 2009	Interim	GBX	6.00	12/30/2008	06/30/2009	07/29/2009	07/31/2009	08/21/2009	-
27 Jan 2009	Final	GBX	13.00	12/31/2007	12/31/2008	02/04/2009	02/06/2009	02/27/2009	19.00
18 Jul 2008	Interim	GBX	6.00	12/30/2007	06/30/2008	07/30/2008	08/01/2008	08/21/2008	-
23 Jan 2008	Final	GBX	10.50	12/31/2006	12/31/2007	01/30/2008	02/01/2008	02/21/2008	15.20
18 Jul 2007	Interim	GBX	4.70	12/30/2006	06/30/2007	07/25/2007	07/27/2007	08/23/2007	-
22 Jan 2007	Final	GBX	9.15	09/30/2005	09/30/2006	01/31/2007	02/09/2007	03/07/2007	13.40
19 Jul 2006	Interim	GBX	4.25	12/30/2005	06/30/2006	08/02/2006	08/04/2006	09/01/2006	-
19 Jan 2006	Final	GBX	7.85	12/31/2004	12/31/2005	02/08/2006	02/10/2006	03/07/2006	11.85
13 Jul 2005	Interim	GBX	4.00	12/30/2004	06/30/2005	08/03/2005	08/05/2005	09/02/2005	-
20 Jan 2005	Final	GBX	7.25	12/31/2003	12/31/2004	03/04/2005	02/04/2005	02/02/2005	11.00
15 Jul 2004	Interim	GBX	3.75	12/30/2003	06/30/2004	08/04/2004	08/06/2004	09/03/2004	-
21 Jan 2004	Final	GBX	6.60	12/31/2002	12/31/2003	02/04/2004	02/06/2004	03/05/2004	10.10
17 Jul 2003	Interim	GBX	3.50	12/30/2002	06/30/2003	08/06/2003	08/08/2003	09/05/2003	-
21 Jan 2003	Final	GBX	6.20	12/31/2001	12/31/2002	02/05/2003	02/07/2003	03/07/2003	9.50
16 Jul 2002	Interim	GBX	3.30	12/30/2001	06/30/2002	08/07/2002	08/09/2002	09/06/2002	-
22 Jan 2002	Final	GBX	5.90	12/31/2000	12/31/2001	01/30/2002	02/01/2002	03/01/2002	9.10
17 Jul 2001	Interim	GBX	3.20	12/30/2000	06/30/2001	08/08/2001	08/10/2001	09/07/2001	-
23 Jan 2001	Final	GBX	5.65	12/31/1999	12/31/2000	02/07/2001	02/09/2001	03/02/2001	8.65
18 Jul 2000	Interim	GBX	3.00	12/30/1999	06/30/2000	07/31/2000	08/04/2000	09/01/2000	-
25 Jan 2000	Final	GBX	4.75	12/31/1998	12/31/1999	01/31/2000	02/04/2000	03/03/2000	7.60
13 Jul 1999	Interim	GBX	2.85	12/30/1998	06/30/1999	07/19/1999	07/23/1999	09/03/1999	-
19 Jan 1999	Final	GBX	4.55	12/31/1997	12/31/1998	01/25/1999	01/29/1999	03/05/1999	7.30
14 Jul 1998	Interim	GBX	2.75	12/30/1997	06/30/1998	07/20/1998	07/24/1998	09/04/1998	-

Aberforth Smaller Compan... Fundamentals

	31 Dec 2016 (GBP)		31 Dec 2017 (GBP)		31 Dec 2018 (GBP)		31 Dec 2019 (GBP)
turnover	39.03	100.00%	43.68	100.00%	46.26	100.00%	42.48	100.00%	m
pre tax profit	35.02	89.73%	39.06	89.44%	41.45	89.60%	38.10	89.70%	m
attributable profit	34.98	89.64%	39.06	89.44%	41.45	89.60%	38.10	89.70%	m
retained profit	7.26	18.61%	5.85	13.40%	8.24	17.81%	3.28	7.72%	m
eps - basic (p)	36.93		41.59		45.30		42.26
eps - diluted (p)	36.93		41.59		45.30		42.26
dividends per share	27.35		28.80		30.25		32.00

Aberforth Smaller Compan... Balance Sheet

	31 Dec 2016 (GBP)		31 Dec 2017 (GBP)		31 Dec 2018 (GBP)		31 Dec 2019 (GBP)


	31 Dec 2016 (GBP)		31 Dec 2017 (GBP)		31 Dec 2018 (GBP)		31 Dec 2019 (GBP)
ASSETS
fixed assets	-	-%	-	-%	-	-%	-	-%	m
intangibles	-	-%	-	-%	-	-%	-	-%	m
fixed investments	1,253.25	99.75%	1,440.50	99.73%	1,168.16	99.72%	1,416.68	99.79%	m
current assets - other	-	-%	-	-%	-	-%	-	-%	m
stocks	-	-%	-	-%	-	-%	-	-%	m
debtors	2.88	0.23%	3.65	0.25%	3.23	0.28%	2.81	0.20%	m
cash & securities	0.24	0.02%	0.29	0.02%	0.06	0.01%	0.19	0.01%	m

TOTAL	1,256.37	100%	1,444.44	100%	1,171.45	100%	1,419.67	100%	m

LIABILITIES
creditors - short	36.14	2.88%	0.20	0.01%	0.31	0.03%	13.87	0.98%	m
creditors - long	-	-%	8.60	0.60%	17.41	1.49%	-	-%	m
creditors - other	-	-%	-	-%	-	-%	-	-%	m
subordinated loans	-	-%	-	-%	-	-%	-	-%	m
insurance funds	-	-%	-	-%	-	-%	-	-%	m

TOTAL	36.14	2.88%	8.80	0.61%	17.72	1.51%	13.87	0.98%	m

EQUITY
ord cap, reserves	1,220.23	97.12%	1,435.64	99.39%	1,153.74	98.49%	1,405.80	99.02%	m
prefs, minorities	-	-%	-	-%	-	-%	-	-%	m

TOTAL	1,220.23	97.12%	1,435.64	99.39%	1,153.74	98.49%	1,405.80	99.02%	m

OTHER
NAV Basic	-		-		-		-
NAV Diluted	-		-		-		-

Aberforth Smaller Compan... Cash Flow Statement

	31 Dec 2016 (GBP)	31 Dec 2017 (GBP)	31 Dec 2018 (GBP)	31 Dec 2019 (GBP)
Operating CF	35.09	32.50	38.96	33.61	m
Pre-Financing CF	5.11	74.74	57.66	52.34	m
Retained CF	-0.78	0.05	-0.23	0.13	m

Aberforth Smaller Compan... Brokers

Name	Activity	Type	Mnemonic	Code
Arbuthnot Securities Limited	Market Maker(MME)	Broker/Dealer	ARBT	ALESGB31MKT
J.P. Morgan Cazenove Limited	Market Maker(MME)	Broker/Dealer	CAZR	CAZEGB2L
Cenkos Securities Plc	Market Maker(MME)	Broker/Dealer	CNKS	CNKOGB21
Collins Stewart Europe Limited	Market Maker(MME)	Broker/Dealer	CSCS	CSTEGB21
Canaccord Genuity Limited	Market Maker(MME)	Broker/Dealer	CANA	HOARGB21001
HSBC Bank plc	Market Maker(MME)	Broker/Dealer	HSBC	JCAPGB2L
J.P. Morgan Securities Ltd	Market Maker(MME)	Broker/Dealer	JPMS	JPMSGB2L
Oriel Securities Limited	Market Maker(MME)	Broker/Dealer	OREL	ORSNGB21
Numis Securities Limited	Market Maker(MME)	Broker/Dealer	NUMS	RAZHGB2LBIC
UBS AG	Market Maker(MME)	Broker/Dealer	UBS.	UBSWGB2LEQU
Winterflood Securities Ltd	Market Maker(MME)	Broker/Dealer	WINS	WNTSGB2LBIC