Select Harvests Limited (SHV)

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General Information
Company Name: Select Harvests Limited
Stock Code: SHV
GICS Sub-Industry: Agricultural Products
Market Cap ($M): 460
Equiv. Shares (M): 71

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
 $ 6.490 $ 6.580 $ 6.655 $ 6.450 $ 6.570 97,696 $ -0.080  -1.218 %

Current Broker Consensus Recommendation more
Recommendation: Buy (2)
Recommendation Date: 12th Nov 2014
Brokers Surveyed: 2

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 (%)
2016  F -- 58.3 -21.0 11.1 20.0 3.1 --
2015  F -- 73.8 51.2 8.8 27.0 4.2 --
2014  A 29.0 48.8 19.2 10.5 20.0 3.9 55.0
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
Graincorp (GNC) $1,810 M -0.4578 -0.0036 0.4899 19.1248 19.1944 12.8827 2.53 2.42 3.86
Ridley Corp (RIC) $296 M 0.5912 0.1729 -0.0551 15.5089 13.2231 13.9942 1.56 4.64 4.69
Select Harvests (SHV) $466 M 0.1922 0.5123 -0.2098 13.4631 8.9024 11.2654 3.04 4.11 3.04

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth P/S Ratio
SHV 0.45 11.1 2.06 1.19 2.05
Market 0.92 15.1 1.19 1.73 1.50
Sector 0.59 15.5 1.32 2.60 0.92

Name Position Start Date
Mr Paul Thompson Chief Executive Officer,Managing Director 09 July 2012
Mr Michael Andrew Iwaniw Non-Executive Chairman 27 June 2011
Mr Michael Carroll Non-Executive Director 31 March 2009
Mr Ross Marshall 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

Name Position
Paul Chambers Chief Financial Officer,Company Secretary
P Ross General Manager Horticulture
B Van Twest General Manager Operations
M Eva General Manager Sales & Marketing - Consumer Products
L Van Driel General Manager Trading & Industrial

Substantial Shareholders
Holding Name
5,354,647 (9.23%) Thorney Investment Pty Ltd
3,503,361 (6.04%) AMP Limited
7,168,268 (12.36%) FMR LLC and FIL (formerly FMR Corp and FIL)

Calendar of Events
Date Event
19 October 2015 Report (Annual)
24 August 2015 Report (Annual)
24 August 2015 Report (Prelim)
27 February 2015 Report (Interim)
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