Burberry (BRBY)

Share Price · 19/06/13

1401p

Day's Change

5.0 0.4%

Market Cap £6.16bn

Enterprise Value £5.90bn

Market Cap Rank 100th

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MOMENTUM

Relative Strength (%)
1m	+1.1%
3m	+0.9%
1yr	-11.4%

Volume Change (%)
10d vs 3m	+8.37%

Price vs... (%)
52w High	-10.6%
50d MA	+0.82%
200d MA	+7.81%

vs.
market vs.
industry GROWTH & VALUE

12m Forecast Rolling
PE Ratio (f)	17.5		Burberry's P/E Rolling 1y is ranked 23rd out of 31 Companies in the Specialty Retailers Industry. ( Industry Median: 13.4 vs. BRBY: 17.5 ) Rankings Guide	Burberry's P/E Rolling 1y is ranked 729th out of 958 Companies in the Market. ( Market Median: 12.7 vs. BRBY: 17.5 ) Rankings Guide
PEG Ratio (f)	n/a		Burberry's PEG Rolling is n/a ( Industry Median: 1.18 vs. BRBY: ) Rankings Guide	Burberry's PEG Rolling is n/a ( Market Median: 0.82 vs. BRBY: ) Rankings Guide
EPS Growth (f)	-1.33	%	Burberry's EPS Gwth % Rolling 1y is ranked 23rd out of 27 Companies in the Specialty Retailers Industry. ( Industry Median: 8.94 vs. BRBY: -1.33 ) Rankings Guide	Burberry's EPS Gwth % Rolling 1y is ranked 678th out of 804 Companies in the Market. ( Market Median: 13.9 vs. BRBY: -1.33 ) Rankings Guide
Dividend Yield (f)	2.32	%	Burberry's Yield % Rolling 1y is ranked 18th out of 37 Companies in the Specialty Retailers Industry. ( Industry Median: 2.20 vs. BRBY: 2.32 ) Rankings Guide	Burberry's Yield % Rolling 1y is ranked 488th out of 1771 Companies in the Market. ( Market Median: 0.000 vs. BRBY: 2.32 ) Rankings Guide

Valuation (ttm)
Price to Book Value	6.06		Burberry's P/B is ranked 31st out of 36 Companies in the Specialty Retailers Industry. ( Industry Median: 2.08 vs. BRBY: 6.06 ) Rankings Guide	Burberry's P/B is ranked 1476th out of 1652 Companies in the Market. ( Market Median: 1.39 vs. BRBY: 6.06 ) Rankings Guide
Price to Tang. Book	7.64		Burberry's P/TB is ranked 25th out of 32 Companies in the Specialty Retailers Industry. ( Industry Median: 3.04 vs. BRBY: 7.64 ) Rankings Guide	Burberry's P/TB is ranked 1138th out of 1395 Companies in the Market. ( Market Median: 1.99 vs. BRBY: 7.64 ) Rankings Guide
Price to Free Cashflow	24.7		Burberry's P/FCF is ranked 15th out of 26 Companies in the Specialty Retailers Industry. ( Industry Median: 24.4 vs. BRBY: 24.7 ) Rankings Guide	Burberry's P/FCF is ranked 533rd out of 819 Companies in the Market. ( Market Median: 17.2 vs. BRBY: 24.7 ) Rankings Guide
Price to Sales	3.08		Burberry's P/S is ranked 34th out of 36 Companies in the Specialty Retailers Industry. ( Industry Median: 0.69 vs. BRBY: 3.08 ) Rankings Guide	Burberry's P/S is ranked 1048th out of 1531 Companies in the Market. ( Market Median: 1.57 vs. BRBY: 3.08 ) Rankings Guide
EV to EBITDA	12.7		Burberry's EV/ EBITDA is ranked 23rd out of 30 Companies in the Specialty Retailers Industry. ( Industry Median: 9.60 vs. BRBY: 12.7 ) Rankings Guide	Burberry's EV/ EBITDA is ranked 708th out of 1081 Companies in the Market. ( Market Median: 9.76 vs. BRBY: 12.7 ) Rankings Guide

IMPLIED MARGIN OF SAFETY (beta)

◀ ▶ SCREENS PASSED 4

BRBY qualifies for T Rowe Price Screen (in Growth Investing).

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BRBY qualifies for Best Dividends Screen (in Income Investing).

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BRBY qualifies for Buffettology-esque Sustainable Grow… (in Quality Investing).

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BRBY qualifies for Buffettology-esque Historical Growt… (in Quality Investing).

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vs.
market vs.
industry QUALITY

Return on Capital	29.7	%	Burberry's ROCE % is ranked 6th out of 37 Companies in the Specialty Retailers Industry. ( Industry Median: 11.2 vs. BRBY: 29.7 ) Rankings Guide	Burberry's ROCE % is ranked 88th out of 1694 Companies in the Market. ( Market Median: 2.66 vs. BRBY: 29.7 ) Rankings Guide
Return on Equity	27.0	%	Burberry's ROE % is ranked 6th out of 36 Companies in the Specialty Retailers Industry. ( Industry Median: 14.8 vs. BRBY: 27.0 ) Rankings Guide	Burberry's ROE % is ranked 135th out of 1656 Companies in the Market. ( Market Median: 2.29 vs. BRBY: 27.0 ) Rankings Guide
Operating Margin	17.6	%	Burberry's Op Mgn % is ranked 2nd out of 36 Companies in the Specialty Retailers Industry. ( Industry Median: 4.38 vs. BRBY: 17.6 ) Rankings Guide	Burberry's Op Mgn % is ranked 326th out of 1544 Companies in the Market. ( Market Median: 4.51 vs. BRBY: 17.6 ) Rankings Guide

Balance Sheet · Income Statement · Cashflow FINANCIAL SUMMARY

Year End 31st Mar		2008	2009	2010	2011	2012	2013	2014E	2015E	CAGR / Avg
Revenue	£m	995.4	1,202	1,185	1,501	1,857	1,999	2,272	2,503	+15.0%
Operating Profit	£m	201.7	-9.90	216.5	300	366.7	351			+11.7%
Net Profit	£m	135.2	-6.00	81.4	209.5	263.3	254.3	345	389.7	+13.5%
EPS Reported	p	30.5	-1.39	34.4	48.6	59.3	57.0			+13.3%
EPS Normalised	p	27.6	31.0	43.1	49.4	63.2	81.5	77.4	87.1	+24.2%
EPS Growth	%	+10.8	+12.7	+38.7	+14.6	+28.1	+28.9	-5.04	+12.6
PE Ratio	x						17.1	18.0	16.0
PEG	x						n/a	1.43	1.41
Profitability
Operating Margin	%	20.3	-0.9	18.3	20.0	19.7	17.6			+15.8%
ROA	%		-0.6	13.4	17.2	17.7	15.2
ROCE	%	39.0	-1.7	33.9	36.1	36.2	29.7			+28.9%
ROE	%		-1.2	26.9	33.1	33.3	27.0			+23.8%
Cashflow
Op. Cashflow ps	p	10.3	48.6	83.6	59.7	84.1	95.2			+56.1%
Capex ps	p	11.0	20.8	15.8	24.4	34.5	39.4			+29.2%
Free Cashflow ps	p	-0.71	27.8	67.8	35.3	49.7	55.8
Last ex-div: 3rd Jul, paid: 1st Aug more... Dividends
Dividend ps	p	12.0	12.0	14.0	20.0	25.0	29.0	31.4	35.8	+19.3%
Dividend Growth	%	+14.3		+16.7	+42.9	+25.0	+16.0	+8.28	+14.0
Dividend Yield	%						2.08	2.25	2.57
Dividend Cover	x	2.54	-0.12	2.45	2.43	2.37	1.96	2.46	2.43
Balance Sheet
Cash etc	£m	127.6	252.3	468.4	466.3	546.9	426.4			+27.3%
Working Capital	£m	152.2	195.6	265.2	322.3	419.7	403			+21.5%
Net Fixed Assets	£m	214.4	325.8	308	393.1	461	569.5			+21.6%
Net Debt	£m	64.2	-7.60	-262	-297.9	-338.3	-296.6
Book Value	£m	495.3	539.3	590.1	713.6	867.3	1,017			+15.5%
Average Shares	m	442.8	431.3	441.9	444	444.3	446.5			+0.2%
Book Value ps	p	114.5	124.5	135.7	163.8	197.7	230			+15.0%

FINANCIAL BRIEF: For the fiscal year ended 31 March 2013, Burberry Group plc revenues increased 8% to L2B. Net income before extraordinary items decreased 4% to L254.3M. Revenues reflect Value of Retail Sales increase of 12% to L1.42B. Net income was offset by Distribution Costs increase of 35% to L604.2M (expense), Administrative Costs increase of 5% to L410.3M (expense). Dividend per share increased from L0.25 to L0.29. more »

7 Piotroski F-Score

HEALTH TREND

7.65 Altman Z1-Score

BANKRUPTCY RISK

EARNINGS MANIPULATION RISK

930 76% B+

MAGIC FORMULA SCORE

B+

OTHER RATIOS

Leverage (ttm)		Total	Ex Intang
Gross Gearing	%	12.8	16.1
Net Gearing	%	-29.2	-36.8
Cash / Assets	%	24.4

Liquidity (ttm)
Current Ratio	1.72
Quick Ratio	1.09
Interest Cover	n/a

Efficiency (ttm)
Asset Turnover	1.18
Rec's Turnover	19.2
Stock Turnover	1.68

vs.
market vs.
industry RECENT HISTORY

Latest interim period (ended 31st Mar '13) vs. prior year
Sales Growth	8.62	%	Burberry's Sales Gwth % Q on PYQ is ranked 14th out of 36 Companies in the Specialty Retailers Industry. ( Industry Median: 3.43 vs. BRBY: 8.62 ) Rankings Guide	Burberry's Sales Gwth % Q on PYQ is ranked 565th out of 1442 Companies in the Market. ( Market Median: 3.10 vs. BRBY: 8.62 ) Rankings Guide
EPS Growth	15.9	%	Burberry's EPS Gwth % Q on PYQ is ranked 13th out of 27 Companies in the Specialty Retailers Industry. ( Industry Median: 9.80 vs. BRBY: 15.9 ) Rankings Guide	Burberry's EPS Gwth % Q on PYQ is ranked 315th out of 796 Companies in the Market. ( Market Median: 7.06 vs. BRBY: 15.9 ) Rankings Guide
3yr Average Annualised
Sales Growth	19.0	%	Burberry's Sales 3y CAGR % is ranked 3rd out of 37 Companies in the Specialty Retailers Industry. ( Industry Median: 3.32 vs. BRBY: 19.0 ) Rankings Guide	Burberry's Sales 3y CAGR % is ranked 362nd out of 1469 Companies in the Market. ( Market Median: 6.32 vs. BRBY: 19.0 ) Rankings Guide
EPS Growth	23.7	%	Burberry's EPS 3y CAGR % is ranked 6th out of 27 Companies in the Specialty Retailers Industry. ( Industry Median: 9.97 vs. BRBY: 23.7 ) Rankings Guide	Burberry's EPS 3y CAGR % is ranked 188th out of 786 Companies in the Market. ( Market Median: 7.25 vs. BRBY: 23.7 ) Rankings Guide
DPS Growth	27.5	%	Burberry's DPS 3y CAGR is ranked 4th out of 24 Companies in the Specialty Retailers Industry. ( Industry Median: 9.82 vs. BRBY: 27.5 ) Rankings Guide	Burberry's DPS 3y CAGR is ranked 71st out of 662 Companies in the Market. ( Market Median: 6.57 vs. BRBY: 27.5 ) Rankings Guide

GRAPHICAL HISTORY Current Fiscal Year 2014

BROKER FORECASTS

31st Mar 2014

31st Mar 2015

Price Target: 1,545p (+10.91% above Price)	Net Profit	EPS	DPS	Net Profit	EPS	DPS
Est. Long Term Growth Rate: +11.6%	(£)	(p)	(p)	(£)	(p)	(p)
Consensus Estimate	345.0m	77.4	31.4	389.7m	87.1	35.8
1m Change	-2.48m	-0.53	-0.33	-3.76m	-0.60	-0.22
3m Change	+3.25m	+0.93	-0.033	-1.24m	+0.093	-0.16

26 brokers

BROKER CONSENSUS & FORECAST TREND

Broker Recommendations for Burberry

Recommendation:	Strong Sell	Sell	Hold	Buy	Strong Buy
No. of Analysts:	0	2	17	4	3

Named Brokers and Analysts

Credit Suisse Rogerio Fujimori , Sanford Bernstein Mario Ortelli , Investec Bank (UK) Plc Bethany Hocking , Nomura Securities Fraser Ramzan , Seymour Pierce , Numis Securities Andrew Wade , Aurel BGC David Da Maia , CA Cheuvreux , Societe Generale Thierry Cota , Evolution Securities (Hist) , Berenberg John Guy , Oddo Securities Leopold Authie , Equita SIM, European Equity Research Fabio Fazzari , Charles Stanley Sam Hart , MF Global (Historical) , Raymond James Euro Equities Marc Willaume Hermine De Bentzmann , Bryan Garnier Peter Farren , ISI Group Omar Saad , Morningstar, Inc. Paul Swinand , Day by Day Valerie Gastaldy , Liberum Capital , Alphavalue Virginie Blin , Cantor Fitzgerald Europe Allegra Perry , and 1 unnamed other

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PROFILE INFORMATION

Burberry Group plc is a holding company. It designs, sources, and markets luxury men’s, women’s and children’s clothing and non-apparel accessories globally through a diversified network of retail (including digital), wholesale and franchise channels. Burberry also licenses third parties to manufacture and distribute products using the Burberry trademarks. During the fiscal year ended March 31, 2012, retail accounted for 68% of revenue and wholesale 26%. It also has licensing agreements in Japan and globally. Retail includes 192 mainline stores, 208 concessions within department stores, digital commerce and 44 outlets. Wholesale includes sales to department stores, multi-brand specialty accounts, Travel Retail, and franchisees, who operate 57 Burberry stores, mainly in Emerging Markets. Licensing includes income from its licensees, approximately two-thirds from Japan and the balance from products (fragrance, eyewear and timepieces) and the European wholesale childrenswear licensee.

Directors: Angela Ahrendts (CEO) 51, Stacey Cartwright (CFO) 49, Carol Fairweather (CFO) , Andrew Maag (Corp. Exec.) , Pascal Perrier (Corp. Exec.) , Eugenia Ulasewicz (Corp. Exec.) 59, John Smith (COO) 54, Reg Sindall (Exec. VP) 57, Fabrizio Fabbro (Sr. VP) , Alessandro Fabrini (Sr. VP) ,

No. of Employees: 7,991 No. of Shareholders: n/a

Last Annual	March 31st, 2013
Last Interim	March 31st, 2013
Shares in Issue	442,279,554
Free Float	436.7m (65.8%)

Sector	Consumer Cyclicals
Industry	Specialty Retailers
Index	E300 PERS GOODS IDX, FTSEUROFIRST 300 , E300 ex EURO COR, FTSE 350 Act , FTSE Lower Yield , FT350 Pers Goods , FTSE 100 , FTSE 100 Eod Gbp ,
Exchange	London Stock Exchange (Full)
Eligible for	an ISA? a SIPP?

Address	, LONDON, SW1P 2AW, United Kingdom
Web	http://www.burberryplc.com/
Phone	+44 20 33673000
Contact	Michael Mahony (General Counsel & Secy.)
Registrar	Lloyds TSB Registrars (Sussex)
Auditors	PricewaterhouseCoopers LLP

BRBY SHARE PRICE PERFORMANCE BRBY QUOTE

BRBY Share Price GBp

1401p

Day's Change

5.0 0.4%

Traded 5:15pm · Minimum 15 min delayed

Volume 2,342,635	Bid - Ask 1,401.0 - 1,402.0	Day's Range 1,379.0 - 1,403.0	Spread 7bps
Avg Vol (3m) 1,363,837	Open - Close 1,394.0 - 1,396.0	12m Range 572.0 - 1,610.0	Beta 1.34

LATEST BRBY NEWS ANNOUNCEMENTS (delayed)

Mon 10:54am	Director/PDMR Shareholding
13th Jun	Annual Financial Report
31st May	Total Voting Rights
21st May	Board Change
21st May	Preliminary Results
30th Apr	Total Voting Rights