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South Boulder Mines Ltd (STB)

South Boulder Mines Ltd (STB)

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General Information
Company Name: South Boulder Mines Limited
Stock Code: STB
Website: www.southbouldermines.com.au
Market Cap ($M): 20
Equiv. Shares (M): 56

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
$ 0.320 $ 0.320 $ 0.320 $ 0.320 $ 0.320 40,000 0%

Market Statistics
% of Market: 0.0000
% of Sector: 0.0033
Sector: Materials
Industry Group: Materials
Industry: Metals & Mining

Company Overview
Company Overview
South Boulder Mines Ltd (STB) is an exploration company primarily searching for gold and nickel, with tenements mainly in Australia. STB's key asset is the Duketon Project, situated within the Duketon Greenstone Belt of Western Australia.
Company History
South Boulder Mines Ltd was incorporated in Western Australia on 21st August 2001. STB listed on the ASX on 17th October 2003.
Differentiating Factor
STB has established a Nickel Joint Venture with nickel producer Independence Group NL (IGO). This joint venture highlights the potential of the Duketon Greenstone Belt to host significant nickel sulphide mineralisation.
Major Customers & Competitors
As an explorer, South Boulder Mines has no customers at present. STB competes with gold explorers including Arafura Resources NL (ARU), Danae Resources NL (DNS) and Midas Resources (MDS). Competing for exploitable nickel sulphide are Heron Resources (HRR) and Cazaly Resources (CAZ). Markets for both these commodities are global, and STB would ultimately be subject to international competition.

Financial Summary
Year to Jun
 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
%
2004A (2.0) (2.0) (4.9) n/a (6.5) (0.2) (0.1) 0.0 0.0 0 -74.8
2005A (0.5) (0.5) (1.4) n/a (23.7) (1.0) (0.9) 0.0 0.0 0 -22.9
2006A (0.8) (0.8) (2.1) n/a (15.2) (0.7) (0.6) 0.0 0.0 0 -46.0
2007A 1.2 1.2 2.5 n/a 12.8 0.7 0.7 0.0 0.0 0 42.2
2008A (2.2) (2.2) (4.9) n/a (6.6) (0.3) (0.4) 0.0 0.0 0 -51.2
2009A (1.6) (1.6) (2.9) n/a (11.1) (0.6) (0.5) 0.0 0.0 0 -38.5
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
BHP Billiton Limited BHP $42.85 $240,174M 15.6233 17.2899 -8.7477 -9.6393 2.7293 2.3375
Rio Tinto RIO $75.96 $148,722M 18.4997 14.7563 -49.7407 25.3676 0.6582 1.5233
Newcrest Mining NCM $34.21 $16,552M 32.8119 23.1376 -21.9587 41.8122 0.4385 0.5554
Fortescue Metals FMG $4.94 $15,272M 21.1291 50.1009 n/a -57.8269 0.0000 0.0000
South Boulder Mines STB $0.32 $20M n/a n/a n/a n/a n/a n/a

Share Price Returns
3 Months (%) 6 Months (%) 12 Months (%)
STB 23.0769 82.8571 300.0000
Sector 2.6149 10.5718 42.9641
Market 3.0654 6.2517 46.6448

Ratio Comparison
Year STB Sector Market
P/E (x) FY07 12.8 18.4 19.4
FY08 (6.6) 17.3 18.9
Yield (%) FY07 0.0 2.2 5.0
FY08 0.0 2.5 5.1
EV/EBIT (x) FY07 15.5 12.6 10.5
FY08 (7.6) 10.1 9.6
EV/EBITDA (x) FY07 15.4 10.5 8.9
FY08 (7.6) 8.3 8.0

Directors
Name Position
L Cornelius Executive Director
Mr T Grammer Chairman

Management
Name Position
Mr Hughes Managing Director

Substantial Shareholders
Name % Holding
Sprott Asset Management 12.1000

Calendar of Events
Date Event
29-Jun-2009 EGM Date for Special Event
14-Nov-2008 AGM Date for Final Year Result
21-Oct-2008 Reporting Date for Final Year Result
16-Jul-2008 EGM Date for Special Event
30-Nov-2007 AGM Date for Final Year Result


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