Programmed Maintenance Services Ltd (PRG)



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General Information
Company Name: Programmed Maintenance Services Ltd
Stock Code: PRG
Website: www.programmed.com.au
GICS Sub-Industry: Diversified Commercial & Professional Services
Market Cap ($M): 338
Equiv. Shares (M): 119

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
$ 2.850 $ 2.850 $ 2.850 $ 2.800 $ 2.850 83,645 0%

Current Broker Consensus Recommendation more
Recommendation: Hold (3)
Recommendation Date: 1st Sep 2014
Brokers Surveyed: 2

Company Overview

Business Description:
Programmed Maintenance Services Ltd (PRG) is an Australian company engaged in the provision of staffing, maintenance and project services through a network of over 100 branches. PRG operates in three main divisions which are Integrated Workforce, Property & Infrastructure and Resources.

Strategy Analysis:
PRG has undergone a significant transformation in recent years. Successfully merging with Integrated, acquiring SWG and the divestment of Barry Bros. The company strategy is to become a leading provider of staffing and maintenance services. The diversification and geographical expansion aims to maintain earnings growth, increase cross-selling opportunities and generate cost synergies. PRG have also implemented a new divisional structure to reflect the greater size of the group and support staffing and maintenance services growth across most industry sectors. Programmed Maintenance Services reported NPAT up 6.23% to $12.33m for the half-year ended 30 September 2012. Revenue from ordinary activities were $757.7m, up 16.2% from last year. Diluted EPS was 10.2 cents compared to 9.8 cents last year. Net operating cash flow was $19.05m compared to $16.95m last year. The interim dividend declared was 5 cents, compared with 5 cents last year.


Financial Summary
Year to Mar NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2014  F 33.2 27.6 1.1 10.3 14.0 4.9 100.0
2013  F 32.8 27.3 5.0 10.4 13.5 4.7 100.0
2012  A 31.2 26.0 37.8 7.9 13.0 6.4 100.0
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
Brambles (BXB) $14,962 M -0.1222 0.0916 0.1144 23.3871 21.4238 19.2246 2.99 3.09 3.27
Downer EDI (DOW) $2,094 M 0.0083 -0.0287 0.0060 10.4565 10.7654 10.7008 4.78 5.20 5.61
Mineral Resources (MIN) $1,989 M 0.3748 -0.5050 0.2276 7.9629 16.0857 13.1039 5.82 3.57 4.60
Programmed Maint. (PRG) $337 M -0.1007 0.0604 0.0894 11.3600 10.7129 9.8338 5.99 5.99 6.34
SAI Global (SAI) $991 M -0.0562 0.1915 0.1726 22.0657 18.5185 15.7930 3.30 3.51 3.87

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth P/S Ratio
PRG 0.70 11.1 0.82 1.49 0.24
Market 1.03 16.0 1.31 1.77 1.59
Sector 0.85 14.7 1.25 1.38 0.86

Directors
Name Position Start Date
Mr Christopher Glen Sutherland Managing Director 21 January 2008
Mr Bruce R Brook Non-Executive Chairman,Non-Executive Director 16 June 2010
Mr Robert (Bob) John McKinnon Non-Executive Director 14 November 2011
Mr Jonathan Gladstone Whittle Non-Executive Director 08 June 2007
Ms Emma Stein Non-Executive Director 16 June 2010
Dr Andrea Grant Non-Executive Director 17 September 2012

Management
Name Position
Michael Waymark Chief Executive Officer, Facility Management
Nicolas Fairbank Chief Executive Officer, Integrated Workforce
Glenn Thompson Chief Executive Officer, Property Services
Glenn Triggs Chief Executive Officer, Resources
Stephen Leach Chief Finance Officer,Company Secretary
Katina Nadebaum Company Secretary

Substantial Shareholders
Holding Name
7,013,134 (5.93%) Dimensional Entities
9,919,121 (8.39%) Invesco Australia Ltd
9,768,084 (8.26%) Delta Lloyd NV and its associates
6,095,445 (5.15%) BT Investment Management Limited

Calendar of Events
Date Event
27 May 2015 Report (Annual)
27 May 2015 Report (Prelim)
26 November 2014 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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