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Aberdeen Leaders Limited (ALR)

Aberdeen Leaders Limited (ALR)

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Gearing Available  Margin Lending Available (70%)

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General Information
Company Name: Aberdeen Leaders Limited
Stock Code: ALR
Website: www.aberdeenasset.com.au
Market Cap ($M): 74
Equiv. Shares (M): 57

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
$ 1.270 $ 1.270 $ 1.270 $ 1.270 $ 1.270 3,500 0%

Market Statistics
% of Market: 0.0000
% of Sector: n/a
Sector: Financials
Industry Group: Diversified Financials
Industry: Capital Markets

Company Overview
Company Overview
ALR is an LIC that manages a portfolio of shares within the S&P/ASX 200 Index. The company is managed by Aberdeen Asset Management Ltd, a global investment group with A$220B under management worldwide. ALR is the only LIC on the ASX that has a significant level of gearing, having an A$50M gearing facility, currently drawn to A$25M.
Company History
ALR was incorporated in NSW in 1987 as Lowan Ltd, but changed its name to ALR in the same year.
Differentiating Factor
The manager has an absolute return focus, rather than a benchmark focus, so that the weightings of stocks may not be linked to the index.
Major Customers & Competitors
Small share funds, institutions and retail investors are the major shareholders/customers of listed investment companies. Australian Foundation Investment Company (AFI) and Argo Investments Limited (ARG) dominate the listed investment company sector in terms of market capitalisation. streetTRACKS S&P/ASX 50 Fund (SFY) is one of its most direct competitors.

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
%
2005 n/a 13.6 0.9 1.0 4.9
2006 112.6 6.4 0.4 0.4 6.3
2007 3.7 6.2 0.4 0.4 7.1
2008 5.0 5.9 0.6 0.6 7.9
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
Platinum Asset Management PTM $5.04 $2,829M 20.0600 17.2000 7.4600 25.8000 4.7000 5.0000
IOOF Holdings IFL $6.63 $1,524M 14.2687 14.5000 74.9200 8.8000 5.8400 5.6000
Perpetual Limited PPT $30.45 $1,322M 16.6893 15.5000 8.7300 16.0000 7.4300 5.9000
Henderson Group HGG $2.22 $1,258M 13.6000 12.1000 20.7000 12.9000 5.9000 6.8000
Aberdeen Leaders ALR $1.23 $74M n/a n/a n/a n/a n/a n/a

Share Price Returns
3 Months (%) 6 Months (%) 12 Months (%)
ALR -5.0388 -12.5000 -6.4885
Sector 1.5078 -7.4657 -1.3958
Market 3.6177 -3.1195 2.8483

Ratio Comparison
Year ALR Sector Market
P/E (x) FY07 6.2 15.2 15.4
FY08 5.9 10.4 10.1
Yield (%) FY07 7.1 9.5 5.2
FY08 7.9 7.7 5.2
EV/EBIT (x) FY07 0.0 6.7 10.5
FY08 0.0 3.9 14.0
EV/EBITDA (x) FY07 0.0 6.1 12.5
FY08 0.0 3.7 12.0

Directors
Name Position
B Sherman Chairman
D L Elsum Director
N Miles Director
M Daniels Director


Substantial Shareholders
Name % Holding
Argo Inv 19.81
Escotwo 19.77
Letota 18.09

Calendar of Events
Date Event
30-Jul-2010 Dividend Date Payable for Final Year Result (3.75c 100% franked)
05-Jul-2010 Dividend Record Date for Final Year Result (3.75c 100% franked)
29-Jun-2010 Dividend Ex-Dividend Date for Final Year Result (3.75c 100% franked)
06-May-2010 Dividend Date Payable for Third Quarter Result (2c 100% franked)
12-Apr-2010 Dividend Record Date for Third Quarter Result (2c 100% franked)


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