SELECT HARVESTS LIMITED (SHV)



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General Information
Company Name: Select Harvests Limited
Stock Code: SHV
Website: www.selectharvests.com.au
GICS Sub-Industry: Agricultural Products
Market Cap ($M): 372
Equiv. Shares (M): 58

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
$ 6.440 $ 6.390 $ 6.440 $ 6.360 $ 6.440 106,911 0%

Current Broker Consensus Recommendation more
Recommendation: Buy
Recommendation Date: 24th Aug 2010
12 Month Target Price (average): $4.75
Brokers Surveyed: 1

Company Overview

Business Description:
Select Harvests Limited (SHV) is an almond producer which grows, processes, package, sells and distributes almond from its almond orchards. SHV is also a manufacturer and marketer of edible nuts, dried fruits, seeds, and a range of natural health foods to the Australian, Asia, Europe and the Middle East retails and industrial markets. SHV provides a management services to external owners of almond orchards.

Strategy Analysis:
SHV's strategy is to leverage its orchard management, processing and marketing capabilities to grow the managed services business. SHV also aim to grow the number of company orchards to diversify their earnings stream, increase control over future earnings and broaden access to the whole almond value chain. The fallout of the MIS sector has meant that established orchards are becoming available for acquisition or long lease. The company has strengthened the balance sheet with the capacity to fund growth. Select Harvests reported NPAT up 2.4% to $17.67m for the year ended 30 June 2011. Revenue from ordinary activities were $249.96m, up 4.5% from last year. Basic and Diluted EPS were 33.7 cents compared to 43.3 cents last year. Net operating cash flow was $547,000 compared to $25.5m last year. The final dividend declared was 3 cents, taking the full year dividend to 13 cents compared with 21 cents last year.


Financial Summary
Year to Jun NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2015  F 34.3 59.2 -4.2 10.9 19.1 3.0 --
2014  F 35.6 61.8 51.1 10.4 20.0 3.1 --
2013  A 23.4 40.9 -- 4.6 12.0 6.4 100.0
Source: Aspect actuals / Thomson IBES estimates

Peer Comparison
EPS Growth (%) P/E (%) Dividend Yield (%)
Company Mkt Cap 2013 A 2014 F 2015 F 2013 A 2014 F 2015 F 2013 A 2014 F 2015 F
Graincorp (GNC) $2,051 M -0.2341 -0.4520 0.3478 11.7447 21.4303 15.9006 0.0446 0.0284 0.0372
Ridley Corp (RIC) $263 M -0.4337 0.5707 0.1129 21.9794 13.9935 12.5735 0.0000 0.0731 0.0585
Select Harvests (SHV) $368 M -- 0.5099 -0.0421 15.5632 10.3074 10.7601 0.0188 0.0314 0.0299

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth P/S Ratio
SHV 0.52 11.1 2.32 0.55 1.92
Market 1.07 15.9 1.27 2.05 1.71
Sector 0.76 15.8 1.11 1.71 0.91

Directors
Name Position Start Date
Mr Paul Thompson Managing Director 13 June 2012
Mr Michael Andrew Iwaniw Non-Executive Chairman 27 June 2011
Mr Michael Carroll Non-Executive Director 31 March 2009
Mr Ross M Herron Non-Executive Director 27 January 2005
Mr Frederick Sheppard Grimwade Non-Executive Director 27 July 2010
Mr Paul Riordan Non-Executive Director 02 October 2012

Management
Name Position
Paul Chambers Chief Financial Officer,Company Secretary
Peter Ross General Manager Horticulture
Bruce van Twest General Manager Operations
Mark Eva General Manager Sales & Marketing - Consumer Products
Laurence Van Driel General Manager Trading and Industrial

Substantial Shareholders
Holding Name
6,865,928 (11.95%) Thorney Investment Pty Ltd
7,085,081 (12.33%) FMR LLC and FIL (formerly FMR Corp and FIL)

Calendar of Events
Date Event
27 February 2015 Report (Interim)
21 October 2014 Report (Annual)
21 August 2014 Report (Prelim)
© 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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