Next PLC (NXT:LN)

Consumer Discretionary/Diversified Retailers Price: 8,178.00 GBX Report Date: September 24, 2021 Business Description and Key Statistics

Next is a U.K. based retailer which provides clothing and Current YTY % Chg homeware. Co.'s segments include: NEXT Online, NEXT Retail, NEXT Finance, NEXT International Retail, NEXT Sourcing, Lipsy, Revenue LFY (M) 4,266 2.4 and Property Management. The Property Management segment EPS Diluted LFY 4.69 8.3 holds properties and property leases which are sublet to other segments and external parties. The NEXT International Retail Market Value (M) 10,451 segment comprises franchise and wholly owned stores overseas. International online sales are included in the NEXT Online Shares Outstanding LFY (000) 127,798 segment. Book Value Per Share 3.45 EBITDA Margin % 26.20

Net Margin % 15.5 Website: www.nextplc.co.uk Long-Term Debt / Capital % 72.5 ICB Industry: Consumer Discretionary Dividends and Yield TTM 0.00 - 0.00% ICB Subsector: Diversified Retailers Payout Ratio TTM % 35.7 Address: Desford Road;Enderby Leicester 60-Day Average Volume (000) 288 GBR 52-Week High & Low 8,320.00 - 5,744.00 Employees: 44,193 Price / 52-Week High & Low 0.98 - 1.42

Price, Moving Averages & Volume

8,463.5 8,463.5 Next PLC is currently trading at 8,178.00 which is 2.8% above its 50 day moving 8,068.9 8,068.9 average price of 7,954.00 and 4.5% above its 200 day 7,674.3 7,674.3 moving average price of 7,824.97.

7,279.6 7,279.6 NXT:LN is currently 1.7% below its 52-week high price of 8,320.00 and is 42.4% above 6,885.0 6,885.0 its 52-week low price of 5,744.00. Over the past 52- 6,490.4 6,490.4 weeks, NXT:LN is up 36.0% while on a calendar year-to- date basis it is up 15.4%. 6,095.8 6,095.8 The Relative Strength Index (RSI) indicator for NXT:LN is 5,701.2 5,701.2 currently 58.11. An RSI value of 70 and above is considered 5,306.5 5,306.5 overbought and 30 and below 10/20 11/20 12/20 1/21 2/21 3/21 4/21 5/21 6/21 7/21 8/21 9/21 oversold. Volume (000) 1,265 1,265

957 957

649 649

Mean (366.37) 341 341

34 34 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 Discretionary/Diversified Retailers Price: 8,178.00 GBX Report Date: September 24, 2021 Price Performance, Technical Indicators & Risk Metrics

Difference Price Performance % Change vs FTSE 350 Technical Indicators 1-Day % -0.51 -0.03 50-Day Average Price 7954.00 1-Week % 0.69 0.43 Price / 50-Day Average 1.03 4-Week % 2.00 3.42 200-Day Average Price 7824.97 52-Week % 35.98 11.63 Price / 200-Day Average 1.05 RSI - Relative Strength Index 58.11 Quarter-to-Date % 4.10 2.97

Year-to-Date % 15.41 5.19 Risk Metrics Last Month % 0.36 -1.56 Price Volatility 116.74 Last Quarter % -0.13 -4.80 Sharpe Ratio 0.13 Last Calendar Year % 0.97 13.96 Sortino Ratio 0.21

5-Year Price Performance vs. FTSE 350

Next PLC Current: 1.71 CAGR: 11.4% Over the past five years, Next FTSE 350 Index Current: 1.18 CAGR: 3.4% PLC's stock price is up 71.2% which is 52.8% above the 1.8 1.8 FTSE 350 Index performance of 18.4% over the same NXT:LN period. Next PLC's cumulative 1.7 1.7 annualized growth rate (CAGR) over the five year 1.6 1.6 period has been 11.4% while that of the FTSE 350 Index has been 3.4%. 1.5 1.5 Over the past year, Next PLC's stock price performance of 1.4 1.4 36.0% has outperformed that of the FTSE 350 Index by 1.3 1.3 11.6%. On a year-to-date basis, Next PLC's stock price performance of 15.4% has 1.2 1.2 outperformed the FTSE 350 ^NMX:LN Index by 5.2%. 1.1 1.1 Over the past week, Next PLC's stock price performance 1.0 1.0 of 0.7% has outperformed that of the FTSE 350 Index by 0.4%. 0.9 0.9

0.8 0.8

0.7 0.7 2017 2018 2019 2020 2021 2022

Consumer Discretionary/Diversified Retailers Price: 8,178.00 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 % 1.4 1.3 2.3 Gross Margin % 38.4 33.7 Revenues Per Share % 3.3 3.2 5.6 EBITDA Margin % 26.2 22.7 EBITDA % 5.8 3.8 5.5 Pre-Tax Margin % 17.6 18.5 EPS Diluted % 2.3 2.3 9.7 Net Margin % 15.5 15.3 Free Cash Flow % 15.8 6.5 8.7 Return on Equity % 100.0 100.0 Cash from Operations % 9.8 4.5 5.0 Return on Capital % 44.1 56.3 Book Value % -0.2 10.4 17.3 Return on Assets % 21.8 27.1

Revenue (M) Next PLC's cumulative annualized revenue growth Current: 4266.20 Median: 4132.35 High: 4266.20 Low: 4055.50 CAGR: 1.4% rate over the charted period is 4,308.3 4,308.3 4,266.2 1.4%. This compares to cumulatative annualized 4,220.5 4,220.5 growth of 1.4% over the past 3 4,167.4 years.

4,132.8 4,097.3 4,132.8 4,055.5 4,045.0 4,045.0 2016 2017 2018 2019 2020 2021 Next PLC's cumulative EPS Diluted annualized EPS growth rate Current: 4.69 Median: 4.36 High: 4.69 Low: 4.16 CAGR: 2.3% over the charted period is 4.80 4.80 2.3%. This compares to 4.69 cumulatative annualized 4.58 4.58 growth of 2.3% over the past 3 years. 4.38 4.35 4.33 4.35 4.16 4.13 4.13 2016 2017 2018 2019 2020 2021

Net Profit Margin % Next PLC's net profit margin of 15.5% is 0.2% above the Current: 15.45 Median: 15.12 High: 16.06 Low: 14.75 CAGR: -1.2% period's mean net margin of 16.1 16.1 15.2%. During the charted period, the observed net profit 15.6 15.6 margin high and low were Mean (15.21) 16.1% and 14.8% respectively. 15.2 15.2

14.7 14.7 2016 2017 2018 2019 2020 2021 Next PLC's return on equity of Return on Equity % 100.0% is equal to the period's Current: 100.00 Median: 100.00 High: 100.00 Low: 100.00 CAGR: 0.0% mean return on equity of 110.0 110.0 100.0%. During the charted period, the observed ROE 103.3 103.3 high and low were 100.0% and Mean (100.00) 100.0% respectively. 96.7 96.7

90.0 90.0 2016 2017 2018 2019 2020 2021

Consumer Discretionary/Diversified Retailers Price: 8,178.00 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 17.4 12.4 13.1 Earnings Yield % 9.77 7.82

Price / Sales 2.7 1.9 2.0 Free Cash Flow Yield % 6.85 7.44 7.13

Price / Operating Cash Flow 12.5 9.9 10.5 Dividend Yield % 0.00 3.62 3.29

Price / Book Value 23.7 15.1 23.3 Enterprise Value / EBITDA 10.4 8.9 9.3

Price / EPS TTM Next PLC is trading at 17.44 times its EPS generated Current: 17.44 Median: 12.42 High: 17.70 Low: 7.23 CAGR: 10.0% during the latest fiscal year. 18.2 18.2 This multiple is above the historically observed median 14.4 14.4 of 12.42, while high and low Median (12.42) observations have been 17.70 and 7.23. 10.5 10.5

6.7 6.7 2016 2017 2018 2019 2020 2021 Price / Sales Next PLC is trading at a Price to Sales ratio of 2.70 based on Current: 2.70 Median: 1.86 High: 2.73 Low: 1.12 CAGR: 9.2% sales generated during the 2.81 2.81 latest fiscal year. This ratio is above the historically observed 2.22 2.22 median ratio of 1.86, while high and low observations Median (1.86) have been 2.73 and 1.12. 1.63 1.63

1.04 1.04 2016 2017 2018 2019 2020 2021 Next PLC is trading at a Price Price / Book Value to Book ratio of 23.67 based Current: 23.67 Median: 15.09 High: 24.60 Low: 9.81 CAGR: 0.5% on book value at the latest 25.3 25.3 fiscal year end. This ratio is above the historically observed median of 15.09, while high 19.9 19.9 and low observations have been 24.60 and 9.81. Median (15.09) 14.5 14.5

9.1 9.1 2016 2017 2018 2019 2020 2021 Next PLC has a Free Cash Free Cash Flow Yield % Flow Yield of 6.85% based on Current: 6.85 Median: 7.44 High: 16.53 Low: 5.85 CAGR: -0.2% free cash flow generated 17.1 17.1 during the latest fiscal year. This value is below the historically observed median 13.1 13.1 yield of 7.44%, while high and low observations have been 9.2 9.2 16.53 and 5.85. Median (7.44)

5.3 5.3 2016 2017 2018 2019 2020 2021

Consumer Discretionary/Diversified Retailers Price: 8,178.00 GBX Report Date: September 24, 2021 Dividends Data

Dividends Per Share TTM 0.00 Payout Ratio TTM % 35.73% Dividend Yield TTM % 0.00%

Rate Ex Date Record Date Payment Date Currency Note 0.575 05-12-2019 06-12-2019 02-01-2020 GBP INTERIM GROSS 1.100 04-07-2019 05-07-2019 01-08-2019 GBP FINAL GROSS 0.550 06-12-2018 07-12-2018 02-01-2019 GBP INTERIM GROSS 1.050 05-07-2018 06-07-2018 01-08-2018 GBP FINAL GROSS 0.450 04-01-2018 05-01-2018 25-01-2018 GBP SPECIAL GROSS 0.530 07-12-2017 08-12-2017 02-01-2018 GBP INTERIM GROSS 0.450 05-10-2017 06-10-2017 01-11-2017 GBP SPECIAL GROSS 0.450 06-07-2017 07-07-2017 01-08-2017 GBP SPECIAL GROSS 1.050 06-07-2017 07-07-2017 01-08-2017 GBP FINAL GROSS 0.450 06-04-2017 07-04-2017 02-05-2017 GBP SPECIAL GROSS 0.530 08-12-2016 09-12-2016 03-01-2017 GBP INTERIM GROSS 1.050 07-07-2016 08-07-2016 01-08-2016 GBP FINAL GROSS

Dividend Growth and Yield

Dividends Per Share TTM Next PLC's trailing 12-month dividend per share is 0.00 and Current: 0.00 Median: 1.67 High: 3.38 Low: 0.00 CAGR: 0.0% its dividend has grown at a 3.55 3.55 cumulative annualized rate of 0.0% over the charted period. 2.93 2.93 This compares to dividend growth of -100.00% over the 2.31 2.31 past year and cumulative annualized growth of -100.00% over the past 3 1.69 1.69 years.

1.07 1.07

0.45 0.45

-0.17 -0.17 2016 2017 2018 2019 2020 2021

Dividend Yield TTM % Next PLC's current dividend yield is 0.00% based on Current: 0.00 Median: 3.62 High: 7.22 Low: 0.00 CAGR: 0.0% trailing 12 month dividends. 7.58 7.58 The current yield is below the historically observed median 6.26 6.26 of 3.62% and, over the charted time period, the observed high 4.93 4.93 yield has been 7.22% and the observed low yield has been 0.00%. 3.61 3.61

2.29 2.29

0.96 0.96

-0.36 -0.36 2016 2017 2018 2019 2020 2021

Consumer Discretionary/Diversified Retailers Price: 8,178.00 GBX Report Date: September 24, 2021 ICB Subsector Peer Comparisons

Price Change Year to Date % Price Change Last Calendar Year % -21.0 -5.8 9.5 24.8 40.1 -76.8 -49.9 -22.9 4.0 30.9

Marks & Spencer Group PLC 37.3 B&M European Value Retail SA 26.0

Next PLC 1.0 Next PLC 15.4

Peer Group Average -21.1 B&M European Value Retail SA 15.2 Alibaba Group Holding Ltd -33.2

Peer Group Average 13.7 Marks & Spencer Group PLC -36.2

Brown (N) Group Plc -13.2 Brown (N) Group Plc -63.0

-21.0 -5.8 9.5 24.8 40.1 -76.8 -49.9 -22.9 4.0 30.9

Price / EPS TTM Price / Book Value 0.0 26.0 52.1 78.1 104.2 0.0 11.0 22.0 32.9 43.9

Alibaba Group Holding Ltd 99.9 Alibaba Group Holding Ltd 41.9

Marks & Spencer Group PLC 99.9 Next PLC 23.7

Peer Group Average 50.2 Peer Group Average 15.2

Brown (N) Group Plc 19.9 B&M European Value Retail SA 8.1

Next PLC 17.4 Marks & Spencer Group PLC 1.6

B&M European Value Retail SA 13.9 Brown (N) Group Plc 0.6

0.0 26.0 52.1 78.1 104.2 0.0 11.0 22.0 32.9 43.9

EPS 5-Year Growth Rate % Revenue 5-Year Growth Rate % -119.9 -81.1 -42.4 -3.6 35.1 -11.1 3.9 19.0 34.1 49.1

B&M European Value Retail SA 28.1 Alibaba Group Holding Ltd 46.4

Alibaba Group Holding Ltd 23.2 B&M European Value Retail SA 18.7

Next PLC 2.3 Peer Group Average 12.0

Peer Group Average -15.8 Next PLC 1.3

Brown (N) Group Plc -32.8 Marks & Spencer Group PLC -2.8

Marks & Spencer Group PLC -100.0 Brown (N) Group Plc -3.4

-119.9 -81.1 -42.4 -3.6 35.1 -11.1 3.9 19.0 34.1 49.1

Consumer Discretionary/Diversified Retailers Price: 8,178.00 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%.

Consumer Discretionary/Diversified Retailers Price: 8,178.00 GBX Report Date: September 24, 2021

Disclaimer:

© 2021 London Stock Exchange Group plc and its applicable group undertakings (the “LSE Group”). The LSE Group includes (1) FTSE International Limited (“FTSE”), (2) Frank Russell Company (“Russell”), (3) FTSE Global Debt Capital Markets Inc. and FTSE Global Debt Capital Markets Limited (together, “FTSE Canada”), (4) MTSNext Limited (“MTSNext”), (5) Mergent, Inc. (“Mergent”), (6) FTSE Fixed Income LLC (“FTSE FI”) and (7) The Yield Book Inc (“YB”). All rights reserved.

FTSE Russell® is a trading name of FTSE, Russell, FTSE Canada, MTSNext, Mergent, FTSE FI, YB. “FTSE®”, “Russell®”, “FTSE Russell®”, “MTS®”, “FTSE4Good®”, “ICB®”, “Mergent®”, “The Yield Book®” and all other trademarks and service marks used herein (whether registered or unregistered) are trademarks and/or service marks owned or licensed by the applicable member of the LSE Group or their respective licensors and are owned, or used under licence, by FTSE, Russell, MTSNext, FTSE Canada, Mergent, FTSE FI, YB. FTSE International Limited is authorised and regulated by the Financial Conduct Authority as a benchmark administrator.

All information is provided for information purposes only. All information and data contained in this publication is obtained by the LSE Group, from sources believed by it to be accurate and reliable. Because of the possibility of human and mechanical error as well as other factors, however, such information and data is provided "as is" without warranty of any kind. No member of the LSE Group nor their respective directors, officers, employees, partners or licensors make any claim, prediction, warranty or representation whatsoever, expressly or impliedly, either as to the accuracy, timeliness, completeness, merchantability of any information or of results to be obtained from the use of FTSE Russell indexes or data or the fitness or suitability of the FTSE Russell indexes or data for any particular purpose to which they might be put. Any representation of historical data accessible through FTSE Russell indexes or data is provided for information purposes only and is not a reliable indicator of future performance.

No responsibility or liability can be accepted by any member of the LSE Group nor their respective directors, officers, employees, partners or licensors for (a) any loss or damage in whole or in part caused by, resulting from, or relating to any error (negligent or otherwise) or other circumstance involved in procuring, collecting, compiling, interpreting, analysing, editing, transcribing, transmitting, communicating or delivering any such information or data or from use of this document or links to this document or (b) any direct, indirect, special, consequential or incidental damages whatsoever, even if any member of the LSE Group is advised in advance of the possibility of such damages, resulting from the use of, or inability to use, such information.

No member of the LSE Group nor their respective directors, officers, employees, partners or licensors provide investment advice and nothing contained in this document or accessible through FTSE Russell indexes or data, including statistical data and industry reports, should be taken as constituting financial or investment advice or a financial promotion.

No part of this information may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without prior written permission of the applicable member of the LSE Group. Use and distribution of the LSE Group data requires a licence from FTSE, Russell, FTSE Canada, MTSNext, Mergent, FTSE FI, YB, and/or their respective licensors.