Bell Financial Group Limited (BFG)



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General Information
Company Name: Bell Financial Group Limited
Stock Code: BFG
Website: www.bellfg.com.au
GICS Sub-Industry: Diversified Capital Markets
Market Cap ($M): 114
Equiv. Shares (M): 260

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
$ 0.440 $ 0.000 $ 0.000 $ 0.000 $ 0.440 0 0%

Company Overview

Business Description:
Bell Financial Group Limited (BFG) is an Australian based provider of stockbroking, investments and financial advisory services to private, institutional and corporate clients. BFG operates across a network of 12 offices in Australia plus offices in London and Hong Kong. BFG has three operating structures: Bell Potter Securities, Bell Direct and Bell Potter Capital.

Strategy Analysis:
BGF acquired Southern Cross, a large independent stockbroking firm as a complementary business to strengthen the company within the institutional market, as well as in research and corporate advisory areas. The strong resources and energy sector capabilities will add to the immediate synergies which will exist upon the completion of the acquisition. In addition to this, the company has a cornerstone investment in Bell Direct, an online broking business which should help position BFG for more expansion and a sustained growth strategy. Bell Financial Group reported a net loss of $2.76m for the year ended 31 December 2012. Revenues from ordinary activities were $132.33m, down 14.9% from last year. Diluted EPS was (1.1) cents compared to 3 cents last year. The net operating cash inflow was $15.61m compared to an outflow of $10.88m in the pcp. No dividend was declared.


Financial Summary
Year to Dec NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2013  A 6.8 2.7 -- 25.0 2.5 3.8 100.0
2012  A -2.8 -1.1 -- 0.0 0.0 0.0 --
2011  A 7.6 3.0 -65.8 26.2 3.0 3.9 100.0
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
Bell Financial Group (BFG) $114 M -- -- -- 16.5414 -- -- 5.68 -- --

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth
BFG -- 16.5 0.65 --
Market 0.90 15.0 1.19 1.94
Sector 1.19 13.5 1.03 1.84

Directors
Name Position Start Date
Mr Colin Morton Bell Executive Chairman 03 July 2001
Mr Alastair Provan Managing Director 03 July 2001
Mr Craig Evan Coleman Non-Executive Director 12 July 2007
Ms Brenda Mary Shanahan Non-Executive Director 05 June 2012
Mr Graham Allan Cubbin Non-Executive Director 12 September 2007
Mr Brian Arthur Wilson Non-Executive Director 28 October 2009

Management
Name Position
Dean Davenport Chief Financial Officer
Cindy-Jane Lee Company Secretary
Rowan Fell Director of Investment Services
Andrew Bell Executive Director of Bell Potter Securities
Lewis Bell Head of Compliance

Substantial Shareholders
Holding Name
17,122,882 (6.60%) RBC Investor Services Nominees Pty Ltd
42,232,044 (16.27%) UBS AG, Australia Branch
117,967,345 (45.44%) Bell Group Holdings Pty Ltd (formerly Bell Commodities Ltd)

Calendar of Events
Date Event
21 August 2015 Report (Interim)
24 February 2015 Report (Prelim)
24 February 2015 Report (Annual)
© 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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