Amalgamated Holdings Limited (AHD)
Views and News
Exposure to Entertainment and Hospitality Services
Amalgamated Holdings traditionally pays high dividend yields and offers diversification to the entertainment, hospitality, tourism and leisure sectors. It owns a diverse portfolio - Greater Union and Event cinemas, Rydges Hotels & Resorts, State Theatre, Thredbo, Featherdale Wildlife Park, Birch, Carroll & Coyle. Current tight consumer spending and the high currency mitigate against prospects, but the company has been conservatively and closely managed.
Recent News Highlights
As at 31/12/2012 : see details at www.ahl.com.au (new window? Shift+Click)
| 26/10/2012 AGM 2012 & Chairman's Address |
| 21/09/2012 2012 Annual Report to Shareholders |
| 23/08/2012 2012 Full Year Results & Preliminary Final Report |
| 07/05/2012 Shareholder Benefits Brochure |
| 23/02/2012 Half Year Result |
| 21/10/2011 Annual General Meeting 2011 |
Half-yearly Performance & Estimates - AHD
| Year-end June | FY11A | 1H12A | FY12A | 1H13A | FY13A | FY14E | FY15E |
|---|---|---|---|---|---|---|---|
| Sales, $m | 732.6 | 412.5 | 729.8 | 402.2 | 759.1 | 950.0 | 993.0 |
| EBITDA, $m | 76.2 | 106.1 | 142.8 | 85.3 | 153.9 | 160.4 | 170.4 |
| EBIT, $m | 39.9 | 85.6 | 105.5 | 63.5 | 113.3 | 120.5 | 128.7 |
| Report NPAT, $m | 72.1 | 65.2 | 76.6 | 47.3 | 79.4 | ||
| Adj. NPAT, $m | 79.4 | 85.6 | 91.2 | ||||
| Reported EPS, ¢ | 45.00 | 41.00 | 48.00 | 30.00 | 47.00 | ||
| Adjusted EPS, ¢ | 47.00 | 53.55 | 57.05 | ||||
| EPS %FY/Growth | 85% | 7% | 64% | -2% | 14% | 7% | |
| Dividend, ¢ | 41.0 | 14.0 | 39.0 | 15.0 | 42.0 | 42.50 | 45.85 |
| Franking, % | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| EBITDA Margin | 10% | 0 | 20% | 21% | 20% | 16.9% | 17.2% |
| NPAT Margin | 9% | 0 | 10% | 12% | 10% | 9.0% | 9.2% |
| ROE, % | 9% | 0 | 9% | 5 | 9% | ||
| EBIT/Interest | -235.8 | 0.0 | -92.0 | 23.53 | 19.41 | ||
| Net Debt / Equity | -0.08 | 0 | -0.02 | -0.01 | -0.02 | ||
| CashFlow/Sh, ¢ | 87.6 | 48.0 | 87.6 | 44.4 | 81.3 | 74.9 | 81.5 |
| Y/E Shares, m | 159.9 | 159.9 | 157.8 | 157.9 | 158.0 |
| Notes |
| Data sourced from IRESS Market Technology Limited. EPS Growth compared with the pcp is shown in most columns, except 1H11A and 1H12A which show the first half % of full year EPS. In a handful of cases, unadjusted share splits may give strange changes in ratios. |
Half-year Performance & Estimates - AHD
| Year-end June | 1H11A | FY11A | 1H12A | FY12A | 1H13A | FY13E | FY14E |
|---|---|---|---|---|---|---|---|
| Sales, $m | 421.7 | 732.6 | 412.5 | 729.8 | 402.2 | 1,047 | 1,101 |
| EBITDA, $m | 84.5 | 76.2 | 106.1 | 142.8 | 85.3 | 153.7 | 163.2 |
| EBIT, $m | 65.0 | 39.9 | 85.6 | 105.5 | 63.5 | 113.6 | 123.0 |
| Report NPAT, $m | 108.7 | 72.1 | 65.2 | 76.6 | 47.3 | ||
| Adj. NPAT, $m | 47.3 | 82.0 | 87.4 | ||||
| Reported EPS, ¢ | 68.00 | 45.00 | 41.00 | 48.00 | 30.00 | ||
| Adjusted EPS, ¢ | 30.00 | 51.55 | 54.85 | ||||
| EPS %FY/Growth | 151% | 85% | 7% | -27% | 7% | 6% | |
| Dividend, ¢ | 14.0 | 41.0 | 14.0 | 39.0 | 15.0 | 40.00 | 41.35 |
| Franking, % | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| EBITDA Margin | 22% | 10% | 0 | 20% | 21% | 14.7% | 14.8% |
| NPAT Margin | 12% | 9% | 0 | 10% | 12% | 7.8% | 7.9% |
| ROE, % | 13% | 9% | 0 | 9% | 5% | ||
| EBIT/Interest | 37.4 | -235.8 | 0.0 | -92.0 | 23.53 | ||
| Net Debt / Equity | 0.01 | -0.08 | 0 | -0.02 | -0.01 | ||
| CashFlow/Sh, ¢ | 60.1 | 87.6 | 48.0 | 87.6 | 44.4 | 75.5 | 81.8 |
| Y/E Shares, m | 159.2 | 159.9 | 159.9 | 157.8 | 157.9 |
| Notes |
| EPS Growth compared with the pcp is shown in most columns, except 1H10A and 1H11A which show the first half % of full year EPS. |
Half-yearly Performance & Estimates - AHD
| Year-end June | FY10A | 1H11A | FY11A | 1H12A | FY12A | FY13E | FY14E |
|---|---|---|---|---|---|---|---|
| Sales, $m | 758.9 | 421.7 | 732.6 | 412.5 | 729.8 | 1,061 | 1,112 |
| EBITDA, $m | 173.9 | 84.5 | 76.2 | 106.1 | 142.8 | 157.2 | 169.9 |
| EBIT, $m | 140.2 | 65.0 | 39.9 | 85.6 | 105.5 | 119.2 | 131.9 |
| Report NPAT, $m | 98.8 | 108.7 | 72.1 | 65.2 | 76.6 | ||
| Adj. NPAT, $m | 76.6 | 85.4 | 94.5 | ||||
| Reported EPS, ¢ | 66.00 | 68.00 | 45.00 | 41.00 | 48.00 | ||
| Adjusted EPS, ¢ | 48.00 | 53.20 | 58.80 | ||||
| EPS %FY/Growth | 151% | -32% | 85% | 7% | 11% | 11% | |
| Dividend, ¢ | 37.0 | 14.0 | 41.0 | 14.0 | 39.0 | 39.95 | 44.10 |
| Franking, % | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| EBITDA Margin | 22% | 22% | 10% | 24.5% | 20% | 14.8% | 15.3% |
| NPAT Margin | 12% | 12% | 9% | 15.1% | 10% | 8.0% | 8.5% |
| ROE, % | 13% | 13% | 9% | 9% | |||
| EBIT/Interest | 37.4 | 37.4 | -235.8 | 0.00 | -91.99 | ||
| Net Debt / Equity | 0.01 | 0.01 | -0.08 | 0 | -0.02 | ||
| CashFlow/Sh, ¢ | 91.8 | 60.1 | 87.6 | 48.0 | 87.6 | 79.0 | 84.8 |
| Y/E Shares, m | 159.2 | 159.2 | 159.9 | 159.9 | 157.8 |
| Notes |
| Data sourced from IRESS Market Technology Limited. EPS Growth compared with the pcp is shown in most columns, except 1H11A and 1H12A which show the first half % of full year EPS. In a handful of cases, unadjusted share splits may give strange changes in ratios. |
Company Overview
Russell Research in the media
Stock Picks for Sunday Herald Sun – 2 June 2013
BUY Amalgamated Holdings Limited, AHD, $8.50
Rydges Hotels and well-known properties in the entertainment, tourism and leisure sectors, debt free, pay a steadily growing 5 per cent yield.
Stock Picks for The Bull.com.au - 23 July 2012
Hold: Amalgamated Holdings (AHD)
A conservatively managed business, offering a franked yield of almost 6 per cent. It’s nicely diversified, with interests in entertainment, hospitality, leisure and tourism. It owns cinemas, hotels and resorts and is growing specialist property activities.
Profile
Amalgamated Holdings
Rating:
Category: Potent Stock ; Midcaps
Action:
Website: www.ahl.com.au
| ASX code: | AHD |
| Closing Price, 03/12/2013: | $ 8.010 |
| Market Capitalisation: | $ 1,294 million |
| 52 Week High: | $ 8.92 |
| 52 Week Low: | $ 6.73 |
| Sector: | Movies & Entertainment |
| Index: | S&P/ASX All Index |
Summary of Fundamentals
| Year-end June | FY12A | FY13A | FY14E | FY15E |
|---|---|---|---|---|
| NPAT, $m | 76.6 | 79.4 | 83.6 | 90.3 |
| Reported EPS, ¢ | 48.00 | 47.00 | ||
| Adjusted EPS, ¢ | 52.90 | 52.30 | 56.50 | |
| EPS Growth, % | 7% | 10% | -1% | 8% |
| P/E Ratio, x | 16.69 | 15.14 | 15.32 | 14.18 |
| Dividend, ¢ | 39.0 | 42.0 | 41.50 | 45.40 |
| Franking, % | 100% | 100% | 100% | 100% |
| Div. Yield, % | 4.87 | 5.24 | 5.18 | 5.67 |
Notes
| Our Adjusted EPS is used for the last year and forward estimates and as basis for EPS Growth and P/E Ratio. We currently use Reported data for all historic NPAT, for the prior year EPS and as base for last year EPS growth. |
| Data & Chart sourced from IRESS Market Technology Ltd. |
One Year Chart
As at 30 December 2013
Other Highlights
| Sector: | Movies & Entertainment |
| Return on Equity, FY13 : | 9% |
| Net Debt to Equity, FY13 : | -2 % |
| EBIT / Interest Cover, FY13 : | 19.41 x |
| Gicscode: | 25401030 |
| First Listed: | 30-Jun-62 |
Business Activities
Amalgamated Holdings Limited (AHD) provides entertainment, hospitality, tourism and leisure services: Greater Union and Event cinemas, Rydges Hotels & Resorts, State Theatre, Thredbo, Featherdale Wildlife Park, Birch, Carroll & Coyle.
Glossary:
| ♠ | "A Core Stock" - reliable long-term yield & growth |
| ♥ | "We like it" - a seasoned performer, growth & yield |
| ♦ | "A tough scout" - creating a potential breakthrough |
| ♣ | "A steady performer" - giving reliable yield or growth |
| Best Stocks | Portfolio of selected attractive investments |
| Potential | Stocks that may have good improvement prospects |
| Speculative | More risky usually smaller stocks with spec. upside |
| Midcaps | In RR Midcap Index, $ 70m to 1,500m market cap. |
| Large Stocks | Larger Stocks upwards of $ 1,500m market cap |