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GAZAL CORPORATION LIMITED (GZL)

GAZAL CORPORATION LIMITED (GZL)

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General Information
Company Name: Gazal Corporation Limited
Stock Code: GZL
Website: www.gazal.com.au
GICS Sub-Industry: Apparel, Accessories & Luxury Goods
Market Cap ($M): 105
Equiv. Shares (M): 57

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
$ 1.850 $ 0.000 $ 0.000 $ 0.000 $ 1.850 0 0%

Company Overview

Business Description:
Gazal Corporation Limited (GZL) specialises in developing and building national and international brands in the apparel and fashion accessories industry. Gazal is also a supplier of casualwear, men's business shirts, intimate apparel and schoolwear.

Strategy Analysis:
GZL is a supplier of brands across a broad range of markets from discount department store to the higher end garments. Gazal's branded merchandise is either owned or held through licensee arrangements. The long-term strategy is to move from being a 'brand renter' to a 'brand owner' and have full control over all aspects of the product and its development. In the short-term the company is focused on growing market share in the Australian work wear market with the Bisley brand. In addition to organic growth the company is also looking for potential acquisition or license of brands that will complement the existing portfolio.


Financial Summary
Year to Jun NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2011  A 8.1 13.4 -16.3 14.4 13.0 6.7 100.0
2010  A 9.8 16.0 41.6 8.3 11.0 8.3 100.0
2009  A 6.8 11.3 -28.0 11.5 8.0 6.2 100.0
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
Billabong Intl (BBG) $531 M -0.1868 -0.4685 0.1593 4.3830 8.2466 7.1133 0.1408 0.0313 0.0474
Gazal Corporation (GZL) $105 M -0.1625 -- -- 13.8060 -- -- 0.0703 -- --

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth P/S Ratio
GZL 0.60 13.8 1.58 -- 0.41
Market 1.12 11.1 0.96 2.31 2.55
Sector 0.63 11.3 0.70 10.00 0.37

Directors
Name Position Start Date
Mr Michael Joseph Gazal Chief Executive Officer,Managing Director 27 January 1987
Mr David Joseph Gazal Executive Director 23 April 1999
Mr Bruce Klatsky Non-Executive Chairman 21 October 2009
Mr Geoffrey Charles Craig Kimberley Non-Executive Director 28 January 2005
Mr Graham Charles Paton Non-Executive Director 01 August 2006

Management
Name Position
D. Coghlan Chief Financial Officer
C. Barnett Chief Operating Officer
Peter James Wood Company Secretary
R. Maisenbacher Divisional Manager
M. Graham Divisional Manager
P. Sweet Divisional Manager
R. Gazal General Manager - Retail

Substantial Shareholders
Holding Name
9,485,276 (16.57%) Richard Victor Gazal
10,004,154 (16.60%) Gazal, J.S.
10,748,844 (18.78%) Michael Joseph Gazal
10,670,088 (18.64%) Gazal, David Joseph
3,703,813 (6.10%) RBC Global Serivces Australia Nominees Pty Ltd

Calendar of Events
Date Event
20 February 2013 Report (Interim)
15 October 2012 Report (Annual)
15 August 2012 Report (Prelim)
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