PEET LIMITED (PPC)



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General Information
Company Name: Peet Limited
Stock Code: PPC
Website: www.peet.com.au
GICS Sub-Industry: Diversified Real Estate Activities
Market Cap ($M): 579
Equiv. Shares (M): 433

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
$ 1.335 $ 1.340 $ 1.345 $ 1.335 $ 1.335 255,732 0%

Current Broker Consensus Recommendation more
Recommendation: Buy
Recommendation Date: 28th Feb 2014
12 Month Target Price (average): $1.563
Brokers Surveyed: 4

Company Overview

Business Description:
Peet Limited (PPC) is an Australian property company, dedicated to asset and funds management, land and property development and land syndication. The company is currently developing land estates in Western Australia, Victoria, Queensland and New South Wales.

Strategy Analysis:
Peet Limited is focused on expanding their funds management business. Within this, there is goal of managing and developing relationships and partnerships, this has included a significant mandate with the Future fund. The wholesale funds management growth strategy continues to be a main underpinning of future earnings growth. Peet reported NPAT down 86% to $1.24m for the half-year ended 31 December 2012. Revenues from ordinary activities were $83.15m, up 30% from last year. Basic and Diluted EPS were 0.4 cents compared to 2.7 cents last year. Net operating cash flow was $12.2m compared to $1.64m last year. No dividend was declared.


Financial Summary
Year to Jun NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2015  F 38.4 8.9 15.6 15.0 4.5 3.3 --
2014  F 33.4 7.7 71.1 17.3 3.9 2.9 --
2013  A 15.2 4.5 181.3 22.7 0.0 0.0 --
Source: Aspect actuals / Thomson IBES estimates

Peer Comparison
EPS Growth (%) P/E (%) Dividend Yield (%)
Company Mkt Cap 2013 A 2014 F 2015 F 2013 A 2014 F 2015 F 2013 A 2014 F 2015 F
Lend Lease Group (LLC) $7,374 M 0.0865 -0.1189 0.1972 12.5270 14.2173 11.8758 0.0329 0.0368 0.0356
Mirvac Group (MGR) $6,443 M 0.0938 0.1203 0.0391 16.2780 14.5296 13.9824 0.0499 0.0516 0.0548
Peet (PPC) $581 M 1.8062 0.7216 0.1501 29.8441 17.3351 15.0731 0.0000 0.0290 0.0332
Stockland (SGP) $8,749 M -0.2367 0.0532 0.0756 16.8082 15.9593 14.8382 0.0638 0.0638 0.0638
Westfield (WDC) $22,276 M 0.0955 0.0470 0.0310 15.9649 15.2488 14.7909 0.0484 0.0498 0.0507

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth
PPC 2.36 18.9 1.54 0.46
Market 1.09 15.9 1.26 2.00
Sector 1.54 14.0 1.03 3.38

Directors
Name Position Start Date
Mr Brendan David Gore Chief Executive Officer,Managing Director 06 August 2007
Mr Anthony(Tony) Wayne Lennon Non-Executive Chairman 05 February 1985
Mr Stephen Francis Higgs Non-Executive Director 01 June 2004
Mr Graeme W Sinclair Non-Executive Director 01 June 2004
Mr Anthony James Lennon Non-Executive Director 01 January 1996
Mr Trevor Allen Non-Executive Director 04 April 2012
Ms Vicki Krause Non-Executive Director 04 April 2014

Management
Name Position
P J Dumas Chief Investments Officer
D J Cooper Chief Operating Officer
Dom Scafetta Company Secretary

Substantial Shareholders
Holding Name
23,307,352 (5.52%) Mr IMC Palmer & Mrs HC Palmer
21,703,541 (5.02%) Commonwealth Bank of Australia
91,786,533 (21.40%) Scorpio Nominees Pty Ltd and AW Lennon
38,260,549 (8.86%) Caledonia (Private) Investments Pty Limited & its Associates

Calendar of Events
Date Event
26 February 2015 Report (Interim)
24 October 2014 Report (Annual)
26 September 2014 Report (Annual)
29 August 2014 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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