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| Current Price |
Open |
High |
Low |
Last Close |
Volume |
Price Movement |
$ 0.405 |
$ 0.400 |
$ 0.415 |
$ 0.400 |
$ 0.400
|
331,896 |
$ 0.005 1.250 %
|
|
| Recommendation : |
Hold
|
| Recommendation Date : |
25th Aug 2010 |
| 12 Month Target Price (average) : |
$0.723 |
| Brokers Surveyed : |
3 |
|
| % of Market: |
0.0100 |
| % of Sector: |
n/a |
| Sector: |
Industrials |
| Industry Group: |
Capital Goods |
| Industry: |
Construction & Engineering |
|
|
 |
|
|
| Company Overview |
| WDS provides specialist development, design, engineering, construction, fabrication and maintenance related services to the energy, mining and infrastructure sectors. |
| Company History |
| Since a management buyout was initiated in April 2005, the company has grown strongly via a number of acquisitions. The most recent acquisition was that of Titeline Energy, a specialist drilling services company servicing the coal seam gas industry in Queensland. |
| Differentiating Factor |
| The mining services industry is fragmented and is comprised of a number of small independent operators. Industry participants compete not only on the basis of price, but also on the basis of a company's quality of services, historical operating performance, skill levels and safety record and initiatives. WDS has a competitive advantage in these areas. Substantial growth opportunities to scale the business model to adjacent industries where highly regulated industries provides barriers to entry. |
| Major Customers & Competitors |
| WDS has long term relationships with domestic blue chip clients such as BHP Billiton, X strata, Centennial Coal, Santos, and Origin Energy. Its competitors are predominantly Australian based mining services companies. |
|
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 |
|
|
|
n/a |
0.0 |
0.0 |
n/a |
|
0.0 |
|
|
| 2008 |
|
|
|
n/a |
0.0 |
0.0 |
0.0 |
|
0.0 |
|
|
| 2009 |
|
|
|
n/a |
2.1 |
0.1 |
(0.6) |
|
20.5 |
|
|
|
1NPAT is normalised by removing non-recurring items and goodwill. All the above statistics are derived from normalised earnings.
|
| Leighton Holdings |
LEI |
$32.21 |
$9,685M |
13.9444 |
13.3000 |
-4.2500 |
16.6000 |
5.1800 |
5.1000 |
| CSR Limited |
CSR |
$1.71 |
$2,583M |
13.0624 |
12.1000 |
6.2900 |
11.0000 |
5.1400 |
5.9000 |
| UGL Limited |
UGL |
$14.54 |
$2,413M |
15.5212 |
14.2000 |
-3.7500 |
17.0000 |
4.7200 |
5.1000 |
| Boart Longyear |
BLY |
$3.02 |
$1,393M |
13.2000 |
8.1000 |
590.9000 |
63.2000 |
2.2000 |
4.3000 |
| WDS Limited |
WDS |
$0.43 |
$59M |
-46.5378 |
42.9061 |
n/a |
-208.4643 |
0.0000 |
0.0000 |
|
| WDS |
18.0556 |
-32.5397 |
-76.9022 |
| Sector |
4.9696 |
-8.5920 |
-1.6792 |
| Market |
3.6177 |
-3.1195 |
2.8483 |
|
| P/E (x) |
FY07 |
0.0 |
(0.1) |
15.4 |
|
FY08 |
0.0 |
10.8 |
10.1 |
| Yield (%) |
FY07 |
0.0 |
4.0 |
5.2 |
|
FY08 |
0.0 |
6.6 |
5.2 |
| EV/EBIT (x) |
FY07 |
0.0 |
30.1 |
10.5 |
|
FY08 |
2.8 |
40.8 |
14.0 |
| EV/EBITDA (x) |
FY07 |
0.0 |
11.9 |
12.5 |
|
FY08 |
2.0 |
16.0 |
12.0 |
|
| J McDonald |
Director |
| M Jones |
Director |
| P McCarthy |
Director |
| Mr R Rolfe |
Director |
|
| Perpetual Limited |
12.5400 |
| Helmsman Funds Management Ltd |
8.6000 |
| Quest Asset Partners Pty Ltd |
5.4900 |
| UBS |
5.3100 |
|
| 01-Oct-2009 |
Dividend Date Payable for Final Year Result
(4.3c 100% franked)
|
| 07-Sep-2009 |
Dividend Record Date for Final Year Result
(4.3c 100% franked)
|
| 01-Sep-2009 |
Dividend Ex-Dividend Date for Final Year Result
(4.3c 100% franked)
|
| 26-Aug-2009 |
Reporting Date for Final Year Result |
| 08-Apr-2009 |
Dividend Date Payable for Half Yearly Result
(4c 100% franked)
|
|
|
Data supplied by Aegis Equities Research Pty Limited (ACN 085 293 910).
|
|
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