CUDECO LIMITED (CDU)



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General Information
Company Name: CuDeco Limited
Stock Code: CDU
Website: www.cudeco.com.au
GICS Sub-Industry: Diversified Metals & Mining
Market Cap ($M): 442
Equiv. Shares (M): 235

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
 $ 1.875 $ 1.890 $ 1.900 $ 1.830 $ 1.885 217,032 $ -0.010  -0.531 %

Current Broker Consensus Recommendation more
Recommendation: Hold
Recommendation Date: 23rd Mar 2010
12 Month Target Price (average): $0
Brokers Surveyed: 1

Company Overview

Business Description:
CuDeco Limited (CDU) is a mineral exploration and evaluation company. CuDeco's main focus is its Rocklands Group Copper Project in Cloncurry, Queensland. The project is under development following the granting of the 30 year Mining Leases in late 2011.

Strategy Analysis:
2010 is a year that CUD would prefer to forget, with shares falling 48.85% on 18 August 2010 on the back of an updated resource estimate announcement. Its underlying strategy is to achieve maximum share value via the systematic exploration, discovery and delineation of the numerous defined mineralised occurrences evident at its large copper-cobalt-gold mineralisation at Rocklands. CDU have no intention of joint venturing or selling any equity in the Rocklands Project and intend to develop the deposit itself. CuDeco reported negative cash flow of $20.97m for the quarter ended 31 December 2012. Operating cash flow for the period was $(10.47m). Payments for exploration and evaluation were $(2.51m). Investing cash flow was $(10.31m). Financing cash flow was $(186,000). Cash in hand at the end of the quarter was $75.38m.


Financial Summary
Year to Jun NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2013  A -4.0 -2.1 -625.0 0.0 0.0 0.0 --
2012  A 0.8 0.4 -- 778.5 0.0 0.0 --
2011  A -3.6 -2.5 -- 0.0 0.0 0.0 --
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
BHP Billiton (BHP) $122,365 M -0.2435 0.0830 -0.0500 15.9923 14.7663 15.5428 0.0328 0.0294 0.0307
CuDeco (CDU) $449 M -- -- -- -- -- -- 0.0000 -- --
Iluka Resources (ILU) $3,810 M -0.6600 0.1399 1.3166 29.6707 26.0297 11.2360 0.0099 0.0215 0.0427
Rio Tinto (RIO) $27,614 M 0.5848 -0.2605 0.0467 8.2528 11.1606 10.6622 0.0339 0.0309 0.0338
Sims Metal Management (SGM) $2,026 M -0.7514 4.5651 0.6395 118.3990 21.2752 12.9763 0.0000 0.0108 0.0302

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth P/S Ratio
CDU -- -- 1.18 -- --
Market 1.07 15.9 1.26 1.99 1.71
Sector 0.88 12.2 0.67 0.72 4.97

Directors
Name Position Start Date
Mr Wayne Michael McCrae Executive Chairman 15 April 2002
Mr Peter Robert Hutchison Executive Director 01 December 2004
Mr Paul Keran Non-Executive Director 02 July 2007
Mr David John Edward Taylor Non-Executive Director 03 July 2009
Mr Gerald (Gerry) Adrian Lambert Non-Executive Director 27 April 2010
Mr Zhijun Ma Non-Executive Director 01 June 2011
Mr Hongwei Liu Non-Executive Director 04 April 2012
Mr Zhaohui (Tony) Wu Non-Executive Director 03 July 2013

Management
Name Position
Kamlesh Ramdeo Commercial Manager
Bruno Bamonte Company Secretary
Wade Freeman Process Manager
Robert Brougham Project Manager

Substantial Shareholders
Holding Name
10,933,333 (5.33%) Sinosteel Equipment & Engineering Co Ltd
30,338,774 (14.80%) Oceanwide International Resources Investment Co. Ltd
26,620,528 (12.98%) New Apex Asia Investment Limited
10,370,906 (5.06%) Kaldig Pty Ltd

Calendar of Events
Date Event
17 February 2015 Report (Quarterly)
30 January 2015 Report (Quarterly)
31 October 2014 Report (Quarterly)
23 October 2014 Report (Annual)
30 July 2014 Report (Quarterly)
30 April 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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