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HILLGROVE RESOURCES LIMITED (HGO)

HILLGROVE RESOURCES LIMITED (HGO)

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General Information
Company Name: Hillgrove Resources Limited
Stock Code: HGO
Website: www.hillgroveresources.com.au
GICS Sub-Industry: Gold
Market Cap ($M): 155
Equiv. Shares (M): 794

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
 $ 0.195 $ 0.190 $ 0.195 $ 0.185 $ 0.185 338,525 $ 0.010  5.405 %

Current Broker Consensus Recommendation more
Recommendation: Buy
Recommendation Date: 30th Apr 2012
12 Month Target Price (average): $0.44
Brokers Surveyed: 1

Company Overview

Business Description:
Hillgrove Resources Limited (HGO) is developing into a mid tier gold and copper/gold resources group. HGO’s flagship development is the Kanmantoo Copper Mines in South Australia and exploration on its greenfield exploration projects in Indonesia.

Strategy Analysis:
HGO wishes to continue the development of its portfolio with the intention of becoming a successful medium size diversified resources company. The key assets in which HGO wishes to develop include; their investment in Eastern Star Gas Limited, growing a suite of near term production resource assets and two exploration projects in Indonesia. Hillgrove Resources reported negative cash flow of $20.88m for quarter ended 31 October 2011. Operating cash flow for the period was $(37.68m). Investing cash flow was $(1.07m). Financing cash flow was $17.87m. Cash in hand at the end of the quarter was $34.46m.

Financial Summary
Year to Jan NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2014  F 55.4 10.5 59.1 1.9 -- 0.0 --
2013  F 34.9 6.6 -- 3.0 -- 0.0 --
2012  A -12.3 -1.6 -- 0.0 0.0 0.0 --
Source: Aspect actuals / Thomson IBES estimates

Peer Comparison
EPS Growth (%) P/E (%) Dividend Yield (%)
Company Mkt Cap 2012 A 2013 F 2014 F 2012 A 2013 F 2014 F 2012 A 2013 F 2014 F
Hillgrove Resources (HGO) $147 M -- -- 0.5888 -- 2.8073 1.7670 0.0000 0.0000 0.0000
Newcrest Mining (NCM) $19,048 M -0.0667 0.0087 0.2610 16.9330 16.7869 13.3119 0.0201 0.0141 0.0158
Oz Minerals (OZL) $2,510 M -0.3975 -0.3391 0.1668 7.4560 11.2823 9.6694 0.0738 0.0462 0.0492
Regis Resources (RRL) $1,745 M -- 0.7927 2.3481 45.1991 25.2123 7.5302 0.0000 0.0000 0.0298
Sundance Resources (SDL) $1,217 M -- -- -- -- -- -- 0.0000 0.0000 0.0000

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth P/S Ratio
HGO 0.20 18.9 0.74 0.10 13.4
Market 0.80 12.1 1.33 1.35 1.68
Sector 0.41 9.48 1.05 1.04 14.3

Directors
Name Position Start Date
Mr Douglas Norman Snedden -- 02 January 2012
Mr Dean Brown Chairman 01 September 2006
Mr John E Gooding Non-Executive Director (other) 31 May 2007
Mr Ronald David Belz Non-Executive Director (other) 11 November 2002
Mr John Quirke Non-Executive Director (other) 19 April 2005
Mr Edwin Zemancheff Non-Executive Director (other) 23 June 2010

Management
Name Position
Drew Simonsen Chief Executive Officer
Russell Middleton Chief Financial Officer,Company Secretary
GW Stewart General Manager - Business Development
Jim Kerr General Manager - Exploration
CJ Schubert General Manager - Kanmantoo Project
DVB Jones Human Resources Manager

Substantial Shareholders
Holding Name
-- (7.00%) JP Morgan Chase & Co and its affiliates
-- (6.70%) Westpac Banking Corp/BT Investment Management Ltd

Calendar of Events
Date Event
26 April 2013 Report (Annual)
27 February 2013 Report (Quarterly)
28 November 2012 Report (Quarterly)
10 October 2012 Report (Interim)
29 August 2012 Report (Quarterly)
29 May 2012 Report (Quarterly)
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