iiNet Limited (IIN)
Views and News
Essentials
Recent News Highlights
As at 31/12/2012 : see details at www.iinet.net.au (new window? Shift+Click)
| 07/12/2012 iiNet to Join the S&P/ASX 200 Index, Effective 22 December |
| 03/12/2012 ACCC Determines iiNet Access Dispute with Telstra: IIN Refund approx. $8m re Excess Charges |
| 20/11/2012 2012 AGM & Presentations |
| 29/10/2012 New Syndicated Debt Facility |
| 21/09/2012 2012 Annual Report |
| 28/06/2012 Impact of Retrospective Tax Law Amendments |
| 20/04/2012 Copyright Case Unanimously Dismissed |
| 21/02/2012 1H12 Half Year Results |
| 31/01/2012 Completes $105m acquisition of Internode |
| 22/12/2011 Agreed acquisition of Internode, and Presentation |
| 30/11/2011 Change in substantial holding from TPM; |
| 30/11/2011 Completion of TransACT Acquisition |
| 22/11/2011 AGM Presentations of the Chairman and Managing Director |
| 21/11/2011 Acquisition of TransACT, and Presentation |
| 20/10/2011 Becoming a substantial holder from TPM |
Half-yearly Performance & Estimates - IIN
| Year-end June | FY11A | 1H12A | FY12A | 1H13A | FY13A | FY14E | FY15E |
|---|---|---|---|---|---|---|---|
| Sales, $m | 697.2 | 365.1 | 830.1 | 473.2 | 940.0 | 987.0 | 1,07 |
| EBITDA, $m | 104.9 | 58.1 | 144.9 | 89.7 | 187.1 | 197.0 | 202.2 |
| EBIT, $m | 61.3 | 29.3 | 79.4 | 48.8 | 105.0 | 113.8 | 121.5 |
| Report NPAT, $m | 39.1 | 16.1 | 37.1 | 23.9 | 61.0 | ||
| Adj. NPAT, $m | 61.0 | 65.5 | 72.6 | ||||
| Reported EPS, ¢ | 26.00 | 11.00 | 24.00 | 15.00 | 38.00 | ||
| Adjusted EPS, ¢ | 38.00 | 41.00 | 45.70 | ||||
| EPS %FY/Growth | 46% | -8% | 39% | 58% | 8% | 11% | |
| Dividend, ¢ | 12.0 | 6.0 | 14.0 | 8.0 | 19.0 | 23.00 | 26.00 |
| Franking, % | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| EBITDA Margin | 15% | 0 | 17% | 19% | 20% | 20.0% | 189.0% |
| NPAT Margin | 6% | 0 | 4% | 5% | 6% | 6.6% | 67.9% |
| ROE, % | 16% | 0 | 13% | 8 | 19% | ||
| EBIT/Interest | 9.4 | 0.0 | 4.9 | 4.29 | 4.83 | ||
| Net Debt / Equity | 0.40 | 0 | 1.03 | 1.08 | 0.95 | ||
| CashFlow/Sh, ¢ | 63.1 | 15.1 | 65.2 | 44.5 | 85.8 | 87.8 | 95.5 |
| Y/E Shares, m | 152.2 | 148.7 | 161.0 | 161.3 | 161.3 |
| 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 - IIN
| Year-end June | 1H11A | FY11A | 1H12A | FY12A | 1H13A | FY13E | FY14E |
|---|---|---|---|---|---|---|---|
| Sales, $m | 328.8 | 697.2 | 365.1 | 830.1 | 473.2 | 947.0 | 957.0 |
| EBITDA, $m | 41.6 | 104.9 | 58.1 | 144.9 | 89.7 | 182.2 | 186.0 |
| EBIT, $m | 21.1 | 61.3 | 29.3 | 79.4 | 48.8 | 101.9 | 108.0 |
| Report NPAT, $m | 12.3 | 39.1 | 16.1 | 37.1 | 23.9 | ||
| Adj. NPAT, $m | 23.9 | 57.0 | 62.8 | ||||
| Reported EPS, ¢ | 8.00 | 26.00 | 11.00 | 24.00 | 15.00 | ||
| Adjusted EPS, ¢ | 15.00 | 34.95 | 39.60 | ||||
| EPS %FY/Growth | 31% | 46% | -8% | 36% | 46% | 13% | |
| Dividend, ¢ | 5.0 | 12.0 | 6.0 | 14.0 | 8.0 | 17.85 | 19.85 |
| Franking, % | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| EBITDA Margin | 16% | 15% | 0 | 17% | 19% | 19.2% | 19.4% |
| NPAT Margin | 7% | 6% | 0 | 4% | 5% | 6.0% | 6.6% |
| ROE, % | 15% | 16% | 0 | 13% | 8% | ||
| EBIT/Interest | 18.6 | 9.4 | 0.0 | 4.9 | 4.29 | ||
| Net Debt / Equity | 0.20 | 0.40 | 0 | 1.03 | 1.08 | ||
| CashFlow/Sh, ¢ | 42.5 | 63.1 | 15.1 | 65.2 | 44.5 | 84.2 | 86.3 |
| Y/E Shares, m | 152.0 | 152.2 | 148.7 | 161.0 | 161.3 |
| 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 - IIN
| Year-end June | FY10A | 1H11A | FY11A | 1H12A | FY12A | FY13E | FY14E |
|---|---|---|---|---|---|---|---|
| Sales, $m | 473.4 | 328.8 | 697.2 | 365.1 | 830.1 | 950.0 | 950.0 |
| EBITDA, $m | 77.0 | 41.6 | 104.9 | 58.1 | 144.9 | 174.7 | 181.2 |
| EBIT, $m | 41.4 | 21.1 | 61.3 | 29.3 | 79.4 | 101.9 | 106.3 |
| Report NPAT, $m | 34.6 | 12.3 | 39.1 | 16.1 | 37.1 | ||
| Adj. NPAT, $m | 37.1 | 57.4 | 62.2 | ||||
| Reported EPS, ¢ | 23.00 | 8.00 | 26.00 | 11.00 | 24.00 | ||
| Adjusted EPS, ¢ | 24.00 | 35.60 | 38.60 | ||||
| EPS %FY/Growth | 31% | 13% | 46% | -8% | 48% | 8% | |
| Dividend, ¢ | 9.0 | 5.0 | 12.0 | 6.0 | 14.0 | 17.00 | 18.90 |
| Franking, % | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| EBITDA Margin | 16% | 16% | 15% | 15.9% | 17% | 18.4% | 19.1% |
| NPAT Margin | 7% | 7% | 6% | 4.4% | 4% | 6.0% | 6.5% |
| ROE, % | 15% | 15% | 16% | 13% | |||
| EBIT/Interest | 18.6 | 18.6 | 9.4 | 0.00 | 4.85 | ||
| Net Debt / Equity | 0.20 | 0.20 | 0.40 | 0 | 1.03 | ||
| CashFlow/Sh, ¢ | 41.0 | 42.5 | 63.1 | 15.1 | 65.2 | 79.8 | 83.0 |
| Y/E Shares, m | 151.9 | 152.0 | 152.2 | 148.7 | 161.0 |
| 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. |
Company Overview
Russell Research in the media
Stock Picks for Sunday Herald Sun – 24 March 2013
BUY iiNet Limited, IIN, $5.22
One of the top five telcos, iiNet continues to produce record results. Its products and customer base place it very well to keep adding to its earnings and yield.
Stock Picks for The Bull.com.au - 5 November 2012
BUY iiNet, IIN ($4.20)
Australia's number two telco in DSL broadband supports more than 1.6 million broadband, telephony and IP TV services nationwide. Fast-growing and well placed for NBN roll-out opportunities after several acquisitions, always integrated well, the news of a $330 million credit facility inched its share price to a new high. Expect a franked yield above 4 per cent and EPS growth of about 20 per cent in each of the next two years.
Stock Picks for Sunday Herald Sun - 15 April 2012
BUY: iiNet Limited, IIN $3.00
Synergies from recent acquisitions will add to growth and yield for this internet and telephony group.
Profile
iiNet
Rating: ♦
Category: Best Stock ; Midcaps
Action:
Website: www.iinet.net.au
| ASX code: | IIN |
| Closing Price, 30/12/2013: | $ 6.420 |
| Market Capitalisation: | $ 1,21 million |
| 52 Week High: | $ 6.89 |
| 52 Week Low: | $ 4.12 |
| Sector: | Alternative Carriers |
| Index: | S&P/ASX 200 Index |
Summary of Fundamentals
| Year-end June | FY12A | FY13A | FY14E | FY15E |
|---|---|---|---|---|
| NPAT, $m | 37.1 | 61.0 | 66.0 | 73.3 |
| Reported EPS, ¢ | 24.00 | 38.00 | ||
| Adjusted EPS, ¢ | 37.60 | 40.80 | 45.55 | |
| EPS Growth, % | -8% | 57% | 9% | 12% |
| P/E Ratio, x | 26.75 | 17.07 | 15.74 | 14.09 |
| Dividend, ¢ | 14.0 | 19.0 | 23.00 | 26.05 |
| Franking, % | 100% | 100% | 100% | 100% |
| Div. Yield, % | 2.18 | 2.96 | 3.58 | 4.06 |
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: | Alternative Carriers |
| Return on Equity, FY13 : | 19% |
| Net Debt to Equity, FY13 : | 95 % |
| EBIT / Interest Cover, FY13 : | 4.83 x |
| Gicscode: | 50101010 |
| First Listed: | 20-Sep-99 |
Business Activities
iiNet Limited (IIN) is a DSL Internet Service Provider (ISP) supporting over 1.3 million broadband, telephony and Internet Protocol TV services across Australia. Growting by acquisition and integration 'on-net'.
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 |