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IRONBARK CAPITAL LIMITED (IBC)


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General Information
Company Name: Ironbark Capital Limited
Stock Code: IBC
Website: www.ironbarkcapital.com
GICS Sub-Industry: Other Diversified Financial Services
Market Cap ($M): 87
Equiv. Shares (M): 156

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
$ 0.560 $ 0.560 $ 0.560 $ 0.555 $ 0.560 29,965 0%

Company Overview

Business Description:
Ironbark Capital Limited (IBC) is an investment company holding a portfolio of Australian shares and fixed income securities. IBC is managed by Kaplan Funds Management.

Financial Summary
Year to Jun NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2012  A 1.8 1.3 -76.4 37.6 3.8 8.0 100.0
2011  A 7.9 5.5 31.0 8.4 1.5 3.2 100.0
2010  A 5.9 4.2 -- 10.7 4.5 10.1 100.0
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
Ironbark Capital (IBC) $87 M -0.7725 -- -- 44.4444 -- -- 0.0675 -- --
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
IBC 1.16 44.4 1.00 --
Market 1.08 12.7 0.89 1.87
Sector 1.22 19.7 1.15 1.32

Directors
Name Position Start Date
Mr Michael John Cole Non-Executive Chairman 31 October 2002
Mr Ian James Hunter Non-Executive Director 31 October 2002
Mr Ross James Finley Non-Executive Director 30 January 1987

Management
Name Position
Peter A Roberts Company Secretary

Substantial Shareholders
Holding Name
9,029,280 (6.38%) RBC Investor Services Nominees Pty Ltd
31,367,051 (22.16%) Kaplan Partners Pty Ltd

Calendar of Events
Date Event
26 February 2014 Report (Interim)
01 October 2013 Report (Annual)
21 August 2013 Report (Prelim)
28 June 2013 Div Pay Date
20 June 2013 Books Close
14 June 2013 Div Ex 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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