NUCOAL RESOURCES LIMITED (NCR)



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General Information
Company Name: Nucoal Resources Limited
Stock Code: NCR
Website: www.nucoal.com.au
GICS Sub-Industry: Steel
Market Cap ($M): 16
Equiv. Shares (M): 769

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
 $ 0.017 $ 0.018 $ 0.018 $ 0.016 $ 0.021 1,919,219 $ -0.004  -19.048 %

Current Broker Consensus Recommendation more
Recommendation: Buy
Recommendation Date: 1st Jun 2012
12 Month Target Price (average): $0.63
Brokers Surveyed: 1

Company Overview

Business Description:
Nucoal Resources NL (NCR) is a coal producer based in Australia. Currently, NCR focuses two exploration licenses located in close to Bayswater Power Station through its subsidiary Dellworth Pty Ltd.

Strategy Analysis:
Nucoal’s current strategy is to advance exploration, studies and approvals at the Doyles Creek and Dellworth projects. Develop the Doyles Creek underground mine and training school to generate a positive cash flow and secure a project pipeline commencing with the Dellworth assets. Further expand the project portfolio to become a multi-mine coal producer, by targeting acquisitions that allow the Board and Management team to enhance value. Nucoal Resources reported negative cash flow of $8.53m for quarter ended 31 December 2012. Operating cash flow for the period was $(5.91m). Payments for exploration and evaluation were $(2.98m). Investing cash flow was $(2.62m). Financing cash flow was nil. Cash in hand at the end of the quarter was $21.4m.


Financial Summary
Year to Jun NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2014  F -5.0 -0.7 -- -- -- 0.0 --
2013  A -6.0 -0.8 -- 0.0 0.0 0.0 --
2012  A -4.2 -0.6 -- 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
Arrium (ARI) $1,811 M 1.6728 -0.6547 -0.1343 1.5536 4.4993 5.1973 0.0376 0.0902 0.0752
BlueScope Steel (BSL) $3,593 M -- -- 0.4928 -- 31.8474 21.3338 0.0000 0.0000 0.0210
Fortescue Metals (FMG) $16,597 M 0.2056 0.8625 -0.0856 10.0000 5.3692 5.8720 0.0202 0.0427 0.0543
Independence Group (IGO) $978 M -0.7429 1.4492 0.4892 40.9180 16.7065 11.2182 0.0048 0.0155 0.0302
Nucoal Resources (NCR) $16 M -- -- -- -- -- -- 0.0000 0.0000 --

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth P/S Ratio
NCR -- -- 0.25 -- --
Market 1.07 15.9 1.26 1.99 1.71
Sector 0.88 12.2 0.67 0.72 4.97

Directors
Name Position Start Date
Mr Glen Richard Lewis Managing Director 05 February 2010
Mr Gordon Thomas Galt Non-Executive Chairman 05 February 2010
Mr James David Beecher Non-Executive Director 12 February 2010
Mr Michael Neill Macgregor Davies Non-Executive Director 05 February 2010

Management
Name Position
Megan Etcell Chief Financial Officer,Company Secretary
Maree Roberts Director, Doyles Creek Training School
Gary Cambourn General Manager Operations

Substantial Shareholders
Holding Name
147,134,785 (19.14%) Taurus SM Holdings Pty Limited
47,684,837 (6.20%) Sparta Group MA LLC Series 9

Calendar of Events
Date Event
30 January 2015 Report (Quarterly)
30 October 2014 Report (Quarterly)
24 October 2014 Report (Annual)
22 September 2014 Report (Annual)
30 July 2014 Report (Quarterly)
25 April 2014 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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