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AGRICULTURAL LAND TRUST (AGJ)

AGRICULTURAL LAND TRUST (AGJ)

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General Information
Company Name: Agricultural Land Trust
Stock Code: AGJ
Website: www.westraliapropertytrust.com.au
GICS Sub-Industry: Diversified Real Estate Investment Trusts
Market Cap ($M): 14
Equiv. Shares (M): 100

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
 $ 0.140 $ 0.140 $ 0.140 $ 0.140 $ 0.145 300,000 $ -0.005  -3.448 %

Company Overview

Business Description:
Agricultural Land Trust (AGJ) is a listed property trust focusing on the ownership of rural property for the purpose of generating rental income and capital appreciation. The Responsible Entity of the Trust is Agricultural Land Management Limited which is wholly owned by Elders Limited. AGJ owns properties in Victoria, Western Australia and Queensland that are being used for the cultivation of plants for pulp wood production, structural grade timber, flooring and furniture.


Financial Summary
Year to Jun NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2011  A 2.5 2.7 17.4 5.9 2.5 15.5 --
2010  A 2.0 2.3 -28.1 7.0 2.0 12.8 --
2009  A 2.7 3.2 146.2 7.5 2.4 10.3 --
Source: Aspect actuals / Thomson IBES estimates

Peer Comparison
EPS Growth (%) P/E (%) Dividend Yield (%)
Company Mkt Cap 2009 A 2010 F 2011 F 2009 A 2010 F 2011 F 2009 A 2010 F 2011 F
Agricultural Land Trust (AGJ) $15 M 0.1955 -- -- 5.3903 -- -- 0.1690 -- --
CFS Retail Property Trust (CFX) $5,338 M 0.1133 0.1320 0.0229 16.2209 14.3293 14.0089 0.0676 0.0697 0.0716
Dexus Property (DXS) $4,524 M 0.2417 -0.0793 -0.0013 11.2380 12.2063 12.2222 0.0554 0.0572 0.0604
Goodman Gp (GMG) $5,284 M -0.3579 0.7380 0.0691 19.4191 11.1730 10.4505 0.0513 0.0540 0.0586
Investa Office Fund (IOF) $1,633 M -0.1105 0.0000 0.0705 13.3870 13.3870 12.5059 0.0586 0.0586 0.0642

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth
AGJ 1.17 5.20 0.38 --
Market 1.12 11.1 0.96 2.31
Sector 1.27 12.1 0.79 2.39

Directors
Name Position Start Date
Mr Peter Zachert Non-Executive Chairman 02 July 2007
Maxwell George Ormsby Non-Executive Director 23 January 2009
Mr Robert Michael Walter Non-Executive Director 28 May 2010

Management
Name Position
Ian Wigg Chief Operating Officer
Ross Kestel Compliance Committee Chairman, Independent
Neil MacKenzie Compliance Committee Member, Independent

Substantial Shareholders
Holding Name
855,663 (0.90%) Futuris Administration Pty Ltd
34,189,574 (36.14%) Elders Finance Pty Ltd
7,922,113 (8.38%) Agricultural Land Management Ltd (formerly Westralia Property Management Ltd)
4,169,881 (4.41%) Prestige Property Holdings Pty Ltd
5,603,364 (5.92%) Emerald Securities Pty Ltd
19,369,464 (20.48%) Westralia Property Holdings Pty Ltd

Calendar of Events
Date Event
22 February 2013 Report (Interim)
25 September 2012 Report (Annual)
16 August 2012 Report (Annual)
16 August 2012 Report (Prelim)
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