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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): 195
Equiv. Shares (M): 91

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
 $ 2.210 $ 2.100 $ 2.300 $ 2.010 $ 2.130 837,578 $ 0.080  3.756 %

Current Broker Consensus Recommendation more
Recommendation: Buy
Recommendation Date: 19th Apr 2012
12 Month Target Price (average): $6.25
Brokers Surveyed: 1

Company Overview

Business Description:
Troy Resources Limited (TRY, formerly Troy Resources NL) is a gold producer which has two producing gold operations; Andorinhas mine in Para State, Brazil and the Casposo gold and silver mine, in San Juan province, Argentina.

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 (%)
2012  A 32.4 36.0 118.2 12.0 10.0 2.3 100.0
2011  A 14.6 16.5 -- 20.5 4.0 1.2 40.0
2010  A -6.7 -8.0 -134.8 0.0 0.0 0.0 --
Source: Morningstar analyst 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
Beadell Resources (BDR) $523 M -- -- 0.1940 -- 3.9583 3.3151 0.0000 0.0000 0.0477
Newcrest Mining (NCM) $8,547 M -0.0378 -0.4892 0.0930 7.8804 15.4261 14.1139 0.0314 0.0174 0.0224
OZ Minerals (OZL) $1,241 M -0.6077 -- -- 9.8199 -- 39.4788 0.0733 0.0108 0.0212
Regis Resources (RRL) $1,642 M 0.7775 1.2121 0.3428 22.7273 10.2740 7.6514 0.0000 0.0580 0.0850
Troy Resources (TRY) $188 M 1.1842 -0.2555 -0.2240 5.7159 7.6780 9.8943 0.0485 0.0370 0.0370

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth P/S Ratio
TRY 0.66 7.86 1.44 10.00 0.92
Market 0.82 14.1 1.19 1.94 1.63
Sector 0.54 8.13 0.58 2.01 6.08

Directors
Name Position Start Date
Mr Paul Garrett Benson Chief Executive Officer,Managing Director 13 September 2010
Mr Kenneth (Ken) Krister Nilsson Executive Director,Operations Director 08 May 1998
Mr David Russell Dix Non-Executive Chairman 28 January 2010
Mr John Load Cecil Jones Non-Executive Director 01 July 1988
Mr Frederick Sheppard Grimwade Non-Executive Director 25 November 2010
Mr Gordon Robert Chambers Non-Executive Director 02 April 2008
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
10,295,077 (11.34%) Warrigal Pty Ltd

Calendar of Events
Date Event
23 April 2014 Report (Quarterly)
25 February 2014 Report (Interim)
29 January 2014 Report (Quarterly)
21 October 2013 Report (Annual)
21 October 2013 Report (Quarterly)
23 August 2013 Report (Prelim)
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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