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KULA GOLD LIMITED (KGD)


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General Information
Company Name: Kula Gold Limited
Stock Code: KGD
Website: www.kulagold.com.au
GICS Sub-Industry: Gold
Market Cap ($M): 12
Equiv. Shares (M): 126

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
$ 0.098 $ 0.000 $ 0.000 $ 0.000 $ 0.098 0 0%

Current Broker Consensus Recommendation more
Recommendation: Buy
Recommendation Date: 1st May 2013
12 Month Target Price (average): $0.35
Brokers Surveyed: 1

Company Overview

Business Description:
Kula Gold Limited (KGD) is a mineral exploration and development company focusing on Woodlark Island Gold Project in Papua New Guinea. The company is the 100% owner of an advanced stage gold project with significant additional exploration potential on Woodlark Island.

Strategy Analysis:
KGD has a vision to become a significant mid-tier gold producer from multiple mines in the Asia Pacific region. KGD plans to start production in 2013 (+100k oz pa). Before then, KGD plans to aggressively explore in the historical goldfields in Papua New Guinea, and increase near-term production prospects along with identifying significant potential exploration upside. Kula Gold reported negative cash flow of $6.99m for quarter ended 31 December 2011. Operating cash flow for the period was $(6.93m). Payments for exploration and evaluation were $(6.61m). Investing cash flow was $(64,000). Financing cash flow was nil. Cash in hand at the end of the quarter was $20.22m.

Financial Summary
Year to Dec NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2014  F 50.5 15.3 -- 0.6 -- 0.0 --
2013  F -5.4 -1.6 -- -- -- 0.0 --
2012  A -29.2 -25.5 -- 0.0 0.0 0.0 --
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
Beadell Resources (BDR) $523 M -- -- 0.1940 -- 3.9583 3.3151 0.0000 0.0000 0.0477
Kula Gold (KGD) $12 M -- -- -- -- -- 0.6422 0.0000 0.0000 0.0000
Newcrest Mining (NCM) $8,547 M -0.0378 -0.4892 0.0930 7.8804 15.4261 14.1139 0.0314 0.0174 0.0224
OZ Minerals (OZL) $1,241 M -0.6077 -- -- 9.8199 -- 39.4788 0.0733 0.0108 0.0212
Regis Resources (RRL) $1,642 M 0.7775 1.2121 0.3428 22.7273 10.2740 7.6514 0.0000 0.0580 0.0850

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth P/S Ratio
KGD 0.20 -- 0.11 -- --
Market 0.82 14.1 1.19 1.94 1.63
Sector 0.54 8.13 0.58 2.01 6.08

Directors
Name Position Start Date
Mr Lee Keith Spencer Chief Executive Officer,Managing Director 27 July 2007
Mr John David Watkins Chief Financial Officer,Executive Director 20 September 2010
Mr David Frecker Non-Executive Chairman 16 November 2010
Mr Louis Ivan Rozman Non-Executive Director 27 July 2007
Mr Mark Hilton Stowell Non-Executive Director 20 September 2010
Mr Samuel Akoitai Non-Executive Director 20 February 2013

Management
Name Position
Leanne Ralph Company Secretary

Substantial Shareholders
Holding Name
54,371,033 (43.07%) Pacific Road Holdings NV
16,663,253 (13.20%) RMB Resources Limited
6,256,674 (4.96%) JP Morgan Nominees Australia Limited
16,331,317 (12.94%) National Nominees Limited
5,741,956 (4.55%) HSBC Custody Nominees (Australia) Limited

Calendar of Events
Date Event
29 April 2014 Report (Quarterly)
28 April 2014 Report (Annual)
27 March 2014 Report (Annual)
29 January 2014 Report (Quarterly)
30 October 2013 Report (Quarterly)
26 July 2013 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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