Hunter Hall International Limited (HHL)



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General Information
Company Name: Hunter Hall International Limited
Stock Code: HHL
Website: www.hunterhall.com.au
GICS Sub-Industry: Other Diversified Financial Services
Market Cap ($M): 46
Equiv. Shares (M): 27

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
 $ 1.660 $ 1.700 $ 1.700 $ 1.650 $ 1.700 42,168 $ -0.040  -2.353 %

Company Overview

Business Description:
Hunter Hall International (HHL) is engaged in an investment management business operating through wholly owned subsidiaries. HHL currently manages four investment trusts and Australian Equities Fund, which applies an Ethical Investment Policy.

Strategy Analysis:
HHL's objective is to develop a small premium quality investment and savings institution with a focus on international equities. The main challenge is to scale up a largely successful investment process which previously depended on the stockpicking talents of Executive Chairman Peter Hall. HHL has installed a more rigorous risk management and research process, has reduced portfolio concentration and has appointed a chief investment officer. The strategy is to increase FUM in the unlisted vehicles by using strong investment performance to attract net inflows. HHL's strategy for listed investment company Hunter Hall Global Value is to generate good investment returns and build assets so that HHV becomes the international equivalent of Argo Investments and Australian Foundation Investment Company. The company is working to improve the ratings of its products and to increase advertising, marketing and distribution activity. Hunter Hall Int. reported NPAT of $12.34m for the year ended 30 June 2011. Revenue from ordinary activities were $41.9m. Diluted EPS was 45.55 cents compared to nil cents last year. The final dividend declared was 21.1 cents, taking the full year dividend to 44.9 cents compared with nil cents last year.


Financial Summary
Year to Jun NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2014  A 3.6 13.5 -15.7 15.4 13.4 6.5 99.3
2013  A 4.3 16.0 -58.9 18.8 18.6 6.2 67.7
2012  A 7.8 38.9 103.7 10.7 32.0 7.7 75.6
Source: Aspect actuals / Thomson IBES 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
Challenger (CGF) $3,800 M 0.0459 -0.0139 0.0545 11.0048 11.1594 10.5823 3.90 4.49 4.87
Hunter Hall Int. (HHL) $45 M -0.1574 -- -- 12.4537 -- -- 7.98 -- --
IOOF (IFL) $2,680 M 0.1260 0.1396 0.0980 17.0550 14.9656 13.6294 5.32 5.88 6.48
Macquarie Group (MQG) $19,144 M 0.5572 0.0996 0.0577 16.2966 14.8211 14.0130 6.30 4.92 5.34
Platinum Asset Mgmt (PTM) $3,804 M 0.4366 0.0355 0.0744 20.1911 19.4999 18.1491 5.19 5.07 5.46

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth P/S Ratio
HHL -- 12.6 2.42 -- 2.69
Market 0.93 15.6 1.24 1.81 1.53
Sector 1.24 13.7 1.04 1.68 7.62

Directors
Name Position Start Date
Mr David Michael Deverall Chief Executive Officer,Managing Director 31 July 2012
Mr Peter James MacDonald Hall Executive Chairman,Executive Director,Chief Investment Officer 19 April 1993
Mr Mark Benedict Forstmann Non-Executive Director 22 December 2000
Mr William Wayne Hawkins Non-Executive Director 22 December 2000
Ms Naomi Edwards Non-Executive Director 14 October 2011

Management
Name Position
Paula Ferrao Chief Financial Officer,Company Secretary
Paula Ferrao Chief Operating and Financial Officer
Shane Smith Head of Product, Risk & Client Services
James Hordern Manager - Business Development and Marketing

Substantial Shareholders
Holding Name
11,604,998 (43.72%) Hampshire Assets and Services
11,952,270 (45.03%) Mr. Peter Hall

Calendar of Events
Date Event
26 August 2015 Report (Annual)
26 August 2015 Report (Prelim)
25 February 2015 Report (Interim)
27 November 2014 AGM
© 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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