Financial Analysis Of Coats Group PLC

1
B9AC106 - MBA Financial Analysis
Figure 1 Coats Logo
Module/Subject Title: Financial Analysis
Lecturer Name: Enda Murphy
Assignment Title: Ratio Analysis of Financial Statements of Coats Group PLC.
Student (s) Name & Number:
Chetan Padme (10393059)
Word count : 2974 (Under 3000-10 %)

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Table of Contents
INTRODUCTION............................................................................................................................................. 4
NOTE: ................................................................................................................................................................ 5
1. PROFITABILITY RATIOS......................................................................................................................... 6
1.1. RETURN ON INVESTMENT FUNDS (ROE) ............................................................................................. 6
1.2. RETURN ON CAPITAL EMPLOYED ........................................................................................................ 6
1.3. OPERATING PROFIT MARGIN ............................................................................................................. 6
1.4. GROSS PROFIT MARGIN ...................................................................................................................... 6
1.5. CAPITAL TURNOVER............................................................................................................................ 6
1.6. PROFITABILITY: COMPETITOR COMPARISON...................................................................................... 7
2. LIQUIDITY RATIOS ................................................................................................................................ 9
2.1. CURRENT RATIO.................................................................................................................................. 9
2.2. ACID TEST RATIO ................................................................................................................................. 9
2.3. LIQUIDITY: COMPETITOR COMPARISON............................................................................................. 9
3. EFFICIENCY RATIOS .............................................................................................................................10
3.1. INVENTORIES DAYS ........................................................................................................................... 10
3.2. TRADE RECEIVABLE DAYS.................................................................................................................. 10
3.3. TRADE PAYABLE DAYS ....................................................................................................................... 10
3.4. EFFICIENCY: COMPETITOR COMPARISON......................................................................................... 10
4. GEARING RATIOS ................................................................................................................................12
4.1. DEBT TO EQUITY................................................................................................................................ 12
4.2. GEARING ........................................................................................................................................... 12
4.3. GEARING: COMPETITOR COMPARISON ............................................................................................ 12
5. INVESTMENT RATIOS ..........................................................................................................................13
5.1. EARNINGS PER SHARE....................................................................................................................... 13
5.2. PRICE/EARNINGS RATIO (P/E) ........................................................................................................... 13
5.3. INVESTMENT: COMPETITOR COMPARISON...................................................................................... 13
6. INITIATIVE TO IMPROVE FUTURE PROFITABILITY FOR COATS GROUP PLC............................................15
Initiative ..................................................................................................................................................... 15
Assumptions ............................................................................................................................................... 15
7. ANALYSIS OF MARKET VERDICT...........................................................................................................16
7.1. P/E RATIO.......................................................................................................................................... 16
7.2. MARKET TO BOOK RATIO .................................................................................................................. 16
7.3. FUTURE PROSPECTS.......................................................................................................................... 16
8. BIBLIOGRAPHY....................................................................................................................................18
9. APPENDICES........................................................................................................................................19

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TABLE OF TABLES
TABLE 1 COMPANY INFORMATION ................................................................................................................................. 5
TABLE OF FIGURES
FIGURE 1 COATS LOGO ................................................................................................................................................ 1
FIGURE 2 COATS GROUP AGENDA.................................................................................................................................. 4
FIGURE 3 COATS GROUP OFFERING ................................................................................................................................ 4
FIGURE 4 AQUISITION IMAGE RELEASED BY MICHELIN ........................................................................................................ 5
FIGURE 5 SUMMARY OF PROFITABILITY RATIOS................................................................................................................. 6
FIGURE 6 SUMMARY OF LIQUIDITY RATIOS....................................................................................................................... 9
FIGURE 7 SUMMARY OF EFFICIENCY RATIOS................................................................................................................... 10
FIGURE 8 SUMMARY OF GEARING RATIOS ..................................................................................................................... 12
FIGURE 9 SUMMARY OF INVESTMENT RATIOS................................................................................................................. 13
FIGURE 10 HISTORICAL DEBT OF COA, ('SIMPLY WALL.ST', 31 MARCH 2019) .................................................................... 16
FIGURE 11 LSE, FUTURE PROFITS JUNE 21,2018, ('SIMPLY WALL.ST', 31 MARCH 2019)...................................................... 17
FIGURE 12 PAST AND FUTURE E.P.S., ('SIMPLY WALL.ST', 31 MARCH 2019) ...................................................................... 17
TABLE OF GRAPHS
GRAPH 1 RETURN ON INVESTMENT FUND........................................................................................................................ 7
GRAPH 2 RETURN ON CAPITAL EMPLOYED....................................................................................................................... 7
GRAPH 3 GROSS PROFIT MARGIN.................................................................................................................................. 8
GRAPH 4 CAPITAL TURNOVER RATIO .............................................................................................................................. 8
GRAPH 5 OPERATING PROFIT MARGIN ........................................................................................................................... 8
GRAPH 6 CURRENT RATIO............................................................................................................................................. 9
GRAPH 7 ACID TEST RATIO......................................................................................................................................... 10
GRAPH 8 INVENTORIES DAYS ...................................................................................................................................... 11
GRAPH 9 TRADE RECEIVABLE DAYS............................................................................................................................... 11
GRAPH 10 TRADE PAYABLE DAYS ................................................................................................................................ 11
GRAPH 11 DEBT TO EQUITY RATIO............................................................................................................................... 12
GRAPH 12 GEARING RATIO ........................................................................................................................................ 13
GRAPH 13 EARNING PER SHARE .................................................................................................................................. 14
GRAPH 14 PRICE/EARNINGS RATIO .............................................................................................................................. 14

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INTRODUCTION
Figure 2 Coats Group Agenda
Coats Group plc is the world leader in the industrial thread & consumer textile crafts. They
have their headquarter in the United Kingdom however they have a presence in 50
countries, across six continents around the world. The year 2015 imprints the 125th
commemoration year of its initial listing on the London Stock Exchange ('London Stock
exchange Group', no date).
Coats segment includes technical threads used in various industries like apparel, fashion
accessories travel and luggage, household and recreation, footwear, electronic textiles,
automotive and other transport composites, medical, health and food, personal protection,
wire and cable and other applications.
With unparalleled reach through the worldwide design inventory network, Coats Global
Services spend significant time in giving innovation based arrangements and industry best
practice mastery that convey huge and quantifiable cost, speed and efficiency upgrades to
fashion brands, retailers, sewn item makers and material factories. And to do that they have
acquired GSD (Industry expert in management solutions to analyse time, cost and
production capability in the sewn products sector) in 2015 ('Coats Group PLC', no date), Fast
React Systems (specialist fashion e-PLM and manufacturing planning software solutions
provider) in June 2016 ('Coats Group PLC', no date) & Threadsol , a cloud-based digital
application provider' in Feb 2019 ('Coats Group PLC', no date)
The accompanying report will scrutinize the financial position of Coats Group PLC just as
contrast the organization's execution utilizing assessments from financial ratios with its
industry guidelines and fundamental competitor ‘Fenner PCL’. The report will also comment
on the prospects of the company and make recommendations that would improve current
performance.
Figure 3 Coats Group offering

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NOTE:
Please refer Appendix B i.e., excel sheet for ratio calculation for Coats group PLC as well as
Fenner PLC.
Company name Coats Group PLC (Allocated) Fenner PLC (Competitor Selected)
Industry 2000 Industrials
Super Sector 2700 Industrial Goods & Services
Sector 2720 General Industrials
Subsector 2727 Diversified Industrials
Table 1 Company Information
On 31 May 2018, Michelin, leading French manufacturer of tires and other rubber products
had completed the acquisition of Fenner PLC. Hence it is no longer listed in LSE under the
name Fenner PLC (Ticker- FNER) ('Michelin', 31 May 2018)
Figure 4 Aquisition Image released by Michelin

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1. PROFITABILITY RATIOS
Profitability Ratios are budgetary measurements that are utilized to evaluate a business'
capacity to produce the profit. Below mentioned Chart is the Summary of Coats group PLC'
Profitability ratio.
Figure 5 Summary of Profitability Ratios
1.1. RETURN ON INVESTMENT FUNDS (ROE)
Return on equity ratios represents a company's capacity to produce a profit from equity
raised by shareholders & gives the measurement of profit available to the shareholders.
ROE of the year 2015 is decreased because of the loss from the discontinued operation was
75.5$m. ROE of the year 2016 is significantly high because the equity raised by the
shareholders is significantly low as compared to preceding and succeeding years.
1.2. RETURN ON CAPITAL EMPLOYED
Return on capital employed is consistently positive and has seen a record high in 2017
because the net operating profit for the year was high. Whereas in 2014 it was negative
since at that time Guinness peat group PLC and Coats PLC were separate entity even after
the acquisition, but in 2014 it was renamed and taken under the Coats Group plc and
established a single entity.
1.3. OPERATING PROFIT MARGIN
Operating profit has increased from 6.26% to 10.4% i.e., 166.13 % increase when compared
to the change from 2014 to 2018. This is because of continuous increment in revenue and
operating profit supported by the operations & consumptions in 50 countries, across six
continents around the world. A slight decrease is seen in 2018 after a record high 11.07%
operating profit in 2017.
1.4. GROSS PROFIT MARGIN
Gross profit margin was consistently increasing and seen a record high of 38.77%. A slight
decrease is seen after that because of two factors i.e., in order to generate revenue the
prices were lowered as well as increment is seen in supplier costs.
1.5. CAPITAL TURNOVER
In 2018, 135% increment is observed in a capital turnover when compared to 2014.
However, the value of a capital turnover is significantly low this is because the management

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is inefficient in using the company's short-term assets and liabilities for generating revenue.
(Investopedia, 31 Jan, 2019)
1.6. PROFITABILITY: COMPETITOR COMPARISON
('Fenner PLC', no date) is a leader in polymer technology belongs to the diverse industries in
the industrial goods and services sector and coincides with Coats Group PLC in the technical
textile business.
when profitability ratios are concerned coats group PLC performs better than Fenner PLC.
The reason behind that is their presence in 50 plus countries across six continents around
the world.
In the case of Fenner PLC decrease of 34.28% is observed in ROE from 2014 to 2018 also
ROCE is inconsistent as well as comparatively low as compared to the Coats group PLC.
Operating profit margin is as good as Coats group PLC except in the year 2015 and 2016.
Irregularity in numbers is seen in the year 2015 and 2016 because overhead and the other
expenses were significantly large which contributed to losses in respective years. But still
managed to keep the gross profit up and managed to come up with good numbers in 2017,
2018 as well.
Graph 1 Return on Investment Fund
Graph 2 Return on Capital Employed
-20.00 %
0.00 %
20.00 %
40.00 %
60.00 %
80.00 %
100.00 %
2014 2015 2016 2017 2018
RETURN ON INVESTMENT FUNDS (ROE)
Coats Group PLC Fenner PLC
-5.00 %
0.00 %
5.00 %
10.00 %
15.00 %
20.00 %
2014 2015 2016 2017 2018
RETURN ON CAPITAL EMPLOYED

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Graph 3 Gross Profit Margin
Graph 4 Capital Turnover Ratio
Graph 5 Operating Profit Margin
0.00 %
10.00 %
20.00 %
30.00 %
40.00 %
50.00 %
2014 2015 2016 2017 2018
GROSS PROFIT MARGIN
0.00
0.50
1.00
1.50
2.00
2014 2015 2016 2017 2018
CAPITAL TURNOVER
-5.00 %
0.00 %
5.00 %
10.00 %
15.00 %
2014 2015 2016 2017 2018
OPERATING PROFIT MARGIN

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2. LIQUIDITY RATIOS
Liquidity ratio is the measurement of the company's ability to meet its outstanding debts
with the available cash and marketable securities. The high liquid ratio indicates a low risk of
default ('Business Dictionary', no date).
Figure 6 Summary of Liquidity Ratios
2.1. CURRENT RATIO
A slight decreased in current ratio observed after 2015 because they have to have used the
some of their marketable securities to acquire GSD in 2015, Fast React in 2016 and thread
Sol in 2018, in order to empower themselves & to lead in the digital environment by
providing quality services to support their main business.
2.2. ACID TEST RATIO
When numbers of current liabilities, current assets & and inventories of last five years
considered it represents numbers of the current asset have decreased. Hence Acid test ratio
of Coats group plc is decreasing from 2015. Although maintains acid test ratio higher than 1
because of that they have short term flexibility for contingency.
2.3. LIQUIDITY: COMPETITOR COMPARISON
As compared to Coats group PLC, Fenner PLC is had its liquidity comparatively lower but due
to fall in the coats liquidity ratio, they are almost the same. And in case of both the values of
ratios are above 1 which shows that there is flexibility for contingency.
Current ratio & acid test ratio are 1.5 and 0.6 respectively for industrial goods and services
supersector particular involved in the textile & application. ('Credit Guru', no date).
when compared with industry ratio it is seen in that for both the companies the values are
significantly higher of acid test ratio. Fenner PLC had its current ratios in accordance with
the industry ratio. However, Coats Group PLC initially had higher Liquidity ratio than that of
industry standard which can be portraited as inefficient use of capital hence they used that
capital to invest and acquire the companies which will, in turn, bring new revenue.
Graph 6 Current ratio
0.00
0.50
1.00
1.50
2.00
2.50
3.00
2014 2015 2016 2017 2018
CURRENT RATIO

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Graph 7 Acid Test Ratio
3. EFFICIENCY RATIOS
Efficiency ratios measures how productive the company is in overseeing its cash and
in specific in changing over its working capital (Receivables, Stock and Payables) into cash
(Will Keaton, 25 Feb, 2019).
Figure 7 Summary of Efficiency Ratios
3.1. INVENTORIES DAYS
Inventories days indicates how efficiently the company manages its inventory. In the case of
coats group, inventory days value is marginally low. However, a decrease of 17.8% is
observed in 2018 when compared to 2017 which is a good thing.
3.2. TRADE RECEIVABLE DAYS
Trade receivable days indicates how efficiently company manages cash inflow, controls
credit as well. In the case of coats group, trade receivable days are consistently low &
maintaining the same which shows they are moving in the right direction.
3.3. TRADE PAYABLE DAYS
Trade receivable days indicates how efficiently a company manages cash outflow, controls
credit as well. In the case of coats group, trade payable days are consistently low but a
decrease of 5.97% is seen in the year 2018 as compared to that of 2014. which indicates
they have a margin for contingency since the payable days are not that high.
3.4. EFFICIENCY: COMPETITOR COMPARISON
Following graphs illustrate cash flow and credit management efficient of both the
companies. Until 2018 the numbers of Fenner PLC was relatively followed same trends as
0.00
0.50
1.00
1.50
2.00
2.50
2014 2015 2016 2017 2018
ACID TEST RATIO

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that of Coats Group PLC. But in the year 2018 Fenner PLC has shown an increase of 89.32%
in inventory days, 123.37% in receivable days & 294.64% in payable days. This abrupt
change is due to the acquisition of Fenner PLC by Michelin because of that some irregularity
in operations was there ('Michelin', 31 May 2018).
Graph 8 Inventories Days
Graph 9 Trade Receivable days
Graph 10 Trade Payable Days
0.00 days
20.00 days
40.00 days
60.00 days
80.00 days
100.00 days
120.00 days
140.00 days
160.00 days
2014 2015 2016 2017 2018
INVENTORIES DAYS
0.00 days
20.00 days
40.00 days
60.00 days
80.00 days
100.00 days
120.00 days
140.00 days
2014 2015 2016 2017 2018
TRADE RECEIVABLE DAYS
0.00 days
50.00 days
100.00 days
150.00 days
200.00 days
250.00 days
300.00 days
2014 2015 2016 2017 2018
TRADE PAYABLE DAYS

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4. GEARING RATIOS
Gearing is the evaluation of companies financial leverage, which validates the level to
which companies operations are financed by debts versus equity raised by shareholders
(Will Keaton, 6 March, 2019).
Figure 8 Summary of Gearing Ratios
4.1. DEBT TO EQUITY
On examination of Coats Group, debt to equity ratio has decreased from 246.3% to 202.64%
It is observed that gearing is debt driven.
However, in the year 2016, there is abrupt gearing of 924.51% has seen the reason behind
that is equity raised by the shareholder was significantly low which is 91m$ whereas debt
for that year was high but significantly lower than that of the preceding year. Since the level
of debt in case of Coats group is higher hence there is a financial risk, higher returns as well.
4.2. GEARING
On examination gearing ratio of the past five years, it is seen that there is a decrease from
71% to 67%. however in the year 2016 despite having debt significantly large than that of
shareholders equity the gearing is 90.24 that is near to benchmark.
4.3. GEARING: COMPETITOR COMPARISON
When compared it is seen that compared to the coats group the debts, as well as the equity
numbers of Fenner PLC, were significantly low. Coats group PLC is highly geared and Fenner
group is not utilising outside interest-bearing finance to its fullest which could be seen over
the past five years. the Debt to equity peak observed in Fenner PLC was 80.91% in 2016,
which was near to benchmark. This indicates that Fenner PLC is driven by equity raised by
the shareholders. But as compared to industry norms Debt to equity ratio is 160%. Coats
Group PLC has its D/E ratio higher whereas Fenner Group PLC has its lower than industry
standard ('Credit Guru', no date).
Graph 11 Debt to Equity Ratio
0.00%
200.00%
400.00%
600.00%
800.00%
1000.00%
2014 2015 2016 2017 2018
DEBT TO EQUITY

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Graph 12 Gearing Ratio
5. INVESTMENT RATIOS
Figure 9 Summary of Investment Ratios
5.1. EARNINGS PER SHARE
Earnings per share represent the profit generated per share for the shareholders and a key
factor predicting the future earnings ('Ta-guru', no date).
E.P.S. in case of coats group have increased 357.57% over the past five years it has been a
consistently performing stock. Over the past five year 4.28p is the highest E.P.S. value
observed in the year 2017, the main reason for the growth is because of the reduction in
cost and not the increase in earning. ('Simplywall.st', 2018)
5.2. PRICE/EARNINGS RATIO (P/E)
The price-to-earnings ratio is the ratio for esteeming the company. It measures the current
share price relative to its EPS & Indicates market confidence in share price however
additionally depends on shareholders perspective.
The industry average for the year 2018 was 30.7 whereas P/E ratio of Coats group PLC was
26.98. Hence it is considered as an undervalued.
5.3. INVESTMENT: COMPETITOR COMPARISON
As compared to coats group Fenner is highly traded stock o the stock market. And it is a
performing stock as well but in the year 2015 and 2016EPS and P/E ratios are dropped to
negative sine at that time the company was facing huge losses and this has affected its
market position but it still has managed to come up. As of now, it is not traded on any stock
exchange since it was acquired by Michelin on 31 May 2018.
0.00%
20.00%
40.00%
60.00%
80.00%
100.00%
2014 2015 2016 2017 2018
GEARING

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Graph 13 Earning Per share
Graph 14 Price/Earnings ratio
-20.00
-15.00
-10.00
-5.00
0.00
5.00
10.00
15.00
20.00
2014 2015 2016 2017 2018
EARNINGS PER SHARE
-40.00
-20.00
0.00
20.00
40.00
60.00
80.00
2014 2015 2016 2017 2018
PRICE/EARNINGS RATIO (P/E)

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6. INITIATIVE TO IMPROVE FUTURE PROFITABILITY FOR COATS
GROUP PLC
Initiative
- Effective management of Costs.
Assumptions
1. Best deals from suppliers as well as contractors.
2. Cut down on the unnecessary overhead.
3. Sublet the space if it is not being utilized.
4. Evaluation and debottlenecking of wastage in the production environment.
5. Incorporation of new technologies as well as equipment to minimize labour
consumption, power consumption as well.
6. Outsource the activity which can be done at the same price or lower without losing
the quality.
7. Effective investment in the R&D.
8. Employing competent personnel with proper formal training in order to develop
business.
9. Investment near large markets to minimize on transport.
10. Incorporation of activity-based costing.
11. if new markets aren’t available or available at higher expense form tie-ups, M&A,
franchising, etc
12. Keep a watch on the credit issued and cash inflow, outflow as well.
13. Maintain debt to equity ratio 1:1 by Equity financing
14. Financial Restructuring if required.
Coats group PLC is a group of companies operate under a single board from 2015 and has a
presence in around 50 countries across the world. In order to maximize the future
profitability, the company should undertake necessary initiative mentioned above which is
effective management of costs.
The initiative and the assumptions made to support that affects the ratios in the ways
mentioned below.
Effective management of unutilised space, technology, R&D and competent employees and
functional product placement for specific markets & Successful entry into the new markets
result in increased sales.
Cost of making can be minimized by getting the best deals from suppliers & contractors,
Outsourcing the activity at lower rates, incorporating of activity-based costing. Which will
result in lower cost of sale and higher gross profit
Evaluation and debottlenecking of wastage in the production environment, investment near
large markets, cutting down on unnecessary overhead will result in higher operating profit.
By keeping a watch on the credit issued and cash inflow and outflow, Coats can maximize
the cash available in the books for a longer period of time. Which will result in decreased
the inventory, trade receivable days & increased trade receivable days
In case of Coats group, it is seen that debts are always exceeding the equity which is a high-
risk case but coats have delivered positively every time given its world presence and market
acquisition but to keep the gearing optimum they can opt for activity-based costing, equity
financing or Financial restructuring if planning for further expansion.

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7. ANALYSIS OF MARKET VERDICT
7.1. P/E RATIO
P/E ratio estimates the earning power of the stock, indicates confidence in the share price
and depends on the shareholders perspective. It a key measurement factor while investing.
P/E doesn’t give much but it is a useful tool while doing a comparison with P/E ratio of the
similar company.
P/E ratio = (Market price per share/Earnings per share)
P/E ratio of Coats PLC= (81.50 £ /3.02 £ ) = 26.98
P/E ratio of Coats group is relatively lower than its industry peers hence Coats group PLC is
considered as one of the underperforming stock ('Simplywall.st', 7 March 2019).
7.2. MARKET TO BOOK RATIO
Book value of Share=current asset-current liability=1299.3-1000.4=298.9$m=227.82mGBP
Shares Outstanding = 1.43B
Shares Value = 81.50 GBP
Market to book ratio for the year 2018 =1.43B*81.50 GBP=116.545BGBP
Market to book value ratio is utilized to discover whether a company is overvalued or
undervalued based on the comparison of the market price of all outstanding offering with
the company's net asset. (Will Kenton, 7 March, 2019).
7.3. FUTURE PROSPECTS
Figure 10 Historical Debt of COA, ('Simplywall.st', 31 March 2019)
Above Figure illustrates that Coats group PLC is having a high level of debt as compared to
the net worth the capital raised mainly consists of debt, despite having high risks company is
performing consistently well, having high risk has its advantage i.e, interest on the debts is
able to cover the tax on profits.

17
Figure 11 LSE, Future profits June 21,2018, ('Simplywall.st', 31 March 2019)
('Simplywall.st', 31 March 2019) predicts that an increase of 14 % increase in earnings, while
earnings growth is anticipated to exceed the market average of UK with effective utilization
of equity raised by shareholders.
Figure 12 Past and future E.P.S., ('Simplywall.st', 31 March 2019)
The graph illustrates the Simply wall.st, analysts positive expectation from E.P.S. of Coats
group PLC in the future the trend expected is positive.
According to the analyst at Peel Hunt's prediction, the year 2019 for coats group PLC will be
full-year profits before tax and earnings per share of $190m and 8¢ respectively, against
proceeding year numbers of $181m and 7.7¢. (Alex Janiaud, 1 March, 2019).
Throughout its history coats group PLC has performed consistently well with its debt driven
approach it has brought profits in the time of recession whereas now they have developed a
new approach to breakthrough in related industries which supports their main industry
because of that they have more exposure and increased revenue and control over all the
aspect of technology to support them. Hence the sudden drop in share prices wont affect
the company since correction will always be there. Therefore Coats Group PLC is a Strong
stock to invest upon and is recommended by the analysts ('Simplywall.st', 31 March 2019).

18
8. BIBLIOGRAPHY
'Coats Group PLC', no date. Coats Group PLC. [Online]
Available at: https://www.coats.com/en/Acquisitions/Companies/Fast-React
[Accessed 25 March 2019].
Available at: https://www.coats.com/en/Acquisitions/Companies/GSD
Available at: https://www.coats.com/
Available at: https://www.coats.com/News/2018/12/Coats-acquires-ThreadSol
'London Stock exchange Group', no date. London Stock exchange Group. [Online]
Available at: https://www.lseg.com/markets-products-and-services/our-markets/london-
stock-exchange/equities-markets/raising-equity-finance/market-open-ceremony/welcome-
stories/london-stock-exchange-welcomes-coats-group-plc-125th-anniversary-its-main-
market-listing
'Business Dictionary', no date. businessdictionary. [Online]
Available at: http://www.businessdictionary.com/definition/liquidity-ratio.html
'Simplywall.st', 2018. Simplywall.st. [Online]
Available at: https://simplywall.st/stocks/gb/consumer-durables/lse-coa/coats-group-
shares/news/what-should-investors-know-about-coats-group-plcs-loncoa-growth/
Alex Janiaud, 1 March, 2019. Investorschronicle. [Online]
Available at: https://www.investorschronicle.co.uk/shares/2019/03/01/coats-group-wears-
costs-of-reorganisation/
Will Kenton, 7 March, 2019. Investopedia. [Online]
Available at: https://www.investopedia.com/terms/b/booktomarketratio.asp
'Simplywall.st', 7 March 2019. Simplywall.st. [Online]
shares/news/is-coats-group-plcs-loncoa-pe-ratio-a-signal-to-buy-for-investors/
'Simplywall.st', June 21 2018. simplywall.st. [Online]
shares/news/is-coats-group-plc-loncoa-a-buy-at-its-current-pe-ratio/
'Simplywall.st', 31 March 2019. Simplywall.st. [Online]

19
shares?utm_medium=finance_user&utm_source=yahoo&utm_campaign=CTA_ticker&bluep
rint=301031
'Michelin', 31 May 2018. Michelin. [Online]
Available at: https://www.michelin.com/en/press-releases/michelin-completes-the-
acquisition-of-fenner-plc-2/
Investopedia, 31 Jan, 2019. Investopedia. [Online]
Available at: https://www.investopedia.com/terms/c/capitalemployed.asp
'Fenner PLC', no date. Fenner PLC. [Online]
Available at: http://www.fenner.com/en/home
'Credit Guru', no date. creditguru. [Online]
Available at: http://www.creditguru.com/index.php/financial-analysis/financial-statement-
ratio-analysis/107-industry-norms-and-key-business-ratios
Will Keaton, 25 Feb, 2019. Investopedia. [Online]
Available at: https://www.investopedia.com/terms/e/efficiencyratio.asp
Will Keaton, 6 March, 2019. investopedia. [Online]
Available at: https://www.investopedia.com/terms/g/gearingratio.asp
'Ta-guru', no date. ta-guru. [Online]
Available at: http://www.ta-
guru.com/Book/FundamentalAnalysis/FundamentalIndicators/EarningsPerShare.php5
9. APPENDICES
Appendix A: ‘COATS GROUP PLC’ Annual Report 2018.
Appendix B: Ratio analysis Calculation Excel Sheet.

Financial Analysis Of Coats Group PLC

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