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Macfarlane Group

LSE:MACF
Snowflake Description

Excellent balance sheet average dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
MACF
LSE
£151M
Market Cap
  1. Home
  2. GB
  3. Capital Goods
Company description

Macfarlane Group PLC, through its subsidiaries, designs, manufactures, and distributes protective packaging products and labels to businesses. The last earnings update was 111 days ago. More info.


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MACF Share Price and Events
7 Day Returns
0.1%
LSE:MACF
1.1%
GB Trade Distributors
0.9%
GB Market
1 Year Returns
30.9%
LSE:MACF
15.3%
GB Trade Distributors
8.7%
GB Market
MACF Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Macfarlane Group (MACF) 0.1% 1.3% 0.1% 30.9% 55.9% 168.3%
GB Trade Distributors 1.1% 0.6% 3.2% 15.3% 27.6% 51.8%
GB Market 0.9% -0.5% 0.9% 8.7% 3.6% 9.9%
1 Year Return vs Industry and Market
  • MACF outperformed the Trade Distributors industry which returned 15.3% over the past year.
  • MACF outperformed the Market in United Kingdom of Great Britain and Northern Ireland which returned 8.7% over the past year.
Price Volatility
MACF
Industry
5yr Volatility vs Market

MACF Value

 Is Macfarlane Group undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Macfarlane Group to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Macfarlane Group.

LSE:MACF Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 1 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7.4%
Perpetual Growth Rate 10-Year GB Government Bond Rate 0.5%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for LSE:MACF
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year GB Govt Bond Rate 0.5%
Equity Risk Premium S&P Global 6.1%
Trade Distributors Unlevered Beta Simply Wall St/ S&P Global 0.95
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.947 (1 + (1- 19%) (32.13%))
1.13
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.13
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.53% + (1.13 * 6.07%)
7.39%

Discounted Cash Flow Calculation for LSE:MACF using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Macfarlane Group is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

LSE:MACF DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (GBP, Millions) Source Present Value
Discounted (@ 7.39%)
2020 14.82 Est @ 27.88% 13.80
2021 17.74 Est @ 19.68% 15.38
2022 20.21 Est @ 13.93% 16.32
2023 22.21 Est @ 9.91% 16.70
2024 23.79 Est @ 7.1% 16.66
2025 25.01 Est @ 5.13% 16.31
2026 25.95 Est @ 3.75% 15.75
2027 26.67 Est @ 2.78% 15.08
2028 27.23 Est @ 2.11% 14.34
2029 27.68 Est @ 1.63% 13.57
Present value of next 10 years cash flows £153.00
LSE:MACF DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= £27.68 × (1 + 0.53%) ÷ (7.39% – 0.53%)
£405.67
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= £405.67 ÷ (1 + 7.39%)10
£198.88
LSE:MACF Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= £153.00 + £198.88
£351.88
Equity Value per Share
(GBP)
= Total value / Shares Outstanding
= £351.88 / 157.81
£2.23
LSE:MACF Discount to Share Price
Calculation Result
Value per share (GBP) From above. £2.23
Current discount Discount to share price of £0.96
= -1 x (£0.96 - £2.23) / £2.23
57%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Macfarlane Group is available for.
Intrinsic value
>50%
Share price is £0.96 vs Future cash flow value of £2.23
Current Discount Checks
For Macfarlane Group to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Macfarlane Group's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Macfarlane Group's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Macfarlane Group's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Macfarlane Group's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
LSE:MACF PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-06-30) in GBP £0.06
LSE:MACF Share Price ** LSE (2019-12-11) in GBP £0.96
United Kingdom of Great Britain and Northern Ireland Trade Distributors Industry PE Ratio Median Figure of 19 Publicly-Listed Trade Distributors Companies 15.3x
United Kingdom of Great Britain and Northern Ireland Market PE Ratio Median Figure of 751 Publicly-Listed Companies 17.25x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Macfarlane Group.

LSE:MACF PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= LSE:MACF Share Price ÷ EPS (both in GBP)

= 0.96 ÷ 0.06

16.73x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Macfarlane Group is overvalued based on earnings compared to the GB Trade Distributors industry average.
  • Macfarlane Group is good value based on earnings compared to the United Kingdom of Great Britain and Northern Ireland market.
Price based on expected Growth
Does Macfarlane Group's expected growth come at a high price?
Raw Data
LSE:MACF PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 16.73x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 1 Analysts
Not available
United Kingdom of Great Britain and Northern Ireland Trade Distributors Industry PEG Ratio Median Figure of 11 Publicly-Listed Trade Distributors Companies 2.46x
United Kingdom of Great Britain and Northern Ireland Market PEG Ratio Median Figure of 559 Publicly-Listed Companies 1.45x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for Macfarlane Group, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Macfarlane Group's assets?
Raw Data
LSE:MACF PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-06-30) in GBP £0.40
LSE:MACF Share Price * LSE (2019-12-11) in GBP £0.96
United Kingdom of Great Britain and Northern Ireland Trade Distributors Industry PB Ratio Median Figure of 21 Publicly-Listed Trade Distributors Companies 1.86x
United Kingdom of Great Britain and Northern Ireland Market PB Ratio Median Figure of 1,312 Publicly-Listed Companies 1.51x
LSE:MACF PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= LSE:MACF Share Price ÷ Book Value per Share (both in GBP)

= 0.96 ÷ 0.40

2.42x

* Primary Listing of Macfarlane Group.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Macfarlane Group is overvalued based on assets compared to the GB Trade Distributors industry average.
X
Value checks
We assess Macfarlane Group's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Trade Distributors industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Trade Distributors industry average (and greater than 0)? (1 check)
  5. Macfarlane Group has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

MACF Future Performance

 How is Macfarlane Group expected to perform in the next 1 to 3 years based on estimates from 1 analyst?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
3.7%
Expected annual growth in revenue.
Earnings growth vs Low Risk Savings
Is Macfarlane Group expected to grow at an attractive rate?
  • Unable to compare Macfarlane Group's earnings growth to the low risk savings rate as no estimate data is available.
Growth vs Market Checks
  • Unable to compare Macfarlane Group's earnings growth to the United Kingdom of Great Britain and Northern Ireland market average as no estimate data is available.
  • Macfarlane Group's revenue growth is expected to exceed the United Kingdom of Great Britain and Northern Ireland market average.
Annual Growth Rates Comparison
Raw Data
LSE:MACF Future Growth Rates Data Sources
Data Point Source Value (per year)
LSE:MACF Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 1 Analysts 3.7%
United Kingdom of Great Britain and Northern Ireland Trade Distributors Industry Earnings Growth Rate Market Cap Weighted Average 8.7%
United Kingdom of Great Britain and Northern Ireland Trade Distributors Industry Revenue Growth Rate Market Cap Weighted Average 3.7%
United Kingdom of Great Britain and Northern Ireland Market Earnings Growth Rate Market Cap Weighted Average 12.4%
United Kingdom of Great Britain and Northern Ireland Market Revenue Growth Rate Market Cap Weighted Average 3.6%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
LSE:MACF Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (5 months ago) See Below
Future Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below
All numbers in GBP Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
LSE:MACF Future Estimates Data
Date (Data in GBP Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 244 19 1
2020-12-31 237 19 1
2019-12-31 226 17 1
LSE:MACF Past Financials Data
Date (Data in GBP Millions) Revenue Cash Flow Net Income *
2019-06-30 223 13 9
2019-03-31 220 13 9
2018-12-31 217 12 9
2018-09-30 213 10 8
2018-06-30 208 9 8
2018-03-31 202 8 8
2017-12-31 196 6 7
2017-09-30 192 7 7
2017-06-30 188 7 6
2017-03-31 184 5 6
2016-12-31 180 3 6
2016-09-30 176 4 6

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Unable to determine if Macfarlane Group is high growth as no earnings estimate data is available.
  • Macfarlane Group's revenue is expected to grow by 3.7% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
LSE:MACF Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (5 months ago) See Below
Future Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below

All data from Macfarlane Group Company Filings, last reported 5 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

LSE:MACF Future Estimates Data
Date (Data in GBP Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31
2020-12-31
2019-12-31
LSE:MACF Past Financials Data
Date (Data in GBP Millions) EPS *
2019-06-30 0.06
2019-03-31 0.06
2018-12-31 0.06
2018-09-30 0.05
2018-06-30 0.05
2018-03-31 0.05
2017-12-31 0.05
2017-09-30 0.05
2017-06-30 0.05
2017-03-31 0.05
2016-12-31 0.05
2016-09-30 0.05

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Macfarlane Group will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Macfarlane Group's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United Kingdom of Great Britain and Northern Ireland market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United Kingdom of Great Britain and Northern Ireland market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Macfarlane Group has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

MACF Past Performance

  How has Macfarlane Group performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Macfarlane Group's growth in the last year to its industry (Trade Distributors).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Macfarlane Group's year on year earnings growth rate has been positive over the past 5 years.
  • Macfarlane Group's 1-year earnings growth is less than its 5-year average (10.3% vs 16.9%)
  • Macfarlane Group's earnings growth has exceeded the GB Trade Distributors industry average in the past year (10.3% vs 5.7%).
Earnings and Revenue History
Macfarlane Group's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Macfarlane Group Company Filings, last reported 5 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

LSE:MACF Past Revenue, Cash Flow and Net Income Data
Date (Data in GBP Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-06-30 222.83 9.03 55.95
2019-03-31 220.06 8.89 55.37
2018-12-31 217.29 8.74 54.78
2018-09-30 212.73 8.46 53.95
2018-06-30 208.17 8.18 53.12
2018-03-31 202.08 7.80 51.84
2017-12-31 195.99 7.42 50.56
2017-09-30 192.05 6.95 49.43
2017-06-30 188.12 6.47 48.29
2017-03-31 183.94 6.26 47.83
2016-12-31 179.77 6.05 47.37
2016-09-30 175.89 5.81 47.35
2016-06-30 172.01 5.56 47.32
2016-03-31 170.57 5.51 46.64
2015-12-31 169.13 5.45 45.96
2015-09-30 165.68 5.25 44.91
2015-06-30 162.22 5.05 43.87
2015-03-31 158.00 4.74 42.64
2014-12-31 153.77 4.44 41.41
2014-09-30 149.85 3.93 40.46
2014-06-30 145.92 3.42 39.51
2014-03-31 144.90 3.44 39.46
2013-12-31 143.87 3.46 39.41
2013-09-30 142.87 3.09 39.75
2013-06-30 141.87 2.72 40.08
2013-03-31 141.85 3.29 40.25
2012-12-31 141.82 3.87 40.41

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Macfarlane Group has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Macfarlane Group used its assets less efficiently than the GB Trade Distributors industry average last year based on Return on Assets.
  • Macfarlane Group's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Macfarlane Group's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Trade Distributors industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Macfarlane Group has a total score of 2/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

MACF Health

 How is Macfarlane Group's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Macfarlane Group's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Macfarlane Group's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Macfarlane Group's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Macfarlane Group's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 3.7x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Macfarlane Group Company Filings, last reported 5 months ago.

LSE:MACF Past Debt and Equity Data
Date (Data in GBP Millions) Total Equity Total Debt Cash & Short Term Investments
2019-06-30 62.39 18.81 3.86
2019-03-31 62.39 18.81 3.86
2018-12-31 62.53 17.77 4.61
2018-09-30 62.53 17.77 4.61
2018-06-30 58.49 13.48 2.58
2018-03-31 58.49 13.48 2.58
2017-12-31 57.21 16.35 2.01
2017-09-30 57.21 16.35 2.01
2017-06-30 39.18 15.26 1.21
2017-03-31 39.18 15.26 1.21
2016-12-31 39.32 17.21 1.93
2016-09-30 39.32 17.21 1.93
2016-06-30 31.85 16.63 0.73
2016-03-31 31.85 16.63 0.73
2015-12-31 33.47 13.04 1.41
2015-09-30 33.47 13.04 1.41
2015-06-30 30.75 11.58 0.66
2015-03-31 30.75 11.58 0.66
2014-12-31 30.25 11.35 1.25
2014-09-30 30.25 11.35 1.25
2014-06-30 25.51 11.82 0.26
2014-03-31 25.51 11.82 0.26
2013-12-31 26.42 6.36 0.48
2013-09-30 26.42 6.36 0.48
2013-06-30 24.97 7.39 0.32
2013-03-31 24.97 7.39 0.32
2012-12-31 24.02 6.95 0.29
  • Macfarlane Group's level of debt (30.1%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (46.2% vs 30.1% today).
  • Debt is well covered by operating cash flow (70.9%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 10.5x coverage).
X
Financial health checks
We assess Macfarlane Group's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Macfarlane Group has a total score of 5/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

MACF Dividends

 What is Macfarlane Group's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
2.4%
Current annual income from Macfarlane Group dividends. Estimated to be 2.75% next year.
If you bought £2,000 of Macfarlane Group shares you are expected to receive £48 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Macfarlane Group's pays a higher dividend yield than the bottom 25% of dividend payers in United Kingdom of Great Britain and Northern Ireland (1.95%).
  • Macfarlane Group's dividend is below the markets top 25% of dividend payers in United Kingdom of Great Britain and Northern Ireland (5.19%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
LSE:MACF Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below
United Kingdom of Great Britain and Northern Ireland Trade Distributors Industry Average Dividend Yield Market Cap Weighted Average of 18 Stocks 2.4%
United Kingdom of Great Britain and Northern Ireland Market Average Dividend Yield Market Cap Weighted Average of 678 Stocks 4.5%
United Kingdom of Great Britain and Northern Ireland Minimum Threshold Dividend Yield 10th Percentile 1.1%
United Kingdom of Great Britain and Northern Ireland Bottom 25% Dividend Yield 25th Percentile 2%
United Kingdom of Great Britain and Northern Ireland Top 25% Dividend Yield 75th Percentile 5.2%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

LSE:MACF Future Dividends Estimate Data
Date (Data in £) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 0.03 1.00
2020-12-31 0.03 1.00
2019-12-31 0.03 1.00
LSE:MACF Past Annualized Dividends Data
Date (Data in £) Dividend per share (annual) Avg. Yield (%)
2019-04-04 0.023 2.359
2019-02-21 0.023 2.394
2018-04-04 0.021 2.273
2018-02-22 0.021 2.497
2017-04-03 0.020 2.858
2017-02-23 0.020 2.971
2016-04-01 0.018 3.020
2016-02-25 0.018 2.766
2015-02-26 0.017 3.531
2014-05-06 0.016 4.152
2013-04-02 0.016 4.504
2013-03-05 0.016 5.591
2012-04-04 0.016 7.096
2012-03-06 0.016 8.222
2011-04-01 0.016 7.008
2010-03-03 0.015 6.338
2009-08-27 0.010 5.297
2009-03-03 0.020 11.496

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Macfarlane Group's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2.4x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (3.3x coverage).
X
Income/ dividend checks
We assess Macfarlane Group's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.1%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Macfarlane Group afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Macfarlane Group has a total score of 4/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

MACF Management

 What is the CEO of Macfarlane Group's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Peter Atkinson
COMPENSATION £440,000
AGE 62
TENURE AS CEO 16.2 years
CEO Bio

Mr. Peter Duncan Atkinson has been the Chief Executive Officer of Macfarlane Group PLC since October 6, 2003. Mr. Atkinson has also significant general management experience gained during his time at GKN PLC and its joint venture partners where he worked from 1988 to 2001 in a number of senior executive roles in their business to business operations. Before joining GKN Plc, Mr. Atkinson developed a strong sales and marketing background through his career at Procter & Gamble and S. C. Johnson. From 2000 to 2003, Mr. Atkinson was responsible for the US automotive and materials handling business of Brambles Industries plc. Mr. Atkinson has a successful track record of both business turnarounds and business development with extensive exposure to international business, having worked in the UK, Continental Europe and the USA. He has been an Executive Director of Macfarlane Group PLC since October 6, 2003. Mr. Atkinson served as a Non Executive Director of Speedy Hire Plc from June 1, 2005 to July 13, 2011.

CEO Compensation
  • Peter's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Peter's remuneration is about average for companies of similar size in United Kingdom of Great Britain and Northern Ireland.
Management Team Tenure

Average tenure of the Macfarlane Group management team in years:

16.2
Average Tenure
  • The average tenure for the Macfarlane Group management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Peter Atkinson

TITLE
Chief Executive & Executive Director
COMPENSATION
£440K
AGE
62
TENURE
16.2 yrs

John Love

TITLE
Finance Director & Executive Director
COMPENSATION
£213K
AGE
59
TENURE
20.4 yrs

Derek L. Quirk

TITLE
Company Secretary
TENURE
3.8 yrs
Board of Directors Tenure

Average tenure and age of the Macfarlane Group board of directors in years:

1.9
Average Tenure
60
Average Age
  • The average tenure for the Macfarlane Group board of directors is less than 3 years, this suggests a new board.
Board of Directors

Stuart Paterson

TITLE
Chairman
COMPENSATION
£66K
AGE
61
TENURE
2.3 yrs

Peter Atkinson

TITLE
Chief Executive & Executive Director
COMPENSATION
£440K
AGE
62
TENURE
16.2 yrs

John Love

TITLE
Finance Director & Executive Director
COMPENSATION
£213K
AGE
59

James Baird

TITLE
Non-Executive Director
COMPENSATION
£32K
TENURE
1.9 yrs

Andrea Dunstan

TITLE
Non-Executive Director
COMPENSATION
£11K
AGE
59
TENURE
1.3 yrs

Bob McLellan

TITLE
Senior Independent Director
COMPENSATION
£33K
TENURE
1.3 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (£) Value (£)
X
Management checks
We assess Macfarlane Group's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Macfarlane Group has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

MACF News

Simply Wall St News

Should You Worry About Macfarlane Group PLC's (LON:MACF) CEO Salary Level?

View our latest analysis for Macfarlane Group How Does Peter Atkinson's Compensation Compare With Similar Sized Companies? … CEO compensation is one thing, but it is also interesting to check if the CEO is buying or selling Macfarlane Group (free visualization of insider trades). … If you want to buy a stock that is better than Macfarlane Group, this free list of high return, low debt companies is a great place to look.

Simply Wall St -

What Kind Of Shareholders Own Macfarlane Group PLC (LON:MACF)?

See our latest analysis for Macfarlane Group LSE:MACF Ownership Summary, August 12th 2019 What Does The Institutional Ownership Tell Us About Macfarlane Group? … Insider Ownership Of Macfarlane Group The definition of an insider can differ slightly between different countries, but members of the board of directors always count. … Private Company Ownership Our data indicates that Private Companies hold 7.5%, of the company's shares.

Simply Wall St -

Are You An Income Investor? Don't Miss Out On Macfarlane Group PLC (LON:MACF)

For the purpose of this article, we only scrutinise the last decade of Macfarlane Group's dividend payments. … Macfarlane Group's dividend payments have fluctuated, so it hasn't grown 1.4% every year, but the CAGR is a useful rule of thumb for approximating the historical growth. … Dividend Growth Potential With a relatively unstable dividend, it's even more important to see if earnings per share (EPS) are growing. Why take the risk of a dividend getting cut, unless there's a good chance of bigger dividends in future? It's good to see Macfarlane Group has been growing its earnings per share at 13% a year over the past 5 years. A company paying out less than a quarter of its earnings as dividends, and growing earnings at more than 10% per annum, looks to be right in the cusp of its growth phase. At the right price, we might be interested. We'd also point out that Macfarlane Group issued a meaningful number of new shares in the past year. Regularly issuing new shares can be detrimental - it's hard to grow dividends per share when new shares are regularly being created. Conclusion Dividend investors should always want to know if a) a company's dividends are affordable, b) if there is a track record of consistent payments, and c) if the dividend is capable of growing.

Simply Wall St -

If You Had Bought Macfarlane Group (LON:MACF) Stock Five Years Ago, You Could Pocket A 141% Gain Today

For example, the Macfarlane Group PLC (LON:MACF) share price has soared 141% in the last half decade. … Over half a decade, Macfarlane Group managed to grow its earnings per share at 13% a year. … We note that for Macfarlane Group the TSR over the last 5 years was 179%, which is better than the share price return mentioned above.

Simply Wall St -

Why Macfarlane Group PLC's (LON:MACF) High P/E Ratio Isn't Necessarily A Bad Thing

View our latest analysis for Macfarlane Group How Do I Calculate A Price To Earnings Ratio? … The formula for P/E is: Price to Earnings Ratio = Price per Share ÷ Earnings per Share (EPS) Or for Macfarlane Group: P/E of 17.3 = £0.96 ÷ £0.055 (Based on the year to December 2018.) Is A High P/E Ratio Good? … The Bottom Line On Macfarlane Group's P/E Ratio Macfarlane Group trades on a P/E ratio of 17.3, which is fairly close to the GB market average of 16.5.

Simply Wall St -

What Should Investors Know About Macfarlane Group PLC's (LON:MACF) Future?

Today I want to provide a brief commentary on how market analysts predict Macfarlane Group's earnings growth outlook over the next couple of years and whether the future looks even brighter than the past. … See our latest analysis for Macfarlane Group Market analysts' consensus outlook for the coming year seems positive, with earnings rising by a robust 13%. … LSE:MACF Past and Future Earnings, June 18th 2019 Although it is helpful to understand the growth rate year by year relative to today’s level, it may be more valuable analyzing the rate at which the earnings are rising or falling every year, on average.

Simply Wall St -

Do Macfarlane Group's (LON:MACF) Earnings Warrant Your Attention?

In the age of tech-stock blue-sky investing, my choice may seem old fashioned; I still prefer profitable companies like Macfarlane Group (LON:MACF). … View our latest analysis for Macfarlane Group Macfarlane Group's Earnings Per Share Are Growing. … I discovered that the median total compensation for the CEOs of companies like Macfarlane Group with market caps between UK£79m and UK£315m is about UK£548k.

Simply Wall St -

Where Macfarlane Group PLC (LON:MACF) Stands In Terms Of Earnings Growth Against Its Industry

View our latest analysis for Macfarlane Group How Well Did MACF Perform? … However, this one-year growth rate has been lower than its average earnings growth rate over the past 5 years of 18%, indicating the rate at which MACF is growing has slowed down. … I recommend you continue to research Macfarlane Group to get a better picture of the stock by looking at: Future Outlook: What are well-informed industry analysts predicting for MACF’s future growth?

Simply Wall St -

Should You Worry About Macfarlane Group PLC's (LON:MACF) CEO Salary Level?

See our latest analysis for Macfarlane Group How Does Peter Atkinson's Compensation Compare With Similar Sized Companies? … At the time of writing our data says that Macfarlane Group PLC has a market cap of UK£165m, and is paying total annual CEO compensation of UK£514k. … The graphic below shows how CEO compensation at Macfarlane Group has changed from year to year.

Simply Wall St -

Do Institutions Own Macfarlane Group PLC (LON:MACF) Shares?

If you want to know who really controls Macfarlane Group PLC (LON:MACF), then you'll have to look at the makeup of its share registry. … Institutions often own shares in more established companies, while it's not unusual to see insiders own a fair bit of smaller companies. … We also tend to see lower insider ownership in companies that were previously publicly owned.

Simply Wall St -

MACF Company Info

Description

Macfarlane Group PLC, through its subsidiaries, designs, manufactures, and distributes protective packaging products and labels to businesses. The company’s Packaging Distribution segment distributes packaging materials; and supplies storage and warehousing services in the United Kingdom. Its Manufacturing Operations segment designs, manufactures, and supplies self-adhesive and resealable labels to various FMCG customers in the United Kingdom and rest of Europe, and the United States. This segment also designs, manufactures, and assembles timber, corrugated, and foam-based packaging materials in the United Kingdom. The company also distributes and supplies packaging equipment; and recovers waste papers and corrugated boards for recycling. In addition, it serves Internet retail, third party logistics, electronics, aerospace, automotive, health and beauty, food, household goods, and pharmaceutical industries. Macfarlane Group PLC was founded in 1949 and is headquartered in Glasgow, the United Kingdom.

Details
Name: Macfarlane Group PLC
MACF
Exchange: LSE
Founded: 1949
£151,341,708
157,812,000
Website: http://www.macfarlanegroup.com
Address: Macfarlane Group PLC
3 Park Gardens,
First Floor,
Glasgow,
Lanarkshire, G3 7YE,
United Kingdom
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
LSE MACF Ordinary Shares London Stock Exchange GB GBP 02. Jan 1992
Number of employees
Current staff
Staff numbers
925
Macfarlane Group employees.
Industry
Trading Companies and Distributors
Capital Goods
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/12/11 20:42
End of day share price update: 2019/12/11 00:00
Last estimates confirmation: 2019/11/20
Last earnings filing: 2019/08/22
Last earnings reported: 2019/06/30
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.