Orocobre Limited (ORE)

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General Information
Company Name: Orocobre Limited
Stock Code: ORE
Website: www.orocobre.com.au
GICS Sub-Industry: Precious Metals & Minerals
Market Cap ($M): 331
Equiv. Shares (M): 132

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
$ 2.510 $ 2.640 $ 2.640 $ 2.510 $ 2.510 93,434 0%

Current Broker Consensus Recommendation more
Recommendation: Strong Sell (5)
Recommendation Date: 12th Nov 2014
Brokers Surveyed: 1

Company Overview

Business Description:
Orocobre Limited (ORE) is a mineral exploration company focused on the contruction and operation of its portfolio of lithium, potash and boron projects and facilities in the Puna region of northen Argentina. Currently, ORE's flagship project is Olaroz Project.

Strategy Analysis:
ORE is focused on becoming one of the largest and lowest-cost producers of Lithium in the world. ORE has partnered with Toyota Tusho to develop Salar de Olaroz, and expects to complete the Definitive Feasibility Study on the project in Q1 2011, with initial commercial production starting in 2012. The company also has two other projects which show promise for future development. Orocobre reported positive cash flow of $31.76m for quarter ended 31 December 2012. Operating cash flow for the period was $1.56m. Payments for exploration and evaluation were $3.12m. Investing cash flow was $6.51m. Financing cash flow was $23.68m. Cash in hand at the end of the quarter was $38.99m.

Financial Summary
Year to Jun NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2016  F -- 9.4 -- 26.6 -- 0.0 --
2015  F -- -1.7 -- -- -- 0.0 --
2014  A -5.6 -4.3 -- 0.0 0.0 0.0 --
Source: Aspect actuals / Thomson IBES estimates

Peer Comparison
EPS Growth (%) P/E (%) Dividend Yield (%)
Company Mkt Cap 2014 A 2015 F 2016 F 2014 A 2015 F 2016 F 2014 A 2015 F 2016 F
Metals X (MLX) $306 M 1.3600 0.3093 0.0162 7.8390 5.9871 5.8917 3.68 2.97 3.57
Orocobre (ORE) $338 M -- -- -- -- -- 27.1762 0.00 0.00 0.00
Sirius Resources (SIR) $942 M -- -- -- -- -- -- 0.00 0.00 0.00

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth P/S Ratio
ORE 2.61 -- 2.06 -- 13.5
Market 0.91 15.3 1.20 1.77 1.55
Sector 0.66 12.2 0.75 0.98 2.52

Name Position Start Date
Mr Richard Phillip Seville Chief Executive Officer,Managing Director 14 April 2007
Mr James D Calaway Non-Executive Chairman,Non-Executive Director 20 May 2009
Mr Robert Hubbard Non-Executive Director 30 November 2012
Mr Frederico Nicholson Non-Executive Director 15 September 2010
Mr John Willis Gibson Jnr Non-Executive Director 01 March 2010
Mr Edward Courtney Pratt Non-Executive Director 23 March 2010
Mr Fernando Oris De Roa Non-Executive Director 24 June 2010

Name Position
David Hall Business Development Manager
Neil Kaplan Chief Financial Officer,Company Secretary

Substantial Shareholders
Holding Name
8,262,177 (7.00%) Canadian Register Control
6,494,795 (5.50%) J P Morgan Nominees Australia Limited
9,582,707 (8.10%) National Nominees Limited
11,018,270 (9.40%) HSBC Custody Nominees (Australia) Limited
8,574,000 (7.30%) Lithium Investors LLC

Calendar of Events
Date Event
30 October 2015 Report (Quarterly)
28 September 2015 Report (Annual)
30 July 2015 Report (Quarterly)
29 April 2015 Report (Quarterly)
25 February 2015 Report (Interim)
30 January 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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