Esken Ltd (ESKN:LN)

Industrials/Transportation Services Price: 15.88 GBX Report Date: September 28, 2021 Business Description and Key Statistics

Stobart is engaged in the business of developing airports and Current YTY % Chg delivering aviation services, supplies biomass fuel to renewable energy plants, and provides rail and non-rail civil engineering Revenue LFY (M) 111 -34.9 projects. EPS Diluted LFY -0.29 77.1 Market Value (M) 99 Shares Outstanding LFY (000) 624,926 Book Value Per Share 0.08 EBITDA Margin % -35.90

Net Margin % -104.2 Website: www.esken.com Long-Term Debt / Capital % 71.7 ICB Industry: Industrials Dividends and Yield TTM 0.00 - 0.00% ICB Subsector: Transportation Services Payout Ratio TTM % 0.0 Address: Floor 2;Trafalgar Court;Les Banques;St Peter Port 60-Day Average Volume (000) 2,625 Guernsey 52-Week High & Low 39.25 - 12.06 GBR Employees: 912 Price / 52-Week High & Low 0.40 - 1.32

Price, Moving Averages & Volume

58.5 58.5 Esken Ltd is currently trading at 15.88 which is 1.8% above its 50 day moving average 52.4 52.4 price of 15.60 and 42.3% below its 200 day moving 46.3 46.3 average price of 27.50. ESKN:LN is currently 59.5% 40.2 40.2 below its 52-week high price of 39.25 and is 31.7% above its 52-week low price of 12.06. 34.2 34.2 Over the past 52-weeks, ESKN:LN is down 19.4% while 28.1 28.1 on a calendar year-to-date basis it is down 39.0%.

22.0 22.0 The Relative Strength Index (RSI) indicator for ESKN:LN is currently 60.7. An RSI value 15.9 15.9 of 70 and above is considered overbought and 30 and below 9.8 9.8 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) 41,942 41,942

31,456 31,456

20,971 20,971

10,485 10,485

Mean (2785.65) 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)

Industrials/Transportation Services Price: 15.88 GBX Report Date: September 28, 2021 Price Performance, Technical Indicators & Risk Metrics

Difference Price Performance % Change vs FTSE 350 Technical Indicators 1-Day % 0.76 1.54 50-Day Average Price 15.60 1-Week % 17.63 16.38 Price / 50-Day Average 1.02 4-Week % 14.24 16.32 200-Day Average Price 27.50 52-Week % -19.39 -40.43 Price / 200-Day Average 0.58 RSI - Relative Strength Index 60.70 Quarter-to-Date % -38.92 -39.40

Year-to-Date % -39.04 -48.55 Risk Metrics Last Month % -22.35 -24.27 Price Volatility 0.96 Last Quarter % -23.98 -28.65 Sharpe Ratio -0.19 Last Calendar Year % -75.83 -62.84 Sortino Ratio -0.28

5-Year Price Performance vs. FTSE 350

Esken Ltd Current: 0.10 CAGR: -37.5% Over the past five years, FTSE 350 Index Current: 1.18 CAGR: 3.3% Esken Ltd's stock price is down 90.5% which is 108.1% 1.9 1.9 below the FTSE 350 Index performance of 17.6% over the same period. Esken Ltd's 1.7 1.7 cumulative annualized growth rate (CAGR) over the five year 1.6 1.6 period has been -37.5% while that of the FTSE 350 Index has been 3.3%. 1.4 1.4 Over the past year, Esken Ltd's stock price performance 1.3 1.3 of -19.4% has ^NMX:LN underperformed that of the 1.1 1.1 FTSE 350 Index by 40.4%. On a year-to-date basis, Esken Ltd's stock price 0.9 0.9 performance of -39.0% has underperformed the FTSE 0.8 0.8 350 Index by 48.6%. Over the past week, Esken 0.6 0.6 Ltd's stock price performance of 17.6% has outperformed that of the FTSE 350 Index by 0.5 0.5 16.4%.

0.3 0.3

0.1 0.1 ESKN:LN

0.0 0.0 2017 2018 2019 2020 2021 2022

Industrials/Transportation Services Price: 15.88 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 % -22.9 -2.7 -14.0 Gross Margin % Revenues Per Share % -26.5 -6.4 -18.0 EBITDA Margin % -35.9 -24.8 -8.7 EBITDA % -53.9 -100.0 -100.0 Pre-Tax Margin % -135.6 -34.8 -17.2 EPS Diluted % -100.0 -100.0 -100.0 Net Margin % -104.2 -29.8 -12.0 Free Cash Flow % 68.7 91.0 95.9 Return on Equity % -100.0 -24.5 -10.1 Cash from Operations % -45.5 -99.9 -99.9 Return on Capital % -67.3 -16.7 -6.9 Book Value % -59.3 -42.2 -24.3 Return on Assets % -26.1 -8.0 -3.0

Revenue (M) Esken Ltd's cumulative annualized revenue growth Current: 110.72 Median: 146.89 High: 241.99 Low: 110.72 CAGR: -3.8% rate over the charted period is 268.2 268.2 242.0 -3.8%. This compares to cumulatative annualized 213.6 213.6 growth of -22.9% over the past 170.2 3 years. 158.9 146.9 158.9 129.4 110.7 104.2 104.2 2016 2017 2018 2019 2020 2021 Esken Ltd's cumulative EPS Diluted annualized EPS growth rate Current: -0.29 Median: -0.17 High: 0.28 Low: -0.43 CAGR: -0.1% over the charted period is 0.42 0.42 -0.1%. This compares to 0.28 cumulatative annualized 0.13 0.13 growth of -100.0% over the -0.03 past 3 years. -0.17 -0.17 -0.29 -0.17 -0.37 -0.47 -0.47 2016 2017 2018 2019 2020 2021

Net Profit Margin % Esken Ltd's net profit margin of -104.2% is 74.4% below the Current: -104.17 Median: -25.86 High: 40.13 Low: -104.17 CAGR: period's mean net margin of 47.3 47.3 -29.8%. During the charted period, the observed net profit -5.6 -5.6 Mean (-29.81) margin high and low were 40.1% and -104.2% -58.5 -58.5 respectively.

-111.4 -111.4 2016 2017 2018 2019 2020 2021 Esken Ltd's return on equity of Return on Equity % -100.0% is 75.5% below the Current: -100.00 Median: -10.25 High: 25.30 Low: -100.00 CAGR: -100.0% period's mean return on equity 31.6 31.6 of -24.5%. During the charted period, the observed ROE -14.4 Mean (-24.46) -14.4 high and low were 25.3% and -100.0% respectively. -60.3 -60.3

-106.3 -106.3 2016 2017 2018 2019 2020 2021

Industrials/Transportation Services Price: 15.88 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 67.2 Earnings Yield % -100.00 -9.35 1.67

Price / Sales 0.6 3.2 2.8 Free Cash Flow Yield % 0.00 0.00 0.00

Price / Operating Cash Flow 99.9 99.9 28.1 Dividend Yield % 0.00 5.09 5.42

Price / Book Value 2.1 1.8 1.1 Enterprise Value / EBITDA 50.0 50.0 50.0

Price / EPS TTM Esken Ltd is trading at 99.90 times its EPS generated Current: 99.90 Median: 99.90 High: 99.90 Low: 7.89 CAGR: 0.0% during the latest fiscal year. Median (99.90) 104.5 104.5 This multiple is equal to the historically observed median 70.8 70.8 of 99.90, while high and low observations have been 99.90 and 7.89. 37.0 37.0

3.3 3.3 2016 2017 2018 2019 2020 2021 Price / Sales Esken Ltd is trading at a Price to Sales ratio of 0.57 based on Current: 0.57 Median: 3.18 High: 6.96 Low: 0.46 CAGR: -33.2% sales generated during the 7.29 7.29 latest fiscal year. This ratio is below the historically observed 4.90 4.90 median ratio of 3.18, while high and low observations Median (3.18) have been 6.96 and 0.46. 2.52 2.52

0.14 0.14 2016 2017 2018 2019 2020 2021 Esken Ltd is trading at a Price Price / Book Value to Book ratio of 2.05 based on Current: 2.05 Median: 1.78 High: 4.93 Low: 0.67 CAGR: 8.1% book value at the latest fiscal 5.1 5.1 year end. This ratio is above the historically observed median of 1.78, while high and 3.6 3.6 low observations have been 4.93 and 0.67. 2.0 Median (1.78) 2.0

0.5 0.5 2016 2017 2018 2019 2020 2021 Esken Ltd has a Free Cash Free Cash Flow Yield % Flow Yield of 0.00% based on Current: 0.00 Median: 0.00 High: 0.00 Low: 0.00 CAGR: 0.0% free cash flow generated 10.0 10.0 during the latest fiscal year. This value is equal to the historically observed Free 3.3 3.3 Cash Flow Yield of 0.00%, Median (0.00) while high and low -3.3 -3.3 observations have been 0.00 and 0.00.

-10.0 -10.0 2016 2017 2018 2019 2020 2021

Industrials/Transportation Services Price: 15.88 GBX Report Date: September 28, 2021 Dividends Data

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

Rate Ex Date Record Date Payment Date Currency Note 0.030 20-06-2019 21-06-2019 31-07-2019 GBP FINAL GROSS 0.015 27-12-2018 28-12-2018 31-01-2019 GBP 4TH QUARTER GROSS 0.045 13-09-2018 14-09-2018 05-10-2018 GBP INTERIM GROSS 0.045 14-06-2018 15-06-2018 06-07-2018 GBP FINAL GROSS 0.045 22-03-2018 23-03-2018 13-04-2018 GBP QUARTERLY GROSS 0.045 21-12-2017 22-12-2017 19-01-2018 GBP QUARTERLY GROSS 0.045 14-09-2017 15-09-2017 06-10-2017 GBP QUARTERLY GROSS 0.045 15-06-2017 16-06-2017 07-07-2017 GBP FINAL GROSS 0.030 16-03-2017 17-03-2017 07-04-2017 GBP INTERIM GROSS 0.030 22-12-2016 23-12-2016 20-01-2017 GBP INTERIM GROSS 0.030 15-09-2016 16-09-2016 07-10-2016 GBP INTRERIM GROSS 0.040 16-06-2016 17-06-2016 08-07-2016 GBP FINAL GROSS

Dividend Growth and Yield

Dividends Per Share TTM Esken Ltd's trailing 12-month dividend per share is 0.00 and Current: 0.00 Median: 0.10 High: 0.18 Low: 0.00 CAGR: 0.0% its dividend has grown at a 0.19 0.19 cumulative annualized rate of 0.0% over the charted period. 0.16 0.16 This compares to dividend growth of % over the past year 0.12 0.12 and cumulative annualized growth of -100.00% over the past 3 years. 0.09 0.09

0.06 0.06

0.02 0.02

-0.01 -0.01 2016 2017 2018 2019 2020 2021

Dividend Yield TTM % Esken Ltd's current dividend yield is 0.00% based on Current: 0.00 Median: 5.09 High: 14.02 Low: 0.00 CAGR: 0.0% trailing 12 month dividends. 14.72 14.72 The current yield is below the historically observed median 12.15 12.15 of 5.09% and, over the charted time period, the observed high 9.58 9.58 yield has been 14.02% and the observed low yield has been 0.00%. 7.01 7.01

4.44 4.44

1.87 1.87

-0.70 -0.70 2016 2017 2018 2019 2020 2021

Industrials/Transportation Services Price: 15.88 GBX Report Date: September 28, 2021 ICB Subsector Peer Comparisons

Price Change Year to Date % Price Change Last Calendar Year % -57.5 -21.4 14.7 50.8 86.9 -86.5 -63.9 -41.4 -18.8 3.8

Xpediator PLC 80.3 Xpediator PLC -7.0

Wincanton Plc 38.3 Ocean Wilsons Holdings Ltd -14.6 31.7 Global Ports Holdings PLC Wincanton Plc -16.3 Global Ports Investments PLC 18.7 Global Ports Investments PLC -21.0 John Menzies PLC (United Kingdom) 16.6 Novorossiysk Commercial Sea Port PJSC -34.0 Ocean Wilsons Holdings Ltd 16.3 Peer Group Average -34.3 Peer Group Average 11.0 Doric Nimrod Air Three Ltd -38.0 Novorossiysk Commercial Sea Port PJSC -9.1 -44.5 Doric Nimrod Air Three Ltd -13.6 John Menzies PLC (United Kingdom) Amedeo Air Four Plus Ltd -30.1 Global Ports Holdings PLC -57.5 Esken Ltd -39.0 Esken Ltd -75.8

-57.5 -21.4 14.7 50.8 86.9 -86.5 -63.9 -41.4 -18.8 3.8

Price / EPS TTM Price / Book Value 0.0 26.1 52.2 78.3 104.4 0.0 13.1 26.2 39.3 52.4

Esken Ltd 99.9 Wincanton Plc 49.9 Doric Nimrod Air Three Ltd 99.9 Novorossiysk Commercial Sea Port PJSC 49.9 Mercantile Ports & Logistics Ltd 99.9 Peer Group Average 12.0 Global Ports Holdings PLC 99.9 Global Ports Holdings PLC 9.9 Amedeo Air Four Plus Ltd 99.9 Mercantile Ports & Logistics Ltd 6.5 Novorossiysk Commercial Sea Port PJSC 99.9 Global Ports Investments PLC 5.4 Peer Group Average 64.9 John Menzies PLC (United Kingdom) 3.0 Xpediator PLC 40.8 Xpediator PLC 2.8 Global Ports Investments PLC 29.7 Esken Ltd 2.1 John Menzies PLC (United Kingdom) 23.9 Doric Nimrod Air Three Ltd 1.1 Wincanton Plc 10.8 Ocean Wilsons Holdings Ltd 0.8 Ocean Wilsons Holdings Ltd 9.8 Amedeo Air Four Plus Ltd 0.2 0.0 26.1 52.2 78.3 104.4 0.0 13.1 26.2 39.3 52.4

EPS 5-Year Growth Rate % Revenue 5-Year Growth Rate % -270.5 62.2 395.0 727.7 1,060.4 -164.7 140.3 445.3 750.3 1,055.4

Global Ports Investments PLC 999.9 Global Ports Holdings PLC 999.9

Peer Group Average 103.4 Peer Group Average 112.0 Xpediator PLC 34.6 Mercantile Ports & Logistics Ltd 100.0 Doric Nimrod Air Three Ltd 2.0 Ocean Wilsons Holdings Ltd 19.0 Wincanton Plc 1.3 Wincanton Plc -7.0 Esken Ltd -2.7 John Menzies PLC (United Kingdom) -10.7 Ocean Wilsons Holdings Ltd -5.4 Xpediator PLC -74.4 Novorossiysk Commercial Sea Port PJSC -6.3

Esken Ltd -100.0 John Menzies PLC (United Kingdom) -7.0

Doric Nimrod Air Three Ltd -100.0 Global Ports Investments PLC -8.4

-270.5 62.2 395.0 727.7 1,060.4 -164.7 140.3 445.3 750.3 1,055.4

Industrials/Transportation Services Price: 15.88 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%.

Industrials/Transportation Services Price: 15.88 GBX Report Date: September 28, 2021

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