WHITE ENERGY COMPANY LIMITED (WEC)



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General Information
Company Name: White Energy Company Limited
Stock Code: WEC
Website: www.whiteenergyco.com
GICS Sub-Industry: Coal & Consumable Fuels
Market Cap ($M): 55
Equiv. Shares (M): 323

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
 $ 0.175 $ 0.170 $ 0.175 $ 0.170 $ 0.170 1,527,906 $ 0.005  2.941 %

Current Broker Consensus Recommendation more
Recommendation: Hold
Recommendation Date: 11th Nov 2011
12 Month Target Price (average): $0
Brokers Surveyed: 1

Company Overview

Business Description:
White Energy Company Limited (WEC) is a technology enabled natural resources company focusing on the development of the Binderless Coal Briqueting (BCB) clean coal upgrading technology. WEC has two main divisions namely coal technology in Australia, Indonesia, USA and South Africa; and coal mining in Australia.

Strategy Analysis:
WEC continues to focus considerable attention on its North American business development initiatives, including work on developing permits for both the Buckskin and Peabody Energy projects in the Powder River Basin, Wyoming, USA. In addition, WEC is working with the State of Kentucky with respect to the potential construction of a BCB plant in that State. WEC has continued to analyse opportunities in Africa for the upgrading of discarded thermal coal fines into compacted, transportable and useable briquettes with significant increases in energy content and value.. White Energy Company reported negative cash flow of $32.75m for the quarter ended 31 December 2012. Operating cash flow for the period was $(6.83m). Payments for exploration and evaluation were $(75,000). Investing cash flow was $(927,000). Financing cash flow was $(25m). Cash in hand at the end of the quarter was $100.59m.


Financial Summary
Year to Jun NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2013  A -113.6 -35.2 -- 0.0 0.0 0.0 --
2012  A -117.2 -37.0 NaN 0.0 0.0 0.0 --
2011  A 7.8 2.6 -- 119.9 0.0 0.0 --
Source: Aspect actuals / Thomson IBES estimates

Peer Comparison
EPS Growth (%) P/E (%) Dividend Yield (%)
Company Mkt Cap 2011 A 2012 F 2013 F 2011 A 2012 F 2013 F 2011 A 2012 F 2013 F
Energy Resources (ERA) $714 M -- -- -- -- -- -- 0.0000 0.0000 0.0000
White Energy Company (WEC) $55 M -- -- -- -- -- -- 0.0000 -- --
Whitehaven Coal (WHC) $1,656 M -- -- -- -- -- 114.5390 0.0000 0.0000 0.0194

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth P/S Ratio
WEC -- -- 0.29 -- 70.8
Market 1.07 16.0 1.27 1.98 1.72
Sector 1.47 14.3 0.77 0.95 6.50

Directors
Name Position Start Date
Mr Brian J Flannery Managing Director 17 September 2010
Mr Travers William Duncan Non-Executive Chairman 24 June 2008
Mr Graham Allan Cubbin Non-Executive Director 17 February 2010
Mr Vincent John O'Rourke Non-Executive Director 29 September 2010
Mr Hans Mende Non-Executive Director 17 September 2010
Mr Tony Crawford Non-Executive Director 11 June 2013

Management
Name Position
Neil Whittaker Chief Executive Officer - River Energy JV Limited
Ivan Maras Chief Financial Officer
Michael Chapman Chief Operating Officer
David Franks Company Secretary
Colin Porter Vice President - White Energy Coal North America Inc

Substantial Shareholders
Holding Name
58,500,000 (18.11%) M&G Group
25,742,074 (9.06%) Ganra Pty Ltd
16,157,463 (5.00%) Paradice Investment Management Pty Ltd
20,000,000 (6.33%) J A Kinghorn & Co Pty Ltd
30,008,101 (10.56%) Gaffwick Pty Ltd

Calendar of Events
Date Event
30 January 2015 Report (Quarterly)
30 October 2014 Report (Quarterly)
16 October 2014 Report (Annual)
30 July 2014 Report (Quarterly)
29 April 2014 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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