NORTHERN STAR RESOURCES LTD (NST)



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General Information
Company Name: Northern Star Resources Ltd
Stock Code: NST
Website: www.nsrltd.com
GICS Sub-Industry: Gold
Market Cap ($M): 312
Equiv. Shares (M): 424

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
 $ 0.675 $ 0.700 $ 0.710 $ 0.670 $ 0.735 3,826,293 $ -0.060  -8.163 %

Company Overview

Business Description:
Northern Star Resources Ltd (NST) is a gold producing and exploration company with a resource base of over 1.3 million ounces, located in the prospective Ashburton-Pilbara region of Western Australia. NST’s flagship projects are Paulsens and Ashburton gold projects.

Strategy Analysis:
Northern Star Resources are pushing to grow resources, production and cash flow at Paulsens. The Company is working hard to establish its second operating mine at its recently acquired Ashburton Project. Ashburton has a JORC resource of 668,000oz and they believe there is scope to increase this. As well as offering exploration potential, Ashburton is attractive to Northern Star because it is within trucking distance of the Paulsens processing plant.


Financial Summary
Year to Jun NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2014  F 40.2 9.3 -6.1 7.9 2.5 3.4 --
2013  F 42.8 9.9 94.1 7.4 3.5 4.8 --
2012  A 22.0 5.1 18.6 14.5 2.5 3.4 --
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
Evolution Mining (EVN) $588 M -- 0.2450 0.2095 11.9597 9.6065 7.9426 0.0000 0.0108 0.0229
Newcrest Mining (NCM) $11,513 M -0.0378 -0.4475 0.0889 10.6156 19.2121 17.6436 0.0233 0.0215 0.0233
Northern Star Resources (NST) $308 M 0.1860 0.9353 -0.0608 14.2157 7.3455 7.8209 0.0345 0.0483 0.0345
OZ Minerals (OZL) $1,244 M -0.6077 -0.5926 1.2746 9.8439 24.1603 10.6218 0.0732 0.0255 0.0437
Regis Resources (RRL) $1,760 M 0.7775 1.2655 0.3111 24.3742 10.7589 8.2058 0.0000 0.0541 0.0791

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth P/S Ratio
NST 0.42 7.91 3.13 0.23 3.17
Market 1.13 13.2 0.92 2.50 2.58
Sector 0.56 8.96 0.71 1.83 6.67

Directors
Name Position Start Date
Mr William (Bill) J Beament Managing Director 20 August 2007
Mr Christopher Kenneth George Rowe Non-Executive Chairman 20 February 2003
Mr Michael George Fotios Non-Executive Director 04 September 2009
Mr John Daniel Fitzgerald Non-Executive Director 30 November 2012
Mr Peter O'Connor Non-Executive Director 21 May 2012

Management
Name Position
Raymond Parry Chief Financial Officer
Liza Carpene Company Secretary

Substantial Shareholders
Holding Name
22,724,726 (5.65%) Van Eck Associates Corporation
40,035,900 (9.44%) Investment Limited
21,787,583 (5.42%) Paradice Investment Management Pty Ltd

Calendar of Events
Date Event
28 April 2014 Report (Quarterly)
12 February 2014 Report (Interim)
30 January 2014 Report (Quarterly)
28 October 2013 Report (Quarterly)
28 October 2013 Report (Annual)
30 July 2013 Report (Quarterly)
15 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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