National Express (NEX)

Company name:	National Express
Company Description:	Buses: High-frequency urban bus services operating primarily in Birmingham and accross the West Midlands. Also operator of the Midland Metro light-rail service. Trains: Nine train operating companies provide a range of intercity urban and rural passenger train services and train maintenance operation. Coaches: Extensive and integrated network of scheduled and contracted coach services in three business segments - UK express coaches, airport services and European coaching. USA: Private operator of student transportation bus services, public transit bus services and demand-response services. Australia: Private operator of public transport in Australia. Provides bus services in Sydney, Melbourne, Perth and Brisbane, and train operations in Melbourne and across the State of Victoria
EPIC:	NEX	Trading Currency:	GBX
Market Sector:	F25F	ISIN:	GB0006215205
Market Segment:	STMM	Share Type:	DE
WWW Address:	http://www.nationalexpressgroup.com/	Description:	ORD 5P
Industry Sector:	TRAVEL & LEISURE

Price	Price Change [%]	Bid	Ask	Open	High	Low	Volume
419.40	-1.6 [-0.38]	419.00	419.60	421.80	424.80	418.00	74,890
Market Cap. [m]	Shares In Issue [m]	Beta	EPS	DPS	PE Ratio	Yield	52-Wks-Range
2,146.23	511.74	0.13	25.70	13.51	16.32	3.22	426.60 - 337.20

National Express Key Figures

(at previous day's close)
Market Cap.	2,146.23	m
Shares In Issue	511.74	m
Prev. Close	421.00
PE Ratio	16.32
Dividend Yield	3.22	%
EPS - basic	25.70	p
Dividend PS	13.51	p
Dividend Cover	1.90
Cash Flow PS	57.74	p
Return On Equity (ROE)	11.44	%
Operating Margin	6.74	%
PEG Factor	1.39
EPS Growth Rate	11.74	%
Dividends PS Growth Rate	10.02	%
Net Debt	1,970.80	m
Gross Gearing	66.21	%
Quick Assets	733.60	m
Net Working Capital	-168.20	m
Intangibles / Fixed Assets	60.65	%
Turnover PS	453.59	p
Pre-Tax Profit PS	30.56	p
Retained Profit PS	12.96	p
Cash PS	61.42	p
Net Cash PS	-119.67	p
Net Tangible Asset Value PS *	-95.44	p
Net Asset Value PS	227.93	p
Spread	0.60 (0.14%)
* 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.

National Express Balance Sheet

Share Price Performance

Sample Period ^†	High	Low
1 week	424.80	377.40
4 weeks	424.80	377.40
12 weeks	424.80	377.40
1 year	426.60	337.20

Share Price Chart (5 years)

National Express Historic Returns

Giorni da oggi ^†	Open	Change	%	Open Avg.	Avg. Daily Vol [m]	Total Vol [m]	VWAP
1 week	377.40	42.00	11.13	377.40	0.81		407.09
4 weeks	394.00	25.40	6.45	377.40	0.59		397.56
12 weeks	408.80	10.60	2.59	377.40	0.48		401.03
26 weeks	404.80	14.60	3.61	377.40	0.57		404.03
1 year	345.00	74.40	21.57	337.20	0.63		389.37
3 years	282.60	136.80	48.41	254.90	0.65		356.72
5 years	263.10	156.30	59.41	213.40	0.60		328.68
† periods calculated are whole weeks rather than calendar months

National Express Key Management Ratios

National Express Investment Ratios

(Market value analysis) at previous day's close
PQ Ratio	16.74
PE Ratio	16.32
Tobin's Q Ratio	0.62
Tobin's Q Ratio (excl. intangibles)	1.16
Dividend Yield	3.22	%
Market-to-Book Ratio	1.87
Price-to-Pre-Tax Profit PS	13.72
Price-to-Retained Profit PS	32.37
Price-to-Cash Flow PS	7.26
Price-to-Sales PS	0.92
Price-to-Net Tangible Asset Value PS	-4.60
Price-to-Cash PS	6.83
Net Working Capital PS	-32.87
Price Pct to Working Capital PS	-12.76	%
Earnings Yield	6.13	%
Average PE	18.48
Years in average	5
PE to PE average	88.32	%

National Express Financial Ratios

(Leverage Ratios)
Debt Ratio	53.80	%
Debt-to-Equity Ratio	1.16
Debt-to-Equity Ratio (excl. Intgbl)	-2.91
Debt-to-Equity Market Value	0.63
Net Gearing	57.10	%
Net Gearing (excl. Intangibles)	108.40	%
Gross Gearing	66.21	%
Gross Gearing (excl. Intangibles)	125.69	%
Gearing Under 1 Year	26.85	%
Gearing Under 1 Year (excl. Intgbl)	50.97	%
Assets/Equity	2.96
Cash/Equity	26.95
(Liquidity Ratios)
Net Working Capital to Total Assets	-4.87	%
Current Ratio	0.82
Quick Ratio (Acid Test)	0.79
Liquidity Ratio	0.34
Cash & Equiv/Current Assets	41.44	%
(Solvency Ratios)
Enterprise Value	3,211.73	m
CFO/Sales	0.13
CFO/Attributable Profit	2.26
CFO/Assets	0.09
CFO/Debt	0.13
Total Debt/Equity Market Value	1.06
Total Debt/Sales	0.98
Total Debt/Pre-Tax Profit	14.61
Total Debt	2,285.10	m
Total Debt/Net Current Assets	-13.59	%
(Dodds - Graham Ratios)
3 yr Compound Earnings Growth	7.13	%
5 yr Compound Earnings Growth	18.28	%
10 yr Compound Earnings Growth	-	%
Earn drops > 5% in 10yrs	7

Beta (60-Mnth)	Beta (36-Mnth)
0.1323	0.0834

National Express Operating Ratios

(Profitability Ratios)
Return On Capital Employed (ROCE)	6.19	%
Return On Assets (ROA)	3.80	%
Net Profit Margin	5.64	%
Assets Turnover	0.67
Return On Equity (ROE)	11.44	%
Return On Investment (ROI)	5.50	%
Dividend Payout Ratio	52.57	%
Plowback Ratio	47.43	%
Growth from Plowback Ratio	5.52	%
Net Income Of Revenues	2.86	%
(Asset Utilisation Multiples)
Shareholders Equity Turnover	2.06
Fixed Assets Turnover	0.87
Current Assets Turnover	2.99
Net Working Capital Turnover
Inventory Turnover	93.03
(Other Operating Ratios)
Total Assets-to-Sales	1.48
Debtors-to-Sales	18.71	%
Debt Collection Period	68.31	Days

National Express Dividends

Announcement Date	Type	Curr.	Dividend Amount	Period Start	Period End	Ex Date	Record Date	Payment Date	Total Dividend Amount
01 Mar 2018	Final	GBX	9.25	12/31/2016	12/31/2017	04/26/2018	04/27/2018	05/21/2018	13.51
27 Jul 2017	Interim	GBX	4.26	12/30/2016	06/30/2017	08/31/2017	09/01/2017	09/22/2017	-
23 Feb 2017	Final	GBX	8.41	12/31/2015	12/31/2016	04/27/2017	04/28/2017	05/19/2017	12.28
28 Jul 2016	Interim	GBX	3.87	12/30/2015	06/30/2016	09/01/2016	09/02/2016	09/23/2016	-
25 Feb 2016	Final	GBX	7.64	12/31/2014	12/31/2015	04/28/2016	04/29/2016	05/20/2016	11.30
29 Jul 2015	Interim	GBX	3.69	12/30/2014	06/30/2015	09/02/2015	09/03/2015	09/25/2015	-
27 Feb 2015	Final	GBX	6.95	12/31/2013	12/31/2014	04/30/2015	05/01/2015	05/22/2015	10.30
30 Jul 2014	Interim	GBX	3.35	12/30/2013	06/30/2014	09/03/2014	09/05/2014	09/19/2014	-
27 Feb 2014	Final	GBX	6.75	12/31/2012	12/31/2013	04/30/2014	05/02/2014	05/23/2014	10.00
24 Jul 2013	Interim	GBX	3.25	12/30/2012	06/30/2013	09/04/2013	09/06/2013	09/20/2013	-
28 Feb 2013	Final	GBX	6.60	12/31/2011	12/31/2012	04/24/2013	04/26/2013	05/17/2013	9.75
26 Jul 2012	Interim	GBX	3.15	12/30/2011	06/30/2012	09/05/2012	09/07/2012	09/21/2012	-
29 Feb 2012	Final	GBX	6.50	12/31/2010	12/31/2011	04/25/2012	04/27/2012	05/18/2012	9.50
28 Jul 2011	Interim	GBX	3.00	12/30/2010	06/30/2011	09/07/2011	09/09/2011	09/23/2011	-
24 Feb 2011	Final	GBX	6.00	12/31/2009	12/31/2010	04/24/2011	04/26/2011	05/13/2011	6.00
25 Feb 2010	Final	GBX	-	12/31/2008	12/31/2009	-	-	-	-
26 Feb 2009	Final	GBX	10.00	12/31/2007	12/31/2008	06/17/2009	06/19/2009	07/03/2009	22.72
31 Jul 2008	Interim	GBX	12.72	06/30/2007	06/30/2008	09/10/2008	09/12/2008	09/26/2008	-
28 Feb 2008	Final	GBX	26.40	12/31/2006	12/31/2007	04/23/2008	04/25/2008	05/09/2008	37.96
26 Jul 2007	Interim	GBX	11.56	06/30/2006	06/30/2007	09/12/2007	09/14/2007	09/28/2007	-
25 Feb 2007	Final	GBX	24.00	12/31/2005	12/31/2006	04/25/2007	04/27/2007	05/04/2007	34.75
28 Sep 2006	Interim	GBX	10.75	12/30/2005	06/30/2006	10/04/2006	10/06/2006	10/20/2006	-
09 Mar 2006	Final	GBX	22.25	12/31/2004	12/31/2005	04/26/2006	04/28/2006	05/26/2006	32.25
28 Jul 2005	Interim	GBX	10.00	12/30/2004	06/30/2005	09/07/2005	09/09/2005	10/07/2005	-
24 Feb 2005	Final	GBX	20.65	12/31/2003	12/31/2004	04/06/2005	04/08/2005	05/06/2005	30.00
29 Jul 2004	Interim	GBX	9.35	12/30/2003	06/30/2004	09/01/2004	09/03/2004	10/01/2004	-
26 Feb 2004	Final	GBX	17.50	12/31/2002	12/31/2003	04/07/2004	04/13/2004	05/07/2004	26.00
11 Sep 2003	Interim	GBX	8.50	12/30/2002	06/30/2003	09/24/2003	09/26/2003	10/17/2003	-
13 Mar 2003	Final	GBX	16.40	12/31/2001	12/31/2002	04/20/2003	04/22/2003	05/16/2003	24.50
17 Sep 2002	Interim	GBX	8.10	12/30/2001	06/30/2002	09/25/2002	09/27/2002	10/18/2002	-
20 Mar 2002	Final	GBX	14.70	12/31/2000	12/31/2001	04/03/2002	04/05/2002	05/03/2002	22.00
12 Sep 2001	Interim	GBX	7.30	12/30/2000	06/30/2001	09/19/2001	09/21/2001	10/19/2001	-
21 Mar 2001	Final	GBX	14.20	12/31/1999	12/31/2000	04/04/2001	04/06/2001	05/04/2001	20.70
05 Sep 2000	Interim	GBX	6.50	12/30/1999	06/30/2000	09/25/2000	09/29/2000	10/27/2000	-
14 Mar 2000	Final	GBX	12.45	12/31/1998	12/31/1999	03/27/2000	03/31/2000	05/05/2000	18.20
09 Sep 1999	Interim	GBX	5.75	12/30/1998	06/30/1999	09/20/1999	09/24/1999	10/22/1999	-
18 Mar 1999	Final	GBX	11.30	12/31/1997	12/31/1998	03/29/1999	04/06/1999	05/07/1999	16.00
10 Sep 1998	Interim	GBX	4.70	12/30/1997	06/30/1998	09/21/1998	09/25/1998	10/23/1998	-
19 Mar 1998	Final	GBX	9.50	12/31/1996	12/31/1997	03/30/1998	04/03/1998	05/01/1998	13.50

National Express Fundamentals

	31 Dec 2014 (GBP)		31 Dec 2015 (GBP)		31 Dec 2016 (GBP)		31 Dec 2017 (GBP)
turnover	1,867.40	100.00%	1,919.80	100.00%	2,103.70	100.00%	2,321.20	100.00%	m
pre tax profit	66.50	3.56%	124.40	6.48%	136.30	6.48%	156.40	6.74%	m
attributable profit	59.10	3.16%	107.00	5.57%	117.20	5.57%	131.00	5.64%	m
retained profit	7.50	0.40%	52.60	2.74%	58.30	2.77%	66.30	2.86%	m
eps - basic (p)	11.60		20.90		23.00		25.70
eps - diluted (p)	11.50		20.90		22.80		25.50
dividends per share	10.30		11.30		12.28		13.51

National Express Balance Sheet

	31 Dec 2014 (GBP)		31 Dec 2015 (GBP)		31 Dec 2016 (GBP)		31 Dec 2017 (GBP)


	31 Dec 2014 (GBP)		31 Dec 2015 (GBP)		31 Dec 2016 (GBP)		31 Dec 2017 (GBP)
ASSETS
fixed assets	729.90	31.38%	801.10	32.24%	983.60	28.64%	968.20	28.05%	m
intangibles	1,177.40	50.61%	1,230.70	49.54%	1,548.60	45.08%	1,633.40	47.32%	m
fixed investments	80.80	3.47%	91.40	3.68%	110.10	3.21%	91.40	2.65%	m
current assets - other	-	-%	-	-%	-	-%	-	-%	m
stocks	21.80	0.94%	22.50	0.91%	25.00	0.73%	24.90	0.72%	m
debtors	232.60	10.00%	278.40	11.21%	449.50	13.09%	419.30	12.15%	m
cash & securities	83.70	3.60%	60.40	2.43%	318.10	9.26%	314.30	9.11%	m

TOTAL	2,326.20	100%	2,484.50	100%	3,434.90	100%	3,451.50	100%	m

LIABILITIES
creditors - short	566.00	24.33%	697.30	28.07%	1,194.50	34.78%	926.70	26.85%	m
creditors - long	924.00	39.72%	956.10	38.48%	1,114.90	32.46%	1,358.40	39.36%	m
creditors - other	-	-%	-	-%	-	-%	-	-%	m
subordinated loans	-	-%	-	-%	-	-%	-	-%	m
insurance funds	-	-%	-	-%	-	-%	-	-%	m

TOTAL	1,490.00	64.05%	1,653.40	66.55%	2,309.40	67.23%	2,285.10	66.21%	m

EQUITY
ord cap, reserves	823.50	35.40%	816.20	32.85%	1,106.80	32.22%	1,145.00	33.17%	m
prefs, minorities	12.70	0.55%	14.90	0.60%	18.70	0.54%	21.40	0.62%	m

TOTAL	836.20	35.95%	831.10	33.45%	1,125.50	32.77%	1,166.40	33.79%	m

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

National Express Cash Flow Statement

	31 Dec 2014 (GBP)	31 Dec 2015 (GBP)	31 Dec 2016 (GBP)	31 Dec 2017 (GBP)
Operating CF	232.20	252.90	316.60	295.50	m
Pre-Financing CF	182.90	78.80	118.90	122.50	m
Retained CF	43.60	-22.70	257.80	-8.90	m

National Express Brokers

Name	Activity	Type	Mnemonic	Code
THE ROYAL BANK OF SCOT N.V.	Market Maker(MME)	Broker/Dealer	RBSM	ABNAGB22
Evolution Securities Limited	Market Maker(MME)	Broker/Dealer	EVO	EVBGGB21MMT
Winterflood Securities Ltd	Market Maker(MME)	Broker/Dealer	WINS	WNTSGB2LBIC