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EQUATORIAL RESOURCES LIMITED (EQX)


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General Information
Company Name: Equatorial Resources Limited
Stock Code: EQX
Website: www.equatorialresources.com.au
GICS Sub-Industry: Diversified Metals & Mining
Market Cap ($M): 54
Equiv. Shares (M): 120

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
 $ 0.475 $ 0.425 $ 0.500 $ 0.425 $ 0.450 184,340 $ 0.025  5.556 %

Company Overview

Business Description:
Equatorial Resources Limited (EQX) is an iron ore exploration and development company focusing on two iron ore projects, Mayoko-Moussondji Iron Project and Badondo Iron Project in the Republic of Congo (ROC).

Strategy Analysis:
Equatorial Resources will be seeking to advance the development of the Group’s exploration assets in Africa (Bandondo and Mayoko-Moussondji iron projects). The company will also continually assess new business opportunities in the resources sector. Equatorial Resources reported negative cash flow of $8.2m for quarter ended 31 December 2012. Operating cash flow for the period was $(8.15m). Payments for exploration and evaluation were $(6.22m). Investing cash flow was $(44,000). Financing cash flow was nil. Cash in hand at the end of the quarter was $62.39m.

Financial Summary
Year to Jun NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2012  A -7.4 -6.6 -- 0.0 0.0 0.0 --
2011  A -8.9 -11.1 -- 0.0 0.0 0.0 --
2010  A -1.1 -3.2 -- 0.0 0.0 0.0 --
Source: Aspect actuals / Thomson IBES estimates

Peer Comparison
EPS Growth (%) P/E (%) Dividend Yield (%)
Company Mkt Cap 2010 A 2011 F 2012 F 2010 A 2011 F 2012 F 2010 A 2011 F 2012 F
BHP Billiton (BHP) $104,990 M -0.1359 -0.2624 0.1727 10.3794 14.0717 11.9990 0.0336 0.0342 0.0366
Equatorial Resources (EQX) $60 M -- -- -- -- -- -- 0.0000 -- --
Iluka Resources (ILU) $4,279 M -0.2536 -0.7035 2.1615 11.3266 38.2056 12.0847 0.0342 0.0231 0.0290
Rio Tinto (RIO) $23,335 M -0.3874 0.0604 0.1054 11.0609 10.4309 9.4363 0.0300 0.0331 0.0366
Sims Metal Management (SGM) $1,839 M -0.6378 -0.2361 1.9362 26.7300 34.9922 11.9174 0.0222 0.0120 0.0410

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth P/S Ratio
EQX -- -- 0.58 -- --
Market 0.82 14.1 1.19 1.94 1.63
Sector 0.54 8.13 0.58 2.01 6.08

Directors
Name Position Start Date
Mr John Paul Welborn Chief Executive Officer,Managing Director 06 August 2010
Mr Ian Peter Middlemas Non-Executive Chairman 05 November 2009
Mr Mark Laurence Pearce Non-Executive Director 05 November 2009
Mr Peter Woodman Non-Executive Director 08 April 2010

Management
Name Position
Andrew Steers Chief Financial Officer
Gregory Swan Company Secretary
Mark Glassock General Manager - Geology
Hugo Schumann Group Executive - Business Development

Substantial Shareholders
Holding Name
6,790,585 (5.79%) JP Morgan Chase & Co and its affiliates
19,987,529 (17.04%) M&G Group
9,522,584 (8.12%) Vanguard Precious Metals and Mining Fund
12,010,230 (10.24%) BlackRock Group

Calendar of Events
Date Event
28 April 2014 Report (Quarterly)
29 January 2014 Report (Quarterly)
30 October 2013 Report (Quarterly)
24 October 2013 Report (Annual)
23 September 2013 Report (Annual)
30 July 2013 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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