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Peet Limited (PPC)

Peet Limited (PPC)

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Gearing Available  Margin Lending Available (65%)

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General Information
Company Name: Peet Limited
Stock Code: PPC
Website: www.peet.com.au
Market Cap ($M): 568
Equiv. Shares (M): 304
 Research Report Available

Report price : $16.50 (inc. GST)
Research by : Aegis Equities Research

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Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
  $ 1.995 $ 1.985 $ 2.000 $ 1.975 $ 1.990 16,717 $ 0.005  0.251 %

Current Broker Consensus Recommendation more
Recommendation : Buy
Recommendation Date : 27th Aug 2010
12 Month Target Price (average) : $2.392
Brokers Surveyed : 5

Market Statistics
% of Market: 0.0000
% of Sector: n/a
Sector: Financials
Industry Group: Real Estate
Industry: Real Estate Management & Development

Company Overview
Company Overview
PPC is one of Australia's largest property companies dedicated to broadacre land development. PPC acquires, manages, develops, markets and sells land estates. PPC currently owns, manages or otherwise controls a portfolio of projects in Perth, south west WA, Melbourne, south east QLD and the NSW Central Coast. PPC is organised into three key operating divisions: syndicated projects, owned projects and JV projects.
Company History
PPC commenced operations in 1895 in Perth and represents one of the longest-established property companies in Australia. Throughout its history, PPC has remained actively involved in land subdivision. In recent years, PPC has expanded significantly from its WA base, establishing a presence in Victoria in 1997, Queensland in 2002 and NSW in 2004.
Differentiating Factor
PPC deals with the development of broadacre residential land estates and has moved into medium-density residential and retail development. PPC offers specialised services in land subdivision and property development, providing a development management and marketing service, together with related financing and corporate structures. The company commits to delivering responsible and sensitive community, social and environmental outcomes.
Major Customers & Competitors
Major competitors would be other financial diversified trusts on the market that focus on capital property growth in commercial, industrial and retail sectors, such as Sunland Group (SDG). Customers would consist of companies, that is, tenants offering to lease the property, retail and car park spaces within the buildings of the property portfolio and individuals who invest in the development projects.

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
%
2007 17.1 9.4 0.6 0.7 9.4
2008 1.4 9.2 0.9 1.4 8.1
2009 -40.0 15.4 0.8 10.1 3.5
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
Westfield Group WDC $12.74 $29,401M 14.3000 14.3000 9.1000 0.0000 5.0000 5.0000
Charter Hall Office CQO $2.56 $12,629M 10.1215 102.4000 n/a -89.9000 7.4000 0.7000
Stockland SGP $4.07 $9,625M 18.6935 13.3000 -45.4500 53.3000 5.8600 5.6000
GPT Group GPT $3.06 $5,678M 76.5000 76.5000 -83.7000 0.0000 1.0000 1.0000
Peet PPC $1.87 $568M 14.0898 12.2914 2.2614 14.6316 4.2781 4.8128

Share Price Returns
3 Months (%) 6 Months (%) 12 Months (%)
PPC -10.9524 -10.0962 -0.2667
Sector n/a n/a n/a
Market 3.6177 -3.1195 2.8483

Ratio Comparison
Year PPC Sector Market
P/E (x) FY07 9.4 12.6 15.4
FY08 9.2 6.8 10.1
Yield (%) FY07 9.4 10.4 5.2
FY08 8.1 12.9 5.2
EV/EBIT (x) FY07 13.3 11.3 10.5
FY08 11.6 13.4 14.0
EV/EBITDA (x) FY07 13.2 10.9 12.5
FY08 11.5 13.0 12.0

Directors
Name Position
T Lennon Chairman
B Gore Managing Director/Chief Executive Officer
S Higgs Director
G W Sinclair Director
A Lennon Director
Mr W Hemsley Independent Non-Executive Director

Management
Name Position
T Lennon Chairman
B Gore Chief Executive Officer/Managing Director
S Grant Acting CFO
P Lynch Manager, Operations WA
K Hardy Manager, Operations Queensland
D Scafetta Company Secretary

Substantial Shareholders
Name % Holding
I M Palmer 8.4300
Perpetual Limited 8.1300
Warwick Donald Hemslcy 7.1400
THE MAYER FAMILY COMPANY PTY LTD 6.4200

Calendar of Events
Date Event
16-Apr-2010 Dividend Date Payable for Half Yearly Result (4c 100% franked)
30-Mar-2010 Dividend Record Date for Half Yearly Result (4c 100% franked)
24-Mar-2010 Dividend Ex-Dividend Date for Half Yearly Result (4c 100% franked)
08-Oct-2009 Dividend Date Payable for Final Year Result (4.0c 100% franked)
18-Sep-2009 Dividend Record Date for Final Year Result (4.0c 100% franked)


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