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Business Description:
Gowing Brothers Ltd (GOW) is a wealth manager. The company is internally managed and has a long-term investment approach.
Strategy Analysis:
GOW is positioned to benefit from a diversified portfolio asset base, including listed Australian equities, prime commercial and retail property, private equity, cash on deposit. As at 31 July 2008, total investment portfolio was valued at $162m. The portfolio mix was $91m of listed equities (57%), $51m of cash (31%), $18m of private equities (11%), $2m (net of debt) of property (1%). The cash position increased significantly from 6% in FY07 to 31% in FY08. Direct property investments have become a small portion of its portfolio in FY08. The listed equities investments were in the following sectors: 27% in Financials, 24% in Resources, 15% in Global Equities, 9% in Energy, 8% in Industrials, 6% in Healthcare, 4% in Utilities, 4% in Consumer Staples, 3% in Consumer Discretionary.
Gowing Brothers reported NPAT down 0.5% to $6.54m for the year ended 31 July 2011. Revenue from ordinary activities were $16.5m, up 49% from last year. Basic and Diluted EPS were 13.21 cents compared to 13.85 cents last year. Net operating cash flow was $8.3m compared to $3.1m last year. The final dividend declared was 5.5 cents, taking the full year dividend to 11 cents compared with 10 cents last year.
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