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WPG RESOURCES LTD (WPG)


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General Information
Company Name: WPG Resources Ltd
Stock Code: WPG
Website: www.wpgresources.com.au
GICS Sub-Industry: Steel
Market Cap ($M): 10
Equiv. Shares (M): 261

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
 $ 0.038 $ 0.039 $ 0.039 $ 0.038 $ 0.039 140,000 $ -0.001  -2.564 %

Company Overview

Business Description:
WPG Resources Ltd (WPG, formerly Western Plains Resources Ltd) is a mineral resources company focusing on exploration, evaluation and development of iron ore and coal projects in SA.

Strategy Analysis:
WPG aims to develop its Giffen Well iron ore deposit and Penrhyn coal project. In addition the company intends to leverage the land it owns at Port Pirie and the approvals already in place to develop an iron ore receival, storage and load-out facility there. WPG Resources advised that it has recorded a net profit from operations after income tax for the half year to 31 December 2011 of $171.8m. The profit was generated following the sale in October 2011 of the Company's then iron ore assets to OneSteel for approx. $320m. A distribution totalling $1.05 per share, comprising a fully franked dividend of $0.63 per share and a return of capital of $0.42 per share, was paid to shareholders in November 2011.

Financial Summary
Year to Jun NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2014  F 3.1 1.2 0.0 3.2 0.3 7.9 --
2013  F 3.1 1.2 -- 3.2 0.3 7.9 --
2012  A -4.7 -1.8 -- 0.5 0.0 0.0 --
Source: Aspect actuals / Thomson IBES 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
Arrium (ARI) $1,118 M 0.8085 -0.4039 0.4582 3.9952 6.7019 4.5961 0.0727 0.0592 0.0735
BlueScope Steel (BSL) $3,042 M -- -- 10.3568 -- 240.0881 21.1404 0.0000 0.0000 0.0000
Fortescue Metals (FMG) $10,992 M -0.1939 0.1518 0.4407 7.9846 6.9324 4.8119 0.0227 0.0160 0.0182
Independence Group (IGO) $755 M 1.1920 -0.6939 1.0738 8.1346 26.5792 12.8165 0.0093 0.0062 0.0210
WPG Resources (WPG) $10 M -- -0.9825 0.0000 0.0569 3.2500 3.2500 0.0000 0.0769 0.0769

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth P/S Ratio
WPG 0.69 0.47 0.50 10.00 --
Market 0.83 14.4 1.22 1.88 1.72
Sector 0.59 8.57 0.69 2.00 7.29

Directors
Name Position Start Date
Mr Martin Jacobsen Chief Executive Officer,Managing Director 12 April 2012
Mr Bob Duffin Executive Chairman 07 June 2004
Mr Heath Roberts Executive Director 07 June 2004
Mr Leonard (Len) A Dean Non-Executive Director 20 August 2007
Lim See Yong Non-Executive Director 20 August 2007
Mr Dennis Mutton Non-Executive Director 21 July 2010
Mr Gary J Jones Technical Director 07 June 2004

Management
Name Position
Larissa Brown Company Secretary

Substantial Shareholders
Holding Name
24,163,997 (9.26%) Duffin, Robert
22,350,000 (8.56%) Jalinsons Pty Ltd

Calendar of Events
Date Event
25 April 2014 Report (Quarterly)
29 January 2014 Report (Quarterly)
30 October 2013 Report (Quarterly)
22 October 2013 Report (Annual)
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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