PanAust Limited (PNA)

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General Information
Company Name: PanAust Limited
Stock Code: PNA
GICS Sub-Industry: Diversified Metals & Mining
Market Cap ($M): 794
Equiv. Shares (M): 648

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
 $ 1.225 $ 1.270 $ 1.280 $ 1.215 $ 1.250 2,669,188 $ -0.025  -2.000 %

Current Broker Consensus Recommendation more
Recommendation: Buy (2.4)
Recommendation Date: 26th Mar 2015
Brokers Surveyed: 5

Company Overview

Business Description:
PanAust Limited is involved in production and sale of copper-gold concentrate from the Phu Kham Copper-Gold Operation, Laos; production and sale of gold-silver doré from the Ban Houayxai Gold-Silver Operation, Laos and Exploration and evaluation of projects in Laos, Papua New Guinea (PNG) and Chile. PanAust is structured into three business units - PanAust Asia, PanAust South America, and Project Development.

Strategy Analysis:
PanAust seeks to grow organically via development of its portfolio of copper and gold projects. Management expects a more than doubling in copper equivalent production from around 60,000 tonnes a year to around 120,000 tonnes by fiscal 2015. Successful development of the Phu Kham and Ban Houayxai mines in south east Asia add credibility. PanAust reported NPAT up 8% to US$142.27m for the year ended 31 December 2012. Revenues from ordinary activities were US$712.7m, up 24% from last year. The majority of this increase was associated with commencement of gold-silver dore sales from the Ban Houayxai gold-silver operation which started commercial production from 1 June 2012. Diluted EPS was 23.91 US cents compared to 22.28 US cents last year. Net operating cash flow was US$198.39m compared to US$239.14m last year. The final dividend declared was 4.0 AU cents, taking the full year dividend to 7.0 AU cents compared with nil cents last year.

Financial Summary
Year to Dec NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2016  F 117.0 18.3 64.3 6.8 11.0 8.8 0.0
2015  F 71.2 11.2 86.1 11.2 6.7 5.4 0.0
2014  A 38.2 6.0 -46.9 31.4 3.0 1.6 0.0
Source: Morningstar analyst 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
BHP Billiton (BHP) $98,856 M 0.1223 -0.2675 -0.0894 11.5108 15.7153 17.2582 4.17 5.19 5.21
Iluka Resources (ILU) $3,362 M -0.5337 1.1671 0.8274 56.1538 25.9116 14.1798 2.37 3.34 4.81
PanAust (PNA) $810 M -- -- 0.7004 -- 18.3554 10.7945 2.93 3.03 1.52
Rio Tinto (RIO) $24,620 M -0.1938 -0.3204 0.1906 9.1272 13.4303 11.2799 4.64 5.15 5.36
Sims Metal Management (SGM) $2,554 M 3.0215 0.8045 0.3113 37.0469 20.5301 15.6560 0.80 2.57 3.03

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth P/S Ratio
PNA 0.56 -- 0.84 -- 0.89
Market 0.90 16.8 1.30 2.44 1.60
Sector 0.58 13.0 0.69 2.19 2.24

Name Position Start Date
Mr Qian Deng Alternate Director 28 January 2015
Dr Frederick (Fred) Hess Managing Director 11 November 2014
Mr Garry Arthur Hounsell Non-Executive Chairman,Non-Executive Director 01 July 2008
Mrs Nerolie Phyllis Withnall Non-Executive Director 21 May 1996
Mr Geoffrey Arthur Handley Non-Executive Director 29 September 2006
Mr John Philip Crofts Non-Executive Director 17 September 2010
Ms Sally (Annabelle) Annabelle Chaplain Non-Executive Director 01 July 2012
Mr Geoff Billard Non-Executive Director 01 July 2008
Mr Zezhong Li Non-Executive Director 18 September 2009
Mr Kenneth William Pickering Non-Executive Director 28 October 2011

Name Position
David Hairsine Chief Financial Officer
George Piggott Company Secretary
Paul Martin Scarr Company Secretary
Rob Usher Executive General Manager PanAust Asia
Francisco Tomic Executive General Manager PanAust South America

Substantial Shareholders
Holding Name
145,154,849 (22.78%) Guangdong Rising Assets Management Co Ltd and its wholly owned subsidiary

Calendar of Events
Date Event
18 February 2016 Report (Prelim)
28 January 2016 Report (Quarterly)
29 October 2015 Report (Quarterly)
20 August 2015 Report (Interim)
14 July 2015 Report (Quarterly)
28 April 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


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