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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): 19
Equiv. Shares (M): 100

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
$ 0.190 $ 0.000 $ 0.000 $ 0.000 $ 0.190 0 0%

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) $19 M 0.1955 -- -- 7.0632 -- -- 0.1289 -- --
CFS Retail Property Trust (CFX) $4,912 M 0.1133 -- -- 14.9267 -- -- 0.0734 -- --
Charter Hall Office (CQO) $1,751 M 0.0957 -0.2518 -0.1548 13.0900 17.4963 20.6997 0.0570 0.0454 0.0426
Dexus Property (DXS) $4,283 M 0.2417 -0.0841 0.0433 10.6370 11.6142 11.1321 0.0585 0.0605 0.0628
Goodman Gp (GMG) $5,159 M -0.3583 0.7379 0.0820 19.0883 10.9836 10.1515 0.0522 0.0546 0.0581

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth
AGJ 1.59 7.06 0.52 --
Market 1.23 11.2 1.09 1.30
Sector 1.27 11.5 0.75 5.76

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
Sarah Jane Graves Company Secretary
Ross Kestel Compliance Committee Chairman, Independent
Neil MacKenzie Compliance Committee Member, Independent

Substantial Shareholders
Holding Name
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
34,189,574 (36.14%) Elders Finance Pty Ltd
855,663 (0.90%) Futuris Administration Pty Ltd

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