Coffey International Limited (COF)



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General Information
Company Name: Coffey International Limited
Stock Code: COF
Website: www.coffey.com
GICS Sub-Industry: Environmental & Facilities Services
Market Cap ($M): 69
Equiv. Shares (M): 256

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
 $ 0.265 $ 0.265 $ 0.265 $ 0.265 $ 0.270 16,000 $ -0.005  -1.852 %

Company Overview

Business Description:
Coffey International Limited (COF) is a specialist professional services consultancy with expertise in geosciences, project management and international development. COF has three main business units being: geosciences, international development and project management. COF operates globally and has offices in Australia & New Zealand, Americas, Africa, Asia Pacific, Europe and the Middle East.

Strategy Analysis:
Pre-GFC (Global Financial Crisis), COF pursued a diversification strategy across businesses and geographies, involving numerous bolt-on acquisitions. This backfired horribly for COF, as it had to shed jobs and initiate a restructuring of the business. The company now seems to be taking a more measured approach, aiming to consolidate the existing business and capitalize on its core strengths. The focus is on winning contracts that involve more than one service line. Coffey International reported NPAT down 20% to $3.7m for the half-year ended 31 December 2012. Revenues from ordinary activities were $359.82m, up 7% from the same period last year. Diluted EPS was 1.5 cents compared to 2.5 cents last year. Net operating cash flow was $13.65m compared to $10.8m last year. No dividend was declared.


Financial Summary
Year to Jun NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2013  A 9.1 3.7 -- 9.2 0.0 0.0 --
2012  A -0.7 -0.4 -300.0 0.0 0.0 0.0 --
2011  A 0.3 0.2 -98.0 358.3 0.0 0.0 --
Source: Morningstar analyst 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
ALS (ALQ) $3,242 M -0.3147 0.0503 0.1156 17.9951 17.1326 15.3571 0.0479 0.0492 0.0510
Coffey International (COF) $68 M -- -- -- 7.1237 -- -- 0.0000 -- --
Tox Free Solutions (TOX) $436 M 0.3268 0.0094 0.1054 17.0860 16.9263 15.3124 0.0153 0.0187 0.0211
Transpacific Ind. (TPI) $1,690 M 0.0163 0.2271 0.1533 24.5413 20.0000 17.3420 0.0000 0.0000 0.0182

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth P/S Ratio
COF -- 7.26 0.51 -- 0.10
Market 0.98 16.5 1.26 2.11 1.66
Sector 0.83 13.2 1.27 3.50 0.69

Directors
Name Position Start Date
Mr John Douglas Chief Executive Officer,Managing Director 01 March 2011
Mr Urs B Meyerhans Finance Director 27 February 2012
Dr John Francis Mulcahy Non-Executive Chairman 24 September 2009
Ms Susan Mary Oliver Non-Executive Director 01 October 2010
Mr Stuart Alexander Black Non-Executive Director 01 March 2002
Mr Guy Michael Cowan Non-Executive Director 27 February 2012
Ms Leeanne Kay Bond Non-Executive Director 27 February 2012

Management
Name Position
Jennifer Waldegrave Company Secretary
Sukumar Pathmanandavel Group Executive Geotechnics
Rebelle Moriarty Group Executive Human Resources
Glenn Simpson Group Executive International Development
Chantalle Meijer Group Executive Marketing & Communications
Richard Biesheuvel Group Executive Projects
Michael Renehan Group Executive Testing

Substantial Shareholders
Holding Name
20,312,596 (7.94%) Northcape Capital Pty Ltd
10,005,996 (3.91%) Celeste Funds Management
20,268,278 (7.92%) Commonwealth Bank Group

Calendar of Events
Date Event
10 February 2015 Report (Interim)
09 February 2015 Report (Interim)
11 August 2014 Report (Annual)
11 August 2014 Report (Prelim)
© 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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