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): 11
Equiv. Shares (M): 261

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
 $ 0.045 $ 0.045 $ 0.045 $ 0.045 $ 0.042 22,222 $ 0.003  7.143 %

Current Broker Consensus Recommendation more
Recommendation: Strong Sell (5)
Recommendation Date: 26th Mar 2015
Brokers Surveyed: 1

Company Overview

Business Description:
Kula Gold Limited (KGD) is a gold mining exploration company focused on the development of the Woodlark Island gold project in Papua New Guinea.

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 (%)
2015  F -- -1.8 -- -- -- 0.0 --
2014  F -- -0.9 -- -- -- 0.0 --
2013  A -2.5 -2.0 -- 0.0 0.0 0.0 --
Source: Aspect actuals / Thomson IBES estimates

Peer Comparison
EPS Growth (%) P/E (%) Dividend Yield (%)
Company Mkt Cap 2013 A 2014 F 2015 F 2013 A 2014 F 2015 F 2013 A 2014 F 2015 F
Kula Gold (KGD) $11 M -- -- -- -- -- -- 0.00 0.00 0.00
Newcrest Mining (NCM) $10,463 M -0.0429 0.0202 0.1830 24.2193 23.7391 20.0676 0.00 0.00 0.00
Northern Star Resources (NST) $1,374 M 0.2151 2.2145 0.5597 28.9277 8.9992 5.7697 1.51 2.59 4.38
OceanaGold (OGC) $774 M -- -0.4488 -0.0380 5.8100 10.5415 10.9583 1.91 1.01 1.01
OZ Minerals (OZL) $1,174 M -- -0.1379 1.3976 28.2276 32.7411 13.6556 2.58 0.67 0.67

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth P/S Ratio
KGD 0.20 -- 0.05 -- --
Market 0.89 16.5 1.30 2.40 1.59
Sector 0.58 12.7 0.69 2.00 2.25

Name Position Start Date
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 Lee Keith Spencer Non-Executive Director 27 July 2007

Name Position
Stuart Pether Chief Executive Officer
Leanne Ralph Company Secretary

Substantial Shareholders
Holding Name
11,101,016 (8.79%) National Nominees Limited
54,371,033 (43.07%) Pacific Road Holdings NV
18,651,496 (14.77%) RMB Resources Limited

Calendar of Events
Date Event
29 January 2016 Report (Quarterly)
29 October 2015 Report (Quarterly)
30 July 2015 Report (Quarterly)
15 May 2015 Report (Annual)
29 April 2015 Report (Annual)
28 April 2015 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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