ALTIUM LIMITED (ALU)



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General Information
Company Name: Altium Limited
Stock Code: ALU
Website: www.altium.com
GICS Sub-Industry: Application Software
Market Cap ($M): 171
Equiv. Shares (M): 110

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
 $ 1.550 $ 1.600 $ 1.600 $ 1.550 $ 1.610 121,920 $ -0.060  -3.727 %

Current Broker Consensus Recommendation more
Recommendation: Buy
Recommendation Date: 5th Oct 2006
12 Month Target Price (average): $0
Brokers Surveyed: 1

Company Overview

Business Description:
Altium Limited (ALU) is engaged in the development and sale of computer software for the design of electronic products. ALU is based in Australia with sales operations in the following regions: Americas; Europe, Middle East and Africa; Greater China; and Asia Pacific. ALU offers various software and hardware products, including: Altium Designer, NanoBoard NB2, NanoBoard 3000, TASKING, Morfik and Subscription.

Strategy Analysis:
Altium Limited's (ALU) core business is the development of electronic design automation (EDA) software products for the Microsoft Windows operating system. EDA software tools have traditionally been provided on expensive UNIX based mainframe systems. The company’s long term strategy is to develop desktop software tools that cover a broad range of electronic design technologies and are easy to learn, use and afford. The majority of ALU’s revenue is sourced from overseas. Altium’s products cover a range of hardware and software electronics design processes, and the current brands include nVisage, Protel, P-CAD, TASKING, Nexar, CircuitMaker and CAMtastic. ALU operates a number of sales and support offices in Australia, the United States, Japan, and Europe, as well as maintaining a large reseller network in all other major markets.


Financial Summary
Year to Jun NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2012  A 6.8 7.0 -- 2.8 5.0 25.9 --
2011  A -5.6 -5.7 -- 0.0 0.0 0.0 --
2010  A -12.1 -13.6 NaN 0.0 0.0 0.0 --
Source: Aspect actuals / Thomson IBES estimates

Peer Comparison
EPS Growth (%) P/E (%) Dividend Yield (%)
Company Mkt Cap 2010 A 2011 F 2012 F 2010 A 2011 F 2012 F 2010 A 2011 F 2012 F
Altium (ALU) $177 M -- -- -- 22.9672 -- -- 0.0311 -- --

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth P/S Ratio
ALU 3.00 22.1 18.0 -- 2.80
Market 1.08 13.3 0.91 2.59 2.57
Sector 0.85 16.6 2.20 1.85 1.31

Directors
Name Position Start Date
Mr Samuel Scott Weiss Chairman 01 January 2007
Mr Aram Mirkazemi Chief Technology Officer,Executive Director 16 October 2012
Mr Kayvan Oboudiyat Company Secretary,Vice Chairman 01 January 1996
Mr Carl John Rooke Non-Executive Director 01 January 1990
Mr David M Warren Non-Executive Director 01 January 1991
Mr William A Bartee Non-Executive Director 01 January 1999

Management
Name Position
Richard Leon Chief Finance Officer
Alison Raffin Company Secretary

Substantial Shareholders
Holding Name
12,163,000 (11.05%) Mirkazemi Holdings Pty Ltd
22,524,650 (20.47%) Nicholas M Martin
8,672,346 (7.88%) Smallco Investment Manager Ltd
9,845,345 (8.95%) Samuel Weiss
8,834,414 (8.03%) Carl Rooke
5,556,300 (5.05%) David Warren

Calendar of Events
Date Event
20 February 2014 Report (Interim)
28 October 2013 Report (Annual)
30 August 2013 Report (Prelim)
© 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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