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Home , Ashtead Group, Atkins (company), HSS Hire, Interserve

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

Data as at: 03 July 2017 (WS) ATK Support Services — GBP 20.81 at close 03 July 2017

Absolute Relative to FTSE UK All-Share Sector Relative to FTSE UK All-Share Index PERFORMANCE 03-Jul-2017 03-Jul-2017 03-Jul-2017

22 140 150 1D WTD MTD YTD 21 Absolute 0.0 0.0 0.0 42.7 140 Rel.Sector 0.1 0.1 0.1 31.2 20 130 Rel.Market -0.7 -0.7 -0.7 37.2 19 130 18 120 VALUATION

(local currency) (local 17 120 Trailing 16 Relative Price 110 Relative Price 110 PE 20.3 15 Absolute Price Price Absolute EV/EBITDA 11.6 14 100 100 PCF 26.1 13 PB 7.2 12 90 90 Price/Sales 1.1 Jul-2016 Oct-2016 Jan-2017 Apr-2017 Jul-2017 Jul-2016 Oct-2016 Jan-2017 Apr-2017 Jul-2017 Jul-2016 Oct-2016 Jan-2017 Apr-2017 Jul-2017 Div Yield 1.9 Absolute Price 4-wk mov.avg. 13-wk mov.avg. Relative Price 4-wk mov.avg. 13-wk mov.avg. Relative Price 4-wk mov.avg. 13-wk mov.avg. Div Payout 37.2

100 100 100 ROE 41.8 90 90 90 Net Debt/Equity 1.0 80 80 80 70 70 70 60 60 60 DESCRIPTION 50 50 50 The Company is the UK's largest provider of 40 40 40

RSI (Absolute) RSI highways and transportation consultancy and related 30 30 30 services 20 20 20 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 Jul-2016 Oct-2016 Jan-2017 Apr-2017 Jul-2017 Jul-2016 Oct-2016 Jan-2017 Apr-2017 Jul-2017 Jul-2016 Oct-2016 Jan-2017 Apr-2017 Jul-2017

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: Atkins (WS) 03 July 2017

Valuation Metrics

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

31-May-2017 31-May-2017 31-May-2017 25 13 11

12 10 20 11 +1SD 9 10 +1SD +1SD 9 8 15 Avg Avg 8 Avg 7 7 -1SD 6 10 6 -1SD -1SD 5 5 5 4 4 Jun-2012 Jun-2013 Jun-2014 Jun-2015 Jun-2016 Jun-2012 Jun-2013 Jun-2014 Jun-2015 Jun-2016 Jun-2012 Jun-2013 Jun-2014 Jun-2015 Jun-2016

Travis Perkins 120.0 Sanne Group 40.8 Biffa 25.0 104.5 Diploma 18.2 Connect Group 23.9 Sanne Group 72.2 16.8 13.5 Menzies (John) 69.2 Electrocomponents 16.6 Group 12.2 Worldpay Group 47.2 Homeserve 16.5 Capita 9.4 Support Services 25.5 Atkins (WS) 11.6 Atkins (WS) 7.2 Atkins (WS) 20.3 Support Services 10.5 Support Services 4.5 St.Ives -8.4 4.4 HSS Hire Group 0.8 Renewi -12.4 Northgate 4.2 St.Ives 0.5 Essentra -37.2 Hogg Robinson Group 4.1 AA 0.0 Biffa -94.9 St.Ives 2.9 De La Rue 0.0 Group -120.0 1.1 Hogg Robinson Group 0.0 -150 -100 -50 0 50 100 150 0 5 10 15 20 25 30 35 40 45 0 5 10 15 20 25 30

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

31-May-2017 31-May-2017 31-May-2017 30 5 1.2

4.5 1.1 25 1 4 0.9 +1SD 3.5 +1SD 0.8 20 Avg +1SD 3 0.7 Avg 0.6 2.5 -1SD 15 Avg -1SD 0.5 -1SD 2 0.4 10 1.5 0.3 Jun-2012 Jun-2013 Jun-2014 Jun-2015 Jun-2016 Jun-2012 Jun-2013 Jun-2014 Jun-2015 Jun-2016 Jun-2012 Jun-2013 Jun-2014 Jun-2015 Jun-2016

Ashtead Group 80.0 St.Ives 16.3 Sanne Group 14.6 Sanne Group 54.3 Carillion 9.1 4.6 Renewi 33.3 Connect Group 7.5 Diploma 3.3 Atkins (WS) 26.1 Capita 5.5 Paysafe Group 3.3 Hays 24.0 Group 5.0 3.1 Support Services 2.2 Atkins (WS) 1.1 Support Services 14.3 Atkins (WS) 1.9 Support Services 1.0 Biffa 5.6 Sanne Group 1.4 Menzies (John) 0.3 St.Ives 4.7 Rentokil Initial 1.3 St.Ives 0.2 Interserve 3.4 Worldpay Group 0.6 Carillion 0.2 Charles Taylor 2.2 Serco Group 0.0 Connect Group 0.2 Serco Group -36.4 Paysafe Group 0.0 Interserve 0.1 -60 -40 -20 0 20 40 60 80 100 024681012141618 0 2 4 6 8 10 12 14 16 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: Atkins (WS) 03 July 2017

Valuation Metrics

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

31-May-2017 31-May-2017 31-May-2017 1.2 42 50 ǁǁ 40 49 1.1 +1SD +1SD 38 48 1 47 36 0.9 Avg Avg 46 +1SD 34 0.8 45 32 -1SD 44 0.7 30 -1SD 43 Avg 0.6 28 42 0.5 26 41 Jun-2012 Jun-2013 Jun-2014 Jun-2015 Jun-2016 Jun-2012 Jun-2013 Jun-2014 Jun-2015 Jun-2016 Jun-2012 Jun-2013 Jun-2014 Jun-2015 Jun-2016

Biffa 100.0 100.0 Connect Group 50.0 Connect Group 11.6 Capita 100.0 PayPoint 50.0 Capita 7.7 Menzies (John) 100.0 Rentokil Initial 50.0 Rentokil Initial 3.7 PayPoint 100.0 Intertek Group 50.0 G4S 3.0 Sanne Group 94.9 Howden Joinery Group 45.3 Atkins (WS) 1.0 Support Services 53.8 Atkins (WS) 41.8 Support Services 1.0 Atkins (WS) 37.2 Support Services 16.5 Hays 0.1 HSS Hire Group 0.0 Essentra -6.7 Diploma 0.0 Interserve 0.0 HSS Hire Group -11.1 Howden Joinery Group 0.0 Renewi 0.0 Renewi -19.8 Pagegroup Plc 0.0 Essentra 0.0 SIG -20.1 PayPoint 0.0 St.Ives 0.0 Interserve -24.6 0 20 40 60 80 100 120 0 20 40 60 80 100 120 -30 -20 -10 0 10 20 30 40 50 60

ROE vs. PB — sector Du Pont Analysis

25 9 52

8 ǁ 50

20 CNCT 7 48

6 46 15 5 44

PB RTO ITRK 4

42 10 CPI 3 PAY 40 SNNWPG EXPN ATK HWDN 2 ECM HSVBNZL GFS PAGE 5 DPLM AHT HAS STHR MNZS 1 38 DCCSupport ServicesIWG WOS SRP BRSN RCDORWA ESNT MERPAYS VP. ACL CTR MTO 0 36 SHIRWITPK SDYRPSEQNEXOGFTUAGK BABNTG IRV CMS CLLN 2013 2014 2015 2016 2017 HSSSIV 0 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: Atkins (WS) 03 July 2017

Brief description Brief description

Price to Earnings Price to Earnings (PE) is price over . 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 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.

Atkins (WS) 03 July 2017 For further information visit www.ftse.com, email [email protected] or call your local FTSE office:

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