Elders Limited (ELD)



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General Information
Company Name: Elders Limited
Stock Code: ELD
Website: www.elders.com.au
GICS Sub-Industry: Agricultural Products
Market Cap ($M): 110
Equiv. Shares (M): 523

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
 $ 0.210 $ 0.205 $ 0.215 $ 0.205 $ 0.205 4,991,764 $ 0.005  2.439 %

Current Broker Consensus Recommendation more
Recommendation: Strong Sell (5)
Recommendation Date: 18th Jun 2014
Brokers Surveyed: 1

Company Overview

Business Description:
Elders Limited (ELD) is an Australian company with businesses in rural services and automotive components. Rural Services operations supply the physical, financial and advisory inputs and marketing options to help Australian and New Zealand farmers. Automotive operations are conducted through Futuris, an Australian automotive components supplier and an emerging supplier to the Asia Pacific automotive industry.

Strategy Analysis:
Elders operates principally in three very different sectors - Rural Services, Forestry and Automotive. The sale of a non-rural assets is continuing with ELD shifting its focus to the agri-service business and will increasingly focus on these activities going forward. The decision has been taken to conduct a staged exit from forestry and the automotive business is considered non-core. The company plans to divest this business when the automotive market recovers. Elders reported net loss of $395.35m for the year ended 30 September 2011. Revenue from ordinary activities were $2,313.97m, up 15% from last year. Basic and Diluted EPS were (88.1) cents compared to (51.1) cents last year. The net operating cash outflow was $23.76m compared to an outflow of $110.47m in the pcp. No dividend was declared.


Financial Summary
Year to Sep NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2013  F 12.3 2.8 161.9 7.6 0.0 0.0 0.0
2012  F 4.7 1.1 -- 20.0 0.0 0.0 0.0
2011  A -15.1 -3.6 -- -11.7 0.0 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
Elders (ELD) $93 M 3.0189 -- -- 0.7425 -- -- 0.00 -- --
Graincorp (GNC) $1,980 M -0.2341 -0.4965 0.2372 11.3383 22.5202 18.2029 4.62 2.69 3.32
Ridley Corp (RIC) $262 M 0.5912 0.0985 0.0088 13.7318 12.5000 12.3907 1.76 5.28 5.29
Select Harvests (SHV) $401 M 0.1922 0.1629 -0.3075 12.3156 10.5903 15.2926 3.33 3.49 2.16

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth P/S Ratio
ELD -- 0.76 -1.09 -- 0.07
Market 0.94 15.6 1.28 1.74 1.56
Sector 0.67 14.2 1.31 2.62 0.91

Directors
Name Position Start Date
Mr Mark Charles Allison Chief Executive Officer,Managing Director 10 November 2009
Mr Ian Wilton Non-Executive Director 13 April 2014
James Hutchison Ranck Non-Executive Director,Non-Executive Chairman 24 June 2008
Mr James Andrew Jackson Non-Executive Director,Non-Executive Deputy Chairman 13 April 2014

Management
Name Position
R I Davey Chief Financial Officer
Peter Hastings Company Secretary
H S Browning General Manager Trading
D W Goodfellow Group General Manager Australian Network
Nina Margaret Abbey Joint Company Secretary

Substantial Shareholders
Holding Name
45,882,132 (10.08%) QBE Insurance Group Ltd
54,029,638 (11.87%) Ruralco Holdings Limited

Calendar of Events
Date Event
18 May 2015 Report (Interim)
20 November 2014 Report (Annual)
17 November 2014 Report (Prelim)
17 November 2014 Report (Annual)
19 September 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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