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FY Ending December 312016201720182019202020212022202320242025202620272028
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 Income Statement
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USD in millions, except per share/ specified
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Total Revenue from Operations0.0 1,157.0 1,259.0 1,364.0 1,475.0 1,602.0 1,662.0 1,779.0 1,861.2 2,041.7 2,255.9 2,490.0 2,750.4
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 Y/Y %8.8%8.3%8.1%8.6%3.7%7.0%4.6%9.7%10.5%10.4%10.5%
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 Realised Price change3.6%3.9%5.5%6.1%11.4%5.0%5.0%5.0%5.0%5.0%
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 Mgmt Guidance (Historical Q4 of preceding year)1,365.0 1,480.0 1,640.0 1,715.0 1,720.0 1,825.0 2,000.0 >> Mgmt guidance largely accurate
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 Surprise rate from mgmt expectations1,825.0
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Renewals759.0 835.0 926.0 1,013.0 1,103.0 1,203.0 1,367.0 1,435.1 1,556.9 1,711.3 1,891.8 2,094.8
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 Y/Y %10.0%10.9%9.4%8.9%9.1%13.6%5.0%8.5%9.9%10.5%10.7%>> Revenue model for further notes
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 Overall Renewal Rate 66.0%68.0%69.0%69.0%72.0%77.0%78.0%78.5%79.0%79.5%80.0%
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Real Estate (Through brokers at home purchased)249.0 262.0 263.0 263.0 252.0 184.0 141.0 140.1 176.1 211.3 238.2 266.8
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 Y/Y %5.2%0.4%0.0%-4.2%-27.0%-23.4%-0.6%25.7%20.0%12.7%12.0%>> Revenue model for further notes
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 Renewal Rate (Annual Report)29.0%27.0%27.0%28.0%30.0%30.0%30.0%30.0%30.0%30.0%30.0%
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DTC 144.0 156.0 167.0 183.0 201.0 219.0 194.0 201.3 215.5 230.8 247.2 264.8 >> Revenue model for further notes
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 Y/Y %8.3%7.1%9.6%9.8%9.0%-11.4%3.7%7.1%7.1%7.1%7.1%
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 Renewal Rate (Annual Report)76.0%75.0%76.0%74.0%74.0%73.0%75.0%75.0%75.0%75.0%75.0%
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Others5.0 6.0 8.0 16.0 46.0 56.0 77.0 84.7 93.2 102.5 112.7 124.0
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 Y/Y %20.0%33.3%100.0%187.5%21.7%37.5%10.0%10.0%10.0%10.0%10.0%
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Cost of Services Rendered(589.0)(686.0)(687.0)(758.0)(818.0)(952.0)(895.0)(930.6)(1,020.8)(1,128.0)(1,245.0)(1,375.2)
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Gross Profit 568.0 573.0 677.0 717.0 784.0 710.0 884.0 930.6 1,020.8 1,128.0 1,245.0 1,375.2
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Gross Margin 49.1%45.5%49.6%48.6%48.9%42.7%49.7%50.0%50.0%50.0%50.0%50.0%
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Sales, Marketing & Customer Services Total Costs(259.0)(278.0)(339.0)(361.0)(365.0)(405.0)(418.8)(459.4)(507.6)(560.2)(618.8)
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% of Sales 20.6%20.4%23.0%22.5%22.0%22.8%22.5%22.5%22.5%22.5%22.5%
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Sales & Marketing Costs(225.0)(245.0)(253.0)(299.0)(297.8)(326.7)(361.0)(398.4)(440.1)
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% of Sales 15.3%15.3%15.2%16.8%16.0%16.0%16.0%16.0%16.0%
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Customer Service Costs(114.0)(116.0)(112.0)(106.0)(121.0)(132.7)(146.6)(161.8)(178.8)
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% of Sales 7.7%7.2%6.7%6.0%6.5%6.5%6.5%6.5%6.5%
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G&A Costs(75.0)(105.0)(110.0)(125.0)(135.0)(150.0)(158.2)(173.5)(191.8)(211.6)(233.8)
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% of Sales6.0%7.7%7.5%7.8%8.1%8.4%8.5%8.5%8.5%8.5%8.5%
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SBC(4.0)(9.0)(17.0)(25.0)(22.0)(26.0)(27.9)(30.6)(33.8)(37.3)(41.3)
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% of Sales0.3%0.7%1.2%1.6%1.3%1.5%1.5%1.5%1.5%1.5%1.5%
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EBITDA235.0 285.0 251.0 273.0 188.0 303.0 325.7 357.3 394.8 435.7 481.3
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% 18.7%20.9%17.0%17.0%11.3%17.0%17.5%17.5%17.5%17.5%17.5%
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D&A(21.0)(24.0)(34.0)(35.0)(34.0)(37.0)(39.7)(47.1)(47.9)(57.5)(68.1)
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%1.7%1.8%2.3%2.2%2.0%2.1%2.1%2.3%2.1%2.3%2.5%
>> Supporting statement, 5 average years straightline
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EBIT214.0 261.0 217.0 238.0 154.0 266.0 286.0 310.2 346.9 378.2 413.3
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%17.0%19.1%14.7%14.9%9.3%15.0%15.4%15.2%15.4%15.2%15.0%
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Interest Expense (23.0)(62.0)(57.0)(39.0)(31.0)(40.0)(42.2)(40.9)(32.0)(27.2)(13.7)
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% of Average Debt 6.3%5.8%4.9%5.0%6.7%7.2%7.2%7.0%7.7%7.8%>> Mgmt guidance with interest rate swaps
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Interest Income2.0 6.0 (1.0)1.0 4.0 16.0 7.6 9.9 10.7 12.0 12.4
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% of Average Cash & Equivalents 1.7%0.2%1.4%5.2%2.0%2.0%2.0%2.0%2.0%
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EBT adjusted 193.0 205.0 159.0 200.0 127.0 242.0 251.4 279.1 325.5 363.1 412.0
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Restructuring (3.0)(1.0)(8.0)(3.0)(20.0)(16.0)(20.0)(20.0)0.0 0.0 0.0 >> With acquisition assuming -20 worst ever
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Special (23.0)(1.0)0.0 (31.0)(14.0)0.0 0.0 0.0 0.0 0.0 0.0
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Pre-tax profit167.0 203.0 151.0 166.0 93.0 226.0 231.4 259.1 325.5 363.1 412.0
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%
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Tax (42.0)(51.0)(37.0)(39.0)(22.0)(57.0)(57.9)(64.8)(81.4)(90.8)(103.0)
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Tax Rate 25.1%25.1%24.5%23.5%23.7%25.2%25.0%25.0%25.0%25.0%25.0%>> Mgmt Guidance on effective tax rate
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Net Profit 125.0 152.0 114.0 127.0 71.0 169.0 173.6 194.3 244.1 272.3 309.0
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%9.9%11.1%7.7%7.9%4.3%9.5%9.3%9.5%10.8%10.9%11.2%
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Weighted Average Share Outstanding 84.7 84.9 85.5 85.5 82.0 80.9 78.0 74.7 70.5 65.9 60.6 35FTDR
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Diluted EPS 1.5 1.8 1.3 1.5 0.9 2.1 2.2 2.6 3.5 4.1 5.1
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Derivatives, net (9.0)(12.0)(12.0)15.0 27.0 (3.0)0.0 0.0 0.0 0.0 0.0
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Net Comprehensible Income 116.0 140.0 102.0 142.0 98.0 166.0 173.6 194.3 244.1 272.3 309.0
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 Balance Sheet\
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USD in millions, except per share/ specified
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Cash & Cash Equivalents 295.0 428.0 598.0 262.0 292.0 326.0 433.7 553.7 513.2 690.2 553.9
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Other 34.0 33.0 29.0 32.0 38.0 38.0 38.0 38.0 38.0 38.0 38.0
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Total Current Assets 329.0 461.0 627.0 294.0 330.0 364.0 471.7 591.7 551.2 728.2 591.9
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PP&E47.0 51.0 60.0 66.0 66.0 60.0 67.3 69.5 76.1 78.8 77.3
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Goodwill476.0 501.0 512.0 512.0 503.0 503.0 503.0 503.0 503.0 503.0 503.0 >> M&A not modelled yet
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Intangible Assets158.0 191.0 170.0 159.0 148.0 143.0 141.0 141.0 141.0 141.0 141.0
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Other 31.0 46.0 37.0 38.0 35.0 20.0 20.0 20.0 20.0 20.0 20.0
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Total Assets 1,041.0 1,250.0 1,406.0 1,069.0 1,082.0 1,090.0 1,203.0 1,325.2 1,291.3 1,471.0 1,333.2
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