Hays PLC (HAS:LN)

Industrials/Business Training and Employment Agencies Price: 173.50 GBX Report Date: September 29, 2021 Business Description and Key Statistics

Hays is a recruiting company focusing on white-collar skilled or Current YTY % Chg specialist recruitment. Co. operates across 20 specialisms, including white-collar Technical, project-led areas such as IT, Life Revenue LFY (M) 5,930 -2.3 Sciences, Engineering and Construction & Property. Co. operates EPS Diluted LFY 0.03 -71.7 across four divisions, which includes Australia & New Zealand, Germany, United Kingdom & Ireland, and Rest of World. Market Value (M) 2,911 Shares Outstanding LFY (000) 1,677,730 Book Value Per Share 0.51 EBITDA Margin % 2.70

Net Margin % 0.8 Website: www.haysplc.com Long-Term Debt / Capital % 0.0 ICB Industry: Industrials Dividends and Yield TTM 0.00 - 0.00% ICB Subsector: Business Training and Employment Agencies Payout Ratio TTM % 100.0 Address: 4th Floor;20 Triton Street London 60-Day Average Volume (000) 3,650 GBR 52-Week High & Low 176.70 - 105.60 Employees: 10,438 Price / 52-Week High & Low 0.98 - 1.64

Price, Moving Averages & Volume

180.3 180.3 Hays PLC is currently trading at 173.50 which is 8.3% above its 50 day moving average 170.5 170.5 price of 160.19 and 10.0% above its 200 day moving 160.7 160.7 average price of 157.74. HAS:LN is currently 1.8% 150.9 150.9 below its 52-week high price of 176.70 and is 64.3% above its 52-week low price of 105.60. 141.2 141.2 Over the past 52-weeks, HAS:LN is up 55.9% while on 131.4 131.4 a calendar year-to-date basis it is up 21.3%.

121.6 121.6 The Relative Strength Index (RSI) indicator for HAS:LN is currently 62.93. An RSI value 111.8 111.8 of 70 and above is considered overbought and 30 and below 102.0 102.0 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) 9,440 9,440

7,113 7,113

4,786 4,786

Mean (2957.13) 2,460 2,460

133 133 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/Business Training and Employment Agencies Price: 173.50 GBX Report Date: September 29, 2021 Price Performance, Technical Indicators & Risk Metrics

Difference Price Performance % Change vs FTSE 350 Technical Indicators 1-Day % -0.29 -1.24 50-Day Average Price 160.19 1-Week % -0.91 -2.03 Price / 50-Day Average 1.08 4-Week % 9.33 10.19 200-Day Average Price 157.74 52-Week % 55.88 32.93 Price / 200-Day Average 1.10 RSI - Relative Strength Index 62.93 Quarter-to-Date % 9.39 8.91

Year-to-Date % 21.33 10.78 Risk Metrics Last Month % 7.57 5.65 Price Volatility 3.99 Last Quarter % 6.09 1.42 Sharpe Ratio 0.09 Last Calendar Year % -21.26 -8.27 Sortino Ratio 0.15

5-Year Price Performance vs. FTSE 350

Hays PLC Current: 1.32 CAGR: 5.7% Over the past five years, Hays FTSE 350 Index Current: 1.20 CAGR: 3.8% PLC's stock price is up 32.0% which is 11.8% above the 1.6 1.6 FTSE 350 Index performance of 20.2% over the same period. Hays PLC's 1.6 1.6 cumulative annualized growth rate (CAGR) over the five year 1.5 1.5 period has been 5.7% while that of the FTSE 350 Index has been 3.8%. 1.4 1.4 Over the past year, Hays HAS:LN PLC's stock price performance 1.3 1.3 of 55.9% has outperformed that of the FTSE 350 Index by 1.2 1.2 32.9%. On a year-to-date ^NMX:LN basis, Hays PLC's stock price performance of 21.3% has 1.2 1.2 outperformed the FTSE 350 Index by 10.8%. 1.1 1.1 Over the past week, Hays PLC's stock price performance 1.0 1.0 of -0.9% has underperformed that of the FTSE 350 Index by 2.0%. 0.9 0.9

0.8 0.8

0.7 0.7

0.7 0.7 2017 2018 2019 2020 2021 2022

Industrials/Business Training and Employment Agencies Price: 173.50 GBX Report Date: September 29, 2021 Growth and Profitability Metrics

5-Year 10-Year Historical Growth 3-Year 5-Year 10-Year Profitability Current Average Average Revenues % 5.3 9.1 8.2 Gross Margin % 16.8 18.4 19.2 Revenues Per Share % 4.4 8.3 7.4 EBITDA Margin % 2.7 5.5 5.9 EBITDA % -12.2 -3.3 11.4 Pre-Tax Margin % 1.5 4.9 5.2 EPS Diluted % -31.3 -15.8 16.6 Net Margin % 0.8 2.5 2.5 Free Cash Flow % 40.5 21.8 21.6 Return on Equity % 6.4 23.5 33.4 Cash from Operations % 38.3 21.8 21.2 Return on Capital % 6.2 23.3 24.6 Book Value % 7.8 21.8 18.2 Return on Assets % 2.9 10.3 10.3

Revenue (M) Hays PLC's cumulative annualized revenue growth Current: 5929.50 Median: 5841.40 High: 6070.50 Low: 5081.00 CAGR: 5.3% rate over the charted period is 6,268.4 6,268.4 6,070.5 5.3%. This compares to 5,929.5 cumulatative annualized 5,856.1 5,753.3 5,856.1 growth of 5.3% over the past 3 years. 5,443.8 5,443.8 5,081.0 5,031.5 5,031.5 2017 2018 2019 2020 2021 Hays PLC's cumulative EPS Diluted annualized EPS growth rate Current: 0.03 Median: 0.11 High: 0.11 Low: 0.03 CAGR: -33.0% over the charted period is 0.126 0.126 -33.0%. This compares to 0.110 0.110 0.100 cumulatative annualized 0.093 0.093 growth of -31.3% over the past 3 years. 0.059 0.059 0.030 0.026 0.026 2016 2017 2018 2019 2020 2021

Net Profit Margin % Hays PLC's net profit margin of 0.8% is 1.7% below the Current: 0.78 Median: 2.76 High: 2.87 Low: 0.78 CAGR: -30.7% period's mean net margin of 3.0 3.0 2.4%. During the charted Mean (2.43) period, the observed net profit 2.2 2.2 margin high and low were 2.9% and 0.8% respectively. 1.4 1.4

0.7 0.7 2016 2017 2018 2019 2020 2021 Hays PLC's return on equity of Return on Equity % 6.4% is 16.4% below the Current: 6.40 Median: 25.20 High: 31.60 Low: 6.40 CAGR: -36.6% period's mean return on equity 32.9 32.9 of 22.8%. During the charted period, the observed ROE 23.6 Mean (22.77) 23.6 high and low were 31.6% and 6.4% respectively. 14.4 14.4

5.1 5.1 2016 2017 2018 2019 2020 2021

Industrials/Business Training and Employment Agencies Price: 173.50 GBX Report Date: September 29, 2021 Valuation Metrics

5-Year 10-Year 5-Year 10-Year Current Median Median Current Median Median

Price / EPS TTM 56.0 18.1 18.0 Earnings Yield % 2.36 5.66 5.64

Price / Sales 0.4 0.4 0.4 Free Cash Flow Yield % 13.35 6.85 5.75

Price / Operating Cash Flow 23.7 15.4 15.2 Dividend Yield % 0.00 4.02 2.38

Price / Book Value 3.4 3.3 4.9 Enterprise Value / EBITDA 15.4 9.8 9.7

Price / EPS TTM Hays PLC is trading at 55.97 times its EPS generated Current: 55.97 Median: 18.07 High: 56.48 Low: 12.26 CAGR: 30.5% during the latest fiscal year. 58.7 58.7 This multiple is above the historically observed median 42.5 42.5 of 18.07, while high and low observations have been 56.48 and 12.26. 26.3 26.3 Median (18.07)

10.0 10.0 2016 2017 2018 2019 2020 2021 Price / Sales Hays PLC is trading at a Price to Sales ratio of 0.44 based on Current: 0.44 Median: 0.41 High: 0.55 Low: 0.23 CAGR: 0.5% sales generated during the 0.57 0.57 latest fiscal year. This ratio is above the historically observed 0.45 0.45 median ratio of 0.41, while Median (0.41) high and low observations have been 0.55 and 0.23. 0.33 0.33

0.21 0.21 2016 2017 2018 2019 2020 2021 Hays PLC is trading at a Price Price / Book Value to Book ratio of 3.41 based on Current: 3.41 Median: 3.30 High: 5.43 Low: 1.91 CAGR: -3.7% book value at the latest fiscal 5.6 5.6 year end. This ratio is above the historically observed median of 3.30, while high and 4.3 4.3 low observations have been Median (3.30) 5.43 and 1.91. 3.0 3.0

1.7 1.7 2016 2017 2018 2019 2020 2021 Hays PLC has a Free Cash Free Cash Flow Yield % Flow Yield of 13.35% based Current: 13.35 Median: 6.86 High: 21.93 Low: 4.40 CAGR: 20.5% on free cash flow generated 22.8 22.8 during the latest fiscal year. This value is above the historically observed median 16.4 16.4 yield of 6.86%, while high and low observations have been 10.0 10.0 21.93 and 4.40. Median (6.86)

3.5 3.5 2016 2017 2018 2019 2020 2021

Industrials/Business Training and Employment Agencies Price: 173.50 GBX Report Date: September 29, 2021 Dividends Data

Dividends Per Share TTM 0.00 Payout Ratio TTM % 100.00% Dividend Yield TTM % 0.00%

Rate Ex Date Record Date Payment Date Currency Note 0.011 05-03-2020 06-03-2020 09-04-2020 GBP BOARD HAS DECIDED TO CANCEL THE INTERIM DIVIDEND 0.029 03-10-2019 04-10-2019 15-11-2019 GBP FINAL GROSS 0.054 03-10-2019 04-10-2019 15-11-2019 GBP SPECIAL GROSS 0.011 07-03-2019 08-03-2019 12-04-2019 GBP INTERIM GROSS 0.028 04-10-2018 05-10-2018 16-11-2018 GBP FINAL GROSS 0.050 04-10-2018 05-10-2018 16-11-2018 GBP SPECIAL GROSS 0.011 01-03-2018 02-03-2018 12-04-2018 GBP INTERIM GROSS 0.043 05-10-2017 06-10-2017 17-11-2017 GBP SPECIAL GROSS 0.023 05-10-2017 06-10-2017 17-11-2017 GBP FINAL GROSS 0.010 02-03-2017 03-03-2017 07-04-2017 GBP INTERIM GROSS 0.020 13-10-2016 14-10-2016 11-11-2016 GBP FINAL 0.009 03-03-2016 04-03-2016 05-04-2016 GBP INTERIM NET

Dividend Growth and Yield

Dividends Per Share TTM Hays PLC's trailing 12-month dividend per share is 0.00 and Current: 0.00 Median: 0.08 High: 0.09 Low: 0.00 CAGR: 0.0% its dividend has grown at a 0.095 0.095 cumulative annualized rate of 0.0% over the charted period. 0.078 0.078 This compares to dividend growth of -100.00% over the 0.062 0.062 past year and cumulative annualized growth of -100.00% over the past 3 0.045 0.045 years.

0.029 0.029

0.012 0.012

-0.004 -0.004 2016 2017 2018 2019 2020 2021

Dividend Yield TTM % Hays PLC's current dividend yield is 0.00% based on Current: 0.00 Median: 4.03 High: 10.22 Low: 0.00 CAGR: 0.0% trailing 12 month dividends. 10.73 10.73 The current yield is below the historically observed median 8.86 8.86 of 4.03% and, over the charted time period, the observed high 6.98 6.98 yield has been 10.22% and the observed low yield has been 0.00%. 5.11 5.11

3.24 3.24

1.36 1.36

-0.51 -0.51 2016 2017 2018 2019 2020 2021

Industrials/Business Training and Employment Agencies Price: 173.50 GBX Report Date: September 29, 2021 ICB Subsector Peer Comparisons

Price Change Year to Date % Price Change Last Calendar Year % 0.0 41.3 82.6 123.9 165.1 -58.0 -40.5 -23.1 -5.6 11.9

Gattaca PLC 157.9 FDM Group (Holdings) PLC 8.7

SThree PLC 93.6 PageGroup PLC -14.5

Empresaria Group Plc 91.3 Mind Gym PLC -15.9

Impellam Group Plc 70.9 Hays PLC -21.3

Peer Group Average 63.7 SThree PLC -21.4

Staffline Group PLC 55.7 Peer Group Average -23.7

PageGroup PLC 39.6 Empresaria Group Plc -25.8

Mind Gym PLC 31.0 Impellam Group Plc -35.9

Hays PLC 21.3 Gattaca PLC -37.9

FDM Group (Holdings) PLC 12.1 Staffline Group PLC -49.0

0.0 41.3 82.6 123.9 165.1 -58.0 -40.5 -23.1 -5.6 11.9

Price / EPS TTM Price / Book Value 0.0 26.0 52.0 77.9 103.9 0.0 4.1 8.2 12.3 16.4

Empresaria Group Plc 99.9 FDM Group (Holdings) PLC 15.6 Staffline Group PLC 99.9 Mind Gym PLC 10.9 Gattaca PLC 99.9 PageGroup PLC 6.1 Mind Gym PLC 99.9 SThree PLC 6.0 Adecco Group AG 99.9 Peer Group Average 4.7 Peer Group Average 65.8 Hays PLC 3.4 Hays PLC 56.0 Adecco Group AG 2.7 SThree PLC 46.2 Staffline Group PLC 2.1 FDM Group (Holdings) PLC 44.8 Gattaca PLC 1.7 Impellam Group Plc 35.7 Work Service SA 1.3 Work Service SA 22.0 Empresaria Group Plc 1.1 PageGroup PLC 19.4 Impellam Group Plc 0.8 0.0 26.0 52.0 77.9 103.9 0.0 4.1 8.2 12.3 16.4

EPS 5-Year Growth Rate % Revenue 5-Year Growth Rate % -117.2 -83.6 -50.0 -16.5 17.1 -5.0 1.2 7.4 13.6 19.8

PageGroup PLC 11.0 Work Service SA 18.7 FDM Group (Holdings) PLC 6.5 Empresaria Group Plc 13.8 SThree PLC -9.1 Impellam Group Plc 11.2 Hays PLC -15.8 FDM Group (Holdings) PLC 10.8 Work Service SA -23.0 PageGroup PLC 9.6 Impellam Group Plc -28.4 Mind Gym PLC 9.5 Peer Group Average -50.8 Hays PLC 9.1 Adecco Group AG -100.0 Peer Group Average 8.7 Gattaca PLC -100.0 SThree PLC 7.2 Staffline Group PLC -100.0 Staffline Group PLC 5.7 Empresaria Group Plc -100.0 Gattaca PLC 1.4 Mind Gym PLC -100.0 Adecco Group AG -1.8 -117.2 -83.6 -50.0 -16.5 17.1 -5.0 1.2 7.4 13.6 19.8

Industrials/Business Training and Employment Agencies Price: 173.50 GBX Report Date: September 29, 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/Business Training and Employment Agencies Price: 173.50 GBX Report Date: September 29, 2021

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