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CONTENTS:

INTRODUCTION

FINANCIAL STATEMENT ANALYSIS

SHARE PRICE INDEX INFORMATION

DU PONT ANALYSIS

WACC/BEP/ROIC CALCULATION

RECOMMENDATIONS

CONCLUSION
INTRODUCTION
• Travel & Leisure Industry

• Publicly owned (LSE: FGP)

• FirstGroup Plc. is the leading transport operator in the UK and North America.

• Annualised revenues of over £6 billion a year.

• Employs some 136,000 staff and serves more than 2.5 billion passengers a
year.

• Approximately 50% of group revenues are supported by medium or long term


contracts. (providing stability against an uncertain economic background)
INCOME STATEMENT &
BALANCE SHEET
HIGHLIGHTS
• Sales increased by 31.43%.

• Operating Profit increased by 38.73%.

• Net Profit After Tax increased by 17.78%.

• Total and Net Assets increased by 22.33% and


14.12% respectively.

• Net Current liabilities tripled in size.

• Company issued both ordinary shares and premium shares.


CASH FLOW
STATEMENT
CASH FLOW STATEMENT
HIGHLIGHTS
• Cash generated from Operation activities has increase by 129
million.

• Net Cash from Investing activity was high in 2008 because of


acquisition.

• Cash from Financing activities decreased significantly.


(insurance captive assets)

• However, overall Cash increase was 89 million.


COMMON SIZE
ANALYSIS : INCOME
STATEMENT
COMMON SIZE ANALYSIS :
BALANCE SHEET
RATIO ANALYSIS :
LIQUIDITY
RATIO ANALYSIS :
ASSET MANAGEMENT
RATIO ANALYSIS :
DEBT MANAGEMENT
RATIO ANALYSIS :
PROFITABILITY
RATIO ANALYSIS :
MARKET VALUE
ANALYSIS :
DU
PONT SYSTEMS

A 18.2% return on equity is good in this industry.

For fiscal year 2009, 2.4% of the return on equity was


due to profit margins and sales.

15.8% was due to returns earned on the debt at work


in the business.

To improve its performance the company can increase


its Operating efficiency and Asset use efficiency.
SHARE PRICE
PERFORMANCE-5 YRS
ANALYSIS :
WACC
RECOMMENDATIONS
• SHAREHOLDERS
•  Ameriprise Financial:8.01%
• Lloyds TSB Group plc:6.87%
• AXA:5.84%
• JP Morgan Chase & Co:4.89%
• Standard Life Investments
Ltd:4.06%
• LEGAL & GENERAL:3.98%
• Resolution Investment
Services:3.14%

• For short term investment, we would recommend not to invest in First


Group PLC.

• For long term investment, we would recommend to invest in First Group PLC.
THANK YOU!