Details for (MCRO) / Market data / Selftrade

MICRO FOCUS INTL

(MCRO GB00B7786072 GBX)

Value 435.900

Change Today 0.00

Updated18/05 16:35

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PROFILE

Registered Number	5134647
Registered Address	The Lawn 22-30 Old Bath Road Newbury Berkshire RG14 1QN
Phone Number	+44 (0) 1635 32646
Fax Number
Website	http://www.microfocus.com
Activities	Provides innovative software and enterprise application management solutions
Country of Register	GB
Currency	GBX
Short Name	MICRO FOCUS
First Day Traded	12/01/2012
Industrial Sector	Software
Number of shares	174m

Key People

Kevin Loosemore	Chairman
Nigel Clifford	Chief Executive Officer
Tom Virden	Non Executive Director
Nick Bray	Financial Director

Major Shareholders

M&G Investment Management Ltd.	8.21%
GAM London Ltd.	6.30%

Director Deals

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Income Statements £1K

	AR 2007	AR 2008	AR 2009	AR 2010	AR 2011
Fiscal Year End	30/04/2007	30/04/2008	30/04/2009	30/04/2010	30/04/2011
Duration (months)	12	12	12	12	12
Accounting Format	IFRS	IFRS	IFRS	IFRS	IFRS
Sales/Revenue	89.88	113.72	166.69	270.38	279.12
Cost of Goods Sold (COGS) incl. D&A	9.51	11.25	13.58	32.65	40.75
COGS excluding D&A	5.77	5.68	4.09	15.26	19.03
Depreciation & Amortization Expense	3.74	5.58	9.49	17.40	21.72
Depreciation	0.61	0.80	1.16	2.63	2.99
Amortization of Intangibles	3.13	4.78	8.33	14.77	18.73
Amortization of Deferred Charges	0	0	0	0	0
Gross Income	80.38	102.47	153.12	237.72	238.38
Selling, General & Administrative Expense	47.39	61.96	90.80	143.65	151.93
Research & Development	12.07	14.69	20.71	35.49	39.23
Other Selling, General & Administrative	35.31	47.26	70.10	108.17	112.70
Other Operating Expense	0	0	0	0	-0.00
Non Operating Income/Expense	0	0	1.64	-2.47	-2.63
Non-Operating Interest Income	1.47	1.02	0.60	0.40	0.23
Equity in Affiliates (Pretax)	0	0	0	0	0
EBIT	0	0	0	0	0
Unusual Expense	2.99	3.24	9.04	28.18	9.31
EBIT after Unusual Expense	0	0	0	0	0
Interest Expense	0.04	0.01	0.03	2.36	1.43
Gross Interest Expense	0.04	0.01	0.03	2.36	1.43
Interest Capitalized	0	0	0	0	0
Pretax Income	31.43	38.29	55.49	61.46	73.31
Income Tax	8.46	10.67	15.42	13.73	11.59
Income Tax - Current Domestic	7.95	9.97	14.73	9.81	6.38
Income Tax - Current Foreign	0	0	0	0	0
Income Tax - Deferred Domestic	0.51	0.70	0.69	3.92	5.20
Income Tax - Deferred Foreign	0	0	0	0	0
Income Tax Credits	0	0	0	0	0
Minority Interest Expense	0	0	0	0	0
Equity in Affiliates	0	0	0	0	0
Other After Tax Income (Expense)	0	0	0	0	0
Net Income	22.98	27.62	40.06	47.73	61.72
Extraordinaries & Discontinued Operations	0	0	0	0	0
Extra Items & Gain/Loss Sale Of Assets	0	0	0	0	0
Cumulative Effect - Accounting Chg	0	0	0	0	0
Discontinued Operations	0	0	0	0	0
Net Income After Extraordinaries	22.98	27.62	40.06	47.73	61.72
Preferred Dividends	0	0	0	0	0
Net Income available to Common	22.98	27.62	40.06	47.73	61.72
Operational EPS	13.88	16.53	25.49	36.85	37.11
EPS (basic)	13.07	15.67	22.66	26.63	34.21
EPS (diluted)	12.72	15.27	22.01	26.07	33.56
EBITDA	36.73	46.09	71.80	111.47	108.17
EBIT	0	0	0	0	0
+Depreciation & Amortization Expense	3.74	5.58	9.49	17.40	21.72

Balance Sheet £1K

	AR 2007	AR 2008	AR 2009	AR 2010	AR 2011
Fiscal Year End	30/04/2007	30/04/2008	30/04/2009	30/04/2010	30/04/2011
Duration (months)	12	12	12	12	12
Accounting Format	IFRS	IFRS	IFRS	IFRS	IFRS
Cash & Short Term Investments	42.49	46.66	48.30	21.45	15.64
Cash Only	6.76	12.94	12.33	21.06	15.30
Short-Term Investments	35.73	33.72	35.97	0.39	0.33
Total Accounts Receivable	17.70	25.98	41.62	65.59	56.47
Accounts Receivables, Net	17.70	25.98	41.62	65.59	56.24
Accounts Receivables, Gross	17.70	26.60	42.70	67.04	58.88
Bad Debt/Doubtful Accounts	0	-0.61	-1.08	-1.45	-2.65
Other Receivables	0.00	0	0	0	0.24
Inventories	0.13	0.10	0.09	0.10	0.97
Finished Goods	0.13	0.10	0.09	0.10	0.03
Work in Progress	0	0	0	0	0.94
Raw Materials	0	0	0	0	0
Progress Payments & Other	0	0	0	0	0
Other Current Assets	4.32	3.91	3.65	16.92	8.32
Prepaid Expenses	2.29	1.85	3.05	14.07	8.29
Miscellaneous Current Assets	2.03	2.06	0.60	2.85	0.02
Total Current Assets	64.63	76.65	93.66	104.05	81.40
Net Property, Plant & Equipment	1.27	2.20	3.45	6.78	5.42
Property, Plant & Equipment - Gross	4.55	6.06	7.49	13.27	12.29
Buildings	0	0	0	0	0
Land & Improvements	0	0	0	0	0
Machinery & Equipment	0	0	0	0	0
Construction in Progress	0	0	0	0	0
Leases	0	0	0	0	0
Computer Software and Equipment	5.71	7.01	6.72	10.22	10.31
Leased Property	0	0	0	0	0
Transportation Equipment	0	0	0	0	0
Other Property, Plant & Equipment	1.69	2.53	2.95	6.60	6.11
Accumulated Depreciation	3.27	3.86	4.04	6.49	6.86
Buildings	0	0	0	0	0
Land & Improvements	0	0	0	0	0
Machinery & Equipment	0	0	0	0	0
Construction in Progress	0	0	0	0	0
Leases	0	0	0	0	0
Computer Software and Equipment	2.36	2.58	2.73	3.94	3.92
Leased Property	0	0	0	0	0
Transportation Equipment	0	0	0	0	0
Other Property, Plant & Equipment	0.92	1.27	1.31	2.55	2.94
Total Investments and Advances	0	0	0	0	0
LT Investment - Affiliate Companies	0	0	0	0	0
Other Long-Term Investments	0	0	0	0	0
Long-Term Note Receivable	0	0	0	0	0
Intangible Assets	30.39	51.03	125.63	258.95	230.34
Net Goodwill	21.27	33.22	80.86	182.62	164.49
Net Other Intangibles	9.12	17.81	44.78	76.33	65.86
Other Assets	0	0	0	0	0
Deferred Charges	0	0	0	0	0
Tangible Other Assets	0	0	0	0	0
Total Assets	101.70	137.74	234.64	402.32	344.62
ST Debt & Curr. Portion LT Debt	0.04	0	0	65.99	24.58
Short Term Debt	0.04	0	0	65.99	24.58
Current Portion of Long Term Debt	0	0	0	0	0
Accounts Payable	2.19	2.51	3.02	7.02	6.28
Income Tax Payable	8.51	9.72	14.97	16.28	13.43
Other Current Liabilities	36.12	49.93	78.72	134.37	128.43
Dividends Payable	0	0	0	0	0
Accrued Payroll	0	0	0	0	0
Miscellaneous Current Liabilities	36.12	49.93	78.72	134.37	128.43
Total Current Liabilities	46.86	62.16	96.71	223.66	172.72
Long-Term Debt	0.02	0	0	0	0
Long-Term Debt excl. Capitalized Leases	0	0	0	0	0
Non-Convertible Debt	0	0	0	0	0
Convertible Debt	0	0	0	0	0
Capitalized Lease Obligations	0.02	0	0	0	0
Provision for Risks & Charges	0	0	0	0	0
Deferred Taxes	0.03	0.55	7.38	-4.09	-1.75
Deferred Taxes - Credit	5.44	8.41	19.28	28.44	25.71
Deferred Taxes - Debit	-5.41	-7.86	-11.89	-32.53	-27.45
Accumulated Minority Interest	0	0	0	0	0
Other Liabilities	3.63	3.29	4.78	6.88	9.08
Deferred Tax Liability-Untaxed Reserves	0	0	0	0	0
Other Liabilities (excl. Deferred Income)	0.00	0.00	-0.00	0.00	0.00
Deferred Income	3.63	3.29	4.78	6.88	9.08
Total Liabilities	55.95	73.86	120.77	258.98	207.50
Non-Equity Reserves	0	0	0	0	0
Preferred Stock (Carrying Value)	0	0	0	0	0
Redeemable Preferred Stock	0	0	0	0	0
Non-Redeemable Preferred Stock	0	0	0	0	0
Preferred Stock issues for ESOP	0	0	0	0	0
ESOP Guarantees - Preferred Stock	0	0	0	0	0
Common Equity (total)	45.76	63.88	113.87	143.34	137.11
Common Stock Par/Carry Value	18.38	18.60	25.03	24.55	22.61
Additional Paid-In Capital/Capital Surplus	52.03	52.46	71.67	73.63	69.42
Retained Earnings	-11.70	6.40	38.38	66.99	64.88
ESOP Debt Guarantee	0	0	0	0	0
Cumulative Translation Adjustment/Unrealized For. Exch. Gain	0.58	0.09	-2.93	-4.13	-3.56
Unrealized Gain/Loss Marketable Securities	0	0	0	0	0
Revaluation Reserves	0	0	0	0	0
Other Appropriated Reserves	-13.54	0	0	-17.70	-16.24
Unappropriated Reserves	0	-13.68	-18.28	0	0
Treasury Stock	0	0	0	0	0
Total Shareholders' Equity	45.76	63.88	113.87	143.34	137.11
Liabilities & Shareholders' Equity	101.70	137.74	234.64	402.32	344.62

Cash Flow £1K

	AR 2007	AR 2008	AR 2009	AR 2010	AR 2011
Fiscal Year End	30/04/2007	30/04/2008	30/04/2009	30/04/2010	30/04/2011
Duration (months)	12	12	12	12	12
Accounting Format	IFRS	IFRS	IFRS	IFRS	IFRS
Net Income before Extraordinaries	22.98	27.62	40.06	47.73	61.72
Depreciation, Depletion & Amortization	3.74	5.58	9.49	17.40	21.72
Depreciation and Depletion	0.61	0.80	1.16	2.63	2.99
Amortization of Intangible Assets	3.13	4.78	8.33	14.77	18.73
Deferred Taxes & Investment Tax Credit	0	0	0	0	0
Deferred Taxes	0	0	0	0	0
Investment Tax Credit	0	0	0	0	0
Other Funds	5.07	2.27	7.10	3.47	10.20
Funds from Operations	31.78	35.47	56.65	68.59	93.63
Extraordinaries	0	0	0	0	0
Changes in Working Capital	-3.73	4.41	-4.91	-19.35	14.20
Receivables	-2.90	-4.72	0.95	-17.32	9.80
Inventories	0.04	0.06	0.04	-0.02	-0.94
Accounts Payable	-0.87	9.07	-5.90	-2.02	5.34
Income Taxes Payable	0	0	0	0	0
Other Accruals	0	0	0	0	0
Other Assets/Liabilities	0	0	0	0	0
Net Operating Cash Flow	28.06	39.89	51.74	49.24	107.84
Capital Expenditures	3.29	4.71	6.83	14.48	16.99
Capital Expenditures (Fixed Assets)	0.43	1.59	1.61	3.09	2.59
Capital Expenditures (Other Assets)	2.86	3.13	5.22	11.38	14.40
Net Assets from Acquisitions	-3.17	-20.38	-38.63	-115.77	0
Sale of Fixed Assets & Businesses	0	0	0.01	87.28	0
Purchase/Sale of Investments	0	0	0	0	0
Purchase of Investments	0	0	0	0	0
Sale/Maturity of Investments	0	0	0	0	0
Other Uses	0	0	0	-71.87	0
Other Sources	0	0	0	0	0
Net Investing Cash Flow	-6.46	-25.09	-45.45	-114.84	-16.99
Cash Dividends Paid - Total	-7.32	-10.58	-15.82	-21.00	-32.20
Common Dividends	-7.32	-10.58	-15.82	-21.00	-32.20
Preferred Dividends	0	0	0	0	0
Change in Capital Stock	0.07	0.04	0.92	2.94	-25.90
Repurchase of Common & Preferred Stk.	0	0	0	0	-26.88
Sale of Common & Preferred Stock	0.07	0.04	0.92	2.94	0.97
Proceeds from Stock Options	0.07	0.04	0	2.94	0.97
Other Proceeds from Sale of Stock	0	0	0.92	0	0
Issuance/Reduction of Debt, Net	-0.02	-0.06	0	63.13	-38.40
Change in Current Debt	0	-0.06	0	63.13	-38.40
Change in Long-Term Debt	-0.02	0	0	0	0
Issuance of Long-Term Debt	0	0	0	0	0
Reduction in Long-Term Debt	-0.02	0	0	0	0
Other Funds	0	0	0	-4.18	-0.83
Other Uses	0	0	0	-4.18	-0.83
Other Sources	0	0	0	0	0
Net Financing Cash Flow	-7.28	-10.60	-14.90	40.88	-97.33
Exchange Rate Effect	0.83	-0.49	-4.03	0.50	2.17
Miscellaneous Funds	0.00	-0.00	-0.00	0.00	-0.00
Net Change in Cash	15.14	3.70	-12.64	-24.21	-4.32
Free Cash Flow	20.30	27.72	34.31	25.15	73.05

Analysis Data

	2007	2008	2009	2010	2011
Fiscal Year End	2007-04-30	2008-04-30	2009-04-30	2010-04-30	2011-04-30
Valuation
Market Capitalisation	514.22	469.35	643.64	1,078.98	734.55
Price/Earnings	22.35	16.98	15.97	22.45	12.34
Price/Sales	5.71	4.12	3.84	3.96	2.73
Price/Book Value	11.24	7.35	5.65	7.53	5.36
Price/Cash Flow	18.81	12.06	12.73	22.22	7.20
Enterprise Value/EBIT	14.71	10.73	9.80	12.10	9.08
Enterprise Value/EBITDA	13.21	9.43	8.50	10.22	7.26
Enterprise Value/Sales	5.40	3.82	3.66	4.21	2.81
Total Debt/Enterprise Value	0.00	0	0	0.06	0.03
Total Debt/EBITDA	0.00	0	0	0.59	0.23
EPS (basic)	13.07	15.67	22.66	26.63	34.21
EPS (diluted) as stated	12.72	15.27	22.01	26.07	33.56
Profitability
Gross Margin (%)	89.42	90.10	91.85	87.92	85.40
Operating Margin (%)	36.70	35.62	37.38	34.79	30.97
Pretax Margin (%)	34.97	33.67	33.29	22.73	26.26
Net Margin (%)	25.56	24.29	24.03	17.65	22.11
Return on Assets (%)	24.64	23.07	21.52	14.99	16.53
Return on Equity (%)	59.38	50.38	45.08	37.11	44.01
Return on Avg. Total Capital (%)	59.25	50.35	45.08	29.53	33.27
Return on Avg. Invested Capital (%)	59.32	50.37	45.08	37.11	44.01
Efficiency
Revenue/Employee	0.19	0.19	0.22	0.19	0.19
Receivables Turnover	5.31	5.21	4.93	5.04	4.57
Days of Sales Outstanding (DSO) (%)	68.75	70.10	74.02	72.36	79.81
Inventory Turnover	61.41	100.28	148.12	350.48	76.17
Days of Inventory on Hand (DIO)	5.94	3.64	2.46	1.04	4.79
Total Asset Turnover	0.96	0.95	0.90	0.85	0.75
Working Capital Turnover	5.06	7.85	0.00	0.00	0.00
Liquidity
Current Ratio	1.38	1.23	0.97	0.47	0.47
Quick Ratio	1.38	1.23	0.97	0.46	0.47
Capital Structure
Debt-to-Total Equity (%)	0.12	0.00	0.00	46.03	17.93
Debt-to-Total Capital (%)	0.12	0.00	0.00	31.52	15.20
Debt-to-Total Assets (%)	0.06	0.00	0.00	16.40	7.13
Interest Coverage	899.67	6,774.50	2,054.04	39.86	60.35

Market data

Name	Latest	Var
FTSE 100	5,267.62(c)	+0.00%
FTSE 250	10,431.90(c)	+0.00%
DOW INDUSTRIALS	12,369.38(c)	-0.59%
HONG KONG HANG SENG INDIC	18,855.85	-0.51%
Nikkei 225	8,633.89(c)	+0.26%

Name	Latest	Var

Name	Latest	Var

Buys

Name	Latest	Var
AVIVA	264.90(c)	-1.05%
RED EMPEROR RES	14.88(c)	-17.36%
LLOYDS GRP.	25.95(c)	-6.15%
BP	391.95(c)	-1.18%
VODAFONE GRP.	164.30(c)	-0.96%

Sells

Name	Latest	Var
LLOYDS GRP.	25.95(c)	-6.15%
RED EMPEROR RES	14.88(c)	-17.36%
PV CRYSTALOX	9.45(c)	+121.31%
BARCLAYS	176.10(c)	-3.19%
AVIVA	264.90(c)	-1.05%

Selftrade is a trading name and Selftrade® a registered trademark of Talos Securities Limited, which is authorised and regulated by the Financial Services Authority (FSA Register number 208271) and is a member of the London Stock Exchange and PLUS Markets. Talos Securities Ltd is incorporated in England and Wales (Registration No. 4196325, Registered Address: Boatman's House, 2 Selsdon Way, London E14 9LA). VAT No. 629 2807 22.

Data: include Bondscape, Dow Jones, Factset, FTSE, Morningstar. Conditions may apply.

MICRO FOCUS INTL

PROFILE

Key People

Major Shareholders

Director Deals

Income Statements £1K

Balance Sheet £1K

Cash Flow £1K

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