Corporate and Project Finance

Costain Group Plc

Table of Contents
Company Introduction:...............................................................................................................................3
Costain Group Plc:................................................................................................................................3
Capital Structure:..................................................................................................................................3
Operating performance and liquidity:.................................................................................................7
Return on Equity:..................................................................................................................................7
Dividend Policy....................................................................................................................................11
Business Activities:..............................................................................................................................12
Shareholder Returns:..........................................................................................................................15
Forecast:...............................................................................................................................................17
References:...........................................................................................................................................23
Company Introduction:
Costain Group Plc:
UK markets served by Costain Group PLC's smart infrastructure solutions include transport,
energy, water, and defense. The Transportation and Natural Resources segments are where the
corporation operates. In the road, rail, and integrated transport markets, the Transportation
segment operates. In the markets for water, energy, and defense, the Natural Resources segment
operates. It provides services and solutions for complicated programmed delivery, digital
technology, climate change, and consulting and advice. With its headquarters located in
Maidenhead, United Kingdom, Costain Group PLC was established in 1865.

Capital Structure:
The capital structure of Costain Group Plc is thoroughly examined in this research, with an
emphasis on the debt and equity components for the fiscal years 2020, 2022, and 2021. By
analyzing numerous factors such the types of debt, equity, and important financial ratios, the
goal is to present a comprehensive picture of the company's financial health. (Harris & Raviv, 1990)

1- Total Capitalization:

One of the most important metrics to evaluate the strength of the financial structure is total
capitalization, which includes both equity and debt. (Harris & Raviv, 1990)

 £211.2 million in 2022

 £231.0 million in 2021
 2020: £196.9 million

Observation:

Over the course of the three years, strategic changes in the financing mix are shown by
variations in total capitalization.

2- Structure of Equity:

Gross Minority Interest (Total Equity):

  £211.2 million in 2022
 £199.0 million in 2021
 £156.5 million in 2020

Equity in Common Stock:

 £211.2 million in 2022

 £199.0 million in 2021
 £156.5 million in 2020

Equity Types:

Stock Capital:

 £137.5 million in 2022

 £137.5 million in 2021
 2020: £137.5 million

Extra Capital Paid-In:

 2022: £16.4 million

 2021: £16.4 million
 2020: £16.4 million

Holdings After Reduction:

 2022: £56.7 million

 £44.5 million in 2021
 2020: £2.3 million

Observation:

The thorough breakdown illustrates the role of each equity component, illustrating how retained
earnings have changed throughout the years. (Ngoc et al., 2023)

3- Debt Organization:

Total Debt:
  £24.1 million as of 2022
 2021: £66.2-million
 2020: £80.1 million

Capital Lease Requirements:

 £24.1 million in 2022

 2021: £26.78 million
 2020: £33.3 million

Debt Types:

Capital Lease: Short-term Debt; Long-term Debt Requirements:

Note: Insights into the company's liability structure and commitments are provided by a
thorough analysis of debt types. (Ngoc et al., 2023)

4- Critical Analysis:

Advantageous Elements:

Retained Earnings Growth: Sturdy growth in retained earnings is a sign of sound financial
management and efficient use of capital.

Debt Reduction: Careful money management and risk reduction are evident in the significant
drop in total debt. (Panno, 2003)

Issues:

Working Capital Decline: Short-term liquidity is a worry due to the working capital decline. It is
advised to look into the causes of this drop in more detail. (Panno, 2003)

Recommendations:

Keep an eye on working capital: To maintain operational stability in light of the reduction in
working capital, management should keep a careful eye on and take appropriate action against
any issues compromising short-term liquidity. (Rauh & Sufi, 2010)

5- Gearing Ratio:
One important financial indicator that shows how much of a company's capital structure is
funded by debt as opposed to equity is the gearing ratio. Let's examine Costain Group Plc's
gearing ratios for the 2020, 2022, and 2021 fiscal years:

2022 2021 2020

Gearing Ratio 11% 33% 51%

Analysis and Interpretation:

 2022 (11%):

An 11% gearing ratio in 2022 points to a comparatively low degree of financial leverage. The
capital structure of the organization is predominantly based on equity, suggesting a reduced
reliance on debt financing.

 2021 (33%):

As of 2021, the gearing ratio of 33% suggests a significant degree of financial debt. A strategic
endeavor to lessen reliance on debt is evident from the large decrease over the prior year (2020).

 2020 (51%):

In 2020, a 51% gearing ratio suggests a comparatively elevated degree of financial leverage. The
capital structure of the corporation exhibited a notable dependence on debt, hence raising the
possibility of financial risk.
 Capital Structure-Gearing Ratio
2023 60.00%

50.00%
2022
40.00%

2021 30.00%

20.00%
2020
10.00%

2019 0.00%
1 2 3

Gearing Ratio Series2

Operating performance and liquidity:

Return on Equity:
By assessing how well a company uses shareholders' equity to generate earnings, the Return on
Equity (ROE) is a crucial financial indicator that gauges a company's profitability.

2022 2021 2020

Return on Equity 12.26% -2.91% -49.84%

Analysis and Interpretation:

 2022 (12.26 percent):

Costain Group Plc produced a return on shareholders' equity of roughly 12.26% in 2022,
according to a positive ROE of 12.26%. The company is effectively using equity to generate
earnings, which suggests a good level of profitability. (UK Construction Industry Weakness
Accelerates, n.d.)

 2021 (-2.91%):
The company's 2021 ROE of -2.91% indicates that it had a net loss for the year, which translated
into a negative return on equity. A negative return on equity (ROE) may be a sign of operational
inefficiencies, financial difficulties, or unusual events that have an influence on profitability.

 2020 (-49.84%):

Concerns are raised by the 2020 ROE of -49.84%, which is noticeably negative. A low ROE like
this suggests a significant loss in relation to shareholders' equity.

Trends and Their Significance to Strategy:

In 2022, the positive ROE suggests a possible improvement or recovery in profitability over the
prior year. (TRADE CREDIT in the UK CONSTRUCTION INDUSTRY: An Empirical Analysis of Construction
Contractor Financial Positioning and Performance, 2013)

Things to Think About for Stakeholders:

Positive returns on equity (ROE) may be seen positively by shareholders as a sign of the
company's capacity to provide returns on their investment.

Negative ROE suggests probable challenges in completing financial commitments, which may
worry creditors. (Horta et al., 2012)

1- Return on Total Assets:

By evaluating a company's capacity to produce profits from its total assets, the financial
indicator known as Return on Total Assets (ROTA) gauges its profitability.

2022 2021 2020

Return on Total Assets 5.37% -1.09% -15.92%

Analysis and Interpretation:

 2022 (5.37%):

In 2022, Costain Group Plc produced a return of roughly 5.37% on its total assets, according to a
positive return on assets (ROA) of 5.37%. In light of the company's asset base, this suggests a
sustainable level of profitability. (Horta et al., 2012)
  2021 (-1.09%):

The negative ROA of -1.09% in 2021 suggests that the company experienced a net loss as
compared to its total assets during the period. This might point to difficulties using assets
effectively to produce positive earnings.

 2020 (-15.92%):

It is concerning that the ROTA in 2020 is extremely negative at -15.92%. In relation to the total
assets of the company, this suggests a significant loss.

Trends and Their Significance to Strategy:

The positive ROAT in 2022 may indicate an increase in profitability and efficiency in using total
assets as compared to the prior year. (Horta et al., 2012)

2- Net Profit Margin:

The Net Profit Margin (NPM) is a crucial financial metric that expresses the proportion of net
profit that remains after all costs have been paid.

2022 2021 2020

Net Profit Margin 1.82% -0.51% -7.97%

Analysis and Interpretation:

 2022 (1.82%):

Costain Group Plc kept roughly 1.82% of its revenue as net profit in 2022, according to a
positive Net Profit Margin of 1.82%. The company can turn a tiny fraction of its revenue into
profit, which suggests a moderate level of profitability. (Emin Öcal et al., 2007)

 2021 (-0.51%):

The company experienced a negative loss relative to its revenue in 2021, as indicated by its
negative Net Profit Margin of -0.51%. Insufficient revenue to pay expenses or difficulties
managing costs can be indicated by negative profit margins. (Emin Öcal et al., 2007)
  2020 (-7.97%):

It is concerning that the Net Profit Margin in 2020 is a substantial negative -7.97%. This shows a
significant decline relative to the revenue of the company. Such a low Net Profit Margin may be
linked to financial hardship, operational inefficiencies, or one-time events that have an effect on
profitability.

Trends and Their Significance to Strategy:

In 2022, the positive Net Profit Margin suggests a possible increase in profitability over the prior
year. (Zimon et al., 2021)

In order to determine and solve the issues causing the losses, a detailed analysis of the negative
Net Profit Margins in 2020 and 2021 is necessary.

3- Current Ratio:

A company's capacity to cover its short-term liabilities with its short-term assets is gauged by the
Current Ratio, a liquidity ratio.

2022 2021 2020

Current Ratio 1.2771 1.2775 1.3909

Analysis and Interpretation:

 2022 (1.2771):

Costain Group Plc's 2022 current ratio of 1.2771 means that for every £1 in current liabilities,
the company has £1.28 in current assets. This suggests that the company can fairly use its short-
term assets to pay its short-term debt commitments. (Zimon et al., 2021)

 2021 (1.2775):

In 2021 and 2022, the company's capacity to cover its short-term liabilities is reinforced by the
comparable Current Ratio of 1.2775. The ratio's consistency suggests short-term liquidity
stability.

 2020 (1.3909):
In 2020, the Current Ratio of 1.3909 suggests a little higher liquidity level than the years to
follow. With £1.39 in current assets and £1 in current liabilities, the company appears to be in
good short-term financial shape.

Operating performance and liquidity

200.00%

150.00%

100.00%

50.00%

0.00%
2022 2021 2020

-50.00%

-100.00%

Return on Equity Return on Total Assets Net Profit Margin

Current Ratio Quick Ratio

Dividend Policy
Dividend Policy Statement:

Dividends & Splits:

Forward Annual Dividend Rate 4 0.01
Forward Annual Dividend Yield 4 1.27%
Trailing Annual Dividend Rate 3 0
Trailing Annual Dividend Yield 3 0.01%
5 Year Average Dividend Yield 4 5.1
Payout Ratio 4 0.00%

Analysis and Interpretation:

 Projected Annual Dividend Rate and Yield (2022):

A forward annual dividend yield of 1.27% will be achieved by the company's planned dividend
payment of £0.01 per share. (Hussainey et al., 2011)

The yield and forward dividend rate show a dedication to providing moderate value returns to
shareholders. (Hussainey et al., 2011)

 Yield and Trailing Annual Dividend Rate for 2021:

In 2021, the trailing dividend yield is a meager 0.01%, and the trailing dividend rate is £0.

This may be a sign that dividend payouts have just begun or that the payout was small the year
before.

Dividend Yield Average Over Five Years, 2022:

The average dividend yield over the past five years, which is 5.1%, suggests a previous trend of
giving shareholders a respectable return relative to stock price. (Sugathadasa, 2018)

2022 Payout Ratio:

The payout ratio of 0.00% suggests that dividends are not being paid out by the company from
its earnings. This can be a result of recent losses or a calculated choice to hold onto earnings at a
higher rate. (Sugathadasa, 2018)

Suggestions:

Assessing the Sustainability of Dividends:

Please assess the sustainability of dividend payouts in light of the recent reversal in financial
performance, which includes positive net income in 2022. Analyze the cash flow needed to fund
dividend payments and the company's predicted future earnings. (Ajao & Robinson, 2022)

Business Activities:

1- Business activities – structure of the business in terms of divisions, groups:

Costain Group PLC operates through two segments based on the information provided:
  Section on Transportation:

The Transportation segment is involved in the road, rail, and integrated freight rate markets.

Structure: This segment probably includes of divisions or groups focused on integrated transport
solutions, rail rate, and road infrastructure projects.

 Section of Natural Resources:

Business Activities: Water, energy, and defense are the three markets that the Natural Resources
segment operates in.

Structure: Projects pertaining to water, energy, and defense markets may be the focus of
divisions or groups within this segment.

General Organizational Structure:

Business units or divisions:

There are probably divisions or business units with specialized knowledge within each segment.
The Transportation segment, for instance, may comprise divisions for integrated transport
solutions, rail projects, and road projects.

Regional Emphasis:

Serving the markets for transportation, energy, water, and military in the area, the business
activities are principally centered on the United Kingdom.

Advisory and Consultancy Services:

Indicating a strategic focus on offering knowledge and direction to clients in the designated
markets, Costain Group PLC provides consulting and advisory services.

2- Evaluation of business strategy, core activities and growth opportunities:

 Positioning in the market:

Strengths:

Indicating a focus on innovation and technology, Costain Group PLC is positioned as a provider
of smart infrastructure solutions.
Opportunities:

The company is well-positioned in an era of increased digitalization and technological

breakthroughs thanks to its concentration on smart infrastructure.

 Technological Innovation:

Strengths:

An adaptive attitude is demonstrated by one's involvement with digital technology and climate
change solutions.

Putting money into innovation can help a company become more relevant and competitive in the
market.

Opportunities:

Maintaining an emphasis on innovation helps attract clients looking for cutting-edge solutions
and open up new markets.

Core Activities:

 Advisory and Consultancy Services:

By providing consultancy and advisory services, Costain establishes itself as a reliable resource
and offers value to its clients.

 Solutions for Digital Technology:

Using digital technology is in line with client requests for clever solutions and industry
developments.

Growth Opportunities:

 Market Growth:

Growth prospects can be achieved by extending services and solutions to unexplored markets or
new geographic areas inside the United Kingdom.

 Increasing variety:
One way to reduce risks in the Transportation and Natural Resources divisions is to diversify
into new business lines.

Links to Capital Structure and Future Requirements:

 Capital Outlay (CapEx):

The company's plan may require a substantial capital expenditure for investments in technology
and sustainability, particularly in digital technology and climate change solutions.

 Debt versus Equity

Costain may need to assess the proportion of debt-to-equity financing for upcoming projects,
depending on the size of the projects and the amount of capital needed.

 Prospects for the Future:

In order to adjust the business strategy and capital structure to future requirements, it will be
essential to continuously evaluate market trends, customer wants, and technological
improvements.

Shareholder Returns:
Shareholder returns:

Using the information provided for Costain Group Plc and its benchmark, Kier Group plc, let's
examine the shareholder returns.

1. Costain Group Plc:

£1.7529 is the Net Asset Value per Share (NAVPS) for 2022.

2021: £1.9364

2020: £1.7818

Market Value per Share: £0.7678 in 2022

2021: £0.7238

2020: £0.5692
Discounted or Premium NAVPS:

Discount/Premium = Market Price per Share - NAVPS NAVPS) ×100 Discount/Premium =

Market Price per Share - NAVPS NAVPS) ×100

2022, (0.7678−1.7529 /1.7529) × 100 = − 56.11 % (Discount)

2021: (0.7238 −1.9364 /1.9364) ×100 = −62.66 (Discount)

2020: (0.5692 − 1.7818 /1.7818) × 100 = − 68.08 (Discount)

2. Kier Group plc Benchmark:

Net Asset Value per Share (NAVPS):

£5.0170 in 2022; £5.1124 in 2021

2020: £13.150

Market Value per Share: £1.2428 in 2022

2021: £0.9750

2020: £1.2704

Discounted or Premium NAVPS:

Discount/Premium = Market Price per Share - NAVPS) ×100 Discount/Premium = Market Price
per Share - NAVPS) ×100

2022: (1.2428 − 5.0170/ 5.170) × 100 = − 75.22 % (Discount)

2021, (0.9750 −5.1124 /5.1124) ×100 = −81.00 % (Discount)

2020: (1.2704 − 13.1501/13.1501 ) ×100 = − 90.36 % (Discount)

Analysis:

 Costain Group Plc

Both companies exhibit a continuous discount to NAVPS, indicating that the market values their
shares below net asset value. (Shingade et al., 2022)

Over time, the discounts have been substantial for both companies.

 Comparing Benchmarks:

Like Costain Group Plc, Kier Group plc likewise sees significant discounts to NAVPS.

The benchmark data suggests that lower market prices relative to net asset values indicate
difficulties facing the sector or peer group. (Strydom et al., 2015)

Suggestions:

 Comprehending the Rebates:

The management needs to look at the causes of the ongoing discounts. Determine whether it is a
result of company-specific issues, industry difficulties, or market sentiment. (Strydom et al., 2015)

 Interaction and Modification of Strategy:

Share with shareholders the measures being made to rectify the discount and any planned
changes to the strategy.

Determine whether there are any opportunities to improve communication or change business
strategies.

Forecast:
Costain Group Plc
Projected Financial Statements

Income Statement
Currency in GBP.
All numbers in
thousands
2023 2024 2025 2026 2027
Total Revenue 1714475.493 2067979.609 2494371.998 3008681.343 3629035.056
Operating Revenue 1714475.493 2067979.609 2494371.998 3008681.343 3629035.056
Cost of Revenue 1602661.874 1933111.373 2331695.564 2812462.995 3392358.857
Gross Profit 111813.6191 134868.2353 162676.4347 196218.3485 236676.1993
Operating Expense 69717.6611 84092.59981 101431.4771 122345.4212 147571.5676
Selling General and
Administrative 69717.6611 84092.59981 101431.4771 122345.4212 147571.5676
General &
Administrative
Expense 69717.6611 84092.59981 101431.4771 122345.4212 147571.5676
Operating Income 42095.958 50775.63553 61244.95761 73872.92731 89104.63167
Net Non-Operating
Interest Income - - - - -
Expense 2532.994607 3055.267467 3685.226676 4445.075855 5361.596748
Interest Income Non-
Operating 2171.138235 2618.800686 3158.765722 3810.065019 4595.654356
Interest Expense Non-
Operating 4704.132842 5674.068153 6843.992397 8255.140874 9957.251104
Total Other Finance
Cost 0 0 0 0 0
Pretax Income 39562.96339 47720.36806 57559.73093 69427.85146 83743.03492
Tax Provision 8322.696567 10038.73596 12108.60193 14605.24924 17616.67503
Net Income Common
Stockholders 31240.26682 37681.6321 45451.129 54822.60222 66126.35989
Net Income 31240.26682 37681.6321 45451.129 54822.60222 66126.35989
Net Income Including
Non-Controlling
Interests 31240.26682 37681.6321 45451.129 54822.60222 66126.35989
Net Income
Continuous
Operations 31240.26682 37681.6321 45451.129 54822.60222 66126.35989
Other under Preferred
Stock Dividend 0 0 0 0 0
Diluted NI Available
to Com Stockholders 31240.26682 37681.6321 45451.129 54822.60222 66126.35989
Basic EPS 0.108556912 0.130940034 0.157938286 0.190503251 0.229782718

Balance Sheet
Currency in GBP.
All numbers in
thousands
2023 2024 2025 2026 2027
Total Assets 581623.8094 701547.606 846198.2395 1020674.085 1231124.739
Current Assets 386945.081 466728.4779 562962.2464 679038.2545 819047.7318
Inventory 241.2375817 290.977854 350.9739691 423.3405577 510.6282617
Total non-current
assets 194678.7284 234819.1282 283235.9931 341635.83 412077.0072
Total Liabilities Net
Minority Interest 326876.9231 394274.9922 475569.7281 573626.4556 691901.2946
Current Liabilities 302994.4026 365468.1847 440823.3052 531715.7404 641349.0967
Total Non-Current
Liabilities Net
Minority Interest 23882.52058 28806.80755 34746.42294 41910.71521 50552.19791
Total Equity Gross
Minority Interest 254746.8862 307272.6138 370628.5114 447047.6289 539223.4444
Stockholders' Equity 254746.8862 307272.6138 370628.5114 447047.6289 539223.4444
Capital Stock 165850.8374 200047.2746 241294.6038 291046.6334 351056.9299
Additional Paid in
Capital 19781.4817 23860.18403 28779.86547 34713.92573 41871.51746
Retained Earnings 68390.8544 82492.22162 99501.12024 120017.0481 144763.1122
Total Capitalization 254746.8862 307272.6138 370628.5114 447047.6289 539223.4444
Common Stock 254746.8862 307272.6138 370628.5114 447047.6289 539223.4444
Equity
Capital Lease
Obligations 29069.12859 35062.83141 42292.36328 51012.5372 61530.70554
Net Tangible Assets 191783.8774 231327.3939 279024.3054 336555.7433 405949.4681
Working Capital 83950.67842 101260.2932 122138.9412 147322.5141 177698.6351
Invested Capital 254746.8862 307272.6138 370628.5114 447047.6289 539223.4444
Tangible Book Value 191783.8774 231327.3939 279024.3054 336555.7433 405949.4681
Total Debt 29069.12859 35062.83141 42292.36328 51012.5372 61530.70554
Share Issued 331804.2008 400218.2149 482738.3715 582273.1865 702330.8769
Ordinary Shares
Number 331804.2008 400218.2149 482738.3715 582273.1865 702330.8769

Cash Flow
Statement
Currency in GBP.
All numbers in
thousands
2023 2024 2025 2026 2027
Operating Cash Flow 17007.24951 20513.93871 24743.66482 29845.50931 35999.29245
- - - - -
Investing Cash Flow 1568.044281 1891.356051 2281.330799 2751.713625 3319.083701
- - - -
Financing Cash Flow 58379.49476 70416.64067 84935.70052 -102448.415 123572.0393
End Cash Position 149326.063 180115.2916 217252.8869 262047.8052 316078.894
- - - - -
Capital Expenditure 603.0939541 727.4446351 877.4349228 1058.351394 1276.570654
Issuance of Capital
Stock 0 0 0 0 0
Issuance of Debt 0 0 0 0 0
Repayment of Debt - -58195.5708 - - -
 48247.51633 70194.79382 84668.11153 102125.6523
Free Cash Flow 16404.15555 19786.49407 23866.2299 28787.15792 34722.7218

Projected Financial Statements

£4,000,000

£3,500,000

£3,000,000

£2,500,000

£2,000,000

£1,500,000

£1,000,000

£500,000

£-
2023 2024 2025 2026 2027

Total Revenue Net Income

Ratio Analysis:

Costain Group Plc

2022 2021 2020
Capital Structure
1 Gearing Ratio 11.41% 33.27% 51.18%
Operating performance and liquidity
2 Return on Equity 12.26% -2.91% -49.84%
3 Return on Total Assets 5.37% -1.09% -15.92%
4 Net Profit Margin 1.82% -0.51% -7.97%
5 Current Ratio 1.2771 1.2775 1.3909
6 Quick Ratio 1.2763 1.2765 1.3887

Assumptions:

Growth Rate:

2022 2021 2020

1,421,40 1,135,20 978,40
Total Revenue 0 0 0
 Growth each year 25% 16%
Average 21%

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