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PERILYA LIMITED (PEM)

PERILYA LIMITED (PEM)

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General Information
Company Name: Perilya Limited
Stock Code: PEM
Website: www.perilya.com.au
GICS Sub-Industry: Gold
Market Cap ($M): 231
Equiv. Shares (M): 769

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
 $ 0.300 $ 0.300 $ 0.305 $ 0.300 $ 0.305 215,719 $ -0.005  -1.639 %

Current Broker Consensus Recommendation more
Recommendation: Buy
Recommendation Date: 1st May 2012
12 Month Target Price (average): $0.65
Brokers Surveyed: 2

Company Overview

Business Description:
Perilya Limited (PEM) is a base metals producer and explorer with exploration and production mainly in Australia. Key operations and exploration are located at: Broken Hill (lead-zinc-silver) in New South Wales; Mt Oxide in Queensland (copper); and Flinders in South Australia (zinc). PEM also has tenements in Malaysia where the company is exploring for copper and gold.

Strategy Analysis:
PEM's strategy is to become a large diversified base metals production and development company over the long term. PEM has stated its desire to grow by acquisition and has recently acquired Globestar Mining of Canada. Perilya reported NPAT up 15% to $23.33m for the half-year ended 30 June 2011. Revenues from ordinary activities were $167.87m, up 32% from the same period last year. Basic and Diluted EPS was 4.1 cents compared to 3.5 cents last year. Net operating cash flow was $37.04m compared to $23.51m last year. No dividend was declared.


Financial Summary
Year to Dec NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2013  F 76.8 9.9 154.0 3.0 0.0 0.0 0.0
2012  F 30.3 3.9 -42.0 7.7 0.0 0.0 0.0
2011  A 38.8 6.7 -52.5 7.5 0.0 0.0 0.0
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
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
Perilya (PEM) $235 M -0.4579 -0.1565 0.7668 4.5455 5.3887 3.0500 0.0000 0.0000 0.0000
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
PEM -- 4.86 0.65 -- 0.48
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 Paul Arndt Chief Executive Officer,Managing Director 25 November 2008
Mr Minzhi Han Executive Director 09 February 2009
Mr Shuijian Zhang Non-Executive Chairman 09 February 2009
Mr Patrick O'Connor Non-Executive Deputy Chairman 01 February 2006
Mr Wen Wang Non-Executive Director 09 February 2009
Ms Anna Liscia Non-Executive Director 25 November 2011

Management
Name Position
Angelo Christou Chief Financial Officer
Paul Marinko Company Secretary
Peter Trout General Manager-America Operations
Andrew Lord General Manager-Broken Hill

Substantial Shareholders
Holding Name
59,177,748 (7.69%) JP Morgan Nominees Australia Limited
71,197,912 (9.25%) National Nominees Limited
42,263,081 (5.49%) HSBC Custody Nominees (Australia) Limited
410,574,921 (53.37%) Zhongjin Lingnan Mining (HK) Company Limited

Calendar of Events
Date Event
29 April 2013 Report (Quarterly)
17 April 2013 Report (Annual)
27 February 2013 Report (Prelim)
21 January 2013 Report (Quarterly)
22 October 2012 Report (Quarterly)
30 August 2012 Report (Interim)
28 August 2012 Report (Interim)
25 July 2012 Report (Quarterly)
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