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SUNDANCE RESOURCES LIMITED (SDL)


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General Information
Company Name: Sundance Resources Limited
Stock Code: SDL
Website: www.sundanceresources.com.au
GICS Sub-Industry: Gold
Market Cap ($M): 243
Equiv. Shares (M): 3,072

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
 $ 0.079 $ 0.068 $ 0.084 $ 0.067 $ 0.065 223,976,327 $ 0.014  21.538 %

Current Broker Consensus Recommendation more
Recommendation: Hold
Recommendation Date: 7th Oct 2009
12 Month Target Price (average): $0.25
Brokers Surveyed: 1

Company Overview

Business Description:
Sundance Resources Limited (SDL) is an Australian-based international iron ore exploration and development company which is developing the Mbalam Iron Ore Project in the Republic of Cameroon and the Republic of Congo in central West Africa. The Mbalam Project is being developed by CamIron SA (SDL 90%) and Congo Iron SA (SDL 85%) in partnerships with the Governments of Cameroon and Congo.

Strategy Analysis:
Management is looking to position SDL as the 'first mover' iron ore project developer in West Africa. SDL owns 90% of the Mbalam Project and is working to attract strategic product off-take, construction and financing partners in the development of the project. SDL is targeting to commence operations in 2012. Sundance Resources reported negative cash flow of $11.03m for the quarter ended 31 December 2012. Operating cash flow for the period was $(10.89m). Payments for exploration and evaluation were $(2.44m). Investing cash flow was $(23,000). Financing cash flow was $(113,000). Cash in hand at the end of the quarter was $36.2m.

Financial Summary
Year to Jun NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2012  A -23.1 -0.8 -- 0.0 0.0 0.0 --
2011  A -20.2 -0.7 -- 0.0 0.0 0.0 --
2010  A -9.9 -0.4 -- 0.0 0.0 0.0 --
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
Evolution Mining (EVN) $591 M -- 0.2435 0.2132 12.0317 9.6756 7.9752 0.0000 0.0108 0.0228
Newcrest Mining (NCM) $11,398 M -0.0378 -0.4473 0.0886 10.5096 19.0153 17.4674 0.0235 0.0217 0.0235
OZ Minerals (OZL) $1,250 M -0.6077 -0.7395 2.7051 9.8920 37.9724 10.2488 0.0728 0.0180 0.0392
Regis Resources (RRL) $1,774 M 0.7775 1.2655 0.3111 24.5718 10.8462 8.2723 0.0000 0.0536 0.0784
Sundance Resources (SDL) $200 M -- -- -- -- -- -- 0.0000 -- --

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth P/S Ratio
SDL -- -- 1.02 -- --
Market 0.82 14.6 1.24 1.87 1.73
Sector 0.58 8.89 0.69 1.98 7.25

Directors
Name Position Start Date
Mr Giulio Casello Chief Executive Officer,Managing Director 08 November 2010
Mr George Francis Jones Non-Executive Chairman 02 July 2010
Mr Andrew Robin Marshall Non-Executive Director 14 October 2010
Ms Fiona Elizabeth Harris Non-Executive Director 12 July 2010
Mr Michael Gerrard Blakiston Non-Executive Director 02 July 2010
Mr Barry John Eldridge Non-Executive Director 02 July 2010

Management
Name Position
Nicola Gill Business Services Manager
Peter Canterbury Chief Financial Officer
David Meehan Chief Operating Officer & Project Director
Brian Conrick Company Secretary
Robin Longley General Manager
Paul De Nardi General Manager
Tim Sewell HSECS Group Manager

Substantial Shareholders
Holding Name
289,798,630 (9.50%) Deutsche Bank Group
514,957,708 (16.88%) Sichuan Hanlong Group Co. Limited

Calendar of Events
Date Event
29 April 2014 Report (Quarterly)
10 January 2014 Report (Quarterly)
28 October 2013 Report (Annual)
25 October 2013 Report (Quarterly)
26 July 2013 Report (Quarterly)
© 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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