Ruralco Holdings Limited (RHL)



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General Information
Company Name: Ruralco Holdings Limited
Stock Code: RHL
Website: www.ruralco.com.au
GICS Sub-Industry: Diversified Commercial & Professional Services
Market Cap ($M): 298
Equiv. Shares (M): 78

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
 $ 3.830 $ 3.800 $ 3.830 $ 3.800 $ 3.800 4,293 $ 0.030  0.789 %

Current Broker Consensus Recommendation more
Recommendation: Hold (3)
Recommendation Date: 26th Feb 2015
Brokers Surveyed: 1

Company Overview

Business Description:
Ruralco Holdings Limited (RHL) is an agribusiness company operating under its own brands with over 500 outlets across Australia. RHL sells and markets its products to rural and related industries (merchandising) and agency services in relation to real estate, livestock, wool, grain, water, fertiliser and financial services.

Strategy Analysis:
RHL's point of differentiation is its local service, knowledge and independence. Its businesses around the country operate under their own brands. They have their own cultures, service models and value propositions. This is designed to meet the demands of their local or regional markets and to make the most of their own conditions and opportunities. RHL is focussed on improving the efficiency of operations, organically growing profits from existing businesses and diversifying operations across geographies and sectors. Ruralco Holdings reported NPAT down 7.54% to $13.85m for the year ended 30 September 2012. Revenue from ordinary activities were $1,136.31m, up 13.3% from last year. Diluted EPS was 25.12 cents compared to 26.83 cents last year. Net operating cash flow was $15.35m compared to $53.04m last year. The final dividend declared was 10 cents, taking the full year dividend to 20 cents compared with 18 cents last year.


Financial Summary
Year to Sep NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2016  F -- 27.1 10.2 14.1 18.0 4.7 --
2015  F -- 24.6 61.2 15.6 17.0 4.4 --
2014  A 14.2 15.3 -0.8 11.0 32.0 9.5 100.0
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) $16,822 M -0.1222 0.2392 0.0783 26.2463 21.1793 19.6416 2.51 2.95 3.05
Downer EDI (DOW) $1,920 M 0.0083 -0.0128 -0.0339 9.5870 9.7115 10.0524 5.22 5.55 5.67
Mineral Resources (MIN) $1,513 M 0.3748 -0.6246 -0.2929 6.0357 16.0796 22.7413 7.67 2.48 2.48
McMillan Shakespeare (MMS) $908 M -0.1123 0.2714 0.1161 16.1073 12.6690 11.3513 4.44 4.78 5.29
Ruralco Holdings (RHL) $296 M -0.0077 -0.1942 0.1024 12.4427 15.4409 14.0066 8.42 4.47 4.74

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth P/S Ratio
RHL 1.40 13.6 1.40 10.00 0.10
Market 0.92 16.5 1.31 2.31 1.63
Sector 0.97 14.5 1.49 1.81 0.98

Directors
Name Position Start Date
Mr Richard A F England Chairman 09 July 2002
Mr John Steven Maher Chief Executive Officer,Managing Director 02 October 2006
Mr Michael John Millner Non-Executive Director 01 September 2003
Mr Ross Burney Non-Executive Director 01 September 2014
Mr John Harold Tuskin Non-Executive Director 01 October 2013
Ms Elizabeth Johnstone Non-Executive Director 01 September 2014
Ms Trudy Vonhoff Non-Executive Director 01 September 2014

Management
Name Position
Ruth Martin Chief Financial Officer
Susannah Ball Company Secretary
Angie Somann-Crawford Company Secretary,General Counsel
Greg O'neil General Manager - CRT, Group Marketing & Communications
Travis Dillon General Manager - Rural Retail
Ricky Maybury General Manager - Rural Supplies & Water Services
Steve Williams General Manager - Total Eden Networks

Substantial Shareholders
Holding Name
20,344,324 (26.32%) Neale Edwards Pty Ltd
15,947,792 (20.63%) Washington H Soul Pattinson and Co Ltd
10,097,031 (13.06%) Kaplan Equity Limited

Calendar of Events
Date Event
23 December 2015 Report (Annual)
17 November 2015 Report (Prelim)
19 May 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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