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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): 164
Equiv. Shares (M): 118

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
 $ 1.400 $ 1.400 $ 1.400 $ 1.350 $ 1.350 97,392 $ 0.050  3.704 %

Company Overview

Business Description:
Orocobre Limited (ORE) is a minerals exploration company focusing on lithium-potassium brine at Olaroz Project in Argentina. Through its 85%-owned subsidiary, South American Salar Minerals Pty Ltd, the company also has interest in other pipeline of salar (salt), lithium and potash projects in Argentina.

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 (%)
2014  F -9.2 -7.8 -- -- -- 0.0 --
2013  F -3.9 -3.3 -- -- -- 0.0 --
2012  A -2.8 -2.7 -- 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
Flinders Mines (FMS) $82 M -- -- -- -- -- -- 0.0000 0.0000 0.0000
Mirabela Nickel (MBN) $136 M -- -- -- -- -- -- 0.0000 0.0000 0.0000
Orocobre (ORE) $159 M -- -- -- -- -- -- 0.0000 0.0000 0.0000
Sirius Resources (SIR) $586 M -- -- -- -- -- -- 0.0000 0.0000 0.0000

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth P/S Ratio
ORE -- -- 2.47 10.00 992.9
Market 0.83 14.4 1.22 1.88 1.72
Sector 0.59 8.57 0.69 2.00 7.29

Directors
Name Position Start Date
Mr Richard Phillip Seville Chief Executive Officer,Managing Director 14 April 2007
Mr James D Calaway Executive Chairman 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

Management
Name Position
Paul Anthony Crawford Company Secretary

Substantial Shareholders
Holding Name
6,204,489 (6.01%) National Nominees Limited
5,294,696 (5.13%) HSBC Custody Nominees (Australia) Limited
8,574,000 (8.31%) Lithium Investors LLC

Calendar of Events
Date Event
29 April 2014 Report (Quarterly)
30 January 2014 Report (Quarterly)
01 November 2013 Report (Quarterly)
30 October 2013 Report (Quarterly)
29 October 2013 Report (Annual)
30 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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