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WAM ACTIVE LIMITED (WAA)


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General Information
Company Name: WAM Active Limited
Stock Code: WAA
Website: www.wamfunds.com.au
GICS Sub-Industry: Other Diversified Financial Services
Market Cap ($M): 29
Equiv. Shares (M): 26

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
 $ 1.115 $ 1.100 $ 1.115 $ 1.100 $ 1.110 28,000 $ 0.005  0.450 %

Company Overview

Business Description:
WAM Active Limited (WAA) is an actively managed portfolio of investments, investing predominantly in ASX listed securities with a focus on absolute returns. Investment Objectives of the Company are to preserve capital in both the short term and long term, provide investors with a positive return, after fees, over most periods of time and deliver investors a regular income stream in the form of fully franked dividends. MAM Pty Limited is an investment manager.

Financial Summary
Year to Jun NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2012  A 0.4 2.4 -68.0 42.6 9.0 8.7 100.0
2011  A 1.2 7.5 -45.3 13.8 4.0 3.8 100.0
2010  A 2.1 13.7 234.1 7.2 6.0 6.1 100.0
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
IOOF (IFL) $1,734 M -0.1406 0.1266 0.1283 18.0872 16.0542 14.2286 0.0495 0.0554 0.0615
Macquarie Group (MQG) $14,333 M 0.2165 0.2969 0.1619 17.1394 13.2155 11.3739 0.0474 0.0556 0.0627
Perpetual (PPT) $1,662 M 0.1615 0.1181 0.1821 23.5417 21.0552 17.8117 0.0227 0.0298 0.0422
Platinum Asset Mgmt (PTM) $3,213 M -0.1447 NaN 0.1843 24.7001 24.6892 20.8474 0.0378 0.0377 0.0458
WAM Active (WAA) $29 M -0.6755 -- -- 44.2623 -- -- 0.0833 -- --

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth
WAA 0.63 45.5 1.04 --
Market 0.94 12.5 0.82 1.96
Sector 1.11 17.9 1.10 1.24

Directors
Name Position Start Date
Mr Geoffrey James Wilson Chairman 06 July 2007
Mr Mathew James Kidman Non-Executive Director 06 July 2007
Mr John Bruce Abernethy Non-Executive Director 06 November 2007

Management
Name Position
Katherine Thorley Company Secretary

Substantial Shareholders
Holding Name
2,124,793 (13.00%) Geoffrey James Wilson
1,642,300 (10.10%) Huntingfield Investments Pty Limited
811,744 (5.10%) Clodene Pty Ltd

Calendar of Events
Date Event
20 February 2014 Report (Interim)
03 September 2013 Report (Annual)
09 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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