MANU cashflow higher
MANU Current 13.7 Target 16 + 13%
October 6, 2022
1 minute read
Sales declined seasonally -22%
Last 5 quarters growth & sales million pounds
-21% 35% 47% -17% -22%
94 126 185 153 119
Costs down profit down
Last 5 quarters cost ratio & profit million pounds
-74% -43% -117% -85% -66%
-108 -16 -1 -28 -71
Cashflow higher
Last 5 quarters operating & investment million pounds
25 72 -32 23 41
1 -65 -19 -4 -6
Net cash down
Last 5 quarters cash & liabilities million pounds
111 99 87 96 121
988 1,135 1,119 1,100 1,167
Capital improved
Last 5 quarters cumulative capital , liabilities & equity million pounds
78 89 49 60 72
0 0 -40 0 0
0 0 0 11 12
October 6, 2022
1 minute read
- MANU last 12 months sales growth + 27%
- MANU last 12 months cash flow + 1% of market cap
- MANU last 12 months Capital -0% of market cap
- MANU latest net cash -53% of market cap
Sales declined seasonally -22%
Last 5 quarters growth & sales million pounds
-21% 35% 47% -17% -22%
94 126 185 153 119
- Sales declined seasonally -22% in the second quarter to 119 million pounds ; our forecasts v sales is + 14% now.
- This brings the average to 10% growth.
- We predict average growth of 8% in this next 12 months to bring sales to 145 million pounds in the second quarter 2023.
Costs down profit down
Last 5 quarters cost ratio & profit million pounds
-74% -43% -117% -85% -66%
-108 -16 -1 -28 -71
- The cash cost ratio went from -85% to -66% profit from -28 to -71 million pounds in the second quarter with higher non cash costs .
- The average cost ratio is at -78% now.
- We use the average -78% cost ratio to predict a -29 million pounds profit in the second quarter 2023.
Cashflow higher
Last 5 quarters operating & investment million pounds
25 72 -32 23 41
1 -65 -19 -4 -6
- Free cashflow went from 19 to 35 million pounds in the second quarter with -6 million pounds investment cashflow & positive working capital.
- Average quarterly Cashflow is at 3 million pounds now.
- We assume -10 million pounds investment cashflow which with higher sales gives 28 million pounds average Cashflow in the next 12 months.
Net cash down
Last 5 quarters cash & liabilities million pounds
111 99 87 96 121
988 1,135 1,119 1,100 1,167
- Cash increased 96 to 121 million pounds in the second quarter.
- Liabilities increased 1,100 to 1,167 million pounds so net cash was down -1,004 to -1,046 million pounds .
- With our forecast cashflow & 0 million pounds equity -112 million pounds liabilities net cash will be -934 million pounds in 12 months time.
Capital improved
Last 5 quarters cumulative capital , liabilities & equity million pounds
78 89 49 60 72
0 0 -40 0 0
0 0 0 11 12
- MANU cumulative capital improved 60 to 72 million pounds with 0 & + 12 million pounds from liabilities, equity in the second quarter & will be 184 million pounds in12 months time.
- At the current market value of 1,977 million pounds based on our forecasts it’s at 1.82 X assets with a 10 years payback & a 0% yield.
- Our 12m cashflow forecast is 112 million pounds (vs 11 million pounds the last 12m) which means an 18 X valuation. A 20 X valuation gives a 13% higher target price 16 dollars.
