SEYMOUR WHYTE LIMITED (SWL)



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General Information
Company Name: Seymour Whyte Limited
Stock Code: SWL
Website: www.seymourwhyte.com.au
GICS Sub-Industry: Construction & Engineering
Market Cap ($M): 78
Equiv. Shares (M): 78

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
 $ 1.095 $ 0.990 $ 1.095 $ 0.980 $ 1.000 41,000 $ 0.095  9.500 %

Current Broker Consensus Recommendation more
Recommendation: Buy
Recommendation Date: 28th Feb 2013
12 Month Target Price (average): $1.49
Brokers Surveyed: 1

Company Overview

Business Description:
Seymour Whyte Limited (SWL) is an infrastructure, engineering and construction company with projects in New South Wales and Queensland. The company's activities focus on: construction of major roadworks; bridgework construction and associated concrete structures; major traffic management schemes; heavy industrial concrete works; and aquatic facilities and community infrastructure.

Strategy Analysis:
SWL will continue to pursue an organic growth strategy in its chosen markets, including through the strategic use of joint ventures. The company has established a presence in the three principal markets of North Queensland, South East Queensland and New South Wales and is looking at further consolidating its geographic expansion. In addition, SWL is focussed on further expanding the company's presence into related sectors such as rail, energy, resources and water. Seymour Whyte reported NPAT up 62.3% to $8.23m for the half-year ended 31 December 2011. Revenues from ordinary activities were $161.84m, up 91.7% from the same period last year. Diluted EPS was 10.6 cents compared to 6.5 cents last year. Net operating cash flow was $13.95m compared to $10.07m last year. The interim dividend declared was 4 cents compared with 3.5 cents last year.


Financial Summary
Year to Jun NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2012  A 9.3 11.9 -24.7 17.0 6.0 3.1 100.0
2011  A 12.3 15.8 2.6 11.9 8.0 4.3 100.0
2010  A 11.9 15.4 -- 6.9 4.0 3.7 100.0
Source: Aspect actuals / Thomson IBES estimates

Peer Comparison
EPS Growth (%) P/E (%) Dividend Yield (%)
Company Mkt Cap 2010 A 2011 F 2012 F 2010 A 2011 F 2012 F 2010 A 2011 F 2012 F
Clough (CLO) $887 M 0.0077 -- -- 20.5776 -- -- 0.0228 -- --
Leighton (LEI) $6,367 M 0.3175 0.2622 0.1261 14.1848 11.2381 9.9799 0.0424 0.0524 0.0570
Monadelphous (MND) $1,452 M 0.3321 0.2199 -0.0185 11.2173 9.1951 9.3682 0.0783 0.0902 0.0929
Seymour Whyte (SWL) $84 M -0.2450 -- -- 9.4987 -- -- 0.0556 -- --
UGL (UGL) $1,194 M 0.0626 -0.3953 0.2080 7.0801 11.7080 9.6918 0.0976 0.0726 0.0822

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth P/S Ratio
SWL -- 8.80 1.96 -- 0.28
Market 0.82 14.6 1.24 1.87 1.73
Sector 0.69 7.34 1.06 1.09 0.42

Directors
Name Position Start Date
Mr David McAdam Chief Executive Officer,Executive Director 01 February 2013
Mr Kenneth Macmillan Drysdale Non-Executive Chairman 01 July 2007
Mr Donald (Don) John Mackay Non-Executive Director 01 February 2009
Mr John Maxwell Seymour Non-Executive Director 16 July 2003
Mr John Ready Non-Executive Director 30 June 2010
Ms Susan Johnston Non-Executive Director 01 September 2011

Management
Name Position
Craig Galvin Chief Financial Officer
Rob Leacock Company Secretary,Deputy Chief Executive Officer
Alistair Pagan Construction Manager
Steve Davies-Evans Estimating Manager
Grant Thistle General Manager - Building Division
Gary Georgiou General Manager - Operations
Zoe Falson Human Resources Manager
David Richards Occupational Health and Safety Manager
Gerd Wimberger Strategic Project Development Manager

Substantial Shareholders
Holding Name
18,291,279 (23.51%) Rabtuvi Pty Limited
21,645,706 (27.81%) Racelid Pty Limited

Calendar of Events
Date Event
26 February 2014 Report (Interim)
02 September 2013 Report (Prelim)
28 August 2013 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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