FTSE COMPANY REPORT Share price analysis relative to sector and index performance

Data as at: 05 February 2019 CSF Group CSFG Software & Computer Services — GBP 0.007 at close 05 February 2019

Absolute Relative to FTSE UK All-Share Sector Relative to FTSE UK All-Share Index PERFORMANCE 05-Feb-2019 05-Feb-2019 05-Feb-2019

0.03 250 250 1D WTD MTD YTD Absolute 0.0 0.0 0.0 0.0 0.025 Rel.Sector -1.5 -3.0 -3.3 -7.1 200 200 Rel.Market -1.7 -1.9 -2.6 -6.4

0.02 150 150 VALUATION

(local currency) (local 0.015 Trailing Relative Price 100 Relative Price 100 0.01 PE 0.1 Absolute Price Price Absolute EV/EBITDA - 50 50 0.005 PCF -ve PB 0.1 0 0 0 Price/Sales 0.2 Feb-2018 May-2018 Aug-2018 Nov-2018 Feb-2019 Feb-2018 May-2018 Aug-2018 Nov-2018 Feb-2019 Feb-2018 May-2018 Aug-2018 Nov-2018 Feb-2019 Div Yield 0.0 Absolute Price Relative Price 4-wk mov.avg. 13-wk mov.avg. Relative Price 4-wk mov.avg. 13-wk mov.avg. Div Payout 0.0

100 100 90 ROE +ve 90 90 80 Net Debt/Equity 0.0 80 80 70 70 70 60 60 60 DESCRIPTION 50 50 50 40 The principal activities of the Company are comprise 40 40 RSI (Absolute) RSI 30 of the design, construction and installation of data 30 30 centres on an outsourced basis, ongoing support and 20 20 20 maintenance and rental of data centre space. 10 10 10 RSI (Relative to FTSE UK All-Share Index) UK All-Share to FTSE (Relative RSI RSI (Relative to FTSE UK All-Share Sector) UK All-Share to FTSE (Relative RSI 0 0 0 Feb-2018 May-2018 Aug-2018 Nov-2018 Feb-2019 Feb-2018 May-2018 Aug-2018 Nov-2018 Feb-2019 Feb-2018 May-2018 Aug-2018 Nov-2018 Feb-2019

See final page and http://www.londonstockexchange.com/prices-and-markets/stocks/services-stock/ftse-note.htm for further details.

Past performance is no guarantee of future results. Please see the final page for important legal disclosures. 1 of 4 FTSE COMPANY REPORT: CSF Group 05 February 2019

Valuation Metrics

Price to Earnings (PE) EV to EBITDA Price to Book (PB)

31-Dec-2018 31-Dec-2018 31-Dec-2018 0.25 1 2 0.9 0.2 0.8 1.5 +1SD 0.7 0.15 0.6

0.5 1 +1SD 0.1 Avg 0.4 0.3 0.5 Avg 0.05 0.2 -1SD 0.1 0 ǁǁ0 ǁǁ 0 ǁǁ-1SD Jan-2014 Jan-2015 Jan-2016 Jan-2017 Jan-2018 Jan-2014 Jan-2015 Jan-2016 Jan-2017 Jan-2018 Jan-2014 Jan-2015 Jan-2016 Jan-2017 Jan-2018

NCC Group 110.6 Aveva Group 31.6 Sophos Group 25.0 Aveva Group 81.9 Group 29.8 Kainos Group 13.5 International 48.0 FDM Group Holdings 17.0 FDM Group Holdings 12.5 Kainos Group 41.3 Avast 16.3 11.5 Software & Computer Services 36.3 Avast 8.4 Software & Computer Services 15.9 FDM Group Holdings 25.1 Software & Computer Services 4.5 NCC Group 11.9 Alfa Financial Software Holdings 13.4 2.3 CSF Group 0.1 Alfa Financial Software Holdings 9.2 NCC Group 2.3 Funding Circle Holdings -33.8 Computacenter 7.1 SDL 2.3 Sophos Group -39.4 Funding Circle Holdings 0.0 Aveva Group 2.0 Avast -104.2 CSF Group 0.0 CSF Group 0.1 -150 -100 -50 0 50 100 150 0 5 10 15 20 25 30 35 0 5 10 15 20 25 30

Price to Cash Flow (PCF) Dividend Yield % Price to Sales (PS)

31-Dec-2018 31-Dec-2018 31-Dec-2018 2.5 1 1 0.9 0.9 2 0.8 0.8 0.7 0.7 1.5 0.6 0.6 +1SD 0.5 0.5 1 0.4 0.4 +1SD Avg 0.3 0.3 0.5 0.2 0.2 Avg -1SD 0.1 0.1 -1SD 0 ǁǁǁǁ0 0 Jan-2014 Jan-2015 Jan-2016 Jan-2017 Jan-2018 Jan-2014 Jan-2015 Jan-2016 Jan-2017 Jan-2018 Jan-2014 Jan-2015 Jan-2016 Jan-2017 Jan-2018

SDL 80.0 FDM Group Holdings 3.5 Funding Circle Holdings 12.6 Aveva Group 65.5 Computacenter 2.8 Aveva Group 7.8 Kainos Group 34.0 Sage Group 2.7 Micro Focus International 5.5 FDM Group Holdings 22.9 Micro Focus International 2.7 Avast 5.4 Softcat 20.4 NCC Group 2.7 Kainos Group 5.0 Software & Computer Services 18.6 Software & Computer Services 2.4 Software & Computer Services 2.7 Avast 15.4 SDL 1.2 NCC Group 2.1 NCC Group 14.7 Aveva Group 1.1 SDL 1.5 Computacenter 10.8 Sophos Group 0.9 Softcat 1.1 CSF Group -1.7 CSF Group 0.0 Computacenter 0.3 Funding Circle Holdings -54.2 Alfa Financial Software Holdings 0.0 CSF Group 0.2 -80-60-40-200 20406080100 00.511.522.533.54 02468101214 Note: bar chart reflects the top and bottom five current values for the valuation ratio in question for FTSE All Shares stocks in the same sector as the stock concerned. All valuation metrics are trailing.

2 of 4 FTSE COMPANY REPORT: CSF Group 05 February 2019

Valuation Metrics

Net Debt to Equity Dividend Payout (DP) Return on Equity (RoE)

31-Dec-2018 31-Dec-2018 31-Dec-2018 0.5 1 50 ǁǁ+1SD 0.9 0.4 0.8 40 +1SD 0.7 0.3 0.6 30 0.5 Avg 0.2 Avg 0.4 20 0.3 0.1 0.2 10 0.1 0 -1SD 0 ǁǁ 0 ǁǁ -1SD Jan-2014 Jan-2015 Jan-2016 Jan-2017 Jan-2018 Jan-2014 Jan-2015 Jan-2016 Jan-2017 Jan-2018 Jan-2014 Jan-2015 Jan-2016 Jan-2017 Jan-2018

Avast 4.1 NCC Group 100.0 CSF Group 50.0 Sophos Group 3.4 Micro Focus International 100.0 Softcat 50.0 Micro Focus International 1.0 Aveva Group 91.3 FDM Group Holdings 50.0 Sage Group 0.7 Software & Computer Services 72.3 Alfa Financial Software Holdings 37.3 Software & Computer Services 0.6 Kainos Group 65.0 Kainos Group 35.5 NCC Group 0.2 Sage Group 58.0 Software & Computer Services 14.0 CSF Group 0.0 Softcat 0.0 Softcat 0.0 FDM Group Holdings 0.0 Aveva Group 4.4 SDL 0.0 CSF Group 0.0 NCC Group 2.1 Kainos Group 0.0 Avast 0.0 Avast -5.7 FDM Group Holdings 0.0 Alfa Financial Software Holdings 0.0 Funding Circle Holdings -27.4 Alfa Financial Software Holdings 0.0 Sophos Group 0.0 Sophos Group -50.0 0 0.5 1 1.5 2 2.5 3 3.5 4 4.5 0 20 40 60 80 100 120 -60 -40 -20 0 20 40 60

ROE vs. PB — sector Du Pont Analysis

30 100 60

80 50 25 60 ǁ SOPH 40 40 20 20

0 30 PB 15 -20 KNOS FDM -40 SCT 20 10 -60 AVST FCH -80 10 ALFA 5 -100 MCRO Software & Compu SGE MCGN -120 0 NCC AVV SDLCCC ǁ 2014 2015 2016 2017 2018 0 CSFG 0 102030405060 Net Margin Asset Turnover Gearing ROE (rhs) ǁ ROE Note: bar chart reflects the top and bottom five current values for the valuation ratio in question for FTSE All Shares stocks in the same sector as the stock concerned. All valuation metrics are trailing.

3 of 4 FTSE COMPANY REPORT: CSF Group 05 February 2019

Brief description Brief description

Price to Earnings Price to Earnings (PE) is price over earnings per share. Earnings are based on the latest Gearing Gearing is Total Assets divided by Common Equity. Total Assets and Common Equity are (PE) available fiscal year earnings. each averaged over two years, that is, t and (t-1). Price to Sales (PS) Price to Sales (PS) is price divided by sales per share. It is based on sales from continuing Asset Turnover Asset turnover is Sales divided by Total Assets. Total Assets is averaged over two years, operations for the fiscal year. that is, t and (t-1). Price to Book (PB) Price to Book (PB) is price at the indicated date divided by common equity per share. Dupont Breakdown Return on Equity (RoE) = Net Margin * Gearing * Asset Turnover Common/ordinary equity is generally as reported at the most recent fiscal year-end but is Analysis adjusted to exclude minority interest, preferred stock and selected items as appropriate. RoE vs PB Plot of RoE versus PB at last month end for all FTSE UK All Share stocks in the sector Price to Cash Flow Price to Cash Flow (PCF) is price at the indicated date divided by cash flow per share. relative to the stock in question. Data may be limited to the stock in question if there are (PCF) currently no stocks in the corresponding FTSE UK All Share sector. Net Debt Equity Net Debt Equity is Net Debt as a percentage of common equity. Not calculated if Absolute Absolute graphs reflect performance for the stock in question for up to 366 days adjusted denominator (common equity) is negative for intervening corporate actions. EV to EBITDA EV to EBITDA is Enterprise Value divided by EBITDA (Earnings before Interest and Taxes, Relative Relative charts reflect the performance for the stock in question relative to the depreciation and amortisation). EV is full company Market Capitalisation at the data date corresponding sector of the FTSE All Share Index for up to 366 days, rebased to the start plus last annual net debt and Preferred Stock. Net Debt is total financial debt less cash date. Note that the stock itself may not be a FTSE All share constituent. Relative Chart and short-term investments. EBITDA is operating income plus depreciation and may be null if there are no stocks in the corresponding FTSE UK All Share sector. amortisation. RSI Relative Strength Index. Calculated as 100 minus (100 divided by (1+ratio of positive Dividend Yield % Dividend Yield reflects the dividend declared per share and/or paid for the security in versus negative time weighted returns)). Reflects 14 day average gains/losses question for the most recent fiscal year, divided by the share price. Valuation History Outlier valuation data is not shown to scale as these would distort the chart. Instead, ∥ Return on Equity Return on Equity is net income over average common equity. Not calculated if Charts denotes valuation data which falls outside display truncation limits. (RoE) denominator (average common equity) is negative Top/Bottom Reflect data for up to five top and five bottom performers for the valuation metric in Dividend Payout Total dividends divided by Net Income expressed as a percentage. Valuation Bar question. Note data may be limited to the stock in question if there are currently no Charts stocks in the corresponding FTSE UK All Share sector. Net Margin Net Margin is Net Income divided by sales. A guide to the report is available at http://www.londonstockexchange.com/prices-and-markets/stocks/services-stock/ftse-note.htm.

CSF Group 05 February 2019 For further information visit www.ftse.com, email [email protected] or call your local FTSE office:

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