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WAM ACTIVE LIMITED (WAA)

WAM ACTIVE LIMITED (WAA)

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General Information
Company Name: WAM Active Limited
Stock Code: WAA
Website: www.wamfunds.com.au
GICS Sub-Industry: Other Diversified Financial Services
Market Cap ($M): 17
Equiv. Shares (M): 16

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
 $ 1.030 $ 1.030 $ 1.030 $ 1.030 $ 1.020 3,619 $ 0.010  0.980 %

Company Overview

Business Description:
WAM Active Limited (WAA) is an actively managed portfolio of investments, investing predominantly in ASX listed securities with a focus on absolute returns. Investment Objectives of the Company are to preserve capital, provide investors with a positive return, after fees, over most periods of time and deliver investors a regular income stream in the form of fully franked dividends. MAM Pty Limited is an investment manager.

Strategy Analysis:
WAM Active's investment objectives are to deliver investors a growing stream of fully franked dividends and preserve capital in both the short term and long term. WAM Active seeks to provide investors with the opportunity to invest in a company with a very actively managed portfolio of investments assembled through the application of a defined investment process. The investment approach consists of short term trading opportunities such as IPO's, placements, block trades, corporate transactions, arbitrages, short selling and trading opportunities which deliver an acceptable risk adjusted return


Financial Summary
Year to Jun NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2011  A 1.2 7.5 -45.3 13.8 4.0 3.8 100.0
2010  A 2.1 13.7 234.1 7.2 6.0 6.1 100.0
2009  A 0.6 4.1 583.3 18.7 2.0 2.6 100.0
Source: Aspect actuals / Thomson IBES estimates

Peer Comparison
EPS Growth (%) P/E (%) Dividend Yield (%)
Company Mkt Cap 2009 A 2010 F 2011 F 2009 A 2010 F 2011 F 2009 A 2010 F 2011 F
Challenger (CGF) $1,847 M 0.1261 0.0374 0.0473 7.0270 6.7735 6.4677 0.0488 0.0524 0.0568
IOOF (IFL) $1,273 M 0.1448 -0.0970 0.1136 11.5273 12.7650 11.4629 0.0776 0.0704 0.0738
Macquarie Group (MQG) $9,112 M -0.2667 0.2384 0.2555 12.9214 10.4339 8.3105 0.0536 0.0588 0.0713
Platinum Asset Mgmt (PTM) $2,139 M 0.1281 -0.1448 0.0133 14.4757 16.9258 16.7032 0.0656 0.0528 0.0557
WAM Active (WAA) $17 M -0.4494 -- -- 13.5638 -- -- 0.0392 -- --

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth
WAA 0.31 13.7 0.91 --
Market 1.12 11.1 0.96 2.31
Sector 0.94 12.3 0.82 3.30

Directors
Name Position Start Date
Mr Geoffrey James Wilson Chairman 06 July 2007
Mr Mathew James Kidman Non-Executive Director 06 July 2007
Mr John Bruce Abernethy Non-Executive Director 06 November 2007
Mr Ronald Joseph Walker Non-Executive Director 19 March 2008

Management
Name Position
Katherine Thorley Company Secretary

Substantial Shareholders
Holding Name
811,744 (5.10%) Clodene Pty Ltd
2,144,793 (13.30%) Geoffrey James Wilson
1,642,300 (10.20%) Huntingfield Investments Pty Limited

Calendar of Events
Date Event
11 February 2013 Report (Interim)
28 September 2012 Report (Annual)
31 July 2012 Report (Prelim)
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