AP Eagers Limited (APE)



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General Information
Company Name: AP Eagers Limited
Stock Code: APE
Website: www.apeagers.com.au
GICS Sub-Industry: Automotive Retail
Market Cap ($M): 982
Equiv. Shares (M): 179

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
$ 5.500 $ 5.500 $ 5.510 $ 5.490 $ 5.500 9,829 0%

Company Overview

Business Description:
AP Eagers Limited (APE) operates motor vehicle dealerships in Australia. APE provides full facilities including the sale of new and used vehicles, service, parts and the facilitation of allied consumer finance. APE also operates a substantial motor vehicle auction business, Brisbane Motor Auctions. APE has four operating segments being Automotive Franchised Retail, Truck Retail, Property, Investment and others.

Strategy Analysis:
APE's strategy is focused on maintaining its industry position through acquisition of dealerships located on strategically visible and functional properties. APE is structured through a franchise and dealership network and develops its dealership program through acquisition, property rationalisation and refurbishing existing facilities. To improve margins at each dealership, APE is focused on cost control, optimising property usage operational integration.. AP Eagers reported NPAT up 38% to $55.37m for the year ended 31 December 2012. Revenues from ordinary activities were $2.64bn, up 10% from last year. Diluted EPS was 33.2 cents compared to 25.2 cents last year. The increases in profitability and earnings per share were due to improved operational results from the company's Qld/NT, SA Cars and National Truck divisions and the inclusion for the first time of dividend income from the strategic investment in Automotive Holdings Group. Net operating cash flow was $55.64m compared to $64.52m last year. The final dividend declared was 13 cents, taking the full year dividend to 20 cents compared with 80 cents last year.


Financial Summary
Year to Dec NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2013  A 64.6 35.6 7.3 13.2 23.0 4.9 100.0
2012  A 55.6 33.2 30.6 11.1 20.0 5.4 100.0
2011  A 40.6 25.4 22.5 9.1 16.0 6.9 100.0
Source: Aspect actuals / Thomson IBES estimates

Peer Comparison
EPS Growth (%) P/E (%) Dividend Yield (%)
Company Mkt Cap 2011 A 2012 F 2013 F 2011 A 2012 F 2013 F 2011 A 2012 F 2013 F
Automotive Holdings (AHE) $1,155 M 0.1303 0.0953 0.0656 13.0180 11.8852 11.1538 5.57 6.24 6.79
AP Eagers (APE) $982 M 0.0731 -- -- 15.4364 -- -- 4.18 -- --

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth P/S Ratio
APE -- 15.4 1.80 -- 0.37
Market 0.90 15.3 1.23 1.72 1.52
Sector 0.90 14.8 1.94 1.85 0.89

Directors
Name Position Start Date
Mr Martin Andrew Ward Chief Executive Officer,Managing Director 06 March 2006
Mr Nicholas George Politis Non-Executive Director 05 May 2000
Mr Peter William Henley Non-Executive Director 08 December 2006
Mr Daniel Thomas Ryan Non-Executive Director 01 January 2010
Mr David Arthur Cowper Non-Executive Director 01 July 2012
Mr Timothy Boyd Irving Crommelin Non-Executive Director,Non-Executive Chairman 23 February 2011

Management
Name Position
Stephen Graham Best Chief Financial Officer
Denis Gerard Stark General Counsel,Company Secretary
Keith Thomas Thornton General Manager Queensland & Northern Territory
Michael Anthony Raywood Group Human Resources Manager

Substantial Shareholders
Holding Name
11,977,755 (6.78%) Patterson Cheney Investments Pty Ltd
62,817,353 (35.58%) WFM Motors Pty Ltd
10,193,381 (5.77%) Jove Pty Ltd

Calendar of Events
Date Event
31 August 2015 Report (Interim)
27 August 2015 Report (Interim)
16 April 2015 Report (Annual)
02 March 2015 Report (Prelim)
25 February 2015 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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