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BC IRON LIMITED (BCI)


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General Information
Company Name: BC Iron Limited
Stock Code: BCI
Website: www.bciron.com.au
GICS Sub-Industry: Diversified Metals & Mining
Market Cap ($M): 394
Equiv. Shares (M): 123

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
$ 3.200 $ 3.210 $ 3.220 $ 3.180 $ 3.200 1,493,434 0%

Current Broker Consensus Recommendation more
Recommendation: Buy
Recommendation Date: 31st May 2013
12 Month Target Price (average): $3.583
Brokers Surveyed: 3

Company Overview

Business Description:
BC Iron Limited (BCI) is an iron ore development and mining company with key project in the Pilbara region of Western Australia. BCI’s core proejct is the Nullagine Iron Ore Project, a 75/25 joint venture with Fortescue Metals Group (FMG).

Strategy Analysis:
BCI is focussed on bringing the Nullagine Iron Ore Project into production. Production is forecast to be 1Mt by June 2011. The company also aims to build a pipeline of projects through targeted mergers and acquisitions.

Financial Summary
Year to Jun NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2012  A 50.6 50.8 NaN 5.2 15.0 5.7 100.0
2011  A 1.0 1.3 -- 190.9 0.0 0.0 --
2010  A -1.4 -1.7 -- 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
BC Iron (BCI) $394 M 38.3565 -- -- 6.3029 -- -- 0.0469 -- --
BHP Billiton (BHP) $104,990 M -0.1359 -0.2624 0.1727 10.3794 14.0717 11.9990 0.0336 0.0342 0.0366
Iluka Resources (ILU) $4,279 M -0.2536 -0.7035 2.1615 11.3266 38.2056 12.0847 0.0342 0.0231 0.0290
Rio Tinto (RIO) $23,335 M -0.3874 0.0604 0.1054 11.0609 10.4309 9.4363 0.0300 0.0331 0.0366
Sims Metal Management (SGM) $1,839 M -0.6378 -0.2361 1.9362 26.7300 34.9922 11.9174 0.0222 0.0120 0.0410

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth P/S Ratio
BCI 0.20 6.30 2.52 -- 1.55
Market 0.94 12.5 0.82 1.96 2.44
Sector 0.54 8.13 0.58 2.01 6.08

Directors
Name Position Start Date
Mr Michael (Mike) Charles Young -- 11 October 2006
Mr Morgan Ball Executive Director,Finance Director,Managing Director 06 December 2011
Mr Terrence (Terry) William Ransted Non-Executive Director 10 July 2006
Mr Malcolm John McComas Non-Executive Director 02 December 2011
Mr Andrew (Andy) Malcolm Haslam Non-Executive Director 19 September 2011
Mr Anthony (Tony) William Kiernan Non-Executive Director,Non-Executive Chairman 11 October 2006

Management
Name Position
Blair Duncan Chief Operations Officer
Linda Edge Company Secretary
Anthea Bird Joint Company Secretary

Substantial Shareholders
Holding Name
24,802,358 (23.88%) Consolidated Iron Pty Ltd
24,002,698 (23.11%) Sun Hung Kai Investment Services Ltd
10,327,263 (9.94%) Henghou Industries (Hong Kong) Ltd

Calendar of Events
Date Event
28 April 2014 Report (Quarterly)
04 March 2014 Report (Interim)
26 February 2014 Report (Interim)
23 January 2014 Report (Quarterly)
21 October 2013 Report (Quarterly)
18 September 2013 Report (Annual)
04 September 2013 Report (Prelim)
03 September 2013 Report (Prelim)
23 July 2013 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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