Clarius Group Limited (CND)

Clarius Group Limited (CND)

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General Information
Company Name: Clarius Group Limited
Stock Code: CND
Website: www.candleaust.com.au
Market Cap ($M): 52
Equiv. Shares (M): 50

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
  $ 0.630 $ 0.610 $ 0.630 $ 0.610 $ 0.610 19,358 $ 0.020  3.279 %

Current Broker Consensus Recommendation more
Recommendation : Hold
Recommendation Date : 27th Aug 2010
12 Month Target Price (average) : $0.72
Brokers Surveyed : 2

Market Statistics
% of Market: n/a
% of Sector: 0.1994
Sector: Industrials
Industry Group: Commercial & Professional Services
Industry:

Company Overview
Company Overview
Clarius Group Ltd (CND), formerly Candle Australia, provides a diverse range of recruitment services to the Information Communications Technology, Banking, Finance, Insurance, Government and Business Support sectors. The Candle Group incorporates 10 individually branded agencies. CND operates in Australia and New Zealand.
Company History
Candle was established in 1984 as a recruitment consultant. The company expanded throughout the 1990s, having more than 1,600 contractors on assignment by 2000. In 1999, CND acquired Freeman Adams, a recruitment agency servicing the finance sector. In 2001, CND acquired Victoria-based Alliance Recruitment and in 2003, WA-based Workskills Professionals. In 2004, it acquired Workskills Professionals, Premier Personnel and The One Umbrella and in 2005, Parker Bridge Australia and Choice IT.
Differentiating Factor
CND has a large and well-established customer base. Its operations are diversified geographically and across a number of white collar industries. In 2003, CND developed a co-sourcing model for the IT industry, whereby TCS provides experienced contract personnel and the client retains management control over the project.
Major Customers & Competitors
CND has a diverse customer base. Major customers include Telstra, GE Capital, Spotless, Westpac and various government departments. Competition in the recruitment industry is high, with more than 3,000 agencies throughout Australia. Listed competitors include Skilled Engineering, Integrated Group, Chandler Macleod, Ross Human and Catalyst Recruitment.

Financial Summary
Year to n/a
 NPAT
Rep $M		 NPAT1
Adj $M		 EPS
c		 EPS chg
%		 PER
x		 PER rel
All Ords x		 PER rel
Sector x		 DPS
c		 Yield
%		 Franking
%		 ROE
%
2003 n/a 6.9 0.3 0.4 14.3
2004 16.5 5.9 0.3 0.3 14.3
2005 66.8 3.6 0.2 0.1 21.4
2006 38.1 2.6 0.1 0.1 30.2
1NPAT is normalised by removing non-recurring items and goodwill. All the above statistics are derived from normalised earnings.

Peer Comparison
P/E (x) EPS Change (%) Dividend Yield (%)
Company Code Last Price Mkt Cap 07A 08F 07A 08F 07A 08F
Brambles BXB $6.13 $8,720M 14.6341 15.0000 -21.0900 9.9000 4.5800 4.6000
Seek Ltd SEK $7.58 $2,551M 26.3138 23.3000 42.4600 22.6000 1.7000 2.0000
Downer EDI Limited DOW $4.26 $1,442M 6.0893 8.7000 12.1800 -17.4000 8.0800 6.3000
Transfield Services TSE $3.47 $1,438M 13.4052 13.8000 -32.6600 8.2000 4.5000 4.3000
Clarius Group CND $0.61 $52M 0.7183 n/a n/a n/a 3.2000 n/a

Share Price Returns
3 Months (%) 6 Months (%) 12 Months (%)
CND -6.8800 -10.3000 -30.0000
Sector n/a n/a n/a
Market 4.9669 -4.3076 2.0809

Ratio Comparison
Year CND Sector Market
P/E (x) FY07 29.3 15.1
FY08 14.2 10.1
Yield (%) FY07 1.9 5.2
FY08 3.8 5.2
EV/EBIT (x) FY07 20.5 12.5
FY08 9.9 14.4
EV/EBITDA (x) FY07 18.2 12.8
FY08 9.2 12.1

Directors
Name Position
S P Foster Director
L J Gibbs Director
G J Moles Chairman
P Morris Non Executive Director

Management
Name Position
G Moles Chief Executive Officer & Managing Director

Substantial Shareholders
Name % Holding
Perpetual Limited 13.8300

Calendar of Events
Date Event
26-Aug-2009 Reporting Date for Final Year Result
25-Feb-2009 Reporting Date for Half Yearly Result
28-Oct-2008 AGM Date for Final Year Result
30-Sep-2008 Dividend Date Payable for Final Year Result (7c 100% franked)
16-Sep-2008 Dividend Record Date for Final Year Result (7c 100% franked)


Data supplied by Aegis Equities Research Pty Limited (ACN 085 293 910).


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