Troy Resources Limited (TRY)



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General Information
Company Name: Troy Resources Limited
Stock Code: TRY
Website: www.troyres.com.au
GICS Sub-Industry: Gold
Market Cap ($M): 156
Equiv. Shares (M): 195

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
$ 0.800 $ 0.820 $ 0.825 $ 0.790 $ 0.800 618,978 0%

Current Broker Consensus Recommendation more
Recommendation: Buy (2)
Recommendation Date: 1st Sep 2014
Brokers Surveyed: 2

Company Overview

Business Description:
Troy Resources Limited (TRY) is a gold and silver producer with operations at Andorinhas in Para State, Brazil and Casposo in San Juan Province, Argentina and a development project in Guyana.

Strategy Analysis:
TRY is aiming to become a significant profitable mid tier gold producer with a portfolio of quality long life assets. TRY are also focused on; growing annual gold production and reserves, strategic merger and acquisitions, an aggressive exploration program and fast tracking gold field development. . Troy Resources reported NPAT up 27% to $13.54m for the half-year ended 31 December 2012. Revenues from ordinary activities were $108.93m, up 23% from the same period last year. Diluted EPS was 14.8 cents compared to 11.9 cents last year. Net operating cash flow was $30.6m compared to $22.18m last year. No dividend was declared.


Financial Summary
Year to Jun NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2014  A 2.3 1.3 -92.7 93.8 0.0 0.0 --
2013  A 16.1 17.7 -50.8 19.3 0.0 0.0 --
2012  A 32.4 36.0 118.2 12.0 10.0 2.3 100.0
Source: Morningstar analyst 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
Newcrest Mining (NCM) $8,639 M -0.0429 -0.3511 0.8381 19.9965 30.8176 16.7658 0.00 0.00 1.77
Northern Star Resources (NST) $1,031 M 0.2151 3.1696 -0.0350 21.8828 5.2482 5.4385 1.99 4.65 4.35
OZ Minerals (OZL) $1,287 M -- -- -0.6426 -- 85.1406 238.2022 4.72 4.72 3.54
Regis Resources (RRL) $890 M 0.9835 -0.5473 0.1306 5.9117 13.0594 11.5509 8.43 0.64 NaN
Troy Resources (TRY) $158 M -0.9260 16.7557 0.2769 61.8321 3.4824 2.7273 0.00 5.88 3.53

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth P/S Ratio
TRY 0.28 15.5 0.79 0.04 0.78
Market 1.03 16.0 1.31 1.77 1.59
Sector 0.76 11.3 0.72 0.91 5.02

Directors
Name Position Start Date
Mr Kenneth (Ken) Krister Nilsson Executive Director,Operations Director 08 May 1998
Mr David Russell Dix Non Executive Chairman,Chief Executive Officer 28 January 2010
Mr John Load Cecil Jones Non-Executive Director 01 July 1988
Mr Richard Monti Non-Executive Director 29 August 2013
Mr Frederick Sheppard Grimwade Non-Executive Director 25 November 2010
Mr Terence Sean Harvey Non-Executive Director 29 August 2013
Mr Clement Robin W Parish Non-Executive Director 27 November 2009

Management
Name Position
David Sadgrove Chief Financial Officer,Joint Company Secretary
Andrew Storrie Chief Operating Officer
Stacey Apostolou Company Secretary
Peter Doyle Vice President - Exploration and Business Development

Substantial Shareholders
Holding Name
10,281,024 (6.25%) Warrigal Pty Ltd
12,006,287 (7.18%) Van Eck Associates Corporation

Calendar of Events
Date Event
27 August 2015 Report (Prelim)
28 July 2015 Report (Quarterly)
27 April 2015 Report (Quarterly)
23 February 2015 Report (Interim)
30 January 2015 Report (Quarterly)
28 October 2014 Report (Quarterly)
24 October 2014 Report (Annual)
© 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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