Boart Longyear Limited (BLY)



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General Information
Company Name: Boart Longyear Limited
Stock Code: BLY
Website: www.boartlongyear.com
GICS Sub-Industry: Industrial Machinery
Market Cap ($M): 108
Equiv. Shares (M): 637

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
$ 0.170 $ 0.175 $ 0.175 $ 0.170 $ 0.170 353,059 0%

Current Broker Consensus Recommendation more
Recommendation: Hold (3)
Recommendation Date: 27th Nov 2014
Brokers Surveyed: 1

Company Overview

Business Description:
Boart Longyear Limited (BLY) is a provider of mineral exploration drilling services, drilling equipment and performance tooling for the global mining industry. BLY operates in two main divisions which are drilling services and drilling products.

Strategy Analysis:
Organic growth for drilling services is leveraged to the commodities growth cycle which is volatile and cyclical. The Global Products business has been rationalized with the closure of some facilities, which has improved manufacturing margins. Long term success depends on successful diversification away from minerals exploration and into other growth areas such as environmental and infrastructure drilling. Boart Longyear reported NPAT down 57.4% to US$68.16m for the year ended 31 December 2012. Revenues from ordinary activities were US$2.01bn, down 0.4% from last year. Diluted EPS was 14.8 US cents compared to 34.8 US cents last year. Net operating cash flow was US$64.21m compared to US$197.7m last year. The final dividend declared was 1.0 US cent, taking the full year dividend to 7.4 US cents compared with 10.4 cents last year.


Financial Summary
Year to Dec NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2013  A -105.4 -23.2 -- 0.0 0.0 0.0 --
2012  A 65.6 14.3 -58.4 19.2 7.1 2.6 17.7
2011  A 157.4 34.3 78.6 11.3 10.2 2.7 24.2
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
Bradken (BKN) $771 M -0.1762 0.2226 0.2448 14.0019 11.4525 9.2003 5.76 5.54 6.98
Boart Longyear (BLY) $85 M -- -- -- -- -- -- 0.00 -- --
Maxitrans (MXI) $91 M -0.3343 -0.3908 0.1756 5.3493 8.7814 7.4695 12.24 7.14 8.16

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth P/S Ratio
BLY -- -- 0.16 -- 0.06
Market 0.90 15.0 1.19 1.94 1.48
Sector 0.72 10.30 0.89 6.30 0.38

Directors
Name Position Start Date
Mr Richard T O'Brien Chief Executive Officer,President,Executive Director 21 May 2013
Mr David McLemore Non-Executive Chairman 21 February 2007
Mr William Peter Day Non-Executive Director 25 February 2014
Mr Bruce Robert Brook Non-Executive Director 21 February 2007
Mr Roy Alexander Franklin Non-Executive Director 15 October 2010
Mr Roger A Brown Non-Executive Director 01 July 2010
Ms Tanya Fratto Non-Executive Director 01 June 2011
Mr Rex McLennan Non-Executive Director 24 August 2013
Lord Jonathan Lewinsohn Non-Executive Director 23 October 2014
Mrs Barbara Jeremiah Non-Executive Director,Non-Executive Chairman 01 October 2011

Management
Name Position
Paul Blewett Company Secretary
Fabrizio Rasetti Company Secretary
Alan Sides Senior Vice President, Global Drilling Services
Kent Hoots Senior Vice President, Global Products
Brad Baker Senior Vice President, Human Resources

Substantial Shareholders
Holding Name
74,559,639 (16.17%) Beutel Goodman & Company Ltd

Calendar of Events
Date Event
25 August 2015 Report (Interim)
27 July 2015 Report (Interim)
16 April 2015 Report (Annual)
23 February 2015 Report (Prelim)
22 December 2014 Issued Shares
© 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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