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): 513
Equiv. Shares (M): 435

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
 $ 1.185 $ 1.210 $ 1.210 $ 1.180 $ 1.180 36,619 $ 0.005  0.424 %

Current Broker Consensus Recommendation more
Recommendation: Strong Buy (1)
Recommendation Date: 20th Aug 2014
Brokers Surveyed: 1

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 (%)
2014  A 31.6 7.0 55.5 19.2 3.5 2.6 --
2013  A 15.6 4.5 180.6 22.7 0.0 0.0 --
2012  A 5.3 1.6 -76.5 61.5 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
Lend Lease Group (LLC) $8,903 M 0.4790 -0.2990 -0.0112 10.1877 14.5331 14.6972 4.62 3.42 4.07
Peet (PPC) $522 M 0.5545 -- -- 17.1920 -- -- 2.92 -- --
Scentre (SCG) $18,262 M 0.0229 0.1236 -0.0176 17.8832 15.9165 16.2022 5.79 5.95 6.14
Stockland (SGP) $9,771 M 0.0688 0.0644 0.0558 17.3986 16.3458 15.4820 5.77 5.77 5.77
Westfield Corporation (WFD) $16,105 M 0.0956 -0.0294 0.0200 18.8427 19.4138 19.0324 4.10 3.39 3.50

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth P/S Ratio
PPC -- 16.9 1.27 -- 1.90
Market 0.93 15.6 1.24 1.81 1.53
Sector 1.49 13.2 1.07 3.28 6.22

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 Robert (Bob) John McKinnon Non-Executive Director 19 May 2014
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
91,786,533 (21.40%) Scorpio Nominees Pty Ltd and AW Lennon
38,260,549 (8.86%) Caledonia (Private) Investments Pty Limited & its Associates
23,307,352 (5.52%) Mr IMC Palmer & Mrs HC Palmer
21,703,541 (5.02%) Commonwealth Bank of Australia

Calendar of Events
Date Event
23 October 2015 Report (Annual)
27 August 2015 Report (Prelim)
26 February 2015 Report (Interim)
© 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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