Alphascreens: Dividend Test Clues Movements in Our Dividend Yield Rankings Oﬀ Er Hint to Investors

4 September 2018

AlphaScreens: Dividend test clues Movements in our dividend yield rankings oﬀ er hint to investors

High-yield small-caps Algy Hall’s view: 350 nvestors neglect dividends at their peril. Over the 25 years to the 300 FTSE Small-Cap/Aim All-Share end of 2017, the average annual return from the FTSE All-Share High-yield small-caps 250 based on share price alone stood at 5.5 per cent, compared with 200 I a 9.2 per cent total return once dividends are factored in. And the 150 beneﬁ t of reinvesting dividends over the long term makes the differ-

100 ence even more pronounced, with the 25-year cumulative total return 2012 2013 2014 2015 2016 2017 Source: Thomson Datastream from the FTSE All-Share standing at 727 per cent, compared with 310 per cent ignoring dividends. As well as providing income, a good yield Safe yields (large–caps) can suggest a company has attractive qualities that could support share price performance, and a robust dividend record can indicate a 240 company in good ﬁ nancial health with a strong and stable business 220 .

200 Safe yield n 180 In the FTSE All-Share screen, only plastics manufacturer FTSE All-Share 160 RPC Group (RPC) still passes all eight tests. Recruiter

140 Page Group (PAGE) and engineering fi rmCostain (COST) 120 only pass seven tests now, with both companies falling 100 short on the cash conversion test. 2012 2013 2014 2015 2016 2017 n In the case of Page Group, which has had strong share Source: Thomson Datastream price momentum all year, this is the second of our Alpha screens (the other being our GARP screen in July) where it no longer scores perfectly. Screens are not a signal to sell a stock, but they are certainly a starting point to periodi- cally re-examine an investment case, which is a good discipline for stocks with cyclical characteristics. n Our FTSE Small Companies screen sees little change and no companies score perfectly. Shifting attention to Aim, the Property Franchise Group (TPFG), Park Group (PKG) and Fulcrum Utility Services (FCRM) still get per- fect marks against the screen. n MTI Wireless Edge (MWE) no longer passes all eight Aim tests, however. It now fails our interest cover test – which assesses how well interest obligations are covered Analyst: Algy Hall by operating profi ts and is an indicator of the sustainabil- [email protected] ity of a company’s dividend. This doesn’t mean the divi- Alpha Production Editor: Sameera Hai Baig dend is under imminent threat but again provides a signal to examine whether pay-outs are funded from operations. www.investorschronicle.co.uk telephone: +44 (0)20 7873 3000 email: [email protected] © The Financial Times Limited 2018. Investors Chronicle is a trademark of The Financial Times Limited. Registered offi ce: Number One, Southwark Bridge, London SE1 9HL

1 Large-cap dividend diamonds criteria Our large-cap screen is tilted towards companies that show signs of having stable prospects associated with dividend staying power. To help assess this, we use a measure of historic share price volatility against the wider market called beta. Betas of below one indicate that a stock has been less sensitive to market movements and suggest it could boast some defensive qualities. The large- cap Alpha dividend yield screen is conducted on all FTSE All-Share stocks using the following criteria:

n A dividend yield higher than the median (mid-rank) average of all dividend-paying shares screened. n Dividend covered at least twice by earnings. n Earnings growth forecast in each of the next two financial years (ie dividend cover is not expected to dramatically fall). n Operating cash conversion of 100 per cent or more (ie earnings are being tuned into cash with which to pay dividends). n Interest payments covered at least five times by operating profits (ie interest payments on borrowings are not likely be a significant threat to maintaining dividend cover). n Return on equity of 12.5 per cent or more (i.e. an indicator that the business may be of decent quality [if the interest cover test is also met, it suggests high returns on equity are not overly dependent on high debt levels]). n A beta of 0.75 or lower. n No dividend cut in the past three years.

Not many stocks pass such a stringent list of criteria. The ones that pass all the tests are listed at the top of the table, followed by those failing one test, then those failing two tests as detailed in the ‘Tests passed’ column. All stocks must pass the dividend yield test to feature in the table that follows. Special dividends are included in the yield calculation used by the screen, and where a special dividend has been paid, it is highlighted in the table’s ‘Special dividend’ column. While the primary ranking of the stocks is based on the number of tests they pass, inside each of these groupings, stocks are ordered according to their attractiveness based on a combination of dividend yield and dividend cover.

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2 Small-cap dividend diamonds criteria The small-cap Alpha dividend yield screen is more growth-focused than our large-cap screen, and is conducted separately on the FTSE All-Small and FTSE Aim All-Share indices, with the results presented in two separate tables. While the screen’s dividend yield test is more aggressive than the one used by our large-cap screen, the lower average yields from small-caps mean little difference in the absolute level of yield both screens require. The screen uses the following criteria:

n A dividend yield among the top third of all dividend- paying shares screened. n Dividend covered at least one-and-a-half times by earnings. n Earnings growth forecast in each of the next two financial years and average growth of 5 per cent or more (ie rising earnings to support dividend growth and maintain or improve dividend cover). n Positive free cash flow (ie a weak test that earnings are turned into cash with which to pay dividends). n Interest payments covered at least five times by operating profits (ie interest payments on borrowings are not likely to be a significant threat to maintaining dividend cover). n A three-year compound annual dividend growth rate of 5 per cent or more. n A three-year compound annual earnings growth rate of 5 per cent or more. n A market capitalisation of more than £10m (ie not severely illiquid).

Not many stocks pass such a stringent list of criteria. The ones that pass all the tests are listed at the top of the table that follows, followed by those failing one test, then those failing two tests as detailed in the ‘Tests passed’ column. All stocks must pass the dividend yield test to feature in the table. Special dividends are included in the yield calculation used by the screen, and where a special dividend has been paid this highlighted in the table’s ‘Special dividend’ column. While the primary ranking of the stocks is based on the number of tests they pass, inside each of these groupings, stocks are ordered according their attractiveness based on a combination of dividend yield and dividend cover.

3 Large-cap dividend diamonds selection (passing at least 6 out of 8 tests)

Name TIDM Market Fwd NTM Dividend FY EPS FY EPS 3-month Net Cash/ Test Special Tests passed cap Price PE yield gr+1 gr+2 momentum Debt(-) Currency Failed dividend (out of 8) RPC Group LSE:RPC £2,888m 714p 9 3.9% 5.5% 6.6% -10.5% -1,156m GBP na NO 8 Taylor Wimpey LSE:TW. £5,462m 167p 8 9.3% 7.2% 2.0% -12.0% 496m GBP /CashConv/ YES 7 British American Tobacco LSE:BATS £79,077m 3,722p 12 5.2% 3.2% 8.9% -2.9% -46,199m GBP /DivGrth/ YES 7 Sirius Real Estate Ltd LSE:SRE £585m 58p 11 4.9% 49.4% -3.2% -11.2% -288m EUR /EPSGrth/ NO 7 Barratt Developments LSE:BDEV £5,488m 542p 8 7.9% 7.7% 4.4% -3.4% 166m GBP /CashConv/ YES 7 Playtech LSE:PTEC £1,676m 532p 9 6.1% -10.5% 20.9% -34.1% -359m EUR /EPSGrth/ NO 7 Int’l Consolidated Airlines, SA. LSE:IAG £13,854m 691p 7 3.8% 10.9% 6.1% 2.4% 670m EUR /DivGrth/ YES 7 Redrow LSE:RDW £1,975m 548p 7 4.0% 14.8% 8.2% -9.9% -35m GBP /CashConv/ NO 7 Jupiter Fund Mgmt LSE:JUP £1,888m 419p 13 8.0% -4.4% 2.3% -7.4% 364m GBP /EPSGrth/ YES 7 Hays LSE:HAS £2,952m 203p 16 4.3% 10.4% 9.8% 12.9% 123m GBP /CashConv/ YES 7 Tritax Big Box REIT LSE:BBOX £2,224m 151p 21 4.4% 9.9% 5.3% 0.8% -594m GBP /CashConv/ NO 7 Bellway LSE:BWY £3,585m 2,918p 7 4.2% 14.2% 4.7% -11.7% -131m GBP /CashConv/ NO 7 Forterra LSE:FORT £546m 274p 10 3.5% 7.4% 8.0% -11.9% -52m GBP /DivGrth/ NO 7 Babcock Int’l LSE:BAB £3,599m 713p 8 4.1% 2.1% 3.6% -18.3% -1,238m GBP /RoE/ NO 7 PageGroup LSE:PAGE £1,912m 610p 18 4.1% 20.4% 9.6% 13.1% 87m GBP /CashConv/ YES 7 Big Yellow LSE:BYG £1,491m 942p 22 3.3% 9.1% 7.7% 1.1% -345m GBP /CashConv/ NO 7 Inchcape LSE:INCH £2,869m 692p 11 4.0% -2.0% 3.5% -5.8% -164m GBP /EPSGrth/ NO 7 Costain LSE:COST £452m 425p 11 3.3% 8.1% 5.8% -8.3% 78m GBP /CashConv/ NO 7 Severfield LSE:SFR £231m 76p 11 3.4% 5.4% 8.1% -4.5% 33m GBP /RoE/ NO 7 Carnival LSE:CCL £32,626m 4,631p 13 3.3% 10.5% 11.7% -2.7% -8,826m USD /RoE/ YES 7 Telecom Plus LSE:TEP £798m 1,026p 17 4.9% 9.6% 12.3% -0.6% -11m GBP /DivCov/ NO 7 Dairy Crest LSE:DCG £734m 475p 13 4.8% -1.2% 4.3% -9.5% -271m GBP /EPSGrth/CashConv/ NO 6 De La Rue LSE:DLAR £486m 473p 11 5.3% 1.1% 7.3% -11.6% -48m GBP /DivGrth/RoE/ NO 6 Derwent London LSE:DLN £3,393m 3,042p 28 4.5% 12.3% 4.1% 1.3% -826m GBP /RoE/CashConv/ YES 6 INVESCO Perpetual UK Sm Cos IT LSE:IPU £173m 526p - 4.0% - - 5.0% 6m GBP /EPSGrth/Beta NO 6 LondonMetric Property LSE:LMP £1,281m 185p 21 4.3% 4.4% 4.4% -4.2% -617m GBP /IntCov/CashConv/ NO 6 BlackRock Frontiers Inv. Trust LSE:BRFI £286m 143p - 3.7% - - -5.7% 4m USD /EPSGrth/CashConv/ NO 6 The Merchants Trust LSE:MRCH £539m 496p - 5.2% - - -4.5% -90m GBP /EPSGrth/CashConv/ NO 6 MedicX Fund Ltd LSE:MXF £346m 78p 21 7.7% 4.4% 5.9% -1.9% -362m GBP /IntCov/CashConv/ NO 6 XPS Pensions LSE:XPS £361m 179p 18 4.7% 14.6% 13.3% -4.9% -46m GBP /DivGrth/RoE/ YES 6 Card Factory LSE:CARD £650m 190p 11 12.8% -7.6% 3.5% -3.2% -161m GBP /DivCov/EPSGrth/ YES 6 3i Infrastructure LSE:3IN £2,009m 248p 12 3.5% -55.9% -43.1% 9.0% 282m GBP /DivGrth/EPSGrth/ NO 6 The Go-Ahead LSE:GOG £721m 1,679p 10 6.1% -13.7% -11.8% -0.4% 169m GBP /EPSGrth/Beta NO 6 F&C UK Real Estate Inv. LSE:FCRE £238m 99p - 5.1% - - -2.5% -93m GBP /DivGrth/EPSGrth/ NO 6 Savills LSE:SVS £1,097m 800p 11 3.8% 0.0% 3.9% -17.9% -95m GBP /CashConv/Beta YES 6 Picton Property Income LSE:PCTN £497m 92p 21 3.8% 3.2% 4.0% 2.8% -181m GBP /IntCov/CashConv/ NO 6 Polymetal Int’l LSE:POLY £2,910m 643p 8 5.6% 1.3% 28.6% -5.4% -1,652m USD /DivGrth/Beta NO 6 WPPLSE:WPP £15,950m 1,279p 11 4.7% -1.9% 3.7% 3.4% -4,483m GBP /EPSGrth/CashConv/ NO 6 PayPoint LSE:PAY £641m 939p 15 8.8% -0.5% 7.2% -8.3% 46m GBP /DivCov/EPSGrth/ YES 6 OneSavings Bank LSE:OSB £1,015m 415p 8 3.3% 5.5% 4.7% 2.1% -69m GBP /IntCov/CashConv/ NO 6 BBGI Sicav S.A. LSE:BBGI £783m 148p 14 4.6% 6.3% 4.2% 11.4% -32m GBP /RoE/CashConv/ NO 6 Communisis LSE:CMS £117m 56p 8 4.8% 7.2% 6.6% -11.6% -24m GBP /RoE/Beta NO 6 Headlam LSE:HEAD £382m 453p 11 5.5% 1.7% 4.2% -0.8% 16m GBP /DivCov/CashConv/ NO 6 LSL Property Services LSE:LSL £294m 286p 11 4.0% -11.1% 4.7% 21.7% -63m GBP /DivGrth/EPSGrth/ NO 6 S&U LSE:SUS £296m 2,470p 10 4.3% 19.5% 13.5% -6.5% -105m GBP /IntCov/CashConv/ NO 6 Halfords LSE:HFD £649m 329p 11 5.5% -1.2% 8.0% -2.5% -88m GBP /DivCov/EPSGrth/ NO 6 Pennon LSE:PNN £3,223m 769p 15 5.0% 4.4% 9.2% 0.7% -3,001m GBP /DivCov/IntCov/ NO 6 Keller LSE:KLR £749m 1,040p 10 3.3% -2.1% 10.7% -1.7% -367m GBP /EPSGrth/Beta NO 6 Tate & Lyle LSE:TATE £3,120m 670p 13 4.3% 0.0% 2.8% -0.6% -356m GBP /DivGrth/EPSGrth/ NO 6 Hastings Group LSE:HSTG £1,776m 270p 11 4.7% 3.3% 12.2% 3.0% -236m GBP /DivCov/DivGrth/ NO 6 DFS Furniture LSE:DFS £466m 220p 15 5.1% -22.6% 27.4% -4.8% -166m GBP /DivCov/EPSGrth/ NO 6 Tarsus Group LSE:TRS £334m 295p 17 3.4% -38.6% 69.7% -2.8% -95m GBP /EPSGrth/CashConv/ NO 6 MJ Gleeson LSE:GLE £382m 702p 13 3.4% 11.3% 8.9% -4.2% 27m GBP /IntCov/CashConv/ NO 6 Norcros LSE:NXR £173m 216p 7 3.6% 4.4% 5.1% 6.1% -47m GBP /DivCov/RoE/ NO 6 Bovis Homes LSE:BVS £1,512m 1,125p 12 4.2% 40.3% 10.1% -10.6% 145m GBP /DivCov/RoE/ NO 6 The Rank Group LSE:RNK £675m 173p 11 4.3% 4.7% 4.6% -7.7% -9m GBP /DivCov/RoE/ NO 6 Games Workshop PLC LSE:GAW £1,152m 3,560p 25 3.7% -21.2% 4.2% 19.7% 29m GBP /DivCov/EPSGrth/ NO 6 Bloomsbury Publishing LSE:BMY £169m 226p 16 3.3% 3.0% 12.6% -6.2% 25m GBP /DivCov/RoE/ NO 6 GlaxoSmithKline LSE:GSK £76,672m 1,560p 14 5.1% 0.1% 3.4% 3.7% -23,935m GBP /DivCov/DivGrth/ NO 6 Continued on the next page www.investorschronicle.co.uk telephone: +44 (0)20 7873 3000 email: [email protected] © The Financial Times Limited 2018. Investors Chronicle is a trademark of The Financial Times Limited. Registered office: Number One, Southwark Bridge, London SE1 9HL

4 Large-cap dividend diamonds selection (passing at least 6 out of 8 tests) – continued Market Fwd Dividend FY EPS FY EPS 3-month Net cash/ Test Special Tests passed Name TIDM cap Price NTM PE yield gr+1 gr+2 momentum debt(–) Currency failed dividend (out of 8)

Fresnillo LSE:FRES £6,611m 897p 17 3.5% 0.4% 6.4% -30.7% -111m USD /DivCov/Beta NO 6 Brewin Dolphin Holdings LSE:BRW £991m 363p 17 4.1% 11.9% 11.2% -2.8% 143m GBP /DivCov/IntCov/ NO 6 Britvic LSE:BVIC £2,151m 815p 15 3.3% 3.1% 5.6% 1.4% -667m GBP /DivCov/Beta NO 6 Tyman LSE:TYMN £658m 338p 11 3.3% 5.9% 10.2% -1.5% -218m GBP /DivCov/RoE/ NO 6 St. James’s Place LSE:STJ £5,942m 1,132p 22 3.8% 29.1% 15.8% -4.4% 7,812m GBP /DivCov/Beta NO 6 John Menzies LSE:MNZS £487m 590p 16 3.5% -34.0% 11.4% -5.6% -243m GBP /DivCov/EPSGrth/ NO 6 Source: S&P Capital IQ, 3 Sep 2018

5 FTSE All-Small dividend diamonds selection (passing at least 6 out of 8 tests)

Name TIDM Market Fwd NTM Dividend FY EPS FY EPS 3-month Net Cash/ Test Special Tests passed cap Price PE yield gr+1 gr+2 momentum Debt(-) Currency failed dividend (out of 8) Sirius Real Estate Ltd LSE:SRE £585m 58p 11 4.9% 49.4% -3.2% -11.2% -288m EUR /FwdEPSGrth/ NO 7 The Alumasc Group LSE:ALU £45m 125p 9 5.7% -28.0% 22.2% -7.8% 2m GBP /FwdEPSGrth/ NO 7 Highcroft Investments LSE:HCFT £50m 965p - 4.8% - - 5.5% -14m GBP /FwdEPSGrth/ NO 7 XPS Pensions Group LSE:XPS £361m 179p 18 4.7% 14.6% 13.3% -4.9% -46m GBP /DivGrth/ YES 7 River and Mercantile Group LSE:RIV £256m 318p 18 6.8% -19.7% 4.5% -2.2% 22m GBP /FwdEPSGrth/ YES 7 Photo-Me International LSE:PHTM £468m 124p 13 6.8% -2.5% 8.9% 10.3% 25m GBP /FwdEPSGrth/ NO 7 Headlam Group LSE:HEAD £382m 453p 11 5.5% 1.7% 4.2% -0.8% 16m GBP /FwdEPSGrth/ NO 7 Communisis LSE:CMS £117m 56p 8 4.8% 7.2% 6.6% -11.6% -24m GBP /EPSGrth/ NO 7 Target Healthcare REIT Ltd LSE:THRL £388m 115p 20 5.6% 7.4% 15.9% 1.6% -65m GBP /DivCov/ NO 7 Centaur Media LSE:CAU £64m 45p 13 6.7% 6.3% 6.7% -9.2% 2m GBP /DivGrth/EPSGrth/ NO 6 De La Rue LSE:DLAR £486m 473p 11 5.3% 1.1% 7.3% -11.6% -48m GBP /FwdEPSGrth/DivGrth/ NO 6 Dunedin Enterprise IT LSE:DNE £75m 364p - 5.2% - - -5.0% 9m GBP /FwdEPSGrth/EPSGrth/ NO 6 MedicX Fund Ltd LSE:MXF £346m 78p 21 7.7% 4.4% 5.9% -1.9% -362m GBP /DivGrth/IntCov/ NO 6 The Merchants Trust LSE:MRCH £539m 496p - 5.2% - - -4.5% -90m GBP /FwdEPSGrth/DivGrth/ NO 6 Bonmarché Holdings LSE:BON £56m 116p 8 6.7% 12.1% 13.3% 11.0% 4m GBP /DivGrth/EPSGrth/ NO 6 Pets at Home Group LSE:PETS £582m 116p 9 6.4% 0.1% 2.6% -9.6% -134m GBP /FwdEPSGrth/EPSGrth/ NO 6 Arrow Global Group LSE:ARW £442m 251p 6 4.8% 22.9% 10.1% -8.1% -1,010m GBP /IntCov/FCF/ NO 6 Chesnara LSE:CSN £566m 378p 16 5.3% -53.6% -21.3% -2.0% 83m GBP /FwdEPSGrth/DivGrth/ NO 6 Topps Tiles LSE:TPT £123m 64p 10 5.3% -20.3% 3.1% -13.8% -25m GBP /FwdEPSGrth/EPSGrth/ NO 6 Custodian REIT LSE:CREI £471m 120p 13 5.4% 2.9% -0.6% 0.1% -108m GBP /FwdEPSGrth/DivCov/ NO 6 John Laing Environ’l Assets LSE:JLEN £414m 105p 15 6.0% 22.3% 2.9% 3.4% 6m GBP /DivCov/IntCov/ NO 6 Source: S&P Capital IQ, 3 Sep 2018

6 Aim dividend diamonds selection (passing at least 6 out of 8 tests)

Name TIDM Market Fwd NTM Dividend FY EPS FY EPS 3-month Net Cash/ Test Special Tests passed cap Price PE yield gr+1 gr+2 momentum Debt(-) Currency failed dividend (out of 8) The Property Franchise Group AIM:TPFG £35m 136p 10 5.5% 9.4% 2.7% -11.7% 0m GBP na NO 8 Park Group AIM:PKG £128m 69p 12 4.4% 3.8% 6.6% -11.7% 41m GBP na NO 8 Fulcrum Utility Services AIM:FCRM £140m 65p 14 3.3% 15.8% 0.2% -6.5% 9m GBP na NO 8 Walker Greenbank AIM:WGB £49m 70p 7 6.3% -26.5% 0.2% -41.8% -5m GBP /FwdEPSGrth/ NO 7 Northern Bear AIM:NTBR £14m 76p - 5.3% - - 11.4% -1m GBP /FwdEPSGrth/ YES 7 M.T.I Wireless Edge AIM:MWE £20m 23p 9 6.8% 46.2% 8.2% -12.0% 4m USD /IntCov/ NO 7 Real Estate Investors AIM:RLE £105m 57p 15 6.2% 15.2% 8.2% 5.9% -84m GBP /IntCov/ YES 7 Telford Homes AIM:TEF £312m 414p 7 4.1% 12.7% 2.6% -12.2% -100m GBP /FCF/ NO 7 Billington Holdings AIM:BILN £33m 272p 9 4.2% 3.4% - -5.3% 6m GBP /FwdEPSGrth/ NO 7 XLMedia AIM:XLM £239m 108p 10 5.5% -9.7% 10.8% -33.6% 38m USD /FwdEPSGrth/ NO 7 H&T Group AIM:HAT £117m 311p 10 3.4% 1.1% 7.2% -10.6% -17m GBP /FwdEPSGrth/ NO 7 NWF Group AIM:NWF £90m 184p 13 3.4% -14.7% 5.0% -11.3% -6m GBP /FwdEPSGrth/ NO 7 Redde AIM:REDD £534m 176p 15 6.0% 8.2% 4.1% 1.1% -23m GBP /DivCov/ NO 7 Best of the Best AIM:BOTB £26m 255p 22 5.3% -11.2% - -5.6% 2m GBP /FwdEPSGrth/IntCov/ YES 6 Ramsdens Holdings AIM:RFX £52m 168p 10 5.2% 4.2% 8.3% -10.0% 13m GBP /DivGrth/EPSGrth/ YES 6 MP Evans AIM:MPE £412m 752p 24 3.7% -0.1% 44.3% -0.1% 74m USD /FwdEPSGrth/EPSGrth/ YES 6 The Mission Marketing Group AIM:TMMG £41m 49p - 3.5% - - 2.1% -7m GBP /FwdEPSGrth/EPSGrth/ NO 6 Rotala AIM:ROL £26m 55p 8 4.5% 17.8% 4.6% -4.1% -33m GBP /IntCov/FCF/ NO 6 Van Elle Holdings AIM:VANL £74m 93p 8 4.0% 7.1% 9.0% 2.2% -6m GBP /DivGrth/EPSGrth/ NO 6 Eddie Stobart Logistics AIM:ESL £489m 130p 12 4.5% 12.2% 14.5% -10.7% -114m GBP /DivGrth/EPSGrth/ NO 6 MS International AIM:MSI £34m 208p - 4.0% - - 0.5% 16m GBP /FwdEPSGrth/DivGrth/ NO 6 Watkin Jones AIM:WJG £501m 196p 13 3.4% 7.5% 6.2% -12.0% 38m GBP /DivGrth/EPSGrth/ NO 6 Gateley (Holdings) AIM:GTLY £180m 163p 14 4.3% 15.2% 7.1% -8.4% -1m GBP /DivGrth/EPSGrth/ NO 6 Frenkel Topping AIM:FEN £23m 33p 10 3.7% 17.2% 10.6% -34.7% 2m GBP /EPSGrth/IntCov/ NO 6 Manx Telecom AIM:MANX £193m 168p 12 6.8% 6.5% 6.3% -9.3% -58m GBP /DivGrth/DivCov/ NO 6 Flowtech Fluidpower AIM:FLO £103m 169p 11 3.4% 18.5% 7.5% 3.4% -15m GBP /DivGrth/EPSGrth/ NO 6 Zytronic AIM:ZYT £79m 495p 18 3.8% -4.5% 15.4% 4.8% 14m GBP /FwdEPSGrth/DivCov/ NO 6 Maintel Holdings AIM:MAI £111m 780p 9 4.3% 30.5% 6.9% -2.6% -27m GBP /EPSGrth/DivCov/ NO 6 SafeCharge Int’l AIM:SCH £468m 316p 21 4.1% 13.7% 10.8% -2.6% 109m USD /DivCov/IntCov/ NO 6 Source: S&P Capital IQ, 3 Sep 2018

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