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OAKTON LIMITED (OKN)


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General Information
Company Name: Oakton Limited
Stock Code: OKN
Website: www.oakton.com.au
GICS Sub-Industry: IT Consulting & Other Services
Market Cap ($M): 101
Equiv. Shares (M): 90

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
 $ 1.130 $ 1.130 $ 1.140 $ 1.130 $ 1.120 26,039 $ 0.010  0.893 %

Current Broker Consensus Recommendation more
Recommendation: Hold
Recommendation Date: 11th Jun 2013
12 Month Target Price (average): $1.26
Brokers Surveyed: 4

Company Overview

Business Description:
Oakton Limited (OKN) is a consulting and technology firm providing IT solutions, business consulting, financial management and assurance services to a range of industry sectors including Construction and Property, Education, Financial services, Government, Healthcare, Resources, Telecommunications, Utilities, and Wholesale and retail business. OKN has model to deliver the solutions namely: Industry, Domain and Technology.

Strategy Analysis:
Oakton reported NPAT down 33.8% to $4.55m for the half-year ended 31 December 2012. Revenues from ordinary activities were $83.87m, down 1.8% from last year. Diluted EPS was 4.9 cents compared to 7.3 cents last year. Net operating cash flow was $5.54m compared to $16.32m last year. The interim dividend declared was 4.75 cents, compared with 10.5 cents last year.

Financial Summary
Year to Jun NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2013  F 18.5 19.7 10.5 6.0 6.0 5.0 100.0
2012  F 16.8 17.9 -20.9 6.7 6.5 5.5 100.0
2011  A 20.9 22.6 18.8 11.1 6.5 2.6 100.0
Source: Morningstar analyst estimates.

Peer Comparison
EPS Growth (%) P/E (%) Dividend Yield (%)
Company Mkt Cap 2011 A 2012 F 2013 F 2011 A 2012 F 2013 F 2011 A 2012 F 2013 F
Computershare (CPU) $5,779 M -0.2004 0.2672 0.0675 25.1879 19.8776 18.6201 0.0269 0.0290 0.0333
CSG (CSV) $256 M -0.9035 -0.7985 0.2836 3.3712 16.7273 13.0312 0.2446 0.0297 0.0336
IRESS (IRE) $1,016 M -0.0671 0.1536 0.1163 25.9868 22.5264 20.1788 0.0481 0.0448 0.0475
Oakton (OKN) $107 M 0.0512 -0.3320 0.0538 8.0623 12.0690 11.4533 0.0924 0.0784 0.0790
UXC (UXC) $303 M 0.5961 0.0168 0.1983 13.7255 13.4986 11.2644 0.0561 0.0536 0.0606

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth P/S Ratio
OKN 0.61 11.2 0.97 10.00 0.61
Market 0.81 14.0 1.18 1.88 1.62
Sector 0.90 16.0 2.18 1.59 1.53

Directors
Name Position Start Date
Mr Neil Maxwell Wilson Chief Executive Officer,Managing Director 17 November 2000
Mr Paul Andrew Holyoake Executive Chairman 12 July 1988
Ms Christina Isabelle Gillies Non-Executive Director 11 June 2003
Mr Anthony Charles Larkin Non-Executive Director 30 July 2009
Mr Martin (Marty) Paul Adams Non-Executive Director 04 September 2012

Management
Name Position
James Watson Chief Architect
John Phillips Chief Financial Officer
Michael Miers Company Secretary
Gary Pascoe Executive General Manager Australian Capital Territory
Karen Lowe Executive General Manager Organisational Capability
Simon Williams Executive General Manager Queensland
Bruce Minahan Executive General Manager Victoria
Michael Sneddon General Counsel
Bob Peebles General Manager Client Management and Marketing
Stuart Barry General Manager Commercial and Delivery Assurance
Phillip O'Brien General Manager National Managed Services
Dennis Papakyriakopoulos Vice President Oakton GTSC (India)

Substantial Shareholders
Holding Name
5,625,585 (6.12%) BlackRock Investment Management (Australia) Limited (formerly Barclays Global Investors Australia)
6,453,047 (6.88%) Aviva Investors Australia Limited
11,487,407 (12.25%) National Australia Bank Limited
4,756,677 (5.08%) First Samuel Limited
4,654,964 (5.02%) Challenger Limited
8,211,491 (8.75%) AMP Limited
8,000,000 (8.88%) Paul Holyoake

Calendar of Events
Date Event
18 February 2014 Report (Interim)
15 August 2013 Report (Annual)
13 August 2013 Report (Annual)
13 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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