Hills Limited (HIL)

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General Information
Company Name: Hills Limited
Stock Code: HIL
Website: www.hillsholdings.com.au
GICS Sub-Industry: Building Products
Market Cap ($M): 330
Equiv. Shares (M): 233

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
 $ 1.410 $ 1.415 $ 1.420 $ 1.400 $ 1.415 241,962 $ -0.005  -0.353 %

Current Broker Consensus Recommendation more
Recommendation: Buy (2)
Recommendation Date: 12th Sep 2014
Brokers Surveyed: 2

Company Overview

Business Description:
Hills Limited (HIL, formerly Hills Holdings Limited) is engaged in manufacture of construction materials, electronics and communications products, and outdoor play equipment. HIL operates three divisions namely, Electronics & Communications, Lifestyle & Sustainability and Building & Industrial. HIL businesses are located in Australia and New Zealand, with clients in Australia, New Zealand, Europe, Middle East, South Africa and North America.

Strategy Analysis:
The strategy is to develop competitive businesses in three main industry segments: Electronics & Communications, Lifestyle & Sustainability, and Building & Industrial Products. The company diversifies to minimise the effects of short-term changes in individual markets and economies, and aims to be a product innovator and a market leader. The overall objective is to grow revenue and earnings incrementally through a combination of organic growth and acquisitions in market segments with attractive growth potential. Hills Holdings reported a net loss of $73.61m for the half-year ended 31 December 2012. Revenues from ordinary activities were $551.28m, down 02% from the same period last year. Basic and Diluted EPS was (29.9) cents compared to 6.1 cents last year. Net operating cash flow was $31.72m compared to $8.03m last year. No dividend was declared.

Financial Summary
Year to Jun NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2014  F 26.6 10.8 3.2 13.1 10.0 7.1 100.0
2013  F 25.8 10.5 -0.4 13.5 10.0 7.1 100.0
2012  A 26.0 10.5 3.3 10.4 10.0 9.1 100.0
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
GWA Group (GWA) $867 M 0.1258 0.2398 0.0868 19.9015 16.0522 14.7704 1.94 5.30 5.65
Hills (HIL) $334 M -0.7469 0.2010 0.1921 17.7419 14.7727 12.3917 4.90 5.24 5.94

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth P/S Ratio
HIL 0.68 16.8 1.36 0.86 0.75
Market 0.99 15.9 1.29 1.76 1.56
Sector 1.12 12.3 0.95 1.44 0.45

Name Position Start Date
Mr Edward (Ted) N Pretty Chief Executive Officer,Managing Director 03 September 2012
Jennifer Helen Hill-Ling Non-Executive Chairman 21 August 1985
Mr David Moray Spence Non-Executive Director 01 September 2010
Mr Peter William Stancliffe Non-Executive Director 01 August 2003
Mr Ian Elliot Non-Executive Director 01 August 2003
Ms Fiona Bennett Non-Executive Director 31 May 2010
Mr Philip Bullock Non-Executive Director 23 June 2014

Name Position
Mike McKinstry Chief Operating Officer, Building & Industrial
Steve Cope CEO Electronics & Communications Division
Grant Logan Chief Financial Officer
Gai Stephens Company Secretary
L Francis Executive Director, Hills Communications
Matthew Arnold Campbell Executive Director, Hills Home Living
B Newton Executive Director, Hills Technologies

Substantial Shareholders
Holding Name
15,789,441 (6.41%) Hills Associates Ltd
17,739,763 (7.25%) Poplar Pty Ltd

Calendar of Events
Date Event
18 August 2015 Report (Annual)
18 August 2015 Report (Prelim)
17 August 2015 Report (Prelim)
17 February 2015 Report (Interim)
31 October 2014 AGM
26 September 2014 Div Pay Date
© 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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