Discovery Metals Limited (DML)



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General Information
Company Name: Discovery Metals Limited
Stock Code: DML
Website: www.discoverymetals.com
GICS Sub-Industry: Diversified Metals & Mining
Market Cap ($M): 11
Equiv. Shares (M): 644

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
 $ 0.018 $ 0.018 $ 0.020 $ 0.017 $ 0.017 2,549,045 $ 0.001  5.882 %

Company Overview

Business Description:
Discovery Metals Limited (DML) is an Australian based copper and silver production company from its 100% owned major asset, the Boseto Copper Project. DML also focuses on the development and exploration around the Boseto area in Botswana.

Strategy Analysis:
DML is focused on developing the Boseto Copper Project in Botswana. DML also aim to discover and develop other economic mineral deposits. Discovery Metals reported a net loss of US$14.58m for the half-year ended 31 December 2012, up from the US$7.0m loss for the corresponding period in 2011. This result is consistent with the ramp up in activity, manning and costs by the company as it commenced production at Boseto in June 2012. Revenues from ordinary activities were US$114.0m, compared to US$309.0m from the same period last year. Basic and Diluted EPS was (3.03) US cents compared to (1.56) US cents last year. The net operating cash inflow was US$11.39m compared to an outflow of US$4.13m in the pcp. No dividend was declared.


Financial Summary
Year to Jun NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2014  A 15.9 2.9 -- 2.5 0.0 0.0 --
2013  A -20.1 -4.2 -- 0.0 0.0 0.0 --
2012  A -20.7 -4.7 -- 0.0 0.0 0.0 --
Source: Aspect actuals / Thomson IBES estimates

Peer Comparison
EPS Growth (%) P/E (%) Dividend Yield (%)
Company Mkt Cap 2012 A 2013 F 2014 F 2012 A 2013 F 2014 F 2012 A 2013 F 2014 F
BHP Billiton (BHP) $92,497 M 0.1223 -0.2311 0.0433 10.7704 14.0071 13.4253 4.46 5.19 5.27
Discovery Metal (DML) $8 M -- -- -- 0.4152 -- -- 0.00 -- --
Iluka Resources (ILU) $2,571 M -0.6600 -0.9302 13.4766 20.0196 286.9159 19.8192 1.47 2.27 4.30
Rio Tinto (RIO) $24,398 M 0.5848 -0.2712 -0.2843 7.2917 10.0045 13.9783 3.83 4.56 4.59
Sims Metal Management (SGM) $2,395 M 3.0215 1.0077 0.3235 34.7594 17.3128 13.0814 0.85 2.36 3.59

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth P/S Ratio
DML -- 0.59 0.17 -- 0.07
Market 0.91 15.2 1.19 2.02 1.50
Sector 0.61 11.9 0.68 1.36 2.50

Directors
Name Position Start Date
Mr Jeremy James Read Non-Executive Chairman 30 May 2003
Mr Paul Michael Frederiks Non-Executive Director 30 August 2014
Ribson Champion Gabonowe Non-Executive Director 30 May 2008
Mr Royston Denysschen Non-Executive Director 09 July 2014

Management
Name Position
Robert(Bob) Fulker Chief Executive Officer
Kerry John Parker Company Secretary,Chief Financial Officer
Lawrence Manjengwa General Manager, Boseto Operations
Robert Cooper General Manager, Operations

Substantial Shareholders
Holding Name
84,005,163 (13.04%) Transamine Trading SA.
64,714,633 (10.05%) Blumont Copper Pte Ltd
35,867,105 (5.57%) Transaminvest S.A.

Calendar of Events
Date Event
23 October 2015 Report (Annual)
12 October 2015 Report (Quarterly)
27 August 2015 Report (Prelim)
21 July 2015 Report (Quarterly)
21 April 2015 Report (Quarterly)
27 February 2015 Report (Interim)
15 January 2015 Report (Quarterly)
© 2011 Morningstar, Inc. All rights reserved. The data and content contained herein are not guaranteed to be accurate, complete or timely. Neither Morningstar, nor its affiliates nor their content providers will have any liability for use or distribution of any of this information. To the extent that any of the content above constitutes advice, it is general advice that has been prepared by Morningstar Australasia Pty Ltd ABN: 95 090 665 544, AFSL: 240892 (a subsidiary of Morningstar, Inc.), without reference to your objectives, financial situation or needs. Before acting on any advice, you should consider the appropriateness of the advice and we recommend you obtain financial, legal and taxation advice before making any financial investment decision. If applicable investors should obtain the relevant product disclosure statement and consider it before making any decision to invest. Some material is copyright and published under licence from ASX Operations Pty Limited ACN 004 523 782 ("ASXO"). DISCLOSURE: Employees may have an interest in the securities discussed in this report. Please refer to our Financial Services Guide (FSG) for more information at www.morningstar.com.au/fsg.asp.

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