EUROZ LIMITED (EZL)



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General Information
Company Name: Euroz Limited
Stock Code: EZL
Website: www.euroz.com.au
GICS Sub-Industry: Other Diversified Financial Services
Market Cap ($M): 158
Equiv. Shares (M): 144

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
 $ 1.100 $ 1.110 $ 1.120 $ 1.060 $ 1.120 229,040 $ -0.020  -1.786 %

Company Overview

Business Description:
Euroz Limited (EZL) is a specialist financial services company, providing stock broking services, corporate finance and funds management. EZL operates its primary business activities in Western Australian through two wholly owned subsidiaries; Euroz Securities Limited and Westoz Funds Management Pty Ltd.

Strategy Analysis:
EZL's strategy is centered on incremental improvements through the expansion of key business units. These businesses are interdependent, with focus on specific market niches and provide positive synergies across the entire group. Westoz Funds Management has a medium to long term strategy that looks to leveraging specialised services and experience within the Western Australian capital market. Revenues are expected to be generated through fees based on funds under management and performance strategies. Retail investors may gain access to these portfolios via Westoz Investment Company Limited and Ozgrowth Limited. Euroz reported NPAT of $10.34m for the half-year ended 31 December 2012. Revenues from ordinary activities were $31.95m, up 29.84% from last year. Diluted EPS was 7.14 cents compared to 1.87 cents last year. Net operating cash flow was $5.67m compared to $7.43m last year. The interim dividend declared was 1.5 cents, compared with 1.5 cents last year.


Financial Summary
Year to Jun NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2012  A 10.7 7.4 -54.0 18.6 8.0 5.9 100.0
2011  A 25.6 16.1 41.2 9.9 18.0 11.3 100.0
2010  A 16.3 11.4 46.2 11.9 12.0 8.8 100.0
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
Euroz (EZL) $161 M -0.5420 -- -- 15.2174 -- -- 0.0714 -- --
IOOF (IFL) $1,978 M -0.1406 0.1269 0.1281 20.6295 18.3068 16.2286 0.0434 0.0485 0.0539
Macquarie Group (MQG) $14,989 M 0.2165 0.4295 0.1149 17.9277 12.5409 11.2482 0.0453 0.0564 0.0639
Perpetual (PPT) $1,815 M 0.1615 0.1182 0.1812 25.7121 22.9951 19.4670 0.0208 0.0273 0.0399
Platinum Asset Mgmt (PTM) $3,008 M -0.1447 0.0036 0.1749 23.4562 23.3732 19.8945 0.0398 0.0393 0.0480

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth
EZL -- 14.9 1.31 --
Market 0.83 14.4 1.22 1.88
Sector 1.22 19.7 1.15 1.32

Directors
Name Position Start Date
Mr Peter John Diamond Executive Chairman,Executive Director 20 November 2000
Mr Jay Evan Dale Hughes Executive Director 20 November 2000
Mr Doug Young Executive Director 09 February 2011
Mr Greg Chessell Executive Director 09 February 2011
Mr Andrew McKenzie Managing Director 20 November 2000

Management
Name Position
Chris Webster Company Secretary

Substantial Shareholders
Holding Name
-- (--%) Not Disclosed in Annual Report

Calendar of Events
Date Event
19 February 2014 Report (Interim)
23 October 2013 Report (Annual)
20 August 2013 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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