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SOUTHERN CROSS ELECTRICAL ENGINEERING LTD (SXE)


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General Information
Company Name: Southern Cross Electrical Engineering Ltd
Stock Code: SXE
Website: www.scee.com.au
GICS Sub-Industry: Electrical Components & Equipment
Market Cap ($M): 158
Equiv. Shares (M): 162

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
 $ 0.910 $ 1.000 $ 1.000 $ 0.910 $ 0.980 43,879 $ -0.070  -7.143 %

Current Broker Consensus Recommendation more
Recommendation: Buy
Recommendation Date: 3rd May 2013
12 Month Target Price (average): $1.395
Brokers Surveyed: 2

Company Overview

Business Description:
Southern Cross Electrical Engineering Limited (SXE) is a supplier of large scale electrical and instrumentation installation services for major resources, infrastructure and heavy industrial projects in Australia and overseas.

Strategy Analysis:
SXE is focused on providing large scale specialised electrical, control and instrumentation installation and testing services for the mining, oil and gas, infrastructure and heavy industrial sectors. Southern Cross Electrical Engineering reported NPAT down 17% to $4.27m for the half-year ended 31 December 2012. Revenues from ordinary activities were $120.59m, up 43% from last year. Basic and Diluted EPS was 2.7 cents compared to 3.2 cents last year. The net operating cash inflow was $30.45m compared to an outflow of $2.3m in the pcp. No dividend was declared.

Financial Summary
Year to Jun NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2014  F 26.0 16.1 32.0 6.1 5.7 5.8 --
2013  F 19.6 12.2 43.5 8.0 2.7 2.7 --
2012  A 13.7 8.5 -- 11.2 2.3 2.4 100.0
Source: Aspect actuals / Thomson IBES estimates

Peer Comparison
EPS Growth (%) P/E (%) Dividend Yield (%)
Company Mkt Cap 2012 A 2013 F 2014 F 2012 A 2013 F 2014 F 2012 A 2013 F 2014 F
Southern Cross Electrical Engineering (SXE) $165 M -- 0.4329 0.3251 12.0000 8.3744 6.3197 0.0221 0.0262 0.0561

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth P/S Ratio
SXE 0.70 8.31 1.82 0.22 0.72
Market 0.84 14.8 1.26 1.90 1.75
Sector 0.72 7.36 1.06 1.39 0.43

Directors
Name Position Start Date
Mr John Cooper Non-Executive Chairman 30 October 2007
Dr Jack Hamilton Non-Executive Director 01 October 2011
Mr Peter William Forbes Non-Executive Director 01 October 2011
Professor Derek Parkin Non-Executive Director 31 March 2011

Management
Name Position
Simon Buchhorn Chief Operating Officer
Chris Douglass Company Secretary
Colin J Harper Joint Company Secretary

Substantial Shareholders
Holding Name
65,227,131 (40.40%) Gianfranco Tomasi
10,210,344 (6.30%) Treasury Group Limited
12,018,795 (7.50%) Acorn Capital Limited
10,480,089 (6.50%) Antares Equities

Calendar of Events
Date Event
25 February 2014 Report (Interim)
26 September 2013 Report (Annual)
27 August 2013 Report (Annual)
27 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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