Financials Melrose Industries LIQUIDNET SYSTEMS

Equities

GB00BZ1G4322

Aerospace & Defense

Delayed LIQUIDNET SYSTEMS Other stock markets			5-day change	1st Jan Change
- ^GBX	-.--%		-.--%	-.--%

30/05	Coats names former GKN Aerospace head David Paja as CEO	AN
30/05	Coats names former GNK Aerospace head David Paja as chief executive	AN

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	11,665	8,650	6,992	5,453	7,562	8,228	-	-
Enterprise Value (EV) ¹	15,483	11,985	8,260	6,592	8,134	9,464	9,350	9,173
P/E ratio	-200 x	-16.2 x	9.03 x	-18.4 x	-7.52 x	191 x	39.8 x	27.8 x
Yield	0.71%	0.42%	1.09%	1.73%	0.88%	1.17%	1.6%	1.98%
Capitalization / Revenue	1.01 x	0.99 x	1.02 x	0.72 x	2.26 x	2.24 x	2.04 x	1.87 x
EV / Revenue	1.34 x	1.37 x	1.2 x	0.87 x	2.43 x	2.57 x	2.31 x	2.08 x
EV / EBITDA	10.3 x	16.6 x	10.3 x	7.44 x	15.3 x	13.4 x	10.9 x	9.25 x
EV / FCF	54.5 x	24.5 x	192 x	-98.4 x	-123 x	-182 x	43.3 x	22.4 x
FCF Yield	1.83%	4.08%	0.52%	-1.02%	-0.81%	-0.55%	2.31%	4.47%
Price to Book	1.55 x	1.22 x	0.93 x	2.29 x	2.23 x	2.53 x	2.45 x	2.33 x
Nbr of stocks (in thousands)	14,57,476	14,57,476	14,57,476	13,51,475	13,32,715	13,27,140	-	-
Reference price ²	8.003	5.935	4.797	4.035	5.674	6.200	6.200	6.200
Announcement Date	05/03/20	04/03/21	03/03/22	02/03/23	07/03/24	-	-	-

¹GBP in Million²GBP

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	11,592	8,770	6,883	7,537	3,350	3,680	4,042	4,406
EBITDA ¹	1,505	724	800	886	532	705.6	856.2	991.7
EBIT ¹	1,102	340	375	480	390	538.2	684.6	816.5
Operating Margin	9.51%	3.88%	5.45%	6.37%	11.64%	14.62%	16.94%	18.53%
Earnings before Tax (EBT) ¹	106	-535	-618	-307	-8	147.5	319.7	452.7
Net income ¹	-60	-536	833	-308	-1,019	55.01	222.6	293.8
Net margin	-0.52%	-6.11%	12.1%	-4.09%	-30.42%	1.49%	5.51%	6.67%
EPS ²	-0.0400	-0.3667	0.5310	-0.2190	-0.7550	0.0324	0.1556	0.2231
Free Cash Flow ¹	284	489	43	-67	-66	-52	216	409.7
FCF margin	2.45%	5.58%	0.62%	-0.89%	-1.97%	-1.41%	5.34%	9.3%
FCF Conversion (EBITDA)	18.87%	67.54%	5.38%	-	-	-	25.23%	41.31%
FCF Conversion (Net income)	-	-	5.16%	-	-	-	97.04%	139.45%
Dividend per Share ²	0.0567	0.0250	0.0525	0.0698	0.0500	0.0725	0.0992	0.1226
Announcement Date	05/03/20	04/03/21	03/03/22	02/03/23	07/03/24	-	-	-

¹GBP in Million²GBP

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2021 S2	2022 S1	2022 S2	2023 S1	2023 S2
Net sales ¹	5,892	4,121	4,649	3,540	3,343	3,594	3,943	1,633	1,717
EBITDA	-	-	416	432	368	373	513	-	-
EBIT ¹	563	-	284	223	152	171	309	159	231
Operating Margin	9.56%	-	6.11%	6.3%	4.55%	4.76%	7.84%	9.74%	13.45%
Earnings before Tax (EBT)	-	-	150	-256	-362	-358	51	-	-
Net income	-	-	-	1,166	-333	-360	52	-	-
Net margin	-	-	-	32.94%	-9.96%	-10.02%	1.32%	-	-
EPS	-	-	-	0.7200	-0.1890	-0.2460	0.0270	-	-
Dividend per Share ²	-	-	0.0250	0.0225	0.0300	0.0248	0.0450	0.0150	0.0350
Announcement Date	05/03/20	03/09/20	04/03/21	02/09/21	03/03/22	08/09/22	02/03/23	07/09/23	07/03/24

¹GBP in Million²GBP

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	3,818	3,335	1,268	1,139	572	1,236	1,122	944
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.537 x	4.606 x	1.585 x	1.286 x	1.075 x	1.751 x	1.31 x	0.9522 x
Free Cash Flow ¹	284	489	43	-67	-66	-52	216	410
ROE (net income / shareholders' equity)	8.87%	1.64%	2.7%	4.09%	4.92%	9.89%	12.8%	13.7%
ROA (Net income/ Total Assets)	3.7%	0.69%	1.28%	2.14%	-	4.55%	4.95%	5.62%
Assets ¹	-1,622	-77,987	64,911	-14,426	-	1,209	4,500	5,223
Book Value Per Share ²	5.160	4.860	5.150	1.760	2.540	2.450	2.530	2.660
Cash Flow per Share ²	0.5100	0.5100	0.1700	0.1500	0.0200	0.1400	0.3100	0.4400
Capex ¹	465	275	220	271	95	191	199	213
Capex / Sales	4.01%	3.14%	3.2%	3.6%	2.84%	5.18%	4.93%	4.83%
Announcement Date	05/03/20	04/03/21	03/03/22	02/03/23	07/03/24	-	-	-

¹GBP in Million²GBP

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Melrose Industries

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

6.2 GBP

Average target price

7.121 GBP

Spread / Average Target

+14.85%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Aerospace & Defense

	1st Jan change	Capi.
RTX CORPORATION	+28.49%	143B
GENERAL DYNAMICS CORPORATION	+15.20%	81.94B
NORTHROP GRUMMAN CORPORATION	-6.00%	65.12B
BAE SYSTEMS PLC	+25.62%	53.4B
ROLLS-ROYCE HOLDINGS PLC	+52.45%	48.62B
L3HARRIS TECHNOLOGIES, INC.	+5.36%	42.09B
HINDUSTAN AERONAUTICS LIMITED	+69.23%	38B
BHARAT ELECTRONICS LIMITED	+53.78%	24.78B
AXON ENTERPRISE, INC.	+8.58%	21.17B

Other Aerospace & Defense