PANORAMIC RESOURCES LIMITED (PAN)



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General Information
Company Name: Panoramic Resources Limited
Stock Code: PAN
Website: www.panoramicresources.com
GICS Sub-Industry: Diversified Metals & Mining
Market Cap ($M): 64
Equiv. Shares (M): 257

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
$ 0.250 $ 0.255 $ 0.265 $ 0.250 $ 0.250 335,076 0%

Current Broker Consensus Recommendation more
Recommendation: Hold
Recommendation Date: 24th Apr 2013
12 Month Target Price (average): $0.527
Brokers Surveyed: 3

Company Overview

Business Description:
Panoramic Resources Limited (PAN) is a mining and production company focusing on two nickel operating mine, Savannah and Lanfranchi Projects, in Western Australia. PAN also holds development projects, with a focus on gold and PGMs.

Strategy Analysis:
The company´s vision is to broaden the exploration and production base to become a major diversified mining house in the ASX 100. The 10 year plan is to improve safety culture, optimise metal production to maximise margins, grow resources and reserves to extend mine life, maintain dividends and acquire additional assets to become a diversified mining house. Panoramic Resources reported a net loss of $12.99m for the half-year ended 31 December 2012. Revenues from ordinary activities were $94.81m, down 18.3% from last year. Basic and Diluted EPS was (5.2) cents compared to (1.9) cents last year. Net operating cash flow was $16.36m compared to $19.99m last year. The interim dividend declared was 1 cent, compared with 2 cents last year.


Financial Summary
Year to Jun NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2014  F 12.8 5.0 -- 5.0 2.0 8.0 100.0
2013  F -10.4 -4.1 -- -6.1 2.0 8.0 100.0
2012  A -11.0 -5.2 -140.9 -24.5 2.0 1.6 100.0
Source: Morningstar analyst 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
BHP Billiton (BHP) $111,863 M -0.1359 -0.2135 0.2033 11.0589 14.0614 11.6856 0.0316 0.0333 0.0367
Iluka Resources (ILU) $4,669 M -0.2536 -0.6749 1.6621 12.3573 38.0157 14.2802 0.0314 0.0134 0.0255
Panoramic Resources (PAN) $67 M -- -- -- -- -- 5.1896 0.0769 0.0769 0.0769
Rio Tinto (RIO) $24,097 M -0.3874 0.0912 0.2010 11.4223 10.4675 8.7154 0.0291 0.0335 0.0371
Sims Metal Management (SGM) $2,043 M -0.6378 -0.2343 1.9368 29.7000 38.7898 13.2083 0.0200 0.0109 0.0370

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth P/S Ratio
PAN -- -- 0.20 -- 0.23
Market 0.84 14.8 1.26 1.90 1.75
Sector 0.57 8.89 0.70 2.13 7.50

Directors
Name Position Start Date
Mr Peter J Harold Managing Director 16 March 2001
Mr Brian Marshall Phillips Non-Executive Chairman 27 March 2007
Mr Christopher David James Langdon Non-Executive Director 05 August 2004
Mr John Rowe Non-Executive Director 05 December 2006

Management
Name Position
Vera Waldby Administration Manager & Assistant Company Secretary
Angus S Thomson Business Development Manager
Trevor Roland Eton Chief Financial Officer,Company Secretary
Tim Shervington Commercial Manager
John D Hicks Exploration Manager
Andrew Math Finance Manager
Jason Grover Financial Controller
Terry J Strong General Manager Nickel Operations
Christopher J Williams General Manager Project Development & Technical Services
Tracey Ram Human Resources Manager
Evy Litopoulos Investor Relations Manager
Stewart Clark IT Manager
David Swain Manager Environment & Heritage
Kim Richards Occupational Health & Safety Manager
Robert J Thorburn Operations Manager - Lanfranchu Project
Mark Recklies Operations Manager - Savannah Project

Substantial Shareholders
Holding Name
20,696,693 (8.09%) JP Morgan Nominees Australia Limited <Cash Income A/C>
14,000,000 (5.48%) Matsa Resources Limited
42,916,247 (16.79%) JP Morgan Nominees Australia Limited
21,150,884 (8.27%) National Nominees Limited
47,467,286 (18.57%) HSBC Custody Nominees (Australia) Limited

Calendar of Events
Date Event
22 April 2014 Report (Quarterly)
27 February 2014 Report (Interim)
26 February 2014 Report (Interim)
30 January 2014 Report (Quarterly)
21 October 2013 Report (Quarterly)
18 October 2013 Report (Annual)
28 August 2013 Report (Prelim)
29 July 2013 Report (Quarterly)
31 May 2013 Div Pay Date
© 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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