Gates Industrial Corporation plc Financial Ratios — GTES

Profitability (USD)

	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Return on Common Equity (%)	- -	- -	- -	- -	93.59	94.55	7.12	22.9	15.09	15.79	13.23	16.03
Return on Assets (%)	- -	0.76	0.89	2.29	3.61	9.77	1.07	3.97	3	3.22	2.78	3.61
Return on Capital (%)	- -	- -	4.7	- -	9.1	- -	- -	8.79	7.42	8.14	6.01	7.47
Return on Invested Capital (%)	- -	- -	4.93	- -	8.5	- -	- -	7.7	6.11	7.01	5.43	6.81
Gross Margin (%)	33.76	37.74	38.62	40.04	39.75	37.01	37.05	38.54	35.19	38.06	39.86	39.84
EBITDA Margin (%)	15.29	19.01	20.43	21.48	21.78	18.73	17.09	20.68	17.27	19.37	20.51	20.6
Operating Margin (%)	7.13	9.18	11.66	14.51	15.25	11.54	9.27	14.27	11.16	13.28	14.14	14.39
Incremental Operating Margin (%)	- -	-11.85	3,594.74	41.02	22.65	59.27	33.08	34.78	-124.19	483.12	-4.94	38.86
Pretax Margin (%)	-4.11	1.52	3.39	3.6	9.07	6.44	2.54	10.07	7.25	7.99	9.62	9.88
Profit Margin (%)	-4.67	0.91	2.1	4.97	7.33	22.35	2.84	8.55	6.21	6.52	5.72	7.3
Net Income to Common Margin (%)	-4.67	0.91	2.1	4.97	7.33	22.35	2.84	8.55	6.21	6.52	5.72	7.3
Effective Tax Rate (%)	- -	- -	22.69	- -	10.48	- -	- -	5.26	5.78	9.92	32.77	18.55
Dvd Payout Ratio (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Sustainable Growth Rate (%)	- -	- -	- -	- -	93.59	94.55	7.12	22.9	15.09	15.79	13.23	16.03

Credit (USD)

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	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Total Debt	- -	3,909	3,837	3,956	3,005	3,075	2,822	2,681	2,585	2,562	2,478	2,357
ST Debt	- -	88	47	66	52	46	43	38	37	36	39	36
LT Debt	- -	3,821	3,790	3,889	2,953	3,028	2,780	2,643	2,548	2,526	2,439	2,321
Total Debt/EBITDA	- -	7.49	6.84	6.05	4.12	5.32	5.91	3.73	4.21	3.71	3.55	3.32
Net Debt/EBITDA	- -	6.84	5.9	5.19	3.54	4.02	4.58	2.65	3.07	2.5	2.39	2
Total Debt/EBIT	- -	15.51	11.98	8.97	5.89	8.63	10.91	5.41	6.52	5.41	5.14	4.76
Net Debt/EBIT	- -	14.17	10.33	7.69	5.06	6.52	8.45	3.85	4.75	3.65	3.46	2.87
EBITDA to Interest Expense	2.69	2.45	2.59	2.79	4.14	3.66	3.09	5.38	4.4	4.24	5.27	6
EBITDA-CapEx/Interest Expense	2.09	2.05	2.28	2.31	3.11	3.14	2.66	4.73	3.78	3.8	4.46	5.04
EBIT to Interest Expense	1.25	1.19	1.48	1.88	2.9	2.26	1.68	3.71	2.85	2.9	3.63	4.19
Interest Expense	173	213	216	235	176	158	154	134	139	163	133	118
Common Equity/Total Assets	- -	-1.1	-0.18	2.03	5.72	14.5	15.54	19.13	20.66	20.19	21.84	23.15
Long-Term Debt/Equity (%)	- -	320.38	354.74	272.28	126.55	100.59	87.27	75.91	74	71.27	73.01	62.91
Long-Term Debt/Capital (%)	- -	90.04	90.19	86.26	78.21	67.16	63.81	58.69	57.86	58.05	57.02	53.14
Long-Term Debt/Total Assets (%)	- -	58.19	59.37	56.75	43.93	40.86	37.43	35.08	35.43	34.81	35.94	32.45
Total Debt/Equity (%)	- -	327.79	359.13	276.93	128.77	102.12	88.61	77.01	75.06	72.3	74.18	63.89
Total Debt/Capital (%)	- -	92.12	91.31	87.73	79.58	68.19	64.79	59.53	58.69	58.89	57.94	53.97
Total Debt/Total Assets (%)	- -	59.54	60.11	57.72	44.7	41.49	38	35.59	35.94	35.32	36.51	32.96
Net Debt to Equity	- -	299.51	309.78	237.42	110.62	77.16	68.68	54.76	54.73	48.84	49.95	38.5
Net Debt/Capital (%)	- -	91.4	90.06	85.98	77	59.97	57.04	49.58	49.26	47.68	46.42	39.95
EBITDA	465	522	561	653	729	578	477	718	614	692	699	709
EBITDA-CapEx	362	436	493	542	546	495	410	631	527	620	592	596
Operating Income (Loss)	217	252	320	441	510	356	259	496	397	474	482	496

Liquidity (USD)

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	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Cash Ratio	- -	0.6	0.91	0.81	0.62	0.97	0.72	0.77	0.77	0.92	0.95	1.1
Current Ratio	- -	2.56	2.8	2.62	2.67	2.98	2.63	2.66	3.03	3.08	3.2	3.37
Quick Ratio	- -	1.71	2.05	1.85	1.73	2.05	1.71	1.62	1.86	1.95	1.99	2.18
CFO/Avg Current Liab	- -	0.98	0.66	0.5	0.46	0.52	0.45	0.48	0.33	0.63	0.51	0.66
Common Equity/Total Assets	- -	-1.1	-0.18	2.03	5.72	14.5	15.54	19.13	20.66	20.19	21.84	23.15
Long-Term Debt/Equity (%)	- -	320.38	354.74	272.28	126.55	100.59	87.27	75.91	74	71.27	73.01	62.91
Long-Term Debt/Capital (%)	- -	90.04	90.19	86.26	78.21	67.16	63.81	58.69	57.86	58.05	57.02	53.14
Long-Term Debt/Total Assets (%)	- -	58.19	59.37	56.75	43.93	40.86	37.43	35.08	35.43	34.81	35.94	32.45
Total Debt/Equity (%)	- -	327.79	359.13	276.93	128.77	102.12	88.61	77.01	75.06	72.3	74.18	63.89
Total Debt/Capital (%)	- -	92.12	91.31	87.73	79.58	68.19	64.79	59.53	58.69	58.89	57.94	53.97
Total Debt/Total Assets (%)	- -	59.54	60.11	57.72	44.7	41.49	38	35.59	35.94	35.32	36.51	32.96
CFO/Total Liabilities	- -	5.13	7.09	5.9	7.14	7.93	7.29	9.44	7.09	12.96	11.02	13.81
CFO/CapEx	0.79	3.22	5.53	2.88	1.72	4.2	4.58	4.4	3.06	6.74	3.56	4.2
Altman's Z-Score	- -	2.04	2.17	2.29	3.1	2.65	2.43	2.99	2.87	2.97	3.4	3.37

Working Capital (USD)

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	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Accounts Receivable Turnover	- -	8.86	4.33	4.46	4.6	4.3	4.02	4.95	4.69	4.53	4.57	4.69
Days Sales Outstanding	- -	41.19	84.37	81.86	79.38	84.95	90.81	73.7	77.88	80.6	79.83	77.75
Inventory Turnover	- -	8.22	4.31	4.43	4.06	3.84	3.58	3.59	3.44	3.39	3.1	3.01
Days Inventory Outstanding	- -	44.39	84.7	82.46	90	95.04	102.06	101.78	106.06	107.57	117.81	121.23
Accounts Payable Turnover	- -	15.51	5.58	5.43	5.14	4.71	4.52	5	4.67	4.75	4.8	4.98
Accounts Payable Turnover Days	- -	23.54	65.44	67.23	71	77.45	80.7	73.01	78.23	76.84	76.03	73.32
Cash Conversion Cycle	- -	62.04	103.64	97.08	98.38	102.55	112.17	102.47	105.71	111.33	121.62	125.65
Inventory to Cash Days	- -	-3.21	-0.33	-0.6	-10.62	-10.09	-11.25	-28.08	-28.19	-26.97	-37.98	-43.48
Inventories	- -	416	367	457	538	475	508	683	656	647	676	700
Raw Materials	- -	102	93	128	152	119	135	200	196	168	194	207
Work In Process	- -	26	24	33	38	34	34	43	42	43	43	40
Finished Goods	- -	288	251	296	347	323	339	440	418	436	439	452
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Market Capitalization	- -	- -	- -	- -	3,776	3,990	3,752	4,634	3,230	3,634	5,345	5,511
- Cash & Cash Equivalents	- -	336	527	564	423	635	521	658	578	721	682	812
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	406	377	414	386	360	379	382	334	324	317	355
+ Total Debt	- -	3,909	3,837	3,956	3,005	3,075	2,822	2,681	2,585	2,562	2,478	2,357
Enterprise Value	- -	3,976	3,684	3,805	6,744	6,789	6,433	7,039	5,570	5,800	7,458	7,411
Total Capital	- -	4,244	4,202	4,509	3,776	4,509	4,356	4,504	4,404	4,351	4,277	4,368
Total Debt/Capital (%)	- -	92.12	91.31	87.73	79.58	68.19	64.79	59.53	58.69	58.89	57.94	53.97
Total Debt / EV	- -	0.98	1.04	1.04	0.45	0.45	0.44	0.38	0.46	0.44	0.33	0.32
EV/Sales	- -	1.45	1.34	1.25	2.01	2.2	2.3	2.03	1.57	1.62	2.19	2.15
EV/EBITDA	- -	7.62	6.57	5.82	9.25	11.74	13.47	9.8	9.07	8.39	10.67	10.45
EV/EBIT	- -	15.78	11.5	8.62	13.21	19.06	24.86	14.2	14.04	12.24	15.47	14.95
EV/Cash Flow to Firm	- -	7.43	6.77	5.36	14.32	7.54	12.73	13.83	14.03	9.23	15.91	12.9
EV/Free Cash Flow to Firm	- -	6.4	6.02	4.64	10.32	6.9	11.23	11.81	11.5	8.29	12.96	10.77
Diluted Market Cap	- -	- -	- -	- -	3,862	4,013	3,752	4,730	3,281	3,699	5,444	5,594
Diluted Enterprise Value	- -	3,980	3,687	3,805	6,830	6,812	6,433	7,134	5,621	5,864	7,557	7,494
EV per Share	- -	14	12.97	13.4	23.65	23.41	21.87	24.17	19.68	21.42	28.7	28.87
TTM Sales	3,042	2,745	2,747	3,042	3,348	3,087	2,793	3,474	3,554	3,570	3,408	3,443
TTM EBITDA	465	522	561	653	729	578	477	718	614	692	699	709
TTM Operating Income	217	252	320	441	510	356	259	496	397	474	482	496
TTM Cash Flow to Firm	183	535	544	710	471	900	505	509	397	628	469	574
TTM Free Cash Flow to Firm	286	621	612	821	654	983	573	596	484	699	576	688

Multiples (USD)

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	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Price/Free Cash Flow	- -	- -	- -	- -	7.78	9.29	9.97	10.08	9.3	6.7	11.2	9.45
EV/EBIT	- -	15.78	11.5	8.62	13.21	19.06	24.86	14.2	14.04	12.24	15.47	14.95
Enterprise Value	- -	3,976	3,684	3,805	6,744	6,789	6,433	7,039	5,570	5,800	7,458	7,411
Low Price	- -	- -	- -	- -	12.2	6.76	5.42	12.34	9.4	10.68	12.41	14.7
EV/Sales	- -	1.45	1.34	1.25	2.01	2.2	2.3	2.03	1.57	1.62	2.19	2.15
EV/EBITDA	- -	7.62	6.57	5.82	9.25	11.74	13.47	9.8	9.07	8.39	10.67	10.45
Price/Earnings	- -	- -	- -	- -	15.4	5.78	47.26	15.6	14.63	15.6	27.43	21.92
Price/Earnings Average	- -	- -	- -	- -	19.15	5.21	40.62	16.3	16.17	14.7	22.92	22.68
Price/Earnings High	- -	- -	- -	- -	23.59	7.39	52.96	18.57	21.63	17.36	31.12	27.01
Price/Earnings Low	- -	- -	- -	- -	14.18	2.84	20.07	12.1	12.05	12.42	16.55	15.01
Price/Book Value	- -	- -	- -	- -	9.81	3.71	3.25	3.22	2.17	2.48	3.61	3.33
Price/Book Value Average	- -	- -	- -	- -	12.21	3.34	2.79	3.36	2.4	2.34	3.01	3.44
Price/Book Value High	- -	- -	- -	- -	15.04	4.75	3.64	3.83	3.21	2.76	4.09	4.1
Price/Book Value Low	- -	- -	- -	- -	9.04	1.82	1.38	2.49	1.79	1.97	2.18	2.28
Price/Tangible Book Value	- -	- -	- -	- -	-2.22	-4.31	-5.18	-20.71	-115.77	30.51	29.24	11.94
Price/Tangible Book Value Average	- -	- -	- -	- -	-2.76	-3.88	-4.46	-21.64	-127.93	28.74	24.44	12.35
Price/Tangible Book Value High	- -	- -	- -	- -	-3.4	-5.51	-5.81	-24.65	-171.17	33.95	33.18	14.71
Price/Tangible Book Value Low	- -	- -	- -	- -	-2.04	-2.12	-2.2	-16.06	-95.37	24.28	17.64	8.17
Price/Sales	- -	- -	- -	- -	1.13	1.29	1.34	1.33	0.91	1.02	1.57	1.6
Price/Sales Average	- -	- -	- -	- -	1.4	1.16	1.15	1.39	1	0.96	1.31	1.66
Price/Sales High	- -	- -	- -	- -	1.73	1.65	1.51	1.59	1.34	1.13	1.78	1.97
Price/Sales Low	- -	- -	- -	- -	1.04	0.63	0.57	1.03	0.75	0.81	0.95	1.1
Price/Cash Flow	- -	- -	- -	- -	12.05	11.44	12.14	12.12	12.15	7.56	14.08	11.53
Price/Cash Flow Average	- -	- -	- -	- -	14.99	10.3	10.44	12.66	13.43	7.12	11.77	11.93
Price/Cash Flow High	- -	- -	- -	- -	18.46	14.63	13.61	14.43	17.97	8.41	15.98	14.2
Price/Cash Flow Low	- -	- -	- -	- -	11.1	5.62	5.16	9.4	10.01	6.01	8.5	7.89
Price/Free Cash Flow Average	- -	- -	- -	- -	9.68	8.37	8.57	10.53	10.28	6.31	9.36	9.78
Price/Free Cash Flow High	- -	- -	- -	- -	11.93	11.88	11.17	12	13.75	7.45	12.7	11.64
Price/Free Cash Flow Low	- -	- -	- -	- -	7.17	4.56	4.23	7.82	7.66	5.33	6.75	6.47
EV/Sales Average	- -	1.45	1.34	1.25	2.29	2.07	2.11	2.09	1.66	1.57	1.93	2.21
EV/Sales High	- -	1.45	1.34	1.25	2.62	2.56	2.47	2.28	2	1.74	2.4	2.52
EV/Sales Low	- -	1.45	1.34	1.25	1.93	1.54	1.53	1.73	1.41	1.42	1.57	1.65
EV/EBITDA Average	- -	7.63	6.57	5.82	10.52	11.05	12.37	10.09	9.63	8.08	9.41	10.72
EV/EBITDA High	- -	7.63	6.57	5.82	12.01	13.66	14.42	11.03	11.59	8.98	11.7	12.25
EV/EBITDA Low	- -	7.63	6.57	5.82	8.84	8.23	8.95	8.35	8.15	7.31	7.64	8
EV/EBIT Average	- -	15.79	11.51	8.62	15.02	17.95	22.82	14.62	14.9	11.79	13.65	15.34
EV/EBIT High	- -	15.79	11.51	8.62	17.15	22.19	26.61	15.98	17.94	13.1	16.97	17.54
EV/EBIT Low	- -	15.79	11.51	8.62	12.63	13.36	16.51	12.1	12.61	10.67	11.07	11.45
Last Price	- -	- -	- -	- -	13.24	13.76	12.76	15.91	11.41	13.42	20.57	21.47
High Price	- -	- -	- -	- -	20.29	17.6	14.3	18.94	16.87	14.93	23.34	26.46
Enterprise Value Average	- -	3,980	3,687	3,805	7,666	6,393	5,905	7,247	5,909	5,588	6,579	7,602
Enterprise Value High	- -	3,980	3,687	3,805	8,755	7,902	6,885	7,921	7,116	6,208	8,178	8,691
Enterprise Value Low	- -	3,980	3,687	3,805	6,446	4,759	4,274	5,999	5,001	5,057	5,338	5,673

	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Shares Outstanding	- -	284	284	284	290	290	291	291	283	264	255	254
Diluted Weighted Avg Shares	- -	284	284	284	292	292	294	297	288	276	265	261
Basic Weighted Avg Shares	- -	284	284	284	285	290	294	291	283	271	260	257
Revenue per Share	- -	9.67	9.67	10.71	11.74	10.65	9.5	11.93	12.56	13.18	13.12	13.42
EBITDA per Share	- -	1.84	1.98	2.3	2.56	1.99	1.62	2.47	2.17	2.55	2.69	2.76
Operating Income per Share	- -	0.89	1.13	1.55	1.79	1.23	0.88	1.7	1.4	1.75	1.85	1.93
Basic EPS, GAAP	- -	0.09	0.2	0.53	0.86	2.38	0.27	1.02	0.78	0.86	0.75	0.98
Basic EPS from Cont Ops	- -	0.18	0.25	0.64	0.95	2.4	0.31	1.14	0.86	0.95	0.85	1.08
Diluted EPS, GAAP	- -	0.09	0.2	0.53	0.84	2.37	0.27	1	0.77	0.84	0.74	0.96
Diluted EPS from Cont Ops	- -	0.18	0.25	0.64	0.93	2.38	0.31	1.11	0.84	0.93	0.83	1.06
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Flow per Share	- -	0.97	1.33	1.13	1.1	1.2	1.05	1.31	0.94	1.78	1.46	1.86
Free Cash Flow per Basic Share	- -	0.67	1.09	0.74	0.46	0.92	0.82	1.01	0.63	1.51	1.05	1.42
Cash & Equivalents per Share	- -	1.19	1.87	1.99	1.48	2.19	1.77	2.26	2.04	2.66	2.62	3.16
Book Value per Share	- -	-0.25	-0.04	0.49	1.35	3.71	3.93	4.95	5.25	5.41	5.7	6.45
Tangible Book Value per Share	- -	-11.09	-10.52	-9.8	-5.97	-3.19	-2.46	-0.77	-0.1	0.44	0.7	1.8

Gates Industrial Corporation plc

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)