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WDS Limited (WDS)

WDS Limited (WDS)

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Gearing Available  Margin Lending Available (50%)

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General Information
Company Name: WDS Limited
Stock Code: WDS
Website: www.walterdiversifiedservices.net.au
Market Cap ($M): 59
Equiv. Shares (M): 128

Current Price Data+
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 %

Current Broker Consensus Recommendation more
Recommendation : Hold
Recommendation Date : 25th Aug 2010
12 Month Target Price (average) : $0.723
Brokers Surveyed : 3

Market Statistics
% of Market: 0.0100
% of Sector: n/a
Sector: Industrials
Industry Group: Capital Goods
Industry: Construction & Engineering

Company Overview
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.

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 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.

Peer Comparison
P/E (x) EPS Change (%) Dividend Yield (%)
Company Code Last Price Mkt Cap 07A 08F 07A 08F 07A 08F
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

Share Price Returns
3 Months (%) 6 Months (%) 12 Months (%)
WDS 18.0556 -32.5397 -76.9022
Sector 4.9696 -8.5920 -1.6792
Market 3.6177 -3.1195 2.8483

Ratio Comparison
Year WDS Sector Market
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

Directors
Name Position
J McDonald Director
M Jones Director
P McCarthy Director
Mr R Rolfe Director

Management
Name Position
M Jones CEO

Substantial Shareholders
Name % Holding
Perpetual Limited 12.5400
Helmsman Funds Management Ltd 8.6000
Quest Asset Partners Pty Ltd 5.4900
UBS 5.3100

Calendar of Events
Date Event
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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