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FONTERRA SHAREHOLDERS' FUND (FSF)


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General Information
Company Name: Fonterra Shareholders' Fund
Stock Code: FSF
Website: www.fonterra.com
GICS Sub-Industry: Multi-Sector Holdings
Market Cap ($M): 656
Equiv. Shares (M): 99

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
 $ 6.650 $ 6.650 $ 6.650 $ 6.600 $ 6.690 30,465 $ -0.040  -0.598 %

Company Overview

Business Description:
Fonterra Shareholders' Fund (FSF) is a unit trust that is established as a part of Fonterra’s Trading Among Farmers (TAF) scheme. FSF has been established in order to provide outside investors an economic exposure to the performance of Fonterra Co-operative Group Limited, located in New Zealand. The Manager of the Fund is FSF Management Company Limited.

Financial Summary
Year to Jul NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2014  F 650.4 41.1 6.6 14.6 26.9 4.0 --
2013  F 610.2 38.5 15.5 15.6 25.6 3.8 --
2012  A 529.4 33.4 -- -- 24.0 -- --
Source: Morningstar analyst 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
Fonterra Fund (FSF) $660 M -- -- -- -- -- -- 0.0000 -- --
Henderson Group (HGG) $2,084 M 0.1276 0.6209 0.0407 23.8422 14.7090 14.1332 0.0400 0.0419 0.0447

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth
FSF -- -- 1.95 --
Market 1.07 12.6 0.89 2.31
Sector 1.21 19.8 1.16 1.32

Directors
Name Position Start Date
Mr Ralph James Norris Executive Director 17 October 2012
Mr Jim van der Poel Executive Director 17 October 2012
Mr John Shewan Non-Executive Chairman 17 October 2012
Mr Kim R Ellis Non-Executive Director 17 October 2012
Ms Pip Dunphy Non-Executive Director 17 October 2012

Calendar of Events
Date Event
26 March 2014 Report (Interim)
29 November 2013 Report (Annual)
© 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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