Cash flow Polar Capital Holdings Plc

Equities

POLR

GB00B1GCLT25

Investment Management & Fund Operators

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06/03	Atos, Medincell, Spie... Stocks to Watch Today in Paris
06/03	Medincell Raises 48 Million Euros at 20.35 EUR per Share

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Published financial data: POLAR CAPITAL HOLDINGS PLC

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: March	2021	2022	2023	2024	2025
Revenues	20Cr	22Cr	18Cr	20Cr	22Cr
Gain (Loss) on Sale of Investment, Total (Rev)	-	-	-	-	-
Interest And Invest. Income (Rev)	3L	3L	13.09L	27.77L	-
Other Revenues, Total	61.5L	-10.99L	39.19L	-6L	39.97L
Total Revenues	21Cr	22Cr	19Cr	20Cr	23Cr
Cost of Goods Sold, Total	1.54Cr	2.26Cr	2.14Cr	2.27Cr	2.78Cr
Gross Profit	19Cr	20Cr	17Cr	17Cr	20Cr
Selling General & Admin Expenses, Total	9.53Cr	11Cr	11Cr	12Cr	13Cr
Depreciation & Amortization - (IS)	13.99L	14.04L	21.66L	24.7L	24.85L
Amortization of Goodwill and Intangible Assets - (IS)	-	-	11.63L	11.63L	1.48Cr
Other Operating Expenses	1.9Cr	1.98Cr	-	-	-
Other Operating Expenses, Total	12Cr	13Cr	11Cr	12Cr	15Cr
Operating Income	7.69Cr	7.11Cr	5.3Cr	5.46Cr	5.18Cr
Interest Expense, Total	-	-	-2L	-2L	-2L
Net Interest Expenses	-	-	-2L	-2L	-2L
Currency Exchange Gains (Loss)	18.64L	-13.96L	-26.49L	3L	-
EBT, Excl. Unusual Items	7.87Cr	6.97Cr	5.02Cr	5.47Cr	5.16Cr
Merger & Related Restructuring Charges	-19.08L	-28.96L	-	-	-
Asset Writedown	-4L	-78.6L	-	-	-
Other Unusual Items	-5L	31.05L	-49.59L	-	-
EBT, Incl. Unusual Items	7.59Cr	6.21Cr	4.52Cr	5.47Cr	5.16Cr
Income Tax Expense	1.32Cr	1.32Cr	95.92L	1.39Cr	1.63Cr
Earnings From Continuing Operations	6.27Cr	4.89Cr	3.56Cr	4.08Cr	3.53Cr
Net Income to Company	6.27Cr	4.89Cr	3.56Cr	4.08Cr	3.53Cr
Net Income - (IS)	6.27Cr	4.89Cr	3.56Cr	4.08Cr	3.53Cr
Net Income to Common Incl Extra Items	6.27Cr	4.89Cr	3.56Cr	4.08Cr	3.53Cr
Net Income to Common Excl. Extra Items	6.27Cr	4.89Cr	3.56Cr	4.08Cr	3.53Cr
Per Share Items
Net EPS - Basic	0.67	0.51	0.37	0.42	0.37
Basic EPS - Continuing Operations	0.67	0.51	0.37	0.42	0.37
Basic Weighted Average Shares Outstanding	9.34Cr	9.63Cr	9.68Cr	9.64Cr	9.66Cr
Net EPS - Diluted	0.64	0.49	0.36	0.42	0.36
Diluted EPS - Continuing Operations	0.64	0.49	0.36	0.42	0.36
Diluted Weighted Average Shares Outstanding	9.79Cr	10Cr	9.86Cr	9.77Cr	9.79Cr
Normalized Basic EPS	0.53	0.45	0.32	0.35	0.33
Normalized Diluted EPS	0.5	0.43	0.32	0.35	0.33
Dividend Per Share	0.4	0.46	0.46	0.46	0.46
Payout Ratio	50.87	88.71	124.9	108.67	125.75
Supplemental Items
EBITDA	7.71Cr	7.14Cr	5.45Cr	5.62Cr	5.55Cr
EBITA	7.69Cr	7.11Cr	5.42Cr	5.57Cr	5.3Cr
EBIT	7.69Cr	7.11Cr	5.3Cr	5.46Cr	5.18Cr
EBITDAR	-	-	-	-	-
Total Revenues (As Reported)	21Cr	23Cr	19Cr	20Cr	23Cr
Effective Tax Rate - (Ratio)	17.38	21.2	21.22	25.41	31.63
Current Domestic Taxes	1.28Cr	1.37Cr	1.02Cr	1.59Cr	-
Current Foreign Taxes	2L	2L	-4L	1L	-
Total Current Taxes	1.3Cr	1.4Cr	97.19L	1.6Cr	-
Total Deferred Taxes	2L	-8L	-1L	-21.47L	-
Normalized Net Income	4.92Cr	4.36Cr	3.14Cr	3.42Cr	3.23Cr
Interest on Long-Term Debt	1L	95T	2L	2L	2L
Supplemental Operating Expense Items
General and Administrative Expenses	4L	4L	4L	6L	7L
Net Rental Expense, Total	-	-	-	-	-
Stock-Based Comp., SG&A Exp. (Total)	56.25L	73.51L	43.86L	50.83L	70.09L
Stock-Based Comp., Other (Total)	56.33L	65.38L	73.56L	-12.1L	38.43L
Total Stock-Based Compensation	1.13Cr	1.39Cr	1.17Cr	38.73L	1.09Cr

Fiscal Period: March	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	14Cr	12Cr	11Cr	9.89Cr	12Cr
Short Term Investments	4.19Cr	5.49Cr	6.03Cr	4.75Cr	6.33Cr
Total Cash And Short Term Investments	18Cr	18Cr	17Cr	15Cr	19Cr
Accounts Receivable, Total	1.77Cr	1.89Cr	1.31Cr	1.45Cr	2.29Cr
Other Receivables	60.68L	55.25L	43.92L	37L	1L
Total Receivables	2.38Cr	2.45Cr	1.75Cr	1.82Cr	2.3Cr
Prepaid Expenses	21.14L	25.39L	23.33L	30.19L	-
Other Current Assets, Total	1.54Cr	2.56Cr	2.8Cr	2.51Cr	15.39L
Total Current Assets	22Cr	23Cr	22Cr	19Cr	21Cr
Gross Property Plant And Equipment	1.39Cr	1.43Cr	2.29Cr	2.31Cr	-
Accumulated Depreciation	-87.84L	-1.02Cr	-1.24Cr	-1.48Cr	-
Net Property Plant And Equipment	51.04L	41.13L	1.05Cr	83.07L	61.29L
Goodwill	67.7L	67.32L	67.32L	67.32L	-
Other Intangibles, Total	1.82Cr	1.04Cr	92.05L	80.42L	-
Deferred Tax Assets Long-Term	57.83L	34.75L	1L	19.38L	42.64L
Total Assets	26Cr	25Cr	24Cr	22Cr	22Cr
Liabilities
Accounts Payable, Total	4.86Cr	5.44Cr	4.25Cr	4.34Cr	7.12Cr
Accrued Expenses, Total	2.18Cr	2.44Cr	2.44Cr	1.94Cr	-
Current Portion of Leases	12.11L	12.46L	17.29L	13.42L	-
Current Income Taxes Payable	-	-	7L	41.27L	35.27L
Other Current Liabilities	2.02Cr	1Cr	1.96Cr	56.81L	58.08L
Total Current Liabilities	9.18Cr	9.01Cr	8.89Cr	7.39Cr	8.05Cr
Long-Term Leases	31.48L	18.96L	75.26L	61.64L	-
Deferred Tax Liability Non Current	41.16L	34.35L	5L	-	-
Other Non Current Liabilities	52.33L	16.12L	18.36L	16.22L	51.91L
Total Liabilities	10Cr	9.7Cr	9.88Cr	8.17Cr	8.57Cr
Common Stock, Total	24.68L	25.06L	25.2L	25.3L	25.39L
Additional Paid In Capital	1.94Cr	1.94Cr	1.94Cr	1.94Cr	1.94Cr
Retained Earnings	15Cr	15Cr	14Cr	14Cr	13Cr
Treasury Stock	-2.66Cr	-2.49Cr	-3.16Cr	-3.47Cr	-2.97Cr
Comprehensive Income and Other	1.1Cr	1.24Cr	1.23Cr	1.2Cr	1.23Cr
Total Common Equity	15Cr	16Cr	14Cr	14Cr	13Cr
Total Equity	15Cr	16Cr	14Cr	14Cr	13Cr
Total Liabilities And Equity	26Cr	25Cr	24Cr	22Cr	22Cr
Supplemental Items
ECS Total Shares Outstanding on Filing Date	10Cr	9.68Cr	9.58Cr	9.64Cr	9.67Cr
ECS Total Common Shares Outstanding	9.35Cr	9.62Cr	9.54Cr	9.6Cr	9.67Cr
Book Value / Share	1.62	1.62	1.5	1.42	1.39
Tangible Book Value	13Cr	14Cr	13Cr	12Cr	13Cr
Tangible Book Value Per Share	1.35	1.45	1.33	1.26	1.39
Total Debt	43.59L	31.42L	92.55L	75.06L	0
Net Debt	-17Cr	-17Cr	-16Cr	-14Cr	-19Cr
Debt Equivalent Oper. Leases	-	-	-	-	-
Account Code - Inventory Valuation	3	-	3	3	3
Machinery, Total	13.83L	14.66L	15.82L	17.59L	-
Full Time Employees	185	194	191	204	-

Fiscal Period: March	2021	2022	2023	2024	2025
Net Income	6.27Cr	4.89Cr	3.56Cr	4.08Cr	3.53Cr
Depreciation & Amortization - CF	13.99L	14.04L	21.66L	24.7L	24.85L
Amortization of Goodwill and Intangible Assets - (CF)	-	-	11.63L	11.63L	11.64L
Depreciation & Amortization, Total	13.99L	14.04L	33.29L	36.33L	36.49L
(Gain) Loss on Sale of Investments - (CF)	-	-	-	-	-
Asset Writedown & Restructuring Costs	4L	78.6L	-	-	1.36Cr
Stock-Based Compensation (CF)	1.13Cr	1.39Cr	1.17Cr	38.73L	1.09Cr
Other Operating Activities, Total	-7L	23.05L	16.08L	12.59L	-31.76L
Change in Trading Asset Securities	-1.43Cr	77.1L	-41.52L	29.34L	-17.72L
Change In Accounts Receivable	-91.09L	-15.06L	59.06L	-15.46L	-18.1L
Change In Accounts Payable	2.65Cr	84.21L	-86.78L	-70.94L	57.27L
Change in Other Net Operating Assets	-10.25L	-1.43Cr	-2L	-19.45L	16.27L
Cash from Operations	7.71Cr	7.47Cr	4.51Cr	4.19Cr	6.4Cr
Capital Expenditure	-5L	-18.09L	-7L	-3L	-2L
Sale of Property, Plant, and Equipment	-	-	-	-	12T
Cash Acquisitions	-74.12L	-81.2L	-	-	-
Investment in Marketable and Equity Securities, Total	-1.22Cr	-2.91Cr	-1.92Cr	1.3Cr	37.63L
Other Investing Activities, Total	2L	2L	4L	4L	3L
Cash from Investing	-1.98Cr	-3.88Cr	-1.95Cr	1.31Cr	39.11L
Long-Term Debt Repaid, Total	-12.96L	-13.06L	-14.25L	-17.34L	-15.01L
Total Debt Repaid	-12.96L	-13.06L	-14.25L	-17.34L	-15.01L
Issuance of Common Stock	1.23Cr	98.58L	2.07Cr	49.87L	17.75L
Repurchase of Common Stock	-74.07L	-1.69Cr	-1.45Cr	-2.16Cr	-11.02L
Common Dividends Paid	-3.19Cr	-4.34Cr	-4.45Cr	-4.43Cr	-4.44Cr
Common & Preferred Stock Dividends Paid	-3.19Cr	-4.34Cr	-4.45Cr	-4.43Cr	-4.44Cr
Other Financing Activities, Total	-	-	-2L	-2L	-2L
Cash from Financing	-2.83Cr	-5.18Cr	-3.99Cr	-6.29Cr	-4.54Cr
Foreign Exchange Rate Adjustments	-53T	3L	1L	-2L	4L
Net Change in Cash	2.9Cr	-1.56Cr	-1.42Cr	-80.96L	2.29Cr
Supplemental Items
Cash Interest Paid	1L	95T	2L	2L	2L
Cash Income Tax Paid (Refund)	1.36Cr	1.09Cr	77.38L	1.24Cr	1.94Cr
Levered Free Cash Flow	8.64Cr	4.49Cr	5.05Cr	2.81Cr	5.98Cr
Unlevered Free Cash Flow	8.64Cr	4.49Cr	5.06Cr	2.82Cr	6Cr
Change In Net Working Capital	-2.62Cr	1.31Cr	-30.94L	1.31Cr	-1.33Cr
Net Debt Issued / Repaid	-12.96L	-13.06L	-14.25L	-17.34L	-15.01L

Fiscal Period: March	2021	2022	2023	2024	2025
Profitability
Return on Assets	22.41	17.47	13.47	14.85	14.81
Return on Total Capital	34.62	28.21	21.26	23.08	23.97
Return On Equity %	46.89	31.8	23.81	29.27	26.12
Return on Common Equity	46.89	31.8	23.81	29.27	26.12
Margin Analysis
Gross Profit Margin %	92.6	89.86	88.63	88.51	87.72
SG&A Margin	45.85	48.53	58.69	59.01	57.15
EBITDA Margin %	37.1	31.99	29	28.48	24.55
EBITA Margin %	36.96	31.86	28.79	28.25	23.45
EBIT Margin %	36.96	31.86	28.17	27.66	22.93
Income From Continuing Operations Margin %	30.16	21.91	18.93	20.68	15.62
Net Income Margin %	30.16	21.91	18.93	20.68	15.62
Net Avail. For Common Margin %	30.16	21.91	18.93	20.68	15.62
Normalized Net Income Margin	23.66	19.52	16.67	17.33	14.28
Levered Free Cash Flow Margin	41.57	20.1	26.83	14.25	26.47
Unlevered Free Cash Flow Margin	41.57	20.1	26.88	14.32	26.52
Asset Turnover
Asset Turnover	0.97	0.88	0.77	0.86	1.03
Fixed Assets Turnover	36.56	48.46	25.69	20.94	31.33
Receivables Turnover (Average Receivables)	14.05	12.23	11.41	14.14	10.11
Short Term Liquidity
Current Ratio	2.4	2.54	2.42	2.6	2.61
Quick Ratio	2.2	2.23	2.08	2.23	2.59
Operating Cash Flow to Current Liabilities	0.84	0.83	0.51	0.57	0.8
Days Sales Outstanding (Average Receivables)	25.99	29.83	31.98	25.89	36.11
Average Days Payable Outstanding	909.58	829.8	827.04	693.85	888.92
Long Term Solvency
Total Debt/Equity	2.88	2.01	6.48	5.52	-
Total Debt / Total Capital	2.8	1.97	6.08	5.23	-
LT Debt/Equity	2.08	1.21	5.27	4.54	-
Long-Term Debt / Total Capital	2.02	1.19	4.95	4.3	-
Total Liabilities / Total Assets	40.78	38.31	40.89	37.55	38.92
EBIT / Interest Expense	-	-	302.78	258.61	252.93
EBITDA / Interest Expense	-	-	321.81	275.83	270.73
(EBITDA - Capex) / Interest Expense	-	-	317.74	274.35	269.71
Total Debt / EBITDA	0.06	0.04	0.16	0.13	-
Net Debt / EBITDA	-2.23	-2.38	-2.81	-2.39	-3.34
Total Debt / (EBITDA - Capex)	0.06	0.04	0.17	0.13	-
Net Debt / (EBITDA - Capex)	-2.24	-2.44	-2.84	-2.4	-3.35
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	34.79	7.39	-15.77	4.86	14.44
Gross Profit, 1 Yr. Growth %	34.68	4.21	-16.92	4.72	13.38
EBITDA, 1 Yr. Growth %	46.48	-7.4	-23.64	2.99	-5.19
EBITA, 1 Yr. Growth %	46.63	-7.44	-23.88	2.92	-5.44
EBIT, 1 Yr. Growth %	46.63	-7.44	-23.51	2.98	-5.56
Earnings From Cont. Operations, 1 Yr. Growth %	56.07	-21.99	-27.21	14.55	-13.44
Net Income, 1 Yr. Growth %	56.07	-21.99	-27.21	14.55	-13.44
Normalized Net Income, 1 Yr. Growth %	54.71	-11.4	-26.1	9.02	-5.57
Diluted EPS Before Extra, 1 Yr. Growth %	54.96	-23.91	-25.87	15.79	-13.64
Accounts Receivable, 1 Yr. Growth %	61.19	6.9	-30.7	10.38	8.59
Net Property, Plant and Equip., 1 Yr. Growth %	-18.61	-19.42	156.11	-21.14	-26.22
Total Assets, 1 Yr. Growth %	47.84	-0.95	-3.27	-9.96	1.15
Tangible Book Value, 1 Yr. Growth %	8.93	10.05	-8.79	-4.57	11
Common Equity, 1 Yr. Growth %	30.46	3.17	-8.57	-4.87	-1.07
Cash From Operations, 1 Yr. Growth %	83.05	-3.26	-39.57	-7.13	52.76
Capital Expenditures, 1 Yr. Growth %	345.37	276.09	-60.64	-56.04	-33.23
Levered Free Cash Flow, 1 Yr. Growth %	201.37	-48.07	10.68	-44.28	34.04
Unlevered Free Cash Flow, 1 Yr. Growth %	201.37	-48.07	10.92	-44.14	33.94
Dividend Per Share, 1 Yr. Growth %	21.21	15	0	0	0
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	7.78	20.31	-4.89	-6.02	9.64
Gross Profit, 2 Yr. CAGR %	7.6	18.47	-6.95	-6.72	9.07
EBITDA, 2 Yr. CAGR %	9.02	16.46	-15.91	-11.32	0.87
EBITA, 2 Yr. CAGR %	9.1	16.5	-16.06	-11.49	-1.05
EBIT, 2 Yr. CAGR %	9.1	16.5	-16.97	-11.25	-1.08
Earnings From Cont. Operations, 2 Yr. CAGR %	9.42	10.34	-24.65	-8.69	-0.42
Net Income, 2 Yr. CAGR %	9.42	10.34	-24.65	-8.69	-0.42
Normalized Net Income, 2 Yr. CAGR %	10.83	17.08	-20.17	-10.24	1.47
Diluted EPS Before Extra, 2 Yr. CAGR %	9.27	8.59	-24.9	-7.35	0
Accounts Receivable, 2 Yr. CAGR %	24.28	31.26	-13.93	-12.54	32.07
Net Property, Plant and Equip., 2 Yr. CAGR %	72.11	-19.01	43.66	42.12	-23.72
Total Assets, 2 Yr. CAGR %	23.41	21.01	-2.79	-6.67	-4.56
Tangible Book Value, 2 Yr. CAGR %	7.37	9.49	0.19	-6.7	2.92
Common Equity, 2 Yr. CAGR %	17.5	16.02	-2.88	-6.74	-2.99
Cash From Operations, 2 Yr. CAGR %	1.64	33.12	-23.54	-25.09	19.11
Capital Expenditures, 2 Yr. CAGR %	120.42	309.27	21.67	-58.4	-45.82
Levered Free Cash Flow, 2 Yr. CAGR %	15.58	25.1	-23.6	-21.47	8.9
Unlevered Free Cash Flow, 2 Yr. CAGR %	15.58	25.1	-23.51	-21.29	8.9
Dividend Per Share, 2 Yr. CAGR %	10.1	18.07	7.24	0	0
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	14.88	7.65	6.83	-1.75	0.42
Gross Profit, 3 Yr. CAGR %	14.22	6.46	5.26	-3.21	-0.39
EBITDA, 3 Yr. CAGR %	22.68	3.24	1.18	-10.03	-8.07
EBITA, 3 Yr. CAGR %	23.03	3.29	1.09	-10.16	-9.34
EBIT, 3 Yr. CAGR %	23.03	3.29	0.36	-10.79	-9.2
Earnings From Cont. Operations, 3 Yr. CAGR %	24.12	-2.25	-3.95	-13.36	-10.3
Net Income, 3 Yr. CAGR %	24.12	-2.25	-3.95	-13.36	-10.3
Normalized Net Income, 3 Yr. CAGR %	24.01	2.86	-0.47	-11.43	-8.71
Diluted EPS Before Extra, 3 Yr. CAGR %	22.64	-3.15	-4.39	-13.24	-9.5
Accounts Receivable, 3 Yr. CAGR %	21.33	18.19	6.09	-6.49	6.52
Net Property, Plant and Equip., 3 Yr. CAGR %	37.32	33.65	18.87	17.63	14.22
Total Assets, 3 Yr. CAGR %	25.65	14.69	11.79	-5.24	-4.13
Tangible Book Value, 3 Yr. CAGR %	12.98	8.25	3.02	-1.42	-1.14
Common Equity, 3 Yr. CAGR %	19.99	12.52	7.16	-3.55	-4.89
Cash From Operations, 3 Yr. CAGR %	14.49	0	2.31	-18.42	-5
Capital Expenditures, 3 Yr. CAGR %	84.17	163.39	87.51	-13.34	-51.3
Levered Free Cash Flow, 3 Yr. CAGR %	23.51	-11.47	20.72	-31.23	9.49
Unlevered Free Cash Flow, 3 Yr. CAGR %	23.51	-11.47	20.8	-31.12	9.57
Dividend Per Share, 3 Yr. CAGR %	12.62	11.71	11.71	4.77	0
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	19.49	23.51	6.52	1.96	7.95
Gross Profit, 5 Yr. CAGR %	19.9	22.71	5.23	0.97	6.76
EBITDA, 5 Yr. CAGR %	25.29	25.03	5.48	-2.85	1.05
EBITA, 5 Yr. CAGR %	25.7	25.47	5.58	-2.9	0.23
EBIT, 5 Yr. CAGR %	25.7	25.47	5.12	-3.31	-0.22
Earnings From Cont. Operations, 5 Yr. CAGR %	28.07	24.98	1.66	-4.88	-2.55
Net Income, 5 Yr. CAGR %	28.07	24.98	1.66	-4.88	-2.55
Normalized Net Income, 5 Yr. CAGR %	27.21	27.82	3.98	-3.12	0.3
Diluted EPS Before Extra, 5 Yr. CAGR %	26.83	23.43	0.79	-4.85	-2.66
Accounts Receivable, 5 Yr. CAGR %	22.54	18.66	5.76	4.78	15.8
Net Property, Plant and Equip., 5 Yr. CAGR %	12.27	11.36	39.82	36.97	-0.46
Total Assets, 5 Yr. CAGR %	19.09	20.77	13.39	5.32	4.94
Tangible Book Value, 5 Yr. CAGR %	10.8	14.49	7.68	2	2.98
Common Equity, 5 Yr. CAGR %	14.88	17.17	10.26	4.38	2.98
Cash From Operations, 5 Yr. CAGR %	31.67	51.84	-2.57	-10.91	8.72
Capital Expenditures, 5 Yr. CAGR %	5.22	113.27	56.03	25.89	14.12
Levered Free Cash Flow, 5 Yr. CAGR %	24.56	29.14	1.92	-15.36	15.85
Unlevered Free Cash Flow, 5 Yr. CAGR %	24.56	29.14	1.97	-15.28	15.9
Dividend Per Share, 5 Yr. CAGR %	9.86	12.97	10.44	6.87	6.87