GWR GROUP LIMITED (GWR)



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General Information
Company Name: GWR Group Limited
Stock Code: GWR
Website: www.goldenwestresources.com
GICS Sub-Industry: Gold
Market Cap ($M): 36
Equiv. Shares (M): 240

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
$ 0.150 $ 0.000 $ 0.000 $ 0.000 $ 0.150 0 0%

Company Overview

Business Description:
GWR Group Limited (GWR, formerly Golden West Resources Limited) is an emerging iron ore producer in the Midwest region of Western Australia. GWR operates 5 projects including Wiluna West Iron Ore Project, JWD Mining Project, Wiluna West Gold Project, Earaheedy Iron & Manganese Project, and Woodley Iron Project.

Strategy Analysis:
Golden West Resources reported negative cash flow of $2.08m for quarter ended 30 September 2011. Operating cash flow for the period was $(1.97m). Payments for exploration and evaluation were $(1.76m). Investing cash flow was $(111,000). Financing cash flow was nil. Cash in hand at the end of the quarter was $29.54m.


Financial Summary
Year to Jun NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2013  A -2.4 -1.2 -- 0.0 0.0 0.0 --
2012  A -4.6 -2.4 -- 0.0 0.0 0.0 --
2011  A -3.9 -2.2 -- 0.0 0.0 0.0 --
Source: Aspect actuals / Thomson IBES 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
GWR Group (GWR) $36 M -- -- -- -- -- -- 0.0000 -- --
Newcrest Mining (NCM) $7,757 M -0.5837 -0.1109 0.2229 17.1846 19.3277 15.8051 0.0119 0.0000 0.0000
OceanaGold (OGC) $718 M -- -- -0.0580 -- 10.4139 11.0546 0.0000 0.0000 0.0000
OZ Minerals (OZL) $1,123 M -- -- 13.7556 -- 822.2222 55.7229 0.0541 0.0305 0.0182
Regis Resources (RRL) $1,214 M 0.9835 -0.5603 1.0219 8.0704 18.3535 9.0773 0.0617 0.0388 0.0663

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth P/S Ratio
GWR -- -- 0.32 -- --
Market 1.07 15.9 1.27 2.05 1.71
Sector 0.87 12.0 0.68 0.73 4.83

Directors
Name Position Start Date
Mr Teck Siong Wong Alternate Director 27 July 2011
Mr Chin An Lau Alternate Director,Non-Executive Director 23 July 2010
Mr Michael Reginald Wilson Executive Director 18 November 2002
Mr Gary Lyons Non-Executive Chairman 02 June 2010
Mr David Tien Seng Law Non-Executive Deputy Chairman 22 July 2010
Mr Xiang Hong Wang Non-Executive Director 23 September 2010
Mr Kong (Jimmy) Leng Lee Non-Executive Director 03 December 2010

Management
Name Position
Craig Ferrier Chief Executive Officer
Mark Edward Pitts Company Secretary

Substantial Shareholders
Holding Name
27,012,450 (11.25%) Wynnes Investment Holding Ltd
20,696,660 (8.62%) Joyful Winner Holdings Limited
24,276,852 (10.11%) Cliffs Asia Pacific Iron Ore Pty Ltd (formerly Portman Iron Ore Limited)
14,400,000 (6.00%) Hunan Valin Steel Tube & Wire Cl Ltd and relate bodies

Calendar of Events
Date Event
30 January 2015 Report (Quarterly)
30 October 2014 Report (Quarterly)
24 October 2014 Report (Annual)
30 July 2014 Report (Quarterly)
28 April 2014 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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