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General Information

Thorn Group Limited
TGA
http://www.thorn.com.au
Computer & Electronics Retail
393
151

Company Overview

Business Description
Thorn Group Limited (TGA) is an operator in the household goods rental market in Australia. TGA provide a range of audio/visual products, kitchen and laundry appliances, computers, furniture and fitness equipment through its Radio Rentals and Rentlo national store network. TGA also provides other services through its Cashfirst, Thorn Business Services, Thorn Equipment Finance and National Credit Management Limited.
Strategy Analysis
TGA's broad strategy is to become Australia's leading provider of retail and financial services to the sub-prime consumer and commercial markets. They aim to continue to grow revenue in the core Radio Rentals and Rentlo (RR&R) businesses through continuation of their effective marketing campaign and the re-design of a number of their stores. Since 2011, TGA has focused on growth in financial services with the acquisition of NCML, the start-up of Thorn Equipment Finance (TEF) and Cashfirst. Thorn Group reported NPAT down 2.1% to $14.01m for the half-year ended 30 September 2012. Revenues from ordinary activities were $100.46m, up 4.1% from the same period last year. Diluted EPS was 9.55 cents compared to 9.77 cents last year. Net operating cash flow was $48.75m compared to $34.82m last year. No dividend was declared.

Financial Summary

Year to Mar NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2017 F 41.2 27.4 17.2% 9.5 16.0 6.2% 100.0%
2016 F 35.1 23.4 2.7% 11.1 14.0 5.4% 100.0%
2015 A 34.2 22.7 19.9% 11.1 11.0 4.3% 100.0%

Peer Comparison

Company Mkt Cap EPS Growth (%) P/E (%) Dividend Yield (%)
2015 A 2016 F 2017 F 2015 A 2016 F 2017 F 2015 A 2016 F 2017 F
Dick Smith Holdings (DSH) $492M 0.0000 0.0000 0.0000 11.6723 0.0000 0.0000 3.85% 0.00% 0.00%
JB Hi-Fi (JBH) $1,928M 0.0843 0.0226 0.0899 15.3519 15.0123 13.7736 4.31% 4.54% 4.77%
Thorn Group (TGA) $398M 0.1544 0.0664 0.1632 12.0476 11.2973 9.7120 4.47% 5.23% 5.95%

Financial Summary

Earnings P/E Ratio P/B Ratio P/E Growth
Company 0.75 11.70 2.08 1.03
Market 0.91 15.90 1.30 1.26
Sector 1.05 15.00 1.78 1.88

Directors

Name Position Start Date
Mr James Marshall Chief Executive Officer, Managing Director 05/05/2014
Mr Peter William Henley Non-Executive Director 21/05/2007
Mr Stephen (Steve) Kulmar Non-Executive Director 15/04/2014
Mr David Foster Non-Executive Director 01/12/2014
Mr Andrew Stevens Non-Executive Director 01/06/2015
Ms Joycelyn Cheryl Morton Non-Executive Director, Non-Executive Chairman 01/10/2011

Management

Name Position
Peter Eaton Chief Financial Officer,Company Secretary

Substantial Shareholders

Holding Name
9,677,638 (6.47%) Vinva Investment Management
9,517,105 (6.36%) Kinetic Investment Partners Limited
9,167,286 (6.13%) IOOF Holdings Limited
8,289,380 (5.54%) Investors Mutual Limited

Calendar of Events

Date Event
25 May 2016 Report (Prelim)
17 November 2015 Report (Interim)
27 July 2015 Report (Annual)
16 July 2015 Div Pay Date
02 July 2015 Books Close