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): 264
Equiv. Shares (M): 189

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
$ 1.395 $ 1.440 $ 1.460 $ 1.365 $ 1.395 2,819,609 0%

Current Broker Consensus Recommendation more
Recommendation: Buy (1.5)
Recommendation Date: 17th Oct 2014
Brokers Surveyed: 4

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 flagship project is the Nullagine Iron Ore Project.

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 (%)
2016  F -- 25.1 38.8 5.5 10.0 7.2 --
2015  F -- 18.1 -71.7 7.7 6.2 4.4 --
2014  A 79.2 64.0 2.0 7.0 32.0 7.2 100.0
Source: Aspect actuals / Thomson IBES estimates

Peer Comparison
EPS Growth (%) P/E (%) Dividend Yield (%)
Company Mkt Cap 2014 A 2015 F 2016 F 2014 A 2015 F 2016 F 2014 A 2015 F 2016 F
BC Iron (BCI) $265 M 0.0200 -0.7173 0.3886 2.1875 7.7391 5.5732 22.86 4.36 7.11
BHP Billiton (BHP) $107,270 M 0.1223 -0.1217 0.2243 12.4907 14.2212 11.6154 3.85 4.28 4.45
Iluka Resources (ILU) $3,195 M -0.6600 -0.7714 4.1398 24.8777 108.8445 21.1768 1.18 1.84 3.46
Rio Tinto (RIO) $25,871 M 0.5848 -0.3133 0.1020 7.7319 11.2588 10.2170 3.61 4.02 4.30
Sims Metal Management (SGM) $2,190 M 3.0215 1.1233 0.2954 31.7885 14.9713 11.5576 0.93 2.64 4.01

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth P/S Ratio
BCI 0.20 2.79 0.74 10.00 0.37
Market 1.08 13.6 1.03 1.03 3.12
Sector 0.68 11.0 0.81 0.95 3.17

Name Position Start Date
Mr Morgan Ball Executive Director,Finance Director,Managing Director 06 December 2011
Mr Brian Francis O'Donnell Non-Executive Director 07 October 2014
Mr Alwyn Vorster Non-Executive Director 07 October 2014
Mr Terrence (Terry) William Ransted Non-Executive Director 10 July 2006
Mr Malcolm John McComas Non-Executive Director 02 December 2011
Mr Michael (Mike) Charles Young Non-Executive Director 11 October 2006
Mr Andrew (Andy) Malcolm Haslam Non-Executive Director 19 September 2011
Mr Peter Wilshaw Non-Executive Director 23 October 2013
Mr Anthony (Tony) William Kiernan Non-Executive Director,Non-Executive Chairman 11 October 2006

Name Position
B L Duncan Chief Operations Officer
Linda Edge Company Secretary
Anthea Bird Joint Company Secretary

Substantial Shareholders
Holding Name
7,522,827 (6.10%) Australian Super Pty Ltd
6,326,979 (5.10%) BT Investment Management Limited
7,359,763 (6.00%) Ausbil Dexia Limited
7,546,326 (6.10%) National Australia Bank Limited and associated companies
7,730,405 (6.30%) Tribeca Investment Partners Pty Ltd
9,007,263 (7.30%) Henghou Industries (Hong Kong) Ltd

Calendar of Events
Date Event
16 October 2015 Report (Annual)
31 August 2015 Report (Prelim)
26 August 2015 Report (Prelim)
27 July 2015 Report (Quarterly)
27 April 2015 Report (Quarterly)
02 March 2015 Report (Interim)
25 February 2015 Report (Interim)
27 January 2015 Report (Quarterly)
19 November 2014 AGM
24 October 2014 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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