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CEDAR WOODS PROPERTIES LIMITED (CWP)

CEDAR WOODS PROPERTIES LIMITED (CWP)

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General Information
Company Name: Cedar Woods Properties Limited
Stock Code: CWP
Website: www.cedarwoods.com.au
GICS Sub-Industry: Diversified Real Estate Activities
Market Cap ($M): 250
Equiv. Shares (M): 72

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
$ 3.470 $ 0.000 $ 0.000 $ 0.000 $ 3.470 0 0%

Current Broker Consensus Recommendation more
Recommendation: Buy
Recommendation Date: 17th May 2012
12 Month Target Price (average): $4.47
Brokers Surveyed: 1

Company Overview

Business Description:
Cedar Woods Properties Limited (CWP) is an Australian property development and investment Company. Its main interests are in urban land and built form development for residential, industrial and commercial purposes. Its portfolio of assets is located in Victoria and Western Australia.

Strategy Analysis:
CWP's key strategy is to develop and add value to existing projects, leverage the company's skill base, and maintain a longer term acquisition focus. Another aspect of the strategy is to diversify its property portfolio. The portfolio of residential estates is positioned in WA and Victoria, with a broad product range and pricing points. Cedar Woods Properties reported NPAT up 63% to $28.06m for the year ended 30 June 2011. Revenues from ordinary activities were $131.84m, up 22% from last year. Diluted EPS was 45.8 cents compared to 29.0 cents last year. The net operating cash outflow was $6.97m compared to an inflow of $17.82m in the pcp. The final dividend declared was 12 cents, taking the full year dividend to 23 cents compared with 13 cents last year.


Financial Summary
Year to Jun NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2013  F 37.1 60.1 8.5 5.8 30.0 8.7 --
2012  F 34.2 55.4 20.7 6.3 27.7 8.0 --
2011  A 28.1 45.9 58.3 7.8 23.0 6.4 100.0
Source: Aspect actuals / Thomson IBES estimates

Peer Comparison
EPS Growth (%) P/E (%) Dividend Yield (%)
Company Mkt Cap 2011 A 2012 F 2013 F 2011 A 2012 F 2013 F 2011 A 2012 F 2013 F
Cedar Woods Properties (CWP) $250 M 0.5832 0.2072 0.0849 7.5682 6.2692 5.7785 0.0663 0.0798 0.0865
GPT Group (GPT) $5,719 M -0.5179 0.4475 0.0416 19.6440 13.5708 13.0293 0.0556 0.0583 0.0606
Mirvac Group (MGR) $4,256 M 0.1382 0.0047 0.0274 11.8121 11.7564 11.4430 0.0659 0.0661 0.0688
Stockland (SGP) $6,993 M 0.0871 -0.0252 0.0318 10.0607 10.3211 10.0032 0.0752 0.0762 0.0769
Westfield (WDC) $20,821 M -0.1885 0.0534 0.0782 14.7145 13.9689 12.9553 0.0534 0.0546 0.0557

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth
CWP 0.57 6.37 1.66 0.44
Market 0.80 12.1 1.33 1.35
Sector 1.27 12.1 0.79 2.39

Directors
Name Position Start Date
Mr Timothy Robert Brown Alternate Director 02 July 2007
Mr Paul Stephen Sadleir Managing Director 01 November 2003
Mr William George Hames Non-Executive Chairman,Non-Executive Director 23 March 1990
Mr Robert Stanley Brown Non-Executive Deputy Chairman,Non-Executive Director 18 August 1988
Mr Ronald Packer Non-Executive Director 09 June 2006

Management
Name Position
Paul Samuel Freedman Company Secretary,Chief Finance Officer
Ken Haustead Senior Development Manager
Patrick Archer Victorian Developments Manager
Nathan Blackburne Victorian State Manager
Stuart Duplock WA State Manager

Substantial Shareholders
Holding Name
3,466,796 (5.61%) Invesco Australia Ltd
8,849,858 (14.32%) Hames, WG
9,637,313 (15.59%) Brown, RS & TR
7,247,077 (11.72%) Acorn Capital Limited
3,825,074 (6.19%) Westoz Funds Management Pty Ltd

Calendar of Events
Date Event
19 February 2013 Report (Interim)
06 February 2013 Report (Interim)
28 September 2012 Report (Annual)
21 August 2012 Report (Prelim)
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