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): 275
Equiv. Shares (M): 119

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
 $ 2.315 $ 2.300 $ 2.360 $ 2.255 $ 2.250 163,332 $ 0.065  2.889 %

Current Broker Consensus Recommendation more
Recommendation: Strong Buy (1)
Recommendation Date: 18th Dec 2014
Brokers Surveyed: 1

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 (%)
2016  F -- 27.7 9.9 8.3 18.0 7.8 --
2015  F -- 25.2 1.0 9.2 17.5 7.6 --
2014  A 30.5 25.0 -10.1 10.8 17.0 6.3 100.0
Source: Aspect actuals / Thomson IBES estimates

Peer Comparison
EPS Growth (%) P/E (%) Dividend Yield (%)
Company Mkt Cap 2014 A 2015 F 2016 F 2014 A 2015 F 2016 F 2014 A 2015 F 2016 F
Brambles (BXB) $15,802 M -0.1222 0.1325 0.1295 24.6579 21.7738 19.2778 2.68 3.20 3.40
Downer EDI (DOW) $1,846 M 0.0083 0.0370 -0.0075 9.2174 8.8889 8.9565 5.42 5.64 5.64
Mineral Resources (MIN) $1,264 M 0.3748 -0.9404 7.0326 5.0422 84.5865 10.5304 9.19 2.96 5.32
Programmed Maint. (PRG) $267 M -0.1007 0.0096 0.0990 9.0000 8.9144 8.1110 7.56 7.78 8.00
Transfield Services (TSE) $866 M 0.2435 0.0591 0.0016 9.7914 9.2451 9.2299 0.00 2.37 4.73

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth P/S Ratio
PRG 0.77 9.20 0.67 1.72 0.20
Market 0.90 15.0 1.19 1.94 1.48
Sector 0.95 12.4 1.29 1.68 0.84

Directors
Name Position Start Date
Mr Christopher Glen Sutherland Managing Director 21 January 2008
Mr Bruce Robert 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 Rachel Stein Non-Executive Director 16 June 2010
Ms Andrea Elizabeth 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
6,095,445 (5.15%) BT Investment Management Limited
9,919,121 (8.39%) Invesco Australia Ltd
9,768,084 (8.26%) Delta Lloyd NV and its associates

Calendar of Events
Date Event
17 November 2015 Report (Interim)
27 May 2015 Report (Prelim)
27 May 2015 Report (Annual)
22 January 2015 Div Pay Date
08 January 2015 Books Close
06 January 2015 Div Ex Date
© 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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