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Suncorp-Metway Limited (SUN) |
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| Company Name: |
Suncorp-Metway Limited |
| Stock Code: |
SUN |
| Website: |
www.suncorpmetway.com.au |
| Market Cap ($M): |
10,700 |
| Equiv. Shares (M): |
1,281 |
|
|
 |
|
| Current Price |
Open |
High |
Low |
Last Close |
Volume |
Price Movement |
$ 8.610 |
$ 8.690 |
$ 8.720 |
$ 8.590 |
$ 8.620
|
3,574,869 |
$ -0.010 -0.116 %
|
|
| Recommendation : |
Buy
|
| Recommendation Date : |
27th Aug 2010 |
| 12 Month Target Price (average) : |
$9.847 |
| Brokers Surveyed : |
10 |
|
| % of Market: |
1.0100 |
| % of Sector: |
n/a |
| Sector: |
Financials |
| Industry Group: |
Insurance |
| Industry: |
Insurance |
|
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| Company Overview |
| Suncorp-Metway Ltd (SUN) is a Queensland-based financial services conglomerate offering general insurance, retail and business banking, and wealth management services. |
| Company History |
| The Suncorp-Metway Group was formed on 1 December 1996 from the merger of three Queensland financial institutions: Suncorp; Metway Bank; and QIDC (Queensland Industry Development Corporation). The merger created a diversified financial services group, incorporating banking, insurance and wealth management. In June 2001, SUN acquired GIO, AMP's Australian general insurance business. On 2 July 2001, the ASX code changed from SME to SUN. In March 2007, SUN merged with general insurer Promina. |
| Differentiating Factor |
| SUN's "Financial Conglomerate" business model differentiates it from other financial services groups in that it provides a good diversity of earnings from traditional banking businesses, wealth management products and general insurance. The SUN brand has a strong presence in the Queensland market, while the GIO and individual Promina brands are well recognised in NSW. The diversity of businesses provides SUN with a unique opportunity to cross-sell products across its various customer bases. |
| Major Customers & Competitors |
| SUN's customers range from small retail clients to small to medium businesses. Banking products include savings, lending and transaction products. In general insurance, SUN offers personal product lines in Home, Motor and CTP plus Workers Compensation and various commercial lines. In banking, its customers are mainly in Queensland, while it has strong general insurance market shares in Queensland, NSW and Victoria. Competitors include IAG, QBE and Allianz plus banks such as BOQ and the majors. |
|
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
% |
| 2007A |
|
|
n/a |
|
0.0 |
0.0 |
0.0 |
n/a |
0.0 |
n/a |
n/a |
| 2008A |
|
|
n/a |
|
0.0 |
0.0 |
0.0 |
n/a |
0.0 |
n/a |
n/a |
| 2009A |
|
|
59.7 |
|
14.4 |
0.7 |
0.8 |
40.0 |
4.6 |
100.0 |
6.1 |
| 2010A |
|
|
60.8 |
|
14.1 |
0.8 |
1.0 |
35.0 |
4.1 |
100.0 |
6.4 |
|
1NPAT is normalised by removing non-recurring items and goodwill. All the above statistics are derived from normalised earnings.
|
| Commonwealth Bank |
CBA |
$51.84 |
$80,291M |
13.6086 |
11.8000 |
21.9700 |
22.8000 |
5.9600 |
6.2000 |
| Commonwealth Bank |
CBA |
$51.84 |
$80,291M |
13.6086 |
11.8000 |
21.9700 |
22.8000 |
5.9600 |
6.2000 |
| Westpac Bank |
WBC |
$22.57 |
$67,465M |
11.6000 |
10.8000 |
58.5000 |
6.8000 |
5.8000 |
6.4000 |
| ANZ Bank |
ANZ |
$23.36 |
$59,788M |
12.2000 |
11.1000 |
14.8000 |
10.1000 |
5.3000 |
5.9000 |
| Suncorp-Metway |
SUN |
$8.35 |
$10,700M |
13.7225 |
10.7744 |
1.9332 |
27.3625 |
4.1916 |
5.1497 |
|
| SUN |
4.5056 |
-2.2248 |
8.4416 |
| Sector |
1.5078 |
-7.4657 |
-1.3958 |
| Market |
3.6177 |
-3.1195 |
2.8483 |
|
| P/E (x) |
FY07 |
0.0 |
15.2 |
15.4 |
|
FY08 |
0.0 |
10.4 |
10.1 |
| Yield (%) |
FY07 |
0.0 |
9.5 |
5.2 |
|
FY08 |
0.0 |
7.7 |
5.2 |
| EV/EBIT (x) |
FY07 |
0.0 |
6.7 |
10.5 |
|
FY08 |
0.0 |
3.9 |
14.0 |
| EV/EBITDA (x) |
FY07 |
0.0 |
6.1 |
12.5 |
|
FY08 |
0.0 |
3.7 |
12.0 |
|
| J Story |
Chairman |
| I Blackburne |
Director |
| G Ricketts |
Director |
| E Kulk |
Director |
| C Hirst |
Director |
| M Kriewaldt |
Director |
| B Bartlett |
Director |
| Z Switkowski |
Director |
| L Tutt |
Director |
| P Dwyer |
Director |
| S Grimshaw |
Director |
|
| P Snowball |
Chief Executive Officer |
| M Milliner |
Group Exec. Personal Insurance |
| D Foster |
Group Executive Suncorp Bank |
| A Day |
Group Exec. Commercial Insurance |
| R Bell |
Group Exec. Vero New Zealand |
| J Smith |
Group Exec. Business Technology |
| G Summerhayes |
Group Exec. Suncorp Life |
| A Harmer |
Acting Chief Risk Officer |
| C N Herbert |
Acting Chief Financial Officer |
| S Alomes |
Group Executive Human Resources |
|
| Commonwealth Bank of Australia |
5.1000 |
| Barclays Global Investors Australia Limited |
5.0100 |
|
| 01-Oct-2010 |
Dividend Date Payable for Final Year Result
(20c 100% franked)
|
| 03-Sep-2010 |
Dividend Record Date for Final Year Result
(20c 100% franked)
|
| 30-Aug-2010 |
Dividend Ex-Dividend Date for Final Year Result
(20c 100% franked)
|
| 25-Aug-2010 |
Reporting Date for Final Year Result |
| 01-Apr-2010 |
Dividend Date Payable for Half Yearly Result
(15c 100% franked)
|
|
|
Data supplied by Aegis Equities Research Pty Limited (ACN 085 293 910).
|
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