Devine Limited (DVN)



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General Information
Company Name: Devine Limited
Stock Code: DVN
Website: www.devine.com.au
GICS Sub-Industry: Diversified Real Estate Activities
Market Cap ($M): 144
Equiv. Shares (M): 159

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
$ 0.910 $ 0.910 $ 0.910 $ 0.910 $ 0.910 6,026 0%

Company Overview

Business Description:
Devine Limited (DVN) is an Australian residential developer offering housing products in Queensland, Victoria and South Australia. DVN is segmented by four specialised business units working together. These business segments are: Devine Communities, Devine Home Building, Devine Apartments & Mixed Use Developments and Devine Constructions.

Strategy Analysis:
DVN's business strategy is focused on geographic and product diversification through organic and acquisitive activities. There will also be a continued focus on selling developed land to other builders and introduce new housing designs on its residential estates. Devine reported NPAT down 43.12% to $4.15m for the half-year ended 31 December 2012. Revenue from ordinary activities were $173.05m, down 12.1% from last year. Basic and Diluted EPS were 2.6 cents compared to 4.6 cents last year. Net operating cash flow was $30.11m compared to $1.35m last year. No dividend was declared.


Financial Summary
Year to Dec NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2014  A 3.6 2.3 -- 39.6 0.0 0.0 --
2013  A -3.0 -1.9 -- 0.0 0.0 0.0 --
2012  A 21.4 13.5 11.6 5.8 4.0 5.2 100.0
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
Devine (DVN) $144 M -- -- -- 40.0881 -- -- 0.00 -- --
Lend Lease Group (LLC) $9,531 M 0.4790 -0.2934 0.1050 10.8908 15.4135 13.9484 4.32 3.26 4.26
Scentre (SCG) $20,339 M -0.6809 2.6814 0.0524 62.4183 16.9552 16.1113 5.34 5.47 5.71
Stockland (SGP) $10,746 M 0.0688 0.0845 0.0632 19.0297 17.5472 16.5034 5.27 5.27 5.33
Westfield Corporation (WFD) $20,303 M -0.4057 0.9386 0.1353 39.9755 20.6205 18.1632 5.01 3.31 3.49

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth
DVN -- 40.1 0.58 --
Market 0.90 16.8 1.30 2.44
Sector 1.45 15.4 1.21 2.57

Directors
Name Position Start Date
Mr David Bruce Keir Chief Executive Officer,Managing Director 01 April 2010
Mr Peter James Dransfield Non-Executive Chairman 01 April 2010
Mr Ian Frost Non-Executive Director 28 May 2014
Mr Terrence (Terry) Michael Mackenroth Non-Executive Director 05 September 2005
Mr Graeme Ewen McOrist Non-Executive Director 26 April 2007
Ms Judith Susan Downes Non-Executive Director 01 January 2013
Mr Jeff Cummings Non-Executive Director 28 May 2014

Management
Name Position
Paul V Cochrane Chief Financial Officer
Craig Bellamy Chief Financial Officer,Company Secretary
Paul Victor Cochrane Company Secretary
C Mana General Manager: Apartments
M Tucker General Manager: Constructions
Andrew Brimblecombe General Manager: Queensland
M Devine General Manager: South Australia
N Anderson General Manager: Victoria

Substantial Shareholders
Holding Name
80,368,643 (50.63%) Leighton Holdings Limited
10,115,995 (6.37%) Brazil Farming Pty Ltd

Calendar of Events
Date Event
18 February 2016 Report (Prelim)
12 August 2015 Report (Interim)
© 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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