Morgan Sindall Group Plc (MGNS:LN)

Industrials/Construction Price: 2,505.00 GBX Report Date: September 24, 2021 Business Description and Key Statistics

Morgan Sindall Group is engaged in construction and regeneration Current YTY % Chg activities. Co. divisions includes: construction and infrastructure, which provides infrastructure services in the highways, rail, Revenue LFY (M) 3,071 3.4 aviation, energy, water and nuclear markets, including tunnel EPS Diluted LFY 1.53 7.7 design, and construction services in education, healthcare, defense, commercial, industrial, leisure and retail; fit out, which Market Value (M) 1,140 includes Co.'s Overbury business that focuses on fit out and refurbishment in commercial, central and local government offices, Shares Outstanding LFY (000) 45,490 further education and retail banking; and property services, which Book Value Per Share 8.72 provides planned asset management and responsive maintenance to social housing and public sector. EBITDA Margin % 3.50 Net Margin % 2.3 Website: www.morgansindall.com Long-Term Debt / Capital % 10.6 ICB Industry: Industrials Dividends and Yield TTM 0.61 - 2.44% ICB Subsector: Construction Payout Ratio TTM % 35.9 Address: Kent House;14-17 Market Place London 60-Day Average Volume (000) 101 GBR 52-Week High & Low 2,685.00 - 1,088.00 Employees: 6,761 Price / 52-Week High & Low 0.93 - 2.30

Price, Moving Averages & Volume

2,764.5 2,764.5 Morgan Sindall Group Plc is currently trading at 2,505.00 which is 2.5% above its 50 day 2,546.0 2,546.0 moving average price of 2,443.20 and 24.9% above its 2,327.5 2,327.5 200 day moving average price of 2,006.04.

2,109.0 2,109.0 MGNS:LN is currently 6.7% below its 52-week high price of 2,685.00 and is 130.2% above 1,890.5 1,890.5 its 52-week low price of 1,088.00. Over the past 52- 1,672.0 1,672.0 weeks, MGNS:LN is up 130.2% while on a calendar year-to-date basis it is up 1,453.5 1,453.5 63.5%.

The Relative Strength Index 1,235.0 1,235.0 (RSI) indicator for MGNS:LN is currently 48.5. An RSI value 1,016.6 1,016.6 of 70 and above is considered 10/20 11/20 12/20 1/21 2/21 3/21 4/21 5/21 6/21 7/21 8/21 9/21 overbought and 30 and below Volume (000) oversold. 1,795 1,795

1,346 1,346

897 897

449 449

Mean (101.09) 0 0 10/20 11/20 12/20 1/21 2/21 3/21 4/21 5/21 6/21 7/21 8/21 9/21

Price Price (50-Day Simple Moving Average) Price (200-Day Simple Moving Average)

Industrials/Construction Price: 2,505.00 GBX Report Date: September 24, 2021 Price Performance, Technical Indicators & Risk Metrics

Difference Price Performance % Change vs FTSE 350 Technical Indicators 1-Day % -3.65 -3.17 50-Day Average Price 2443.20 1-Week % -0.20 -0.46 Price / 50-Day Average 1.03 4-Week % -1.57 -0.15 200-Day Average Price 2006.04 52-Week % 130.24 105.89 Price / 200-Day Average 1.25 RSI - Relative Strength Index 48.50 Quarter-to-Date % 16.24 15.11

Year-to-Date % 63.51 53.29 Risk Metrics Last Month % 9.83 7.91 Price Volatility 50.95 Last Quarter % 22.03 17.36 Sharpe Ratio 0.23 Last Calendar Year % -5.43 7.56 Sortino Ratio 0.46

5-Year Price Performance vs. FTSE 350

Morgan Sindall Group Plc Current: 3.39 CAGR: 27.7% Over the past five years, FTSE 350 Index Current: 1.18 CAGR: 3.4% Morgan Sindall Group Plc's stock price is up 238.7% which 3.8 3.8 is 220.3% above the FTSE 350 Index performance of 18.4% over the same period. 3.5 3.5 Morgan Sindall Group Plc's MGNS:LN cumulative annualized growth 3.3 3.3 rate (CAGR) over the five year period has been 27.7% while that of the FTSE 350 Index 3.0 3.0 has been 3.4%.

Over the past year, Morgan 2.7 2.7 Sindall Group Plc's stock price performance of 130.2% has 2.5 2.5 outperformed that of the FTSE 350 Index by 105.9%. On a year-to-date basis, Morgan 2.2 2.2 Sindall Group Plc's stock price performance of 63.5% has 2.0 2.0 outperformed the FTSE 350 Index by 53.3%.

1.7 1.7 Over the past week, Morgan Sindall Group Plc's stock price performance of -0.2% has 1.5 1.5 underperformed that of the FTSE 350 Index by 0.5%. 1.2 ^NMX:LN 1.2

1.0 1.0

0.7 0.7 2017 2018 2019 2020 2021 2022

Industrials/Construction Price: 2,505.00 GBX Report Date: September 24, 2021 Growth and Profitability Metrics

5-Year 10-Year Historical Growth 3-Year 5-Year 10-Year Profitability Current Average Average Revenues % 6.2 6.7 3.3 Gross Margin % 10.8 9.1 Revenues Per Share % 4.5 5.1 2.3 EBITDA Margin % 3.5 1.9 EBITDA % 32.0 31.5 6.1 Pre-Tax Margin % 2.9 1.5 EPS Diluted % 23.4 29.8 7.1 Net Margin % 2.3 1.3 Free Cash Flow % -41.7 999.9 6.5 Return on Equity % 19.4 11.6 Cash from Operations % -35.1 71.5 6.9 Return on Capital % 18.0 11.1 Book Value % 12.1 7.5 6.0 Return on Assets % 5.3 2.9

Revenue (M) Morgan Sindall Group Plc's cumulative annualized revenue Current: 3071.30 Median: 2882.10 High: 3071.30 Low: 2561.60 CAGR: 6.2% growth rate over the charted 3,173.2 3,173.2 3,071.3 period is 6.2%. This compares 2,971.5 to cumulatative annualized 2,960.9 2,960.9 growth of 6.2% over the past 3 2,792.7 years. 2,748.5 2,748.5 2,561.6 2,536.1 2,536.1 2016 2017 2018 2019 2020 2021 Morgan Sindall Group Plc's EPS Diluted cumulative annualized EPS Current: 1.53 Median: 1.28 High: 1.53 Low: 0.81 CAGR: 23.6% growth rate over the charted 1.67 1.67 period is 23.6%. This 1.53 1.42 compares to cumulatative 1.37 1.37 annualized growth of 23.4% over the past 3 years. 1.13 1.07 1.07 0.81 0.77 0.77 2016 2017 2018 2019 2020 2021

Net Profit Margin % Morgan Sindall Group Plc's net profit margin of 2.3% is Current: 2.34 Median: 1.99 High: 2.34 Low: 0.98 CAGR: 30.7% 0.4% above the period's mean 2.4 2.4 net margin of 1.9%. During Mean (1.91) the charted period, the 1.9 1.9 observed net profit margin high and low were 2.3% and 1.4 1.4 1.0% respectively.

0.9 0.9 2016 2017 2018 2019 2020 2021 Morgan Sindall Group Plc's Return on Equity % return on equity of 19.4% is Current: 19.40 Median: 18.35 High: 19.70 Low: 9.80 CAGR: 23.4% 2.0% above the period's mean 20.2 20.2 return on equity of 17.4%. Mean (17.39) During the charted period, the 16.6 16.6 observed ROE high and low were 19.7% and 9.8% respectively. 12.9 12.9

9.3 9.3 2016 2017 2018 2019 2020 2021

Industrials/Construction Price: 2,505.00 GBX Report Date: September 24, 2021 Valuation Metrics

5-Year 10-Year 5-Year 10-Year Current Median Median Current Median Median

Price / EPS TTM 16.4 10.7 11.9 Earnings Yield % 12.55 8.20

Price / Sales 0.4 0.2 0.2 Free Cash Flow Yield % 3.09 7.18 4.22

Price / Operating Cash Flow 12.4 8.7 9.5 Dividend Yield % 2.44 3.47 3.61

Price / Book Value 2.9 1.7 1.4 Enterprise Value / EBITDA 9.3 5.1 6.3

Price / EPS TTM Morgan Sindall Group Plc is trading at 16.36 times its EPS Current: 16.36 Median: 10.68 High: 25.03 Low: 6.82 CAGR: -8.2% generated during the latest 25.9 25.9 fiscal year. This multiple is above the historically observed 19.3 19.3 median of 10.68, while high and low observations have been 25.03 and 6.82. 12.6 Median (10.68) 12.6

5.9 5.9 2016 2017 2018 2019 2020 2021 Price / Sales Morgan Sindall Group Plc is trading at a Price to Sales ratio Current: 0.38 Median: 0.21 High: 0.41 Low: 0.12 CAGR: 24.0% of 0.38 based on sales 0.42 0.42 generated during the latest fiscal year. This ratio is above 0.32 0.32 the historically observed median ratio of 0.21, while high and low observations 0.21 Median (0.21) 0.21 have been 0.41 and 0.12.

0.11 0.11 2016 2017 2018 2019 2020 2021 Morgan Sindall Group Plc is Price / Book Value trading at a Price to Book ratio Current: 2.87 Median: 1.73 High: 3.08 Low: 1.20 CAGR: 17.0% of 2.87 based on book value at 3.2 3.2 the latest fiscal year end. This ratio is above the historically observed median of 1.73, 2.5 2.5 while high and low observations have been 3.08 1.8 Median (1.73) 1.8 and 1.20.

1.1 1.1 2016 2017 2018 2019 2020 2021 Morgan Sindall Group Plc has Free Cash Flow Yield % a Free Cash Flow Yield of Current: 3.09 Median: 7.18 High: 48.89 Low: 2.88 CAGR: -35.4% 3.09% based on free cash flow 51.2 51.2 generated during the latest fiscal year. This value is below the historically observed 34.3 34.3 median yield of 7.18%, while high and low observations 17.4 17.4 have been 48.89 and 2.88. Median (7.18) 0.6 0.6 2016 2017 2018 2019 2020 2021

Industrials/Construction Price: 2,505.00 GBX Report Date: September 24, 2021 Dividends Data

Dividends Per Share TTM 0.61 Payout Ratio TTM % 35.92% Dividend Yield TTM % 2.44%

Rate Ex Date Record Date Payment Date Currency Note 0.400 29-04-2021 30-04-2021 19-05-2021 GBP FINAL GROSS 0.210 12-11-2020 13-11-2020 08-12-2020 GBP INTERIM GROSS 0.380 23-04-2020 24-04-2020 19-05-2020 GBP THE BOARD HAS DECIDED TO CANCEL THE INTERIM DIVIDEND 0.210 10-10-2019 11-10-2019 28-10-2019 GBP INTERIM GROSS 0.340 25-04-2019 26-04-2019 20-05-2019 GBP FINAL GROSS 0.190 11-10-2018 12-10-2018 29-10-2018 GBP INTERIM GROSS 0.290 26-04-2018 27-04-2018 21-05-2018 GBP FINAL GROSS 0.160 12-10-2017 13-10-2017 30-10-2017 GBP INTERIM GROSS 0.220 27-04-2017 28-04-2017 22-05-2017 GBP FINAL GROSS 0.130 13-10-2016 14-10-2016 24-10-2016 GBP INTERIM GROSS 0.170 28-04-2016 29-04-2016 23-05-2016 GBP FINAL GROSS 0.120 01-10-2015 02-10-2015 23-10-2015 GBP INTERIM NET

Dividend Growth and Yield

Dividends Per Share TTM Morgan Sindall Group Plc's trailing 12-month dividend per Current: 0.61 Median: 0.48 High: 0.61 Low: 0.29 CAGR: 16.9% share is 0.61 and its dividend 0.63 0.63 has grown at a cumulative annualized rate of 16.9% over 0.57 0.57 the charted period. This compares to dividend growth 0.51 0.51 of 3.40% over the past year and cumulative annualized growth of 10.70% over the 0.45 0.45 past 3 years.

0.39 0.39

0.33 0.33

0.27 0.27 2016 2017 2018 2019 2020 2021

Dividend Yield TTM % Morgan Sindall Group Plc's current dividend yield is 2.44% Current: 2.44 Median: 3.47 High: 5.65 Low: 2.27 CAGR: -9.1% based on trailing 12 month 5.82 5.82 dividends. The current yield is below the historically observed 5.20 5.20 median of 3.47% and, over the charted time period, the 4.58 4.58 observed high yield has been 5.65% and the observed low yield has been 2.27%. 3.96 3.96

3.34 3.34

2.72 2.72

2.10 2.10 2016 2017 2018 2019 2020 2021

Industrials/Construction Price: 2,505.00 GBX Report Date: September 24, 2021 ICB Subsector Peer Comparisons

Price Change Year to Date % Price Change Last Calendar Year % -13.3 12.3 37.9 63.5 89.1 -48.0 -34.6 -21.1 -7.6 5.8

TClarke plc 84.4 Balfour Beatty Plc 3.4 Morgan Sindall Group Plc 63.5 Royal Boskalis Westminster NV -1.4 Kier Group PLC 58.5 Morgan Sindall Group Plc -5.4 Nexus Infrastructure PLC 48.0 Smart J & Co. (Contractors) PLC -9.0 Galliford Try Holdings PLC 42.5 Peer Group Average -15.3 Peer Group Average 36.3 PORR AG -16.5 PORR AG 29.0 Galliford Try Holdings PLC -17.2 Royal Boskalis Westminster NV 18.3 Nexus Infrastructure PLC -17.9 Smart J & Co. (Contractors) PLC 17.9 Kier Group PLC -18.8 Balfour Beatty Plc 1.0 TClarke plc -28.8 Obrascon Huarte Lain SA -0.2 Obrascon Huarte Lain SA -41.1

-13.3 12.3 37.9 63.5 89.1 -48.0 -34.6 -21.1 -7.6 5.8

Price / EPS TTM Price / Book Value 0.0 26.2 52.4 78.6 104.9 0.0 1.0 2.0 3.0 4.0

PORR AG 99.9 Nexus Infrastructure PLC 3.9 Kier Group PLC 99.9 TClarke plc 3.4 Royal Boskalis Westminster NV 99.9 Morgan Sindall Group Plc 2.9 Galliford Try Holdings PLC 1.6 Obrascon Huarte Lain SA 99.9 Peer Group Average 1.6 Nexus Infrastructure PLC 99.9 Royal Boskalis Westminster NV 1.5 Balfour Beatty Plc 62.1 Balfour Beatty Plc 1.4 Peer Group Average 60.5 Kier Group PLC 0.8 Morgan Sindall Group Plc 16.4 PORR AG 0.8 Smart J & Co. (Contractors) PLC 15.8 Intracom SA Technical & Steel… 0.6 TClarke plc 10.3 Smart J & Co. (Contractors) PLC 0.6 Galliford Try Holdings PLC 0.6 Obrascon Huarte Lain SA 0.4 0.0 26.2 52.4 78.6 104.9 0.0 1.0 2.0 3.0 4.0

EPS 5-Year Growth Rate % Revenue 5-Year Growth Rate % -270.5 62.2 395.0 727.7 1,060.4 -18.4 -9.2 0.0 9.2 18.4

Balfour Beatty Plc 999.9 Intracom SA Technical & Steel… 16.7 TClarke plc 999.9 PORR AG 8.0 Peer Group Average 155.9 TClarke plc 8.0 Morgan Sindall Group Plc 6.7 Morgan Sindall Group Plc 29.8 Balfour Beatty Plc 1.0 Galliford Try Holdings PLC 23.7 Kier Group PLC 0.9 Smart J & Co. (Contractors) PLC 5.3 Peer Group Average 0.5 Kier Group PLC -100.0 Nexus Infrastructure PLC -0.8 Royal Boskalis Westminster NV -100.0 Smart J & Co. (Contractors) PLC -4.2 Obrascon Huarte Lain SA -100.0 Royal Boskalis Westminster NV -5.1 Nexus Infrastructure PLC -100.0 Obrascon Huarte Lain SA -11.5 PORR AG -100.0 Galliford Try Holdings PLC -13.7 -270.5 62.2 395.0 727.7 1,060.4 -18.4 -9.2 0.0 9.2 18.4

Industrials/Construction Price: 2,505.00 GBX Report Date: September 24, 2021 Abbreviations: CAGR - Cumulative annual growth rate. EBIT - Earnings before interest and taxes. EBITDA - Earnings before interest, taxes, depreciation & amortization. LFY - Last fiscal year M - Million LON - London Stock Exchange

Definitions: Market Value - Weekly Price times latest Shares Outstanding times any applicable ADR factor. Revenue - Sum of the last four quarters of Revenues. Revenue Per Share - Sum of the last four quarters of Total Revenue divided by Weighted Average Shares Outstanding. Operating EPS LFY - EPS excluding non-recurring, non-operating items, fiscal year aligned TTM value. 60-Day Average Volume (000) - The average of the last 60 daily volume values in thousands of shares. Price 52-Week High - The high closing price from the last 52 weeks of daily closing prices. Price 52-Week Low - The low closing price from the last 52 weeks of daily closing prices. Price / 52-Week High - Latest price divided by the high price from the past 52 weeks of daily closing prices. Price / 52-Week Low - Latest price divided by the low price from the past 52 weeks of daily closing prices. 50-Day Average Price - Mean of last 50 daily closing prices. 200-Day Average Price - Mean of last 200 daily closing prices. Price / 50-Day Average Price - Latest closing price divided by mean of last 50 daily closing prices, as a percentage. Price / 200-Day Average Price - Latest closing price divided by mean of last 200 daily closing prices, as a percentage. Relative Strength Index - Relative Strength Index or RSI measures the magnitude of gains over a given time period against the magnitude of losses over that period. The equation is RSI = 100 - 100 / (1 + RS) where RS = (total gains / n) / (total losses / n) and n = number of RSI periods. In this item, 14 days is used and one year of daily prices are considered. A value of 30 or below may imply oversold and 70 or above may imply overbought. Price Volatility - The standard deviation of the last 20 days of daily closing prices. Sharpe Ratio - The 5 year average of the excess monthly return over the risk - free rate(1 - month T - bill) over the 5 year standard deviation of the same series. Sortino Ratio - The same calculation as the Sharpe Ratio but with positive excess returns set to zero for the standard deviation denominator, so only negative volatility weighs in. Dividends Per Share TTM - Sum of the last four quarters of Dividends Per Share. Payout Ratio - Dividends Per Share TTM divided by Operating EPS TTM. Dividend Yield TTM % - Sum of the last four quarter of Dividends Per Share divided by Weekly Price. EBITDA - Sum of the last four quarters of EBITDA (Operating Income + Depreciation & Amortization). Free Cash Flow - Sum of the last four quarters Net Cash from Operations minus Capital Expenditures (Purchase of Property, Plant & Equipment), from the Cash Flow Statement. Book Value Per Share - Total Common Equity last quarter divided by Shares Outstanding last quarter. Gross Margin % - Sum of the last four quarters Gross Profit divided by the sum of the last four quarters Revenues. EBITDA Margin % - Sum of the last four quarters EBITDA divided by the sum of the last four quarters Revenues. Pre-Tax Margin % - Sum of the last four quarters of Earnings Before Taxes divided by sum of the last four quarters Revenues. Net Profit Margin % - Sum of the last four quarters of Operating EPS divided by sum of the last four quarters Revenues Per Share. Return on Equity % - Sum of the last four quarters of Operating EPS divided by the average of the last four quarters Book Value. Return on Capital % - Sum of the last four quarters of Operating EPS divided by the average of the last four quarters Total Capital Per Share. Return on Assets % - Sum of the last four quarters of Operating EPS divided by the average of the last four quarters Total Assets Per Share. Price / EPS TTM - Weekly Price divided by the sum of the last four quarters of Operating EPS (capped at 99.9). Price / Sales - Weekly Price divided by Revenues Per Share TTM. Price / Book Value - Weekly Price divided by Book Value Per Share last quarter. Book Value Per Share is Total Common Equity last quarter divided by Shares Outstanding last quarter (capped at 49.9). Free Cash Flow Yield % - Free Cash Flow Per Share TTM divided by Weekly Price. Enterprise Value - Market Value plus Total Debt last year plus Preferred Equity last year minus Cash & Cash Equivalents last year. Enterprise Value / Sales - Enterprise Value divided by the sum of the last four quarters of Revenue. Enterprise Value / EBITDA - Enterprise Value divided by EBITDA TTM. Enterprise Value / EBIT - Enterprise Value divided by trailing four quarters of Operating Income. Enterprise Value / Free Cash Flow- Enterprise Value divided by the sum of the last four quarters of Free Cash Flow. Russell 1000 Index - The largest 1,000 stocks by market cap, the index comprehensively covers the US large cap universe. EPS 5-Year Growth Rate % is capped at 999.9%. Revenue 5-Year Growth Rate % is capped at 999.9%.

Industrials/Construction Price: 2,505.00 GBX Report Date: September 24, 2021

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