Beadell Resources Limited (BDR)



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General Information
Company Name: Beadell Resources Limited
Stock Code: BDR
Website: www.beadellresources.com.au
GICS Sub-Industry: Gold
Market Cap ($M): 212
Equiv. Shares (M): 799

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
 $ 0.265 $ 0.275 $ 0.280 $ 0.265 $ 0.280 4,955,197 $ -0.015  -5.357 %

Current Broker Consensus Recommendation more
Recommendation: Buy (1.5)
Recommendation Date: 7th Jan 2015
Brokers Surveyed: 2

Company Overview

Business Description:
Beadell Resources Limited (BDR) is a gold producer company. Its primary asset is the Tucano gold project, located in Brazil. BDR also has a portfolio of gold exploration tenements throughout Australia and Brazil.

Strategy Analysis:
2010 has seen a flurry of good announcements made by the company in reference to its Tucano gold project in Brazil. The company is now carrying on with further drilling to ascertain how large the gold mineralization zone is and to determine its economic potential. The company also agreed to sell the Amapa Iron Ore Royalty for $31.25m cash to Anglo Pacific Group. Beadell Resources reported negative cash flow of $16.89m for the quarter ended 31 December 2012. Operating cash flow for the period was $(33.19m). Payments for exploration and evaluation were $(1.05m). Investing cash flow was $(480,000). Financing cash flow was $16.79m. Cash in hand at the end of the quarter was $5.45m.


Financial Summary
Year to Dec NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2014  A 13.5 1.7 -87.9 32.0 1.0 1.8 --
2013  A 113.5 14.0 -- 5.7 0.0 0.0 --
2012  A -43.0 -6.0 -- 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
Beadell Resources (BDR) $224 M -0.8785 -- -- 16.4706 -- -- 3.57 -- --
Newcrest Mining (NCM) $10,471 M -0.0429 0.0206 0.1825 24.2370 23.7483 20.0823 0.00 0.00 0.00
Northern Star Resources (NST) $1,434 M 0.2151 2.2157 0.5607 30.1746 9.3835 6.0124 1.45 2.48 4.19
OceanaGold (OGC) $816 M -- -0.4488 -0.0380 6.1290 11.1203 11.5599 1.81 0.96 0.96
OZ Minerals (OZL) $1,168 M -- -0.1408 1.4058 28.0817 32.6825 13.5850 2.60 0.68 0.68

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth P/S Ratio
BDR -- 15.6 0.95 -- 0.81
Market 0.90 16.8 1.30 2.44 1.60
Sector 0.58 13.0 0.69 2.19 2.24

Directors
Name Position Start Date
Mr Robert Watkins Executive Director 03 May 2007
Mr Peter Reginald Bowler Managing Director 03 May 2007
Mr Craig Leslie Readhead Non-Executive Chairman 15 April 2010
Mr Terence Ross Kestel Non-Executive Director 29 February 2012
Dr Mike Donaldson Non-Executive Director 31 July 2007

Management
Name Position
Gregory Barrett Chief Financial Officer,Company Secretary
Luis Abadi General Manager Operations - Brazil

Substantial Shareholders
Holding Name
91,612,022 (11.59%) Ameriprise Financial Inc and its related bodies corporate
70,546,542 (8.92%) Van Eck Associates Corporation
46,553,065 (5.88%) Coupland Cardiff Asset Management LLP

Calendar of Events
Date Event
26 February 2016 Report (Prelim)
22 January 2016 Report (Quarterly)
27 October 2015 Report (Quarterly)
26 August 2015 Report (Interim)
23 July 2015 Report (Quarterly)
23 April 2015 Report (Quarterly)
16 April 2015 Div Pay Date
16 April 2015 Report (Annual)
31 March 2015 Books Close
© 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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