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PERSEUS MINING LIMITED (PRU)


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General Information
Company Name: Perseus Mining Limited
Stock Code: PRU
Website: www.perseusmining.com
GICS Sub-Industry: Gold
Market Cap ($M): 522
Equiv. Shares (M): 458

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
 $ 1.140 $ 1.130 $ 1.190 $ 1.085 $ 1.150 8,404,135 $ -0.010  -0.870 %

Current Broker Consensus Recommendation more
Recommendation: Buy
Recommendation Date: 16th May 2013
12 Month Target Price (average): $2.293
Brokers Surveyed: 7

Company Overview

Business Description:
Perseus Mining Limited (PRU) is a gold mining, exploration, evaluation and development corporation with activities focussed on under-explored gold belts located in West Africa. PRU’s principal assets are located in Ghana and the Ivory Coast in Africa, comprising Edikan Gold Mine,Tengrela Gold Project and Grumesa Gold Project. PRU’s shares are also listed on the Toronto Stock Exchange (TSX) and the German Stock Exchange.

Strategy Analysis:
PRU aims toexpandits gold resource basethrough rapidexploration of existing ground andacquisition of prospective newprojects, while developing the Central Ashanti Gold Project as well as, potentially, the Tengrela Gold Project. The Company plansto start its first mining operation in2011 and aims athaving multiple gold mines operating in West Africa Perseus Mining reported negative cash flow of $65.86m for the quarter ended 31 December 2012. Operating cash flow for the period was $(4.8m). Payments for exploration and evaluation were $(4.04m). Investing cash flow was $(331,000). Financing cash flow was $(60.73m). Cash in hand at the end of the quarter was $39.67m.

Financial Summary
Year to Jun NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2014  F 75.1 16.4 19.7 7.0 -- 0.0 --
2013  F 59.4 13.7 50.5 8.4 -- 0.0 --
2012  A 40.7 9.1 -- 31.8 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
Evolution Mining (EVN) $588 M -- 0.2450 0.2095 11.9597 9.6065 7.9426 0.0000 0.0108 0.0229
Newcrest Mining (NCM) $11,513 M -0.0378 -0.4475 0.0889 10.6156 19.2121 17.6436 0.0233 0.0215 0.0233
OZ Minerals (OZL) $1,244 M -0.6077 -0.5926 1.2746 9.8439 24.1603 10.6218 0.0732 0.0255 0.0437
Perseus (PRU) $527 M -- 0.5050 0.2015 12.6792 8.4249 7.0122 0.0000 0.0000 0.0000
Regis Resources (RRL) $1,760 M 0.7775 1.2655 0.3111 24.3742 10.7589 8.2058 0.0000 0.0541 0.0791

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth P/S Ratio
PRU 0.36 8.70 1.45 0.25 3.53
Market 0.83 14.9 1.29 1.81 1.77
Sector 0.56 8.96 0.71 1.83 6.67

Directors
Name Position Start Date
Mr Reginald Norman Gillard Chairman 24 October 2003
Mr Jeffrey Allan Quartermaine Chief Executive Officer,Chief Financial Officer,Managing Director 01 February 2013
Mr Colin John Carson Executive Director 24 October 2003
Mr Rhett Boudewyn Brans Executive Director 26 May 2004
Mr Neil Christian Fearis Non-Executive Director 26 May 2004
Mr Michael A Bohm Non-Executive Director 15 October 2009
Mr Terence Sean Harvey Non-Executive Director 02 September 2009

Management
Name Position
Jeffrey Quartermaine Chief financial officer
Jon Yelland Chief operating officer
Susmit Mohanlal Shah Company Secretary
Kevin Thomson Exploration manager

Substantial Shareholders
Holding Name
49,800,230 (10.87%) The Bank of Nova Scotia
43,695,232 (9.54%) Van Eck Associates Corporation

Calendar of Events
Date Event
18 April 2014 Report (Quarterly)
14 February 2014 Report (Interim)
12 February 2014 Report (Interim)
21 January 2014 Report (Quarterly)
20 January 2014 Report (Quarterly)
15 October 2013 Report (Quarterly)
09 October 2013 Report (Annual)
17 July 2013 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 www.morningstar.com.au/fsg.asp.

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