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

Braime Group BMTO Industrial Engineering — GBP 16.5 at close 03 August 2020

Absolute Relative to FTSE UK All-Share Sector Relative to FTSE UK All-Share Index PERFORMANCE 03-Aug-2020 03-Aug-2020 03-Aug-2020

24 120 120 1D WTD MTD YTD Absolute 0.0 0.0 0.0 6.5 22 110 Rel.Sector -1.7 -1.7 -1.7 17.2 110 Rel.Market -2.0 -2.0 -2.0 33.4

20 100 100 VALUATION 18 90 Trailing

16 Relative Price Relative Relative Price Relative 90 80 PE 17.5

Absolute Price (local (local currency) AbsolutePrice 14 EV/EBITDA 8.0 80 70 12 PB 1.6 PCF 19.7 10 60 70 Div Yield 0.7 Aug-2019 Nov-2019 Feb-2020 May-2020 Aug-2020 Aug-2019 Nov-2019 Feb-2020 May-2020 Aug-2020 Aug-2019 Nov-2019 Feb-2020 May-2020 Aug-2020 Price/Sales 0.7 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. Net Debt/Equity 0.2

100 90 100 Div Payout 12.3 90 80 90 ROE 9.6

80 70 80

70 Index) Share 70

Share Sector) Share - - 60 60 60 DESCRIPTION 50 50 50 40 The principal activities of the group are the 40 40 RSI RSI (Absolute) 30 manufacture of metal presswork and the distribution 30 30 of bulk material handling components, trading from 20 20 20 locations in Australia, England, France, South Africa, 10 10 10 Thailand and the United States.

RSI (Relative to FTSE UKFTSE All to RSI (Relative RSI (Relative to FTSE UKFTSE All to RSI (Relative 0 0 0 Aug-2019 Nov-2019 Feb-2020 May-2020 Aug-2020 Aug-2019 Nov-2019 Feb-2020 May-2020 Aug-2020 Aug-2019 Nov-2019 Feb-2020 May-2020 Aug-2020

Past performance is no guarantee of future results. Please see the final page for important legal disclosures. 1 of 4 FTSE COMPANY REPORT: Braime Group 03 August 2020

Valuation Metrics

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

30-Jun-2020 30-Jun-2020 30-Jun-2020 20 11 3

18 10 2.5 16 9 +1SD +1SD 14 8 2 +1SD Avg 12 Avg 7 10 6 Avg -1SD 1.5 -1SD 8 5 -1SD 6 4 1 Jul-2015 Jul-2016 Jul-2017 Jul-2018 Jul-2019 Jul-2015 Jul-2016 Jul-2017 Jul-2018 Jul-2019 Jul-2015 Jul-2016 Jul-2017 Jul-2018 Jul-2019

Industrial Engineering 49.0 Spirax-Sarco Engineering 23.4 Spirax-Sarco Engineering 8.9 Spirax-Sarco Engineering 44.2 13.9 Rotork 4.5 Rotork 26.0 Porvair 13.5 IMI 3.5 Porvair 23.9 Goodwin 10.6 Hill & Smith Hldgs 3.2 Hill & Smith Hldgs Hill & Smith Hldgs 20.4 10.2 Industrial Engineering 3.1 Goodwin 19.8 Industrial Engineering 10.1 Porvair 2.7 Braime Group 17.5 Braime Group 8.0 Braime Group Bodycote 12.8 Bodycote 6.3 1.6 Trifast 11.4 Vitec Group 5.7 RHI Magnesita 1.6 RHI Magnesita 9.5 Vesuvius 5.6 Trifast 1.1 Severfield 9.1 Severfield 5.6 Severfield 1.0 Weir Group -7.7 RHI Magnesita 3.5 Vesuvius 1.0 -20 -10 0 10 20 30 40 50 60 0 5 10 15 20 25 0 1 2 3 4 5 6 7 8 9 10

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

30-Jun-2020 30-Jun-2020 30-Jun-2020 40 1.4 1.1 1.3 35 +1SD 1 1.2 0.9 30 1.1 0.8 +1SD 1 25 Avg +1SD 0.9 0.7 20 0.8 0.6 Avg 15 Avg 0.7 -1SD 0.5 0.6 10 0.4 0.5 -1SD 5 0.4 0.3 Jul-2015 Jul-2016 Jul-2017 Jul-2018 Jul-2019 Jul-2015 Jul-2016 Jul-2017 Jul-2018 Jul-2019 Jul-2015 Jul-2016 Jul-2017 Jul-2018 Jul-2019

Spirax-Sarco Engineering 33.2 Trifast 3.7 Spirax-Sarco Engineering 5.9 Braime Group 19.7 Bodycote 3.2 Rotork 3.7 Porvair 19.5 Goodwin 3.0 Goodwin 1.8 Goodwin 18.3 RHI Magnesita 1.8 Porvair 1.8 Hill & Smith Hldgs 16.1 Vitec Group 1.8 Bodycote 1.7 Industrial Engineering 12.6 Industrial Engineering 1.4 Industrial Engineering 1.7 IMI 8.4 Spirax-Sarco Engineering 1.1 Braime Group 0.7 Bodycote 7.0 Porvair 0.9 Trifast 0.7 Vitec Group 6.3 Hill & Smith Hldgs 0.9 Vesuvius 0.6 Vesuvius 5.7 Rotork 0.8 Severfield 0.6 RHI Magnesita 3.6 Braime Group 0.7 RHI Magnesita 0.5 0 5 10 15 20 25 30 35 0 0.5 1 1.5 2 2.5 3 3.5 4 0 1 2 3 4 5 6 7 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: Braime Group 03 August 2020

Valuation Metrics

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

30-Jun-2020 30-Jun-2020 30-Jun-2020 0.55 16 20 19 0.5 15 +1SD 18 14 0.45 +1SD +1SD 17 13 0.4 16 12 15 Avg 0.35 Avg 11 14 0.3 Avg 10 13 0.25 12 9 -1SD -1SD 11 0.2 8 10 0.15 7 -1SD 9 Jul-2015 Jul-2016 Jul-2017 Jul-2018 Jul-2019 Jul-2015 Jul-2016 Jul-2017 Jul-2018 Jul-2019 Jul-2015 Jul-2016 Jul-2017 Jul-2018 Jul-2019

RHI Magnesita 1.3 Industrial Engineering 100.0 IMI 22.7 Weir Group 0.9 Vitec Group 88.1 Spirax-Sarco Engineering 20.9 Hill & Smith Hldgs 0.8 IMI 71.4 Rotork 17.9 IMI 0.7 Vesuvius 68.9 RHI Magnesita 17.1 Vitec Group 0.7 Goodwin 60.2 Hill & Smith Hldgs 16.1 Industrial Engineering 0.6 Rotork 57.5 Goodwin 11.2 Severfield 0.2 Bodycote 40.5 Trifast 10.6 Braime Group 0.2 Braime Group 12.3 Braime Group 9.6 Bodycote 0.1 RHI Magnesita 0.0 Vesuvius 7.4 Porvair 0.1 Porvair 0.0 Industrial Engineering 6.0 Rotork 0.0 Weir Group 0.0 Weir Group -19.6 0 0.2 0.4 0.6 0.8 1 1.2 1.4 0 20 40 60 80 100 120 -25 -20 -15 -10 -5 0 5 10 15 20 25

ROE vs. PB — sector Du Pont Analysis

8.5 SPX 2.5 25 8.0 7.5 7.0 Regression 2 20 6.5 6.0 5.5 1.5 15

5.0 PB 4.5 ROR 4.0 1 10 3.5 IMI HILS 3.0 Industrial Engin PRV 0.5 5 2.5 GDWN 2.0 VTC WEIR BOY 1.5 BMTO RHIM TRI 0 0 1.0 VSVS SFR 2016 2017 2018 2019 2020 0.5 0 2 4 6 8 10 12 14 16 18 20 22 24 Net Margin Asset Turnover Gearing ROE (rhs) ‖ 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: Braime Group 03 August 2020

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.

Braime Group 03 August 2020 For further information visit www.ftse.com, email [email protected] or call your local FTSE office:

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