Equity Analysis Report

Associated British Foods plc

Executive Summary
Associated British Foods plc (ABF) was started as a food processing business but later diversified into
many segments. Their retail and grocery divisions are most profitable. Despite stiff competition and low
or almost no growth in many industries, the company has performed very well over the period. The main
strength of the company is its people who have guided the company through their independent decision
making towards success. The performance of the company is favorable on all the three parameters of
financial soundness vis profitability, liquidity, and solvency. The performance of the last 6 years is
analyzed. The company has not shown consistency in its performance and the profit had dipped in a few
years but the company remained profitable. The ROE of the company is very high, the average of the past
6 years stood at 11%. The retention ratio is also good which is above 60%. The company is heavily
equity-financed with long term debt constitute only 8% of total equity. This opens up scope for further
debt funding in case of need for a better investment proposal. The current ratio is very effective, the CCE
is above 1 billion to support any contingency. There is great planning done in working capital
management, trade payables are effectively utilized to finance the working capital. The free cash flows
are high and the valuation could only be done through this technique only as the other models i.e. DDM
and RIM failed as “g” was higher than the “ke”. Based on the value of share arrived, the recommendation
to buy the stock is given as it is underpriced.

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Table of Contents
Executive Summary ....................................................................................................................................... i
1.1 Introduction ............................................................................................................................................. 1
1.1 Current financial position ................................................................................................................... 2
1.2 Forecast of future financial performance ............................................................................................ 2
1.3 Estimation of equity value and key assumption.................................................................................. 4
1.4 Valuation – key assumptions, economic factors and risk underlying the valuation ........................... 4
2. Historical Analysis .................................................................................................................................... 4
2.1 Business strategy ................................................................................................................................. 4
2.2 Industry analysis ................................................................................................................................. 4
2.3 The competitive environment ............................................................................................................. 5
2.4 Financial performance ........................................................................................................................ 6
2.5 Financial risk....................................................................................................................................... 8
2.6 Future prospects .................................................................................................................................. 8
3.0 Valuation of shares ................................................................................................................................. 8
3.1 Dividend Discount Model ................................................................................................................... 8
3.2 Residual Income Model ...................................................................................................................... 9
3.3 Free Cash Flow Model ........................................................................................................................ 9
4. Conclusion .............................................................................................................................................. 10
5. References ............................................................................................................................................... 11
6. Appendix ................................................................................................................................................. 13
1.1 Introduction
Associated British Foods plc (ABF) is a British multinational company operating in the foods processing
industry. The company is very old with a large size, employing 137,000 employees (ABF, 2019). ABF
has a strong retail division with the brand name “Primark” which has 359 stores across Western Europe
and the United States (Statista, 2019). Further, it has operations in 50 countries almost all across the globe
(ABF, 2019). Although ABF is primarily into the food processing business, over the years it has
diversified into many markets. It now classifies its business into five main segments vis Grocery, Sugar,
Agriculture, Ingredients and Retail with combined group sales of £15.6 billion (ABF, 2019). The
company has done lots of mergers and acquisitions throughout in its history. The major ones are Aerated
Bread Company in 1955, Fine fare in 1963, and Patak’s Indian foods the most recent one in 2007 (ABF,
2019). Further, ABF has more than 20 brands and 18 subsidiaries (ABF Annual Report , 2019). Majority
of shares are owned by Wittington Investments. The report aims to make a fundamental analysis of the
company to support the decision to buy, sell or hold the stock. It is argued that the shares be purchased as
the valuation shows that the share is underpriced. The report will discuss the current financial position,
forecasts, historical analysis, industry and competitive analysis including risk and the valuation of shares
using different models.

Figure 1: ABF worldwide stores from 2014 to 2018. Source: Statista (2018)

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1.1 Current financial position
Group revenue in FY 2018 was almost the same as the level of 2017. With the operating profit of £1.4
billion, the operating profit ratio is of 9%. The Net profit after tax was £1,000 million. Total equity of the
company stood £9,296 million by the end of June 2018. This makes the Return on Equity of 10.7%.
Considering the economic condition in the UK and rest of Europe, the ROE is impressive. Besides equity
ABF has secured finances from long term loans to the extent of £778 million which is a combination of
fixed and floating rate instruments. Most of these loans are USD denominated with a fixed rate of interest
(ABF Annual Report , 2019). The fixed rates are risky as they do not account for the changing economic
environment and as the economic scenario in the UK is skeptical from the Brexit referendum, the position
is vulnerable. However, the total debt is merely 8.36% of total equity (DE = 0.08:1), the impact of any
adversary will be limited. The company paid only £50 million as finance charges for both long term and
short term loans (£419), which indicates that the burden of debt on a company’s profit is very low. Total
current assets are worth £5,285 million with main investment in inventory, trade receivables and CCE as
against total current liabilities of £3,248 million which includes trade payables of £2,529 million. The
current ratio is 1.63:1, which indicates a healthy liquidity position. The company has managed its trade
payables well. Trade payables to trade receivables ratio is 1.76, this indicates that the company has
secured many favorable terms from its creditors and given shorter time to their customers. Working
capital management is very effective. The analysis revealed that the company’s profitability, liquidity,
solvency, and operating effectiveness is very sound and it is fundamentally strong.

1.2 Forecast of future financial performance

ABF has a diversified business and in the past, it was very active in tapping the market. It acquired many
companies that appeared to possess good opportunities and sold out the unattractive ones. Currently the
segments it is operating considered as essential markets (food and clothing). These markets are lately hit
by any economic slowdown. Besides, the years of expertise and strong current financial position of the
company will help it stay grounded. There is less risk of failure. However, in the past, the growth rate of
the firm is just normal with revenue growing at a rate of 3.39% annually. The degree for combined
leverage comes out to be 3.70 times based on the last five years’ data extracted from annual reports of the
company. There is high volatility observed in the profits of the company which did not move in line with
the revenue. The company had to deal with abnormal items in the past which affected profitability to a
greater extent. The below-mentioned graphs explain the situation very well. Although it is expected that
ABF revenue will grow based on internal analysis, the high volatility in the past also makes it evident that
any abnormal situation may arise and the results could miss the projections. However, a positive opinion
regarding future revenue growth is held firmly. There is no compulsion or need to change the capital
structure of the company, trade payables are managed well, besides company has more than a billion in
CCE, the liquidity and solvency exposures are not at all under any risk.

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15,574 15,357

13,399 12,943 13,315

12,800

1022 1211 821 783

524 628

2018 2017 2016 2015 2014 2013

Revenue (£ million) PAT

57%
48%

25%
14.61%
1.41% 4.68%
-1.10% -2.79%
2018
-16% 2017 2016 2015 2014 2013

-33%

Rev growth rate PAT growth rate

8%
7%
6% 6%
5%
4%

2018 2017 2016 2015 2014 2013

PAT ratio

Note: The graphs read left to right.

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1.3 Estimation of equity value and key assumption
The equity value of the company is calculated in the later section of the report. The value is arrived using
different valuation models. The book value is much lower than the market value and value arrived at
using FCF is quite higher. It is estimated that the equity value of the share will be around £50.

1.4 Valuation – key assumptions, economic factors and risk underlying the valuation
Callen (2016) argues that the valuation of a business involves estimating the economic value that will be
driven by it in the future. So, it depends upon what a business can earn in the future. The fundamental
assumption in the valuation of business includes but not limited to going concern i.e. the business will be
carried on for a foreseeable future; reinvestment assumption i.e. all the money earned will be reinvested,
however, it is not necessarily a precondition. The dividend paid often taken as the base upon which the
whole valuation is done. Further, there is some macroeconomic and industry-specific assumption that has
to be taken care of (Jackowicz, et al., 2017). Valuation also has its own risk. The most significant is the
risk of overvaluation of assets (Sorensen & Jagannathan, 2015). This can have catastrophic consequences
as the overall net assets will be inflated. It is very important to ensure that the data is complete, market
instability factors are accounted for and proper scenario planning is done, and the financial model
prepared is sound and effective.

2. Historical Analysis
ABF was incorporated in 1935 in London (ABF, 2019). The key strategy of the company remained
diversification, acquisitions, and demergers. It made its presence in the Americas, southern Africa, Asia,
Australia and Europe (ABF, 2019). The five major segments are run by different teams with complete
anatomy. ABF manufactures globally but has retail stores in Europe and the US only. Leadership has
played an important role in the success of the company. The board includes 8 members team currently led
by the CEO George Weston and headed by Michael McLintock. Mr. Weston has served long and was
appointed in March 1999 (ABF Annual Report , 2019).

2.1 Business strategy

Over the years the company transformed from domestic to a global giant. It started with bakery business
but now it has grocery, sugar, agricultural, ingredients, and retail chain (ABF, 2019). Company’s motto
“doing good every day” inspires the workforce to stay positive and deliver their best efforts. The high
motivation of employees helps the organization achieve its goals early (Osabiya, 2015). As the company
has different autonomous segments, they also make a separate strategy for each segment for example the
grocery segment is more focused towards development of brands, and sugar segment is more innovation-
oriented in its production and value chain (ABF Annual Report , 2019). These strategies are iterative and
that’s why the company was able to transform itself and adhere to diversity.

2.2 Industry analysis

As the company has a diversified business, although it is a conglomerate, it isn’t correct to do single
industry analysis. The annual report (2018) of the company reveals that the whole Europe including the
UK and Africa accounts for 76% of the total market. Further, the retail segment accounts for the
maximum revenue at £7,477 million, the share of the rest of the segments along with the profitability can
be seen from the pie-chart. The retail segment is the strongest with close to half of revenue and more than
half of profitability. A recent report of IBIS World (2019) on supermarket industry revealed that the
industry is worth £179.8 billion in the UK alone. ABF accounts for very less share, its global sales in the
industry touched £7.5 billion only. There is a great scope for market development for the company.
However, the industry growth rate is nil. The global sugar manufacturing industry is also at a fall, it has

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faced massive price fluctuations (IBIS World, 2019). It is a $73 billion industry which is shrinking at the
rate of 1.3%. The UK grocery market has been competitive recently. It has transformed from a simple
three-tier system to a fragmented one where foreign players stat putting Big 4 players out (Warner, 2019).

REVENUE OPERATING PROFIT

Grocery Grocery
22% 22%

Retail
48% Sugar
Sugar Retail 8%
11% 56%
Agriculture
4%
Agriculture Ingredients
Ingredients 9% 10%
10%
The industry is highly competitive. The agriculture and Ingredients segment contributes the least.

2.3 The competitive environment

The competitive environment can be evaluated based on Michael Porter’s five forces model. At the
intense rivalry, the company faces Sainsbury’s which is into Food, Retail and Financial Services industry.
The other competitors are Monde Nissin, Weis Markets and AVOD (Reuters, 2019). Further, the ABF has
to compete with Big 4 plyers and foreign competitors. The slow growth rate would put more pressure on
the existing players and will act as a barrier to the new entrants. However, there is always uncertainty
with regards to innovation brought in by the new entrepreneurs. The bargaining power of the customers is
always higher. On the other hand, the financial statements revealed that the company has managed to
finalize a good deal with its creditors and it seems that the bargaining power of the supplier is weak. Since
the company deals with a diverse range of products the threats of substitute do not make any relevance to
the competitive force of the company.

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 Figure 1: Porter's five forces

2.4 Financial performance

The profitability of the company is impressive, however, volatile over the past few years. The annual
accounts of the company revealed that it has never suffered a loss in the past 6 years. The revenue has
grown at a rate of 3.4% over the past 5 years. The average ROE of last 6 years comes out to be 11%. The
EPS of ABF grew at a rate of 14.50% over the period of last 5 years. The graph below represents the
trend of EPS and DPS and the DP ratio. Although the company progressed in all these measures the
volatility exists. The average DP ratio stood at 37%, average DPS at 37 pence and the average EPS is 104
pence. To make a comparative analysis, if the average ROE is compared with the return on FTSE100 and
Risk-free return in London then ROE of the company stood high. The FTSE100 grew at a rate of 2.8%
annually (LSE , 2019). The current return on 2 years of risk-free bonds in London is 1.50% (Bloomberg,
2019). So, overall it can be concluded that the company has performed much better in terms of
profitability and return on investment.
The other components of financial performance measure are liquidity and solvency. The company has
performed really well in securing the risk of liquidity crunch. Although it has a high trade payables
balance, the overall current liabilities are under control and the current ratio stood at 1.63:1 which is quite
impressive. Further, the cash and cash equivalents are sufficient enough to discharge all the long and short
term debt and trade payables to the extent of any sudden claim. The CCE of £1,362 support the liquidity
but on the same hand it reduces the opportunity to earn, the ROE of the company is 11%, if the company
can get the same opportunity then it can increase the ROE even more. However, that can be too risky as
well, and it can be concluded that a good balance has been maintained by the company’s finance team.

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The company was never indebted too much and has a strong equity base. This reduces the risk of any
solvency, the DE ratio is mere 0.08:1. It means that the company is largely self-financed and has the
unutilized capacity to take debt. In the future, the company can easily obtain a loan at least equals to its
equity base. And a few segments are industry-oriented and acceptable DE ratio, in that case, is 2:1, so,
ABF can get even more amount of loan.

EARNIGS OVER PAST FEW YEARS

EPS (pence) DPS (pence)

41
45
36.75 34
35 28.5
151.6
127.5
103.4 96.5
67.3 74

2018 2017 2016 2015 2014 2013

Figure 2: Profitability of the company in terms of EPS and DPS

52%

35% 36% 35% 39%

27%

2018 2017 2016 2015 2014 2013

DP ratio

Figure 3: DP ratio of the last 6 years

Figure 4: FTSE100 performance in the past 5 years

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2.5 Financial risk
The company classifies in its annual report that it is exposed to certain numbers of financial risk. These
are constantly reviewed by its audit committee. The three major financial risks that emerged from the use
of financial instruments are market risk, credit risk and liquidity risk (ABF Annual Report , 2019). Since
the group has a worldwide presence including cross border manufacturing, it is exposed to changing
commodity and forex prices. The treasury department manages the risk mitigation operations, some risks
are covered through derivative hedging, some through the natural hedging and a few are not covered at
all. These are those whose probability of occurrence is very low. So, the market risk from commodity and
forex markets exist but under control by the company. In the forex risk, there are transaction risk and
translation risk. The assets held in other countries like Australia are at higher risk as AUD is weakening
against USD (Fxstreet, 2019). Although the risk exists but the company has an appropriate measure to
deal with such risk.

2.6 Future prospects

The growth rate of revenue of the company is low but the profitability is high, and the asset base of the
company is very strong. Both current ratio and DE ratio are also favorable. The company can increase
both its short term borrowings to support the working capital, and long term borrowings if it encounters
any investment opportunity. Although the markets in the region it operates and the segments are
challenging and there is less scope for growth, the company can do well because its operating efficiency
is high and it has not gained much market share. There is an independent team heading each segment
which is not under anybody’s pressure. The decision making is a strong and timely decision help striking
the opportunity at the right time. There is a lesser uncovered risk, however, the biggest concern the
company may face is the risk of trade due to the economic slowdown in the European region and
aftermaths of Brexit. These risks are not in control of ABF and the probability of high damage is very
low. It can be concluded that the future prospects of the company look bright.

3.0 Valuation of shares

There are three main techniques of valuation of share i.e. through Dividend Discount Model (DDM)
(Ivanovski, et al., 2015), Residual Income Model (RIM) (Hand, et al., 2017) and Free Cash Flow Model
(FCF) (Pinto, et al., 2019). Shares are valued through these models. The strength of DDM is that it is
highly adopted in the market and give valuation that is very close to the real value. RIM is also on the
same grounds as DDM, the main difference is that it takes extra earnings for capitalization and considers
book value. This approach is fine for arriving at a substantive figure but it is not close to real market price
and may result in bad judgment. FCF is a simple and objective approach. It is easy to explain and justify
but its demerit is that it ignores risk and the future projection are generally volatile.

3.1 Dividend Discount Model

The model is introduced by professor Gordon in 1956. It values share as the capitalization of expected
dividend at the rate of the cost of capital less growth rate (Ivanovski, et al., 2015). The formula is as
follows:

is the current market price.

is the expected dividend.

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 is the cost of equity which will be determined by the CAPM model.
g is the growth rate of dividend which is the product of retention ratio and IRR commonly denoted as g =
b*r.
The key assumption of DDM are no external funding, r and ke are constant, infinite life of the firm and
the growth rate which is a product of b and r will always be lower than the ke (Ivanovski, et al., 2015).
ABF’s average EPS is 103.38 pence, it paid average dividend of 36.71 pence. The retention ratio =
(103.38 – 36.71)/103.38 = 63%.
The average ROE is already calculated which comes out to be 11%. Hence, the growth rate will be b*r =
63%*11% = 6.93%.
The formula of CAPM is “ke = Rf + β(Rm-Rf)”.
The 2 years the risk-free rate of return in the UK is 1.50% (Bloomberg, 2019). The FTSE100 index
showed a return of 2.8% (LSE , 2019). The beta value of the company’s stock is 1.13 (Yahoo Finance,
2019). The value of ke can be calculated as follows:
ke = 1.5% + 1.13(2.80%-1.50%) = 2.97%.
Since the ke is lower than g, the key assumption is failed and the model cannot be used for the valuation.
However, if we assume a hypothetical figure of ke = 10% then the value of the share will be as follows:

= £12.41

3.2 Residual Income Model

This model also requires ke to be more than g. It talks about the economic value added (EVA) i.e. the
excess of profit earned over the normal rate. The abnormal profit is capitalized with the rate of ke – g and
added to the book value of the company that was at the beginning of the year (Hand, et al., 2017). The
key assumptions are the same as DDM, the formula is as follows:

Since the ke is lesser than g, this model cannot be adopted.

3.3 Free Cash Flow Model

This model states that the projected cash inflows be discounted at the rate of ke to arrive at the market
value of the firm (Pinto, et al., 2019). The FCF of the past 4 years can be taken for calculations, the
average of these years is assumed to be perpetual inflow and it is discounted by ke to arrive at the
capitalized value.

FY PAT Depreciation and Amortization expenses FCF

2018 1,022 574 1,596
2017 1,211 571 1,782
2016 821 489 1,310

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 2015 524 482 1,006
2014 783 496 1,279
Total 6,973
Average FCF 1,395
ke (calculated in DDM) 2.97%
The capitalized value of FCF 46,956
No. of shares 792
Value of Share £59.31

The value arrived is more than the last quoted price of £59.31. The reason for such a huge difference is
that the company is highly profitable. Since the price calculated above is more than the market price of
£24.51, it is recommended that the stock be purchased.

4. Conclusion
ABF is a group diversified business across Africa, the UK including Europe and many parts of Asia,
America, and Australia. The company has high profitability. The aim of the report was to fundamentally
analyze the company and then give an opinion with regards to the decision to buy, sell or hold the shares
in the investment pool. From the analysis, it was observed that the liquidity and the solvency are storing
as well. Although the exposed risk to the company is low, the hedging techniques are effective. The main
reason for such a distinct position in the market is the leadership and the employees of the companies.
The operational risk is low due to the diversified investments into many segments. The most profitable
ones are retail and grocery. The strategies of each segment are independent of each other. The
competitiveness in the industry the ABF operates is very high, few industries have a negative growth rate.
The external environment possesses threads in the form of Brexit and economic slowdown in Europe, but
the company has been doing good so far. The future of the company looks bright. The valuation of the
shares are tried to be conducted using DDM but the main assumption is defied i.e. the growth rate comes
out to be greater than the ke. Similarly, RIM can’t be adopted. The final valuation of the company was
arrived using FCF model which came out to be more than the current market price of the company i.e. the
stock is underpriced. Based on this valuation, the decision to purchase the stock is recommended.

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5. References
ABF Annual Report , 2019. Annual Report, London: ABF.
ABF, 2019. Associated British Foods. [Online] Available at: https://www.abf.co.uk/[Accessed 20 July
2019].
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https://uk.advfn.com/p.php?pid=financials&symbol=LSE%3ASKY[Accessed 20 July 2019].
Bloomberg, 2019. United Kingdom Rates & Bonds. [Online] Available at:
https://www.bloomberg.com/markets/rates-bonds/government-bonds/uk[Accessed 29 July 2019].
Bloomberg, 2019. United Kingdom Rates & Bonds. [Online] Available at:
https://www.bloomberg.com/markets/rates-bonds/government-bonds/uk[Accessed 20 July 2019].
Callen, J., 2016. Accounting valuation and cost of equity capital dynamics. Abacus, 52(1), pp. 5-25.
Charness, G. & Gneezy, U., 2012. Strong evidence for gender differences in risk taking.. Journal of
Economic Behavior & Organization, 83(1), pp. 50-58.
Fernández-Villaverde, J., Guerrón-Quintana, P., Rubio-Ramírez, J. & Uribe, M., 2011. Risk matters: The
real effects of volatility shocks.. American Economic Review, 101(6), pp. 2530-61.
Fxstreet, 2019. AUD/USD seen correcting lower near term – UOB. [Online] Available at:
https://www.fxstreet.com/news/aud-usd-seen-correcting-lower-near-term-uob-201907260534[Accessed
19 2019 July].
Hand, J., Coyne, J., Green, J. & Zhang, X., 2017. The use of residual income valuation methods by US
sell-side equity analysts.. Journal of Financial Reporting, 2(1), pp. 1-29.
IBIS World, 2019. Global Sugar Manufacturing Industry - Market Research Report. [Online] Available
at: https://www.ibisworld.com/industry-trends/global-industry-reports/manufacturing/sugar-
manufacturing.html[Accessed 29 July 2019].
IBIS World, 2019. Supermarkets - UK Market Research Report. [Online] Available at:
https://www.ibisworld.co.uk/industry-trends/market-research-reports/wholesale-retail-trade/except-of-
motor-vehicles-motorcycles/supermarkets.html[Accessed 29 July 2019].
Ivanovski, Z., Ivanovska, N. & Narasanov, Z., 2015. Application of dividend discount model valuation at
Macedonian Stock Exchange. UTMS Journal of Economics, 6(1), pp. 147-154.
Jackowicz, K., Mielcarz, P. & Wnuczak, P., 2017. Fair value, equity cash flow and project finance
valuation: ambiguities and a solution. Managerial Finance, 43(8), pp. 914-927.
LSE , 2019. FTSE100 index price. [Online] Available at:
https://www.londonstockexchange.com/exchange/prices-and-markets/stocks/indices/summary/summary-
indices-chart.html?index=UKX[Accessed 19 July 2019].
Osabiya, B., 2015. The effect of employees motivation on organizational performance.. Journal of public
administration and policy research, 7(4), pp. 62-75.
Pinto, J., Robinson, T. & Stowe, J., 2019. Equity valuation: A survey of professional practice. Review of
Financial Economics, 37(2), pp. 219-233.

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Reuters, 2019. Associated British Foods PLC (ABF.L). [Online] Available at:
https://uk.reuters.com/business/stocks/ABF.L/key-developments[Accessed 29 July 2019].
Sorensen, M. & Jagannathan, R., 2015. The public market equivalent and private equity performance.
Financial Analysts Journal, 71(4), pp. 43-50.
Statista, 2019. Number of stores of Associated British Foods' retail division worldwide from 2014 and
2018, by country. [Online] Available at: https://www.statista.com/statistics/486148/primark-store-
numbers-by-country/[Accessed 20 July 2019].
Warner, J., 2019. Where to next for the UK supermarket industry?. [Online] Available at:
https://www.ig.com/uk/news-and-trade-ideas/shares-news/where-next-for-the-uk-supermarket-industry--
190307[Accessed 29 July 2019].
Wearden, G. & Partington, R., 2019. FTSE 100 tumbles by 12.5% in 2018 – its biggest fall in a decade.
[Online] Available at: https://www.theguardian.com/business/2018/dec/31/ftse-100-tumbles-by-125-in-
2018-its-biggest-fall-in-a-decade[Accessed 20 July 2019].
Yahoo Finance, 2019. Associated British Foods plc (ABF.L). [Online] Available at:
https://finance.yahoo.com/quote/ABF.L?p=ABF.L[Accessed 29 July 2019].
Yahoo Finance, 2019. FTSE 100 (^FTSE?P=FTSE). [Online] Available at:
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3906600&interval=1mo&filter=history&frequency=1mo[Accessed 20 July 2019].

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6. Appendix

PAT PAT growth

FY Revenue (£ million) Rev growth rate PAT ratio rate

2018 15,574 1.41% 1022 7% -16%

2017 15,357 14.61% 1211 8% 48%

2016 13,399 4.68% 821 6% 57%

2015 12,800 -1.10% 524 4% -33%

2014 12,943 -2.79% 783 6% 25%

2013 13,315 628 5%

Annual Growth rate 3.39%

DCL - 5 Years 3.70

Calculations for computing various ratios of profitability.

FY Equity ROE
2018 9296 11%
2017 8412 14%
2016 7122 12%
2015 6551 8%

2014 6753 12%

2013 6519 10%
ROE calculations

FY EPS (pence) DPS (pence) DP ratio

2018 127.5 45 35%
2017 151.6 41 27%
2016 103.4 36.75 36%
2015 67.3 35 52%
2014 96.5 34 35%
2013 74 28.5 39%

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