LIVING CELL TECHNOLOGIES LIMITED (LCT)



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General Information
Company Name: Living Cell Technologies Limited
Stock Code: LCT
Website: www.lct.com.au
GICS Sub-Industry: Biotechnology
Market Cap ($M): 17
Equiv. Shares (M): 357

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
$ 0.048 $ 0.046 $ 0.048 $ 0.046 $ 0.048 300,000 0%

Company Overview

Business Description:
Living Cell Technologies Limited (LCT) is an Australian biotechnology company engaged in cell encapsulation and implantation for human therapeutics with operations in New Zealand and USA. Using encapsulation technology IMMUPEL, LCT is focused on developing cell-based products and its two lead products include: DIABECELL for the treatment of Type 1 diabetes; and NTCELL for the treatment of neurodegenerative diseases.


Financial Summary
Year to Jun NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2012  A 5.7 1.7 -- 3.7 0.0 0.0 --
2011  A -6.8 -2.3 -- 0.0 0.0 0.0 --
2010  A -5.7 -2.1 -- 0.0 0.0 0.0 --
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
CSL (CSL) $30,462 M 0.0878 0.2982 0.1365 32.6714 25.1672 22.1449 0.0135 0.0171 0.0192
Living Cell (LCT) $17 M -- -- -- 2.8916 -- -- 0.0000 -- --
Mesoblast (MSB) $1,744 M -- -- -- -- -- -- 0.0000 0.0000 0.0000
Starpharma (SPL) $238 M -- -- -- -- -- -- 0.0000 0.0000 0.0000
Sirtex Medical (SRX) $612 M 0.4803 0.9043 0.3573 36.3576 19.0923 14.0661 0.0091 0.0174 0.0233

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth P/S Ratio
LCT 0.20 2.89 1.19 -- 4.40
Market 1.11 13.3 0.91 2.51 2.66
Sector 0.93 21.3 2.39 0.54 6.83

Directors
Name Position Start Date
Professor Robert Bartlett Elliott Medical Director,Chief Executive Officer 15 January 2004
Mr Roy James Austin Non-Executive Chairman 25 February 2011
Mr Robert Moyse Willcocks Non-Executive Director 29 March 2011
Mr Laurrie Hunter Non-Executive Director 25 August 2006
Dr Bernie Tuch Non-Executive Director 19 July 2011

Management
Name Position
Andrea Grant Chief Executive Officer
Nicholas (Nick) John Victor Geddes Company Secretary
John Cowan Head of finance and administration

Substantial Shareholders
Holding Name
25,000,000 (7.00%) Otsuka Pharmaceutical Factory, Inc
12,329,061 (3.45%) K One W One Limited
24,150,408 (6.76%) Palmert Members Limited
24,150,408 (6.76%) Coalco International Limited
25,610,891 (7.17%) Persistency Private Equity Limited (formerly Prospector Limited)

Calendar of Events
Date Event
26 February 2014 Report (Interim)
14 October 2013 Report (Annual)
28 August 2013 Report (Prelim)
© 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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