Provide an overview on the company’s relative market valuation over the period 2012–2015. What can be inferred from the company’s relative market valuation?

Montgomery Organizations plc, whose annual accounts are given below. The firm has 14,685,856 shares and the share price is £2.78.

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Fixed Assets ( millions) Tangible assets Land and buildings Freehold land Fixtures and fittings Plant and vehicles Fixed Assets ( millions) Plant Intangible assets Investments Fixed assets Current Assets Stock and WIP Stock WIP Finished goods Trade debtors Bank and deposits Other current assets Group loans (asset) Directors loans (asset) Other debtors Prepayments Current assets Current Liabilities Trade creditors Short-term loans and overdrafts Bank overdrafts Group loans (short t.) Director loans (short t.) Hire purch, and leas. (short t.) Hire purchase (short t.) Leasing (short t.) Other short-term loans Total other current liabilities Corpora Dividends Accruals and def. inc. (sh. t.) Social securities and VAT Other current liabilities Current liabilities Net current assets (liab.) Net tangible assets (liab.) Working capital Total assets Total assets less cur. liab. Long-Term Liabilities Provisions for other liab. Deferred tax Other provisions Pension liabilities Long-term liabilities Total assets less liabilities Shareholders Funds Issued capital Ordinary shares Preference shares Other shares Total reserves Share premium account Profit (loss) account Other reserves 2015 164 71 71 78 15 2015 15 832 520 1,517 Depreciation 2 47 662 618 0 12 32 711 -7 -1,924 0 -1,923 0 0 0 -105 -29 0 -33 -19 -25 -2,035 -1,324 -639 -1,324 2,228 193 -12 -12 Shareholders' funds Turnover Cost of sales Gross profit Administration expenses Other operating income pre OP Exceptional items pre OP Operating profit Other income Total other income and int. received. Exceptional items Profit (loss) before interest paid Interest received Interest paid Other Interest paid Net interest Profit (loss) before tax Taxation Profit (loss) after tax Dividends Retained profit (loss) -23 -35 158 1 1 ******* **** ***** -13,932 26 2014 167 70 70 81 15 2014 15 832 521 1,520 4 58 35 0 0 5 30 97 -10 -1,325 0 -1,324 0 -1 0 -78 -28 0 -21 -18 -11 -1,413 -1,316 -628 -1,316 1,617 204 -13 -13 -31 -44 160 1 1 ******** **** **555*1861 A 13.480 -12,870 2013 180 68 93 19 2013 832 509 1,521 43 28 0 0 28 72 * T F 4 -1,260 -1,259 -102 -1,376 -1,304 -615 -1,304 1,593 217 -31 -13 -19 -31 186 184 3 180 1 180 13,337 -12,708 629 -369 260 30 30 -16 274 -84 -84 190 -49 141 -150 -9 30 832 518 1,538 209 3 205 1 2012 188 66 210 7,127 -6,800 103 19 2012 327 -502 -1,255 0 -1,255 0 0 -175 486 486 -18 293 1 1 0 -102 -29 -92 0 -92 201 -18 183 -20 163 1 -1,374 -1,313 -607 -1,313 1,599 225 26 34 26 0 0 26 -14 -12 -2 61 -14 210 -18 0 -37 -21 -15