Devro Plc (DVO:LN)

Consumer Staples/Food Products Price: 215.00 GBX Report Date: September 28, 2021 Business Description and Key Statistics

Devro and its subsidiaries is a manufacturers of collagen products Current YTY % Chg for the food industry. Co. supplies collagen casings for food, used by customers in the production of a variety of sausages and other Revenue LFY (M) 250 -1.3 meat products. Co. sells collagen products both directly to food EPS Diluted LFY -0.25 manufacturers and, in some markets, through local distributors. Co. supplies collagen casing, gel and film to customers. Co.'s operating Market Value (M) 359 segments are: Americas, which includes North America and Latin America; Asia Pacific, which includes Australia and New Zealand, Shares Outstanding LFY (000) 166,949 Japan, China and the rest of South East Asia; and EMEA, which Book Value Per Share 0.45 includes Continental European Union, Russia & East, United Kingdom & Ireland and Middle East & Africa. EBITDA Margin % 5.00 Net Margin % -16.7 Website: www.devro.com Long-Term Debt / Capital % 66.4 ICB Industry: Consumer Staples Dividends and Yield TTM 0.15 - 7.12% ICB Subsector: Food Products Payout Ratio TTM % 0.0 Address: Moodiesburn Glasgow 60-Day Average Volume (000) 224 GBR 52-Week High & Low 227.50 - 146.40 Employees: 1,970 Price / 52-Week High & Low 0.95 - 1.47

Price, Moving Averages & Volume

231.6 231.6 Devro Plc is currently trading at 215.00 which is 2.3% below its 50 day moving average 220.4 220.4 price of 219.99 and 9.3% above its 200 day moving 209.3 209.3 average price of 196.63. DVO:LN is currently 5.5% 198.1 198.1 below its 52-week high price of 227.50 and is 46.9% above its 52-week low price of 146.40. 187.0 187.0 Over the past 52-weeks, DVO:LN is up 21.3% while on 175.8 175.8 a calendar year-to-date basis it is up 40.0%.

164.6 164.6 The Relative Strength Index (RSI) indicator for DVO:LN is currently 45.56. An RSI value 153.5 153.5 of 70 and above is considered overbought and 30 and below 142.3 142.3 oversold. 10/20 11/20 12/20 1/21 2/21 3/21 4/21 5/21 6/21 7/21 8/21 9/21 Volume (000) 4,461 4,461

3,345 3,345

2,230 2,230

1,115 1,115

Mean (306.40) 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)

Consumer Staples/Food Products Price: 215.00 GBX Report Date: September 28, 2021 Price Performance, Technical Indicators & Risk Metrics

Difference Price Performance % Change vs FTSE 350 Technical Indicators 1-Day % -1.83 -1.05 50-Day Average Price 219.99 1-Week % 1.90 0.65 Price / 50-Day Average 0.98 4-Week % -3.80 -1.72 200-Day Average Price 196.63 52-Week % 21.33 0.29 Price / 200-Day Average 1.09 RSI - Relative Strength Index 45.56 Quarter-to-Date % 11.51 11.03

Year-to-Date % 39.97 30.46 Risk Metrics Last Month % 0.90 -1.02 Price Volatility 3.95 Last Quarter % -0.21 -4.88 Sharpe Ratio 0.03 Last Calendar Year % -13.90 -0.91 Sortino Ratio 0.04

5-Year Price Performance vs. FTSE 350

Devro Plc Current: 0.90 CAGR: -2.0% Over the past five years, Devro FTSE 350 Index Current: 1.18 CAGR: 3.3% Plc's stock price is down 9.6% which is 27.2% below the 1.3 1.3 FTSE 350 Index performance of 17.6% over the same period. Devro Plc's cumulative 1.2 1.2 annualized growth rate (CAGR) over the five year ^NMX:LN 1.2 1.2 period has been -2.0% while that of the FTSE 350 Index has been 3.3%. 1.1 1.1 Over the past year, Devro Plc's stock price performance of 1.0 1.0 21.3% has outperformed that of the FTSE 350 Index by 1.0 1.0 0.3%. On a year-to-date basis, Devro Plc's stock price performance of 40.0% has 0.9 DVO:LN 0.9 outperformed the FTSE 350 Index by 30.5%. 0.8 0.8 Over the past week, Devro Plc's stock price performance 0.8 0.8 of 1.9% has outperformed that of the FTSE 350 Index by 0.6%. 0.7 0.7

0.6 0.6

0.5 0.5 2017 2018 2019 2020 2021 2022

Consumer Staples/Food Products Price: 215.00 GBX Report Date: September 28, 2021 Growth and Profitability Metrics

5-Year 10-Year Historical Growth 3-Year 5-Year 10-Year Profitability Current Average Average Revenues % 1.2 1.5 1.3 Gross Margin % 15.1 30.8 Revenues Per Share % 1.2 1.3 1.0 EBITDA Margin % 5.0 19.2 EBITDA % -31.4 -16.4 -11.4 Pre-Tax Margin % -8.7 8.2 EPS Diluted % -100.0 -100.0 -100.0 Net Margin % -16.7 6.0 Free Cash Flow % 116.3 999.9 5.9 Return on Equity % -32.2 9.8 Cash from Operations % 20.8 4.1 2.0 Return on Capital % -15.2 7.7 Book Value % -11.8 -10.9 -4.4 Return on Assets % -10.5 4.8

Revenue (M) Devro Plc's cumulative annualized revenue growth Current: 250.00 Median: 251.70 High: 256.90 Low: 241.10 CAGR: 1.2% rate over the charted period is 260.1 260.1 256.9 1.2%. This compares to 253.4 cumulatative annualized 253.5 253.5 growth of 1.2% over the past 3 250.0 years. 246.9 246.9 241.1 240.3 240.3 2016 2017 2018 2019 2020 2021 Devro Plc's cumulative EPS Diluted annualized EPS growth rate Current: -0.25 Median: 0.04 High: 0.09 Low: -0.28 CAGR: -0.1% over the charted period is 0.16 0.16 -0.1%. This compares to 0.09 0.07 cumulatative annualized 0.01 0.01 0.01 growth of -100.0% over the past 3 years. -0.15 -0.15 -0.25 -0.30 -0.30 2016 2017 2018 2019 2020 2021

Net Profit Margin % Devro Plc's net profit margin of -16.7% is 17.2% below the Current: -16.72 Median: 2.93 High: 6.11 Low: -16.72 CAGR: -5.5% period's mean net margin of 7.3 7.3 0.5%. During the charted Mean (0.51) period, the observed net profit -1.1 -1.1 margin high and low were 6.1% and -16.7% respectively. -9.5 -9.5

-17.9 -17.9 2016 2017 2018 2019 2020 2021 Devro Plc's return on equity of Return on Equity % -32.2% is 33.9% below the Current: -32.20 Median: 6.15 High: 13.70 Low: -32.20 CAGR: -11.3% period's mean return on equity 16.0 16.0 of 1.7%. During the charted

Mean (1.72) period, the observed ROE -0.8 -0.8 high and low were 13.7% and -32.2% respectively. -17.7 -17.7

-34.5 -34.5 2016 2017 2018 2019 2020 2021

Consumer Staples/Food Products Price: 215.00 GBX Report Date: September 28, 2021 Valuation Metrics

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

Price / EPS TTM 99.9 99.0 38.7 Earnings Yield % -15.03 3.24

Price / Sales 1.5 1.3 1.6 Free Cash Flow Yield % 8.94 6.87 1.35

Price / Operating Cash Flow 99.9 14.0 12.0 Dividend Yield % 7.12 4.82 3.78

Price / Book Value 4.8 3.0 3.4 Enterprise Value / EBITDA 39.0 12.0 11.3

Price / EPS TTM Devro Plc is trading at 99.90 times its EPS generated Current: 99.90 Median: 99.90 High: 99.90 Low: 20.06 CAGR: 16.0% during the latest fiscal year. Median (99.90) 103.9 103.9 This multiple is equal to the historically observed median 74.6 74.6 of 99.90, while high and low observations have been 99.90 and 20.06. 45.3 45.3

16.1 16.1 2016 2017 2018 2019 2020 2021 Price / Sales Devro Plc is trading at a Price to Sales ratio of 1.45 based on Current: 1.45 Median: 1.30 High: 1.70 Low: 0.89 CAGR: -3.1% sales generated during the 1.74 1.74 latest fiscal year. This ratio is above the historically observed 1.44 1.44 median ratio of 1.30, while Median (1.30) high and low observations have been 1.70 and 0.89. 1.15 1.15

0.85 0.85 2016 2017 2018 2019 2020 2021 Devro Plc is trading at a Price Price / Book Value to Book ratio of 4.79 based on Current: 4.79 Median: 3.00 High: 5.03 Low: 1.78 CAGR: 9.6% book value at the latest fiscal 5.2 5.2 year end. This ratio is above the historically observed median of 3.00, while high and 4.0 4.0 low observations have been Median (3.00) 5.03 and 1.78. 2.8 2.8

1.6 1.6 2016 2017 2018 2019 2020 2021 Devro Plc has a Free Cash Free Cash Flow Yield % Flow Yield of 8.94% based on Current: 8.94 Median: 6.88 High: 14.63 Low: 0.00 CAGR: 1.7% free cash flow generated 15.4 15.4 during the latest fiscal year. This value is above the historically observed median 10.0 10.0 yield of 6.88%, while high and Median (6.88) low observations have been 4.6 4.6 14.63 and 0.00.

-0.7 -0.7 2016 2017 2018 2019 2020 2021

Consumer Staples/Food Products Price: 215.00 GBX Report Date: September 28, 2021 Dividends Data

Dividends Per Share TTM 0.15 Payout Ratio TTM % 0.00% Dividend Yield TTM % 7.12%

Rate Ex Date Record Date Payment Date Currency Note 0.063 10-06-2021 11-06-2021 20-07-2021 GBP FINAL GROSS 0.027 03-12-2020 04-12-2020 15-01-2021 GBP FURTHER INTERIM GROSS 0.063 20-08-2020 21-08-2020 02-10-2020 GBP 2ND INTERIM GROSS 0.063 26-03-2020 27-03-2020 07-05-2020 GBP BOARD WITHDRAWING RECOMMENDATION TO PAY FINAL DIVIDEND 0.027 22-08-2019 23-08-2019 04-10-2019 GBP INTERIM GROSS 0.063 28-03-2019 29-03-2019 10-05-2019 GBP FINAL GROSS 0.027 23-08-2018 24-08-2018 05-10-2018 GBP INTERIM GROSS 0.061 29-03-2018 03-04-2018 11-05-2018 GBP FINAL GROSS 0.027 24-08-2017 25-08-2017 06-10-2017 GBP INTERIM GROSS 0.061 30-03-2017 31-03-2017 12-05-2017 GBP FINAL GROSS 0.027 25-08-2016 26-08-2016 07-10-2016 GBP INTERIM GROSS 0.061 24-03-2016 29-03-2016 13-05-2016 GBP FINAL GROSS

Dividend Growth and Yield

Dividends Per Share TTM Devro Plc's trailing 12-month dividend per share is 0.15 and Current: 0.15 Median: 0.09 High: 0.15 Low: 0.09 CAGR: 11.4% its dividend has grown at a 0.153 0.153 cumulative annualized rate of 11.4% over the charted 0.142 0.142 period. This compares to dividend growth of 70.00% 0.131 0.131 over the past year and cumulative annualized growth of 20.20% over the past 3 0.120 0.120 years.

0.109 0.109

0.098 0.098

0.087 0.087 2016 2017 2018 2019 2020 2021

Dividend Yield TTM % Devro Plc's current dividend yield is 7.12% based on Current: 7.12 Median: 4.82 High: 9.96 Low: 3.58 CAGR: 14.0% trailing 12 month dividends. 10.28 10.28 The current yield is above the historically observed median 9.11 9.11 of 4.82% and, over the charted time period, the observed high 7.94 7.94 yield has been 9.96% and the observed low yield has been 3.58%. 6.77 6.77

5.60 5.60

4.43 4.43

3.26 3.26 2016 2017 2018 2019 2020 2021

Consumer Staples/Food Products Price: 215.00 GBX Report Date: September 28, 2021 ICB Subsector Peer Comparisons

Price Change Year to Date % Price Change Last Calendar Year % -24.9 -7.9 9.1 26.1 43.1 -61.1 -43.1 -25.1 -7.1 10.9

Devro Plc 40.0 Kerry Group Plc 7.6

Glanbia Plc (Ireland) 36.2 Cranswick PLC 3.8

Peer Group Average 12.0 Glanbia Plc (Ireland) 0.2

Edita Food Industries SAE 11.5 Peer Group Average -11.1

Cranswick PLC 2.6 Associated British Foods Plc -12.9

Kerry Group Plc -2.1 Devro Plc -13.9

Associated British Foods Plc -16.2 Edita Food Industries SAE -51.8

-24.9 -7.9 9.1 26.1 43.1 -61.1 -43.1 -25.1 -7.1 10.9

Price / EPS TTM Price / Book Value 0.0 26.1 52.3 78.4 104.5 0.0 5.0 9.9 14.9 19.9

Devro Plc 99.9 Edita Food Industries SAE 18.9 Edita Food Industries SAE 72.5 Nestle SA 6.8 Barry Callebaut AG 36.7 Barry Callebaut AG 4.9 Peer Group Average 36.3 Devro Plc 4.8 Kerry Group Plc 36.2 Peer Group Average 4.8 Associated British Foods Plc 32.9 Kerry Group Plc 4.5 Glanbia Plc (Ireland) 29.4 Emmi AG Luzern 4.1 Nestle SA 25.8 Cranswick PLC 2.8 Emmi AG Luzern 24.8 Glanbia Plc (Ireland) 2.6 Cranswick PLC 20.6 Associated British Foods Plc 1.6 Nomad Foods Ltd 12.9 Nomad Foods Ltd 1.2 Chocoladefabriken Lindt & Spruengli AG 7.8 Chocoladefabriken Lindt & Spruengli AG 0.3 0.0 26.1 52.3 78.4 104.5 0.0 5.0 9.9 14.9 19.9

EPS 5-Year Growth Rate % Revenue 5-Year Growth Rate % -270.5 62.2 395.0 727.7 1,060.4 -4.4 0.1 4.5 8.9 13.3

Nomad Foods Ltd 999.9 Nomad Foods Ltd 12.5 Peer Group Average 82.7 Cranswick PLC 12.2 Cranswick PLC 14.0 Glanbia Plc (Ireland) 6.5 Emmi AG Luzern 9.4 Kerry Group Plc 4.7 Nestle SA 8.2 Peer Group Average 3.9 Barry Callebaut AG 5.9 Emmi AG Luzern 2.9 Kerry Group Plc 3.3 Barry Callebaut AG 2.0 Associated British Foods Plc -3.1 Chocoladefabriken Lindt & Spruengli AG 1.8 Chocoladefabriken Lindt & Spruengli AG -4.0 Associated British Foods Plc 1.7 Glanbia Plc (Ireland) -4.4 Devro Plc 1.5 Edita Food Industries SAE -19.7 Nestle SA -1.0 Devro Plc -100.0 Edita Food Industries SAE -2.1 -270.5 62.2 395.0 727.7 1,060.4 -4.4 0.1 4.5 8.9 13.3

Consumer Staples/Food Products Price: 215.00 GBX Report Date: September 28, 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%.

Consumer Staples/Food Products Price: 215.00 GBX Report Date: September 28, 2021

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