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Case study: Spectris

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  1. Introduction
  2. Company overview
  3. Strategy
  4. Objective
  5. Ratios
    1. Profitability
    2. Operating cycle
    3. Liquidity/solvency
    4. Investor ratio
  6. Conclusion
  7. Annexes

Spectris is a leading supplier of precision instrumentation and controls. It employs 6,000 employees in its 14 business units.
It has a wide range of core technology and their products help customers improve product quality and performance, improve core manufacturing processes, and reduce downtime and wastage time to market.

The Spectris group provides test and measurement equipment to the automotive and aerospace industries which have seen growth as new development programmes come on stream.

Spectris solutions and services are increasingly being applied to help our customers use energy and resources more efficiently.
The company is listed on the London Stock Exchange (symbol - SXS) and technology companies.

Spectris is organized in three main activities:
- Process Technology
- Inline Instrumentation
- Electronic Controls

The Spectris strategy focuses on the delivering sustainable growth in attractive markets via a portfolio of core businesses with market-leading products which add value for our customers. A key element of their strategy is to increase the scale and enhance the growth potential of this portfolio.

[...] That means that Spectris did not give a proportional dividend, compared to the earnings per share they realized. The company did not give the shareholders as much as in 2005 and may have kept these benefits for, maybe, reserves or investments. Dividend Cover: Earnings per Share / Dividend Per Share Dividend cover is a measure of the ability of a company to maintain the level of dividend paid out. The higher the cover, the better the ability to maintain dividends if profits drop. [...]

[...] 2005 2006 132.4 / 278.6 * 365 124.2 + 132.4 ) / / 288.7 * 365 173.4602 days 162.2082 days Spectris Creditors Turnover ratio decreased for 13 days which means that the company became more efficient in 2006 in the payment of their creditors. It should be due to a bigger Operating Profit and the good management of resources in order to avoid delays. The company seams to be in less of a fix for cash when compared to the previous year. [...]

[...] This shows how many times over the profits could have paid the dividend. 2005 2006 0.2876 / 0.1479 0.4939 / 0.1625 1.9446 3.0394 The company is considered to be safe because the company can well afford the dividend and it is not using any retained earnings from a previous year to pay it. This means that the firm's profit attributable to shareholders was three times the amount of dividend paid out, so the firm is not risky. Price Earning: Current share price / Earnings per Share The Price earning ratio of a stock is a measure of the price paid for a share relative to the income or profit earned by the firm per share. [...]

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