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Imdex Limited (IMD)

Imdex Limited (IMD)

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General Information
Company Name: Imdex Limited
Stock Code: IMD
Website: www.imdex.com.au
Market Cap ($M): 165
Equiv. Shares (M): 194

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
$ 0.850 $ 0.845 $ 0.860 $ 0.830 $ 0.850 191,461 0%

Current Broker Consensus Recommendation more
Recommendation : Hold
Recommendation Date : 17th Aug 2010
12 Month Target Price (average) : $1.09
Brokers Surveyed : 1

Market Statistics
% of Market: 0.0133
% of Sector: 0.0451
Sector: Materials
Industry Group: Materials
Industry: Metals & Mining

Company Overview
Company Overview
Imdex Limited (IMD) is a Perth-based company that provides drilling products and technical services to the mining industry in Australia and overseas. IMD provides drilling fluids, chemicals, tools and equipment as well as geophysical logging, surveying and steering services.
Company History
Imdex Limited listed on the ASX in December 2004. The company acquired Samchem Drilling Fluids & Chemicals Pty Ltd in August 2005.
Differentiating Factor
Australian Mud Company is a leading supplier of drilling fluids and chemicals in Australia. It holds a dominant position in the Australian mining and water-well market. Furthermore, the company has strong export ties to Africa, Asia and South America.
Major Customers & Competitors
With such a variety of services and products being offered, Imdex Limited has a vast client base in Australia and overseas, servicing more than 20 countries. Clients include major resources companies, including BHP Billiton, Newcrest, Anglogold and Rio Tinto. It competes against other companies offering similar drilling products and technical services.

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
%
2004 n/a (28.1) (1.2) (1.0) 0.0
2005 n/a 31.6 2.0 2.2 0.0
2006 121.0 14.3 0.8 1.3 1.2
2007 34.7 10.6 0.7 0.9 1.8
2008 104.8 5.2 0.5 0.8 2.6
2009 -62.0 13.6 0.7 1.0 0.0
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
BHP Billiton Limited BHP $38.22 $128,269M 14.3724 10.0000 6.1400 45.4000 2.6500 2.7000
Rio Tinto RIO $73.09 $44,353M 9.8000 10.7000 86.4000 -8.0000 1.4000 1.6000
OZ Minerals Limited OZL $1.30 $4,058M 12.4000 13.3000 94.4000 -6.7000 4.6000 4.6000
Equinox Minerals EQN $5.34 $3,780M 15.6000 9.6000 161.1000 62.0000 0.0000 0.0000
Imdex IMD $0.85 $165M 14.5418 n/a -19.4200 n/a 0.0000 n/a

Share Price Returns
3 Months (%) 6 Months (%) 12 Months (%)
IMD 17.3600 30.0000 16.5500
Sector 5.6733 0.4396 11.4524
Market 3.6177 -3.1195 2.8483

Ratio Comparison
Year IMD Sector Market
P/E (x) FY07 10.6 12.4 15.4
FY08 5.2 6.7 10.1
Yield (%) FY07 1.8 1.5 5.2
FY08 2.6 3.3 5.2
EV/EBIT (x) FY07 7.9 15.0 10.5
FY08 5.4 34.3 14.0
EV/EBITDA (x) FY07 5.9 17.1 12.5
FY08 4.2 21.6 12.0

Directors
Name Position
B W Ridgeway Managing Director
K Dundo Director
R W Kelly Director
M Lemmel Director

Management
Name Position
B W Ridgeway Managing Director

Substantial Shareholders
Name % Holding
Fiberform Vindic Holding AB 13.2200
H H Al-Merry 8.9200
Claes and Birgitta Ericsson 5.4200
Flexit Invest AB 5.1600
Wear Services 5.0000

Calendar of Events
Date Event
15-Oct-2009 AGM Date for Final Year Result
17-Aug-2009 Reporting Date for Final Year Result
24-Mar-2009 Dividend Date Payable for Half Yearly Result (1c 100% franked)
06-Mar-2009 Dividend Record Date for Half Yearly Result (1c 100% franked)
02-Mar-2009 Dividend Ex-Dividend Date for Half Yearly Result (1c 100% franked)


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