Peet Limited (PPC)

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General Information
Company Name: Peet Limited
Stock Code: PPC
GICS Sub-Industry: Diversified Real Estate Activities
Market Cap ($M): 522
Equiv. Shares (M): 435

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
 $ 1.220 $ 1.200 $ 1.220 $ 1.200 $ 1.200 28,230 $ 0.020  1.667 %

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) $8,613 M 0.4790 -0.2990 -0.0112 9.8561 14.0600 14.2187 4.78 3.53 4.21
Peet (PPC) $522 M 0.5545 -- -- 17.1920 -- -- 2.92 -- --
Scentre (SCG) $17,783 M 0.0229 0.1236 -0.0176 17.4140 15.4988 15.7770 5.94 6.11 6.31
Stockland (SGP) $9,301 M 0.0688 0.0644 0.0558 16.5621 15.5599 14.7376 6.06 6.06 6.06
Westfield Corporation (WFD) $15,336 M 0.0956 -0.0292 0.0200 17.9431 18.4823 18.1193 4.30 3.56 3.67

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth P/S Ratio
PPC -- 17.2 1.29 -- 1.93
Market 0.89 15.1 1.22 1.70 1.49
Sector 1.43 13.0 1.04 3.14 6.39

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

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
27 August 2015 Report (Prelim)
26 February 2015 Report (Interim)
31 October 2014 Div Pay Date
24 October 2014 Report (Annual)
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