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Globe International Limited (GLB)

Globe International Limited (GLB)

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General Information
Company Name: Globe International Limited
Stock Code: GLB
Website: www.globeinternationalltd.com
Market Cap ($M): 28
Equiv. Shares (M): 415

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
$ 0.680 $ 0.680 $ 0.680 $ 0.680 $ 0.680 1,150 0%

Current Broker Consensus Recommendation more
Recommendation : Sell
Recommendation Date : 30th Sep 2009
12 Month Target Price (average) : $0.34
Brokers Surveyed : 1

Market Statistics
% of Market: n/a
% of Sector: 0.5269
Sector: Consumer Discretionary
Industry Group: Consumer Durables & Apparel
Industry: Textiles, Apparel & Luxury Goods

Company Overview
Company Overview
GLB is a multi-brand footwear, apparel, accessories, swimwear and hardgoods company. It designs and distributes youth fashion, targeting specific sectors of the youth-based surf, snow, skate and urban/street fashion markets. Globe has operations in Australasia, North America and its products are sold in 65 countries.
Company History
Globe was founded in 1984 by competitive skateboarders Stephen and Peter Hill. The company began as a retailer of skating goods, and expanded to include clothing and footwear. The company listed on the ASX in May 2001 and its head office is in Melbourne.
Differentiating Factor
Globe utilises a multiple brand strategy. It retails its own proprietry brands, licensed brands and distributes other brands. Each of the brands is marketed towards a specific niche within the youth culture market. Globe owns/licenses a variety of popular youth-oriented brands with proprietory brands, including Mooks and Sandolls, and licensed brands, including Stussy, Mossimo and Freshjive.
Major Customers & Competitors
Major competitors would be other apparel-related businesses providing the same services to the general public through its shops or on-line. Competitors include various surf, skate and urban wear companies such as Mambo, Billabong and Quiksilver. Customers are the general public who are fashion conscious.

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
%
2003 n/a (4.7) (0.2) (0.3) 0.0
2004 n/a 39.6 1.7 1.9 1.5
2005 -49.8 78.9 5.0 2.2 1.5
2006 -86.8 598.6 34.3 22.7 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
Billabong International BBG $7.89 $1,997M 15.1211 13.1000 -19.3600 4.5000 4.1200 4.9000
GUD Holdings GUD $10.20 $691M 11.3116 12.5000 27.5600 6.4000 7.1700 7.0000
McPhersons MCP $2.78 $199M 6.7742 n/a 9.4800 n/a 7.9400 n/a
Funtastic FUN $0.20 $33M 9.2932 6.7725 -111.9899 37.2195 0.0000 0.0000
Globe Int. GLB $0.68 $28M 7.7861 n/a n/a n/a 12.0500 n/a

Share Price Returns
3 Months (%) 6 Months (%) 12 Months (%)
GLB 51.7000 48.8800 62.8700
Sector n/a n/a n/a
Market 3.2040 -3.3034 3.8945

Ratio Comparison
Year GLB Sector Market
P/E (x) FY07 20.0 15.4
FY08 12.9 10.1
Yield (%) FY07 3.0 5.2
FY08 5.2 5.2
EV/EBIT (x) FY07 24.2 10.5
FY08 9.9 14.0
EV/EBITDA (x) FY07 19.3 12.5
FY08 8.7 12.0

Directors
Name Position
P Hill Director
S Hill Director
P Isherwood Chairman

Management
Name Position
M Sonand Acting CEO
J Hogan CFO

Substantial Shareholders
Name % Holding
P J Hill 29.9500
S D Hill 29.9500
M P Hill 8.3300
Polytown 5.8800

Calendar of Events
Date Event
25-Aug-2009 Reporting Date for Final Year Result
26-Feb-2009 Reporting Date for Half Yearly Result
22-Oct-2008 AGM Date for Final Year Result
27-Aug-2008 Reporting Date for Final Year Result
25-Feb-2008 Reporting Date for Half Yearly Result


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