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DWS LIMITED (DWS)

DWS LIMITED (DWS)

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General Information
Company Name: DWS Limited
Stock Code: DWS
Website: www.dws.com.au
GICS Sub-Industry: Application Software
Market Cap ($M): 184
Equiv. Shares (M): 132

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
$ 1.390 $ 1.390 $ 1.390 $ 1.390 $ 1.390 30,310 0%

Current Broker Consensus Recommendation more
Recommendation: Sell
Recommendation Date: 19th Sep 2011
12 Month Target Price (average): $1.36
Brokers Surveyed: 2

Company Overview

Business Description:
DWS Limited (Formerly DWS Advanced Business Solutions Limited) is a provider of end-to-end IT solutions. The company designs, develops, manages and maintains software solutions and information technology environments for large corporate entities and government agencies.

Strategy Analysis:
DWS´ core strategy is to focus on being a leader in the provision of end-to-end IT solutions to its client base. It develops long-term relationships with its clients which helps with client retention and generation of repeat business. It targets a range of clients in a variety of industries to diversify the spread of clients and enable significant and ongoing risk mitigation from both industry specific downturns and client ascendancy. These strategies are critical to the company´s organic growth capabilities. The company´s four year 'Improve, Extend, Grow´ strategy revolves around building its brand, improving employee value and extending its service lines into four new specialist practice areas. The extension of its service lines will assist in building deeper relationships with existing clients as well as attract new clients. Growth is expected to be achieved by both organic means and bolt-on acquisitions. The growth strategy is aggressive but relatively low risk, given it involves the utilisation of existing skills and resources to expand into new areas. DWS Advanced Business Solutions reported NPAT down 6% to $17.39m for the year ended 30 June 2011. Revenues from ordinary activities were $98.39m, up 3% from last year. Diluted EPS was 13 cents compared to 14 cents last year. Net operating cash flow was $14.07m compared to $17.04m last year. The final dividend declared was 6 cents, taking the full year dividend to 12 cents compared with 11.25 cents last year.

Financial Summary
Year to Jun NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2013  F 20.9 15.8 10.9 8.8 12.9 9.3 100.0
2012  F 18.8 14.2 8.4 9.8 12.0 8.6 100.0
2011  A 17.4 13.1 -6.1 11.2 11.0 7.5 100.0
Source: Morningstar analyst 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
DWS (DWS) $179 M -0.0627 0.0769 0.1060 10.2740 9.5406 8.6262 0.0889 0.0865 0.0947

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth P/S Ratio
DWS 0.98 10.11 3.21 1.11 1.87
Market 0.82 12.5 1.38 1.18 1.90
Sector 0.59 12.3 1.85 1.28 0.89

Directors
Name Position Start Date
Mr Harvey Clent Parker Chairman 07 June 2006
Mr Danny Wallis Chief Executive Officer, Managing Director 07 June 2006
Mr Kenneth David James Barry Non-Executive Director 07 June 2006
Mr Martin Ralston Non-Executive Director 10 November 2008
Mr Gary Ebeyan Non-Executive Director 08 November 2010

Management
Name Position
Shayne Smith Business Development Manager ACT
Michael Smith Business Development Manager VIC
Lachlan Armstrong Chief Financial Officer,Company Secretary
Dougall McBurnie Director Strategic Operations
Brett King General Geelong
Andrew Mason General Manager New South Wales
Jason Simms General Manager Queensland
Alan Thomas General Manager SA
Stephan Westmore National Manager Business Analytics & Information Management
Robert Finlayson Practice Lead iSolutions

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