PERSIMMON PLC

A Valuation Based Financial Analysis

 Table of Contents
1. Introduction ........................................................................................................................................ 3
2. Persimmon Plc: Overview .................................................................................................................. 3
2.1 Persimmon Plc: Strategy and Outlook of Company .................................................................... 3
2.2 Persimmon Plc: Porter’s Five Forces Analysis for Company ....................................................... 3
2.2.1 Threat of New Entries ............................................................................................................ 3
2.2.2 Threat of Substitutes ............................................................................................................. 4
2.2.3 The Bargaining Power of Customers..................................................................................... 4
2.2.4 The Bargaining Power of Suppliers ....................................................................................... 4
2.2.5 Rivalry among Existing Firms ................................................................................................ 4
2.3 SWOT Analysis: Persimmon Plc ................................................................................................... 4
2.3.1 SWOT-Strengths.................................................................................................................... 4
2.3.2 SWOT-Weaknesses ............................................................................................................... 4
2.3.3 SWOT-Opportunities ............................................................................................................. 4
2.3.4 SWOT-Threats ....................................................................................................................... 5
3. Financial Performance: Ratio Analysis ............................................................................................... 5
3.1 Efficiency Allocation Ratios: ROIC and ROCE .............................................................................. 6
3.1.1 ROIC........................................................................................................................................ 6
3.1.2 ROIC ....................................................................................................................................... 6
3.2 Profitability Ratio .......................................................................................................................... 7
3.3 Liquidity Ratio ............................................................................................................................... 8
3.4 Solvency Ratios ............................................................................................................................. 8
4. Valuation Models ................................................................................................................................ 9
4.1 Discounted Cash Flow Model (DCF Model) .................................................................................. 9
4.2 Asset and Market Basis Valuation ................................................................................................ 9
4.2.1 Price/Earnings Ratio .............................................................................................................. 9
4.2.2 NAV (Net Asset Value) ........................................................................................................ 10
4.2.3 Price to Book Ratio .............................................................................................................. 11
4.2.4 Dividend Yield...................................................................................................................... 12
4.3 Assumptions ............................................................................................................................... 12
5. Conclusion and Recommendations .................................................................................................. 12
References ............................................................................................................................................ 13
Appendix ............................................................................................................................................... 15

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1. Introduction
The valuation of Persimmon Plc was performed using the discounted free cash flow method by
analysing the shareholder value of the group using Microsoft Excel. This approach is done using the
shareholder value analysis which evaluates how corporate decisions influence the net present value
of the returns to shareholders. The advantage of using shareholder analysis lies with one existing
objective by companies of maximising the return to the equity (Pandey and Arora, 2013). Therefore,
the financial performance of persimmon can be examined through observation of shareholders
return. The analysis was accomplished through observations of persimmons financial performance
based on measurements and calculations of the value drivers such as sales growth, operating profit
margin, incremental fixed capital investment, and incremental working capital investment, required
rate of return, tax, debt and market securities. The forecasts were composed through use of historical
data and assumption on future performance based on the historical data and market performance.
This method employed is one of many existing valuation techniques.

2. Persimmon Plc: Overview

Persimmon Plc is a construction company based in the United Kingdom. The company is
listed on the London Stock Exchange and is a part of the FTSE 100 Index. The Company has
trademark in various brands including Persimmon Homes, Charles Church, Westbury
Partnerships and Space4. Persimmon Homes trades in sales of houses including apartments
in 400 locations. Westbury Partnerships trades in sales of economical social housing. Charles
Church trades in construction of homes in the UK. The brand Space4 operates on
manufacturing resources such as timber frames, insulated panels and roof cassettes for the
construction of new homes (Markets.ft.com, 2018).

2.1 Persimmon Plc: Strategy and Outlook of Company

The Group’s strategy is such that it is designed to create and protect superior levels of
shareholder value over the long term and through the housing cycle. Company major focuses
on delivering disciplined growth by meeting customer demand for well-designed, quality
homes in locations where people wish to live and work. Company has strategy that is
cantered at growth and management of it’s of business at an optimal scale whilst maximising
value through land replacement and development as market conditions allow. Deliver our
strategic land holdings for development and maintain a high quality consented land bank to
support our house building operations. Maintain discipline over the level of capital employed
within the business through the housing cycle and optimise shareholder value and returns
over the long term. Deliver our strategic land holdings for development and maintain a high
quality consented land bank to support our house building operations. Maintain discipline
over the level of capital employed within the business through the housing cycle and
optimise shareholder value and returns over the long term.

2.2 Persimmon Plc: Porter’s Five Forces Analysis for Company

2.2.1 Threat of New Entries
Entry barriers are relatively marginal for the household industry, as there is no consumer switching
cost and zero capital requirement. There is an increasing amount of new companies like Persimmon
Plc appearing in the market with similar prices than Persimmon Plc products. Persimmon Plc isn’t

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seen as any ordinary company, but also as a brand. It has held a very significant market share for a
long time and loyal customers are not very likely to try a new brand.

2.2.2 Threat of Substitutes

Industry has plenty of house holding services and products providers, Persimmon Plc doesn’t really
have an entirely unique and identifiable product line that stands out when compared to others in
business. Still there are chances that if identifications of attractiveness test occurs, Persimmon Plc
might feel some danger from competitors.

2.2.3 The Bargaining Power of Customers

The individual buyer has some major pressure on Persimmon Plc, Large contractors, like Association
of persons, have bargaining power because of the large order quantity, but the bargaining power is
lessened because of the end consumer brand loyalty.

2.2.4 The Bargaining Power of Suppliers

The main components that are needed for out from production pipeline, raw material, Bricks, Land,
Cement, water and labour are available in larger quantities the suppliers are not concentrated or
differentiated. Persimmon is likely a large, or the largest customer of any of these suppliers.

2.2.5 Rivalry among Existing Firms

Currently, the main competitor is J M AB which also has a wide range of house production under its
brand. Both Persimmon Plc and J M AB are the predominant house holding providers through
furnished homes and committed heavily to sponsoring outdoor events and activities. There are other
soda brands in the market that become popular, like Bonava AB, Taylor Wimpey and Barratt
Developments, because of their unique offerings. These other brands have failed to reach the success
that Persimmon Plc and J M AB have achieved and enjoyed over the years.

2.3 SWOT Analysis: Persimmon Plc

This SWOT Analysis of Persimmon plc provides a strategic report of businesses and operations of the
company. The SWOT analysis shows strengths, weaknesses, opportunities and threats. This SWOT
analysis of Persimmon plc can provide a competitive advantage.

2.3.1 SWOT-Strengths
The Persimmon Plc is rich in monetary assistance that it gains over period of time, another thing that
is distinctive in this case is that the company has a skilled workforce. When compared to other players
of industry the high growth rate is pretty evident for Persimmon Plc, Another feature that it has is the
experienced business units for business operations, through existing distribution and sales networks
company leads to provide fast services to customers.

2.3.2 SWOT-Weaknesses
Although the rate of growth for Persimmon Plc is higher but, one weakness that it has the higher
costs that it faces in research and development for house holding.

2.3.3 SWOT-Opportunities
The growth chance are high to growing demand for homes, and also the expansion into the new
markets is also higher probable. The company has chances to join hand with investors so that it can
obtain extra capital for growth. There are bright chances due to greater R&D that company can go
on to provide new products and services, The globalization has opened the gates to enter global
markets

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2.3.4 SWOT-Threats
Along other growth chances there are some costs that are looming around the company in shape of
tax changes, price changes and borrowing rates are also increasing.

Table : SWOT Aalysis Persimmon Plc

3. Financial Performance: Ratio Analysis

Ratio Analysis is a form of Financial Statement Analysis that is used to obtain a quick indication of a
firm's financial performance in several key areas. The ratios are categorized as Short-term Solvency
Ratios, Debt Management Ratios, Asset Management Ratios, Profitability Ratios, and Market Value
Ratios. Ratio Analysis as a tool possesses several important features. The data, which are provided
by financial statements, are readily available. The computation of ratios facilitates the comparison of
firms which differ in size. Ratios can be used to compare a firm's financial performance with industry
averages. In addition, ratios can be used in a form of trend analysis to identify areas where
performance has improved or deteriorated over time. Because Ratio Analysis is based upon
accounting information, its effectiveness is limited by the distortions which arise in financial
statements due to such things as Historical Cost Accounting and inflation. Therefore, Ratio Analysis
should only be used as a first step in financial analysis, to obtain a quick indication of a firm's

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performance and to identify areas which need to be investigated further. Three types of ratio analysis
will be conducted for financial analysis of both the companies, which are elaborated below.

3.1 Efficiency Allocation Ratios: ROIC and ROCE

3.1.1 ROIC
A calculation used to assess a company's efficiency at allocating the capital under its control to
profitable investments. Return on invested capital gives a sense of how well a company is using its
money to generate returns. Comparing a company's return on capital (ROIC) with its weighted
average cost of capital (WACC) reveals whether invested capital is being used effectively.
By going through
financial of Persimmon Plc one founds that the ROIC ratio over the period of last five years has been
pretty stagnant in terms of average rate that has been seen, if we see it for 2016 it was 26.23% the
highest of last five years starting from 2012, there are many reasons behind the increasing trend one
can observe, the increased amount of investments means that ultimately company has more chances
of growth. For other years 2012 has lowest i.e. 12.66%, further is shown in table,

Table

3.1.2 ROIC
The return on capital employed (ROCE) ratio, expressed as a percentage, complements the return on
equity (ROE) ratio by adding a company's debt liabilities, or funded debt, to equity to reflect a
company's total "capital employed". This measure narrows the focus to gain a better understanding
of a company's ability to generate returns from its available capital base. By comparing Earnings
Before Interest and Tax (EBIT) or net operating profit to the sum of a company's debt and equity
capital, investors can get a clear picture of how the use of leverage impacts a company's profitability.
Financial analysts consider the ROCE measurement to be a more comprehensive profitability
indicator because it gauges management's ability to generate earnings from a company's total pool
of capital. By going through financial of Persimmon Plc one founds that the ROCE ratio over the
period of last five years has been pretty evident of company’s growth in terms of average rate that
has been seen, if we see it for 2016 it was 30.44% the highest of last five years starting from 2012,
there are many reasons behind the increasing trend one can observe, the increased amount of
investments means that ultimately company has more chances of growth. For other years 2012 has
lowest i.e. 12.41%, further is shown in table

Table

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3.2 Profitability Ratio
Earnings per share, also called net income per share, is a market prospect ratio that measures the
amount of net income earned per share of stock outstanding.

For 2016 and 2015 Persimmon Plc had EPS of 2.64 and 3.15 respectively, while for earlier period of
three years the EPS was smooth as well for 2014 EPS was 2.54, for 2013 it was perfect 2.0 and the
year 2012 saw least earnings that a single share could generate, it was 1.94.

Gross profit rate (GP rate) is a profitability ratio that shows the relationship between gross profit and
total net sales revenue.

A consistent improvement in gross profit ratio over the past years is the indication of continuous
improvement. If GP rate for Persimmon Plc is seen, it is evaluated that over the period of 5 years it
had GP rate of 0.15 for 2016 and 2015, both the years of 2013 and 2014, were quit years with GP rate
0.13 and 0.14, but the 2012 GP rate of 0.16 was highest achieved, showing that company lost
momentum to increase the profits.

The profit margin ratio, is a profitability ratio that measures the amount of net income earned with
each dollar of sales generated by comparing the net income and net sales of a company.

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By looking at reports of Persimmon Plc, profit margin ratio is found be between 4.80%-6%, showing
less expenses incurred by the company, yearly it was Highest in 2015 stood at 5.93% while lowest for
2016 stood at 4.57% in 2016, and 2014, 2013 and 2012 were shown at 5.50%, 4.90% and 4.80%.
Return on
equity (ROE) is the amount of net income returned as a percentage of shareholders equity. It reveals
how much profit a company earned in comparison to the total amount of shareholder equity found
on the balance sheet.

Shareholders from Persimmon Plc saw a fantastic ROE of 88.00 in 2016 but had seen nothing in 2015,
2014, 2013 and 2012, indicating a deficit earned on the equity of owners invested in Persimmon Plct
International.

3.3 Liquidity Ratio

The working capital is measure of a company’s short-term liquidity and important for performing
financial analysis, financial modelling, and managing cash flow.

For 2016 Marriot had $ (1776) million, while for the year 2015 it faced most the $(1849) million,
however for years 2014,2013 and 2012 Persimmon Plc had $(1139) million, $(772) million and $(1298)
million in deficit after paying out its obligations.

The current ratio is a liquidity and efficiency ratio that measures a firm’s ability to pay off its short-
term liabilities with its current assets.

By going through reports of Persimmon Plc had a current ratio under 1 for all 5 years, where highest
was in 2013 with 0.71,while for 2015 Marriot had lowest current ratio of 0.43. And in remaining three
years it was seen as 0.63 in 2014, 0.53 in 2012 and 0.65 in 2016,

Average Collection Period is the average number of days it takes a company to collect its accounts
receivables,

Persimmon Plc on average has 31 days of period to recollect its receivables in cash form, for 2016 it
was 36.17 the highest In 5 years reports, and 2015 had lowest with ratio of 27.63, other years2014,
2013 and 2012 saw 28.39,29.85 and 29.85 days to get the receivables in form of cash 2016 and 2015

3.4 Solvency Ratios

Debt to Asset Ratio is the percentage of total assets that were paid for with borrowed money -
creditors, liabilities, and debt.

If results of analysis are seen they show that for all years of sample period Persimmon Plc faced high
distress to pay off the liabilities through its assets, in 2014 it sold 132% assets to pay liabilities, in 2015
it was 159% while 2016 saw least percent of assets be scraped for liabilities only, 59%.

Current cash debt coverage ratio is a liquidity ratio that measures the relationship between net cash
provided by operating activities and the average current liabilities of the company.

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Poor performance saw Persimmon Plc having lesser cash to cover the current obligations, like in 2015
it was 0.05 while in 2016 it was 0.06 only 2012 had better ratio to cover debts through assets for
company with 0.127,

Times Interest Earned measures the ability of an organization to pay its debt obligations, by financial
analysis it was seen that for all sample period years 2016:6.06 and 2012:7.20 were highest rates,
however other years too saw normal rate of this ratio like for 2015 it was 0.05 for 2014 was 0.06 and
for 2013 it was seen 0.06.

Free cash flow is the cash that a company has left after it pays for any capital expenditures it makes.

If we look at the reports of both the companies we could see that Persimmon Plc had more cash left
after paying for expenditures because of its business scale like FCF was $ 1009.09 million for 2016, for
2015 it was $ 872 million while in early three years of sample period it had FCF of $ 590 million for
2014, $ 540 million for 2013, $ 361 million for 2012,

4. Valuation Models
It is use of various models that help to determine the economic value of a company, there are
separate discrete reasons for which the valuation of a company is done in order to check the value
of businesses, the reasons could include the sales value of company, the ownership status of the
business, and to check the expansion probabilities. Here different types of models are employed to
determine the value Persimonn Plc.

4.1 Discounted Cash Flow Model (DCF Model)

The discounted cash flow method is used by professional investors and analysts at investment
banks to determine how much to pay for a business, whether it’s for shares of stock or for buying a
whole company. And it’s also used by financial analysts and project managers in major companies
to determine whether a given project will be a good investment, like for a new product launch or a
new manufacturing facility. 41% Share price is £25.59 vs. Future cash flow value of £43.64.
Persimmon's share price is below the future cash flow value, and at a moderate discount (> 20%).
Persimmon's share price is below the future cash flow value, and at a substantial discount (> 40%).

4.2 Asset and Market Basis Valuation

4.2.1 Price/Earnings Ratio
It is a ratio that measures the current share price relative to price-share earnings of a company. For
last five years the P/E ratio for Persimonn Plc was highest in 2012 amounting to 14.91, however with
each passing year the ratio has shown a declining trend overall for example it was 9.02 for 2016
while it was 14.71 in 2013, both 2014 and 2015 saw the ratio around 12.18.
Table

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4.2.2 NAV (Net Asset Value)
NAV is often associated with mutual funds, and helps an investor determine if the fund is
overvalued or undervalued. When we talk of open-end funds, NAV is crucial. NAV gives the fund's
value that an investor will be entitled to at the time of withdrawal of investment. In case of a close-
end fund, which is a mutual fund with fixed number of units, price per unit is determined by market
and is either below or above the NAV.For last five years the NAV ratio for Persimonn Plc was lowest
in 2012 amounting to 577.91% per share, however with each passing year the ratio has shown an
increasing trend overall for example it was 818.09% per share for 2016 while it was 593.32% per
share in 2013, both 2014 and 2015 saw the ratio around 640.21% per share and 728/40% per share

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respectively.

4.2.3 Price to Book Ratio

This ratio is used to measure the market price of a company in relation to its book value recorded,
For last five years the NAV ratio for Persimonn Plc was highest in 2012 amounting to 14.91, however
with each passing year the ratio has shown a declining trend overall for example it was 9.02 for 2016
while it was 14.71 in 2013, both 2014 and 2015 saw the ratio around 12.18.

Table

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4.2.4 Dividend Yield
It is a financial ratio indicating how much a company pay to shareholders with respect to its share
price, over the period of last five years only once the Persimomm Plc has paid the dividend to its
shareholders, that was in most recent year 2016 where the dividend yield amounted to 6.19%
otherwise the company didn’t pay dividend over the years.

4.3 Assumptions
The risk free rate of 1.49% is from the 10 year government bond rate in GBP. The bottom-up beta is
estimated by analysing other companies in the same industry.The Equity Risk Premium is
calculated by subtracting the risk free rate from the market return premium (8.51%) (source:
Buffet).The dividend discount model is automatically used for companies in the following
industries: Banks, Insurance, Real Estate Investment Trusts (REITs), Diversified Financial Services
and Capital Markets.

5. Conclusion and Recommendations

According to the results obtained from the all the liquidity ratios calculations which working capital,
current ratio, current cash debt coverage ratio, receivables turnover ratio and average collection
period the following is concluded. It is found working capital is not commonly used to calculate
liquidity but for this analysis. However it was found also that pay out of dividend does matter a lot
Persimmon Plc, Reflect favourable results. For other hand, the current ratio results for Persimmon
Plc. Shows better ability to meet unexpected needs for cash.

Due to current ratio has a disadvantage because it uses year-end balances, may not be present a
representative current position during most of the year. A ratio that partially corrects this problem is
current cash debt coverage ratio. For this analysis the results show that Persimmon Plc. has better
ability to pay the current short term debt. The above information reflects that waste connection has
better ability to pay the liabilities and pay the current liabilities in short term. Otherwise, receivables
turnover ratio and average collection period reflect favourable results for company. This means that
republic service has better ability for liquidity of the receivables and collection success.

Although, republic service has favourable results for these last two ratios, the values of Persimmon
Plc. We’re not so far from the obtained by other businesses. Our consulting firm concludes that
Persimmon Plc, Is more liquidity, mainly based on the combined results of current ratio and current
cash debt coverage ratio From the results obtained on solvency ratios calculations which are debt to

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total assets ratio, cash debt coverage ratio, times interest earned ratio and free cash flow the
following is concluded. .

The debt to total assets ratio show favourable results for Persimmon Plc, obtaining lower results
during the last years representing lower percentages of company total assets provided by creditors.
The cash debt coverage ratio in Persimmon Plc, Reflects better ability to pay the total long term debt
than others. Based on the times interest earned ratio Persimmon Plc, Shows best ability to meet
interest payments as they come due than the others. According to above information, with these
three ratios, Persimmon Plc, Has lower percent of total assets provided by creditors, has better ability
to pay long term debt and to pay interest as they come due; in other words favourable has results
debt paying.

We determined the results for Persimmon Plc so that it uses to enhance the potential control in
highly competitive lodging and hoteling industry. First it is recommended that Persimmon Plc
reduces it liabilities to it won’t face financial distress easily and will see positive cash flows.

It is also recommendation is to increase their free cash flow because this promotes the growth of the
company with new investments, projects and dividends pays. FCF could be increased through better
value provided and floating more shares to the public. Another concern was the delayed payment of
debts, it will critical if company repays obligations within time so that it could sustain the mutual trust
with lenders, an average of month to collect receivables it very long considering with less liquid
assets, Persimmon Plc must sort out ways to get paid readily, it could use incentives for fast
payments. Roe is probably most concerning point, with negative income the company must use ways
to cut out expanses so that owners get value for their investment in Persimmon Plc. Persimmon Plc
has escalated its operations in whole world, but it must hire more skilled human capital to achieve
continuous improvement aided quality, which in turn will boost cash inflows, because humans are
greatest capital that any manager can think off, Persimmon Plc must conduct best HR practices
through R&D to decrease the deficits and increase the quality as compared to its competitors

References
Uk.finance.yahoo.com. (2018). PSN.L: Summary for PERSIMMON PLC ORD 10P - Yahoo
Finance. [online] Available at:
https://uk.finance.yahoo.com/quote/PSN.L?p=PSN.L[Accessed 26 Jan. 2018].
Londonstockexchange.com. (2018). PERSIMMON share price (PSN) - London Stock Exchange.
[online] Available at: http://www.londonstockexchange.com/exchange/prices-and-
markets/stocks/summary/company-summary/GB0006825383GBGBXSET1.html[Accessed
30 Jan. 2018].
Markets.ft.com. (2018). Persimmon PLC, PSN:LSE forecasts - FT.com. [online] Available at:
https://markets.ft.com/data/equities/tearsheet/forecasts?s=PSN:LSE[Accessed 2 Feb.
2018].

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Persimmonhomes.com. (2017). [online] Available at:
https://www.persimmonhomes.com/corporate/media/314501/annual-report-2016.pdf
[Accessed 2 Feb. 2018].
Gurufocus.com. (2018). Persimmon PLC (PSMMF) Stock Analysis - GuruFocus.com. [online]
Available at: https://www.gurufocus.com/stock/PSMMF[Accessed 2 Feb. 2018].
Pandey, M. and Arora, D. (2013). Shareholder Value Analysis: A Review. International Journal
of Science and Research, [online] pp.2319-7064. Available at:
https://www.ijsr.net/archive/v4i5/SUB154598.pdf[Accessed 2 Feb. 2018].
Haslett, E. (2018). Persimmon sales rise but analysts aren't impressed. [online] Cityam.com.
Available at: http://www.cityam.com/275365/persimmon-sales-rise-but-analysts-arent-
impressed[Accessed 2 Feb. 2018]. (Haslett, 2018)

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Appendix

Profitability Ratio

Ratio Formula 2016 2015 2014 2013 2012

Earnings per Share 2.64 3.15 2.54 2 1.95
(Net Income −Preffered Dividends)
(EPS)
Average Common Share Outstanding

Gross Profit Rate Gross Profit 2626/17072= 2123/14486=0.1466 1966/13796= 1714/12784=0.1341 1920/11814=
Net Sales 0.1538 0.1425 0.1625
Profit Margin Net Income 780/17072= 859/14486= 0.0593 753/13796= 626/12784= 0.0490 571/11871=
Net Sales 0.0457 0.0546 0.0481
ROE Net income− Preferred dividends 88.29 0.00 0 0 0
Average comon shareholder′ equity

Liquidity Ratio

Ratio Formula 2016 2015 2014 2013 2012

Working Capital Current assets – current liabilities 3371-5147= 1384-3233= 1921-3060= 1903-2675= 1475-2773= -
-1776 -1849 -1139 -772 1298
Current Ratio Current Assets ÷ Current Liabilities 3371/5147= 1384/3233= 1921/3060= 1903/2675= 1475/2773=
0.6549 0.4281 0.6278 0.7123 0.5311
Days In Inventory 365 ÷ Inventory Turnover 0.00 0.00 0.00 0.00 0.00

Average Collection Period 365 Days ÷ Accounts Receivable 365/10.09= 365/13.21= 365/12.86= 365/12.23= 365/12.23=
Turnover 36.17 27.63 28.39 29.85 29.85
Solvency Ratios

Ratio Formula 2016 2015 2014 2013 2012

Debt to Asset Ratio Total Liabilities ÷ Total Assets 18783/24140= 9672/6082= 9065)/6865= 8202/6794= 6342/7627=
0.771 1.59 1.32 1.20 0.83

Cash debt coverage Net Cash from Operating Activities

1582/28104= 1430/28455= 1225/18737= 1140/17274= 989/7627=
Average total liabilities
0.06 0.05 0.064 0.066 0.127

Times interest earned (Net income + Interest expense + 1418/234= 1422/396= 3.60 1203/115= 1017/120= 8.475 986/137= 7.20
Tax expense) ÷ Interest expense 6.06 10.46
Free cash flow Net cash provided by operating 1582-199-374= 1430-253-305= 1224-411- 1140-404-196= 989-437-
activities - Capital expenditures - 1009.09 872 223= 590 540 191=361
Cash dividend

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