Matrix Composites & Engineering Limited (MCE)
Views and News
Essentials
Recent News Highlights
As at 19/02/2012 : see details at www.matrixap.com.au (new window? Shift+Click)
| 20/12/2011 Awarded 3-5 year Co-operation Agreement with European oil company, up to $35-50m pa |
| 24/11/2011 Appointment of Chief Financial Officer and Company Secretary |
| 17/11/2011 Announces new orders |
Half-yearly Performance & Estimates - MCE
| Year-end June | FY11A | 1H12A | FY12A | 1H13A | FY13A | FY14E | FY15E |
|---|---|---|---|---|---|---|---|
| Sales, $m | 187.3 | 83.6 | 144.9 | 81.6 | 145.5 | 155.0 | 171.0 |
| EBITDA, $m | 52.3 | -1.3 | -13.3 | 6.4 | 7.5 | 17.0 | 21.8 |
| EBIT, $m | 47.6 | -6.5 | -23.6 | 1.3 | -2.8 | 6.1 | 11.4 |
| Report NPAT, $m | 33.7 | -2.5 | -14.5 | 0.53 | -3.0 | ||
| Adj. NPAT, $m | -3.0 | 5.0 | 7.7 | ||||
| Reported EPS, ¢ | 46.00 | -3.00 | -18.00 | 1.00 | -3.00 | ||
| Adjusted EPS, ¢ | -3.00 | 4.80 | 8.00 | ||||
| EPS %FY/Growth | 17% | -139% | -33% | -83% | -260% | 67% | |
| Dividend, ¢ | 8.0 | 2.0 | 2.0 | 0 | 0 | 1.50 | 4.00 |
| Franking, % | 100% | 100% | 100% | - | - | - | - |
| EBITDA Margin | 28% | 0 | -9% | 8% | 5% | 11.0% | 12.7% |
| NPAT Margin | 18% | 0 | -10% | 1% | -2% | 3.2% | 4.5% |
| ROE, % | 27% | 0 | -11% | -2% | |||
| EBIT/Interest | 72.9 | 0.0 | -11.4 | 1.83 | -2.0 | ||
| Net Debt / Equity | 0.07 | 0 | -0.03 | -0.10 | 0.02 | ||
| CashFlow/Sh, ¢ | 2.1 | 6.4 | 14.0 | -9.8 | -2.3 | 11.9 | 19.7 |
| Y/E Shares, m | 77.1 | 77.1 | 94.6 | 94.6 | 94.6 |
| 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 - MCE
| Year-end June | 1H10A | FY10A | 1H11A | FY11A | 1H12A | FY12E | FY13E |
|---|---|---|---|---|---|---|---|
| Sales, $m | 43.6 | 102.7 | 92.5 | 187.3 | 83.6 | 187.0 | 245.0 |
| EBITDA, $m | 12.0 | 28.0 | 29.3 | 52.3 | -1.3 | 37.7 | 52.8 |
| EBIT, $m | 10.4 | 24.9 | 27.8 | 47.6 | -6.5 | 28.2 | 45.3 |
| Report NPAT, $m | 7.5 | 18.2 | 19.3 | 33.7 | -2.5 | ||
| Adj. NPAT, $m | -2.5 | 17.0 | 31.1 | ||||
| Reported EPS, ¢ | 14.00 | 29.00 | 27.00 | 46.00 | -3.00 | ||
| Adjusted EPS, ¢ | -3.00 | 22.10 | 40.35 | ||||
| EPS %FY/Growth | 48% | 59% | 59% | -111% | -52% | 83% | |
| Dividend, ¢ | 2.0 | 4.0 | 3.0 | 8.0 | 2.0 | 5.35 | 8.90 |
| Franking, % | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| EBITDA Margin | 27% | 27% | 27% | 28% | -1.6% | 20.2% | 21.6% |
| NPAT Margin | 18% | 18% | 18% | 18% | -3.0% | 9.1% | 12.7% |
| ROE, % | 30% | 30% | 30% | 27% | |||
| EBIT/Interest | 75.2 | 75.2 | 75.2 | 72.9 | -5.91 | ||
| Net Debt / Equity | -0.09 | -0.09 | -0.09 | 0.07 | 0.00 | ||
| CashFlow/Sh, ¢ | 14.1 | 45.1 | -8.8 | 2.1 | 6.4 | 19.3 | 52.9 |
| Y/E Shares, m | 64.0 | 70.0 | 73.0 | 77.1 | 77.1 |
| 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. |
Company Overview
Profile
Matrix Composites & Engineering
Rating:
Category: Spec Stock ; Midcaps
Action:
Website: www.matrixap.com.au
| ASX code: | MCE |
| Closing Price, 30/12/2013: | $ 0.740 |
| Market Capitalisation: | $ 69 million |
| 52 Week High: | $ 1.975 |
| 52 Week Low: | $ 0.60 |
| Sector: | Oil & Gas Equipment & Services |
| Index: | S&P/ASX All Index |
Summary of Fundamentals
| Year-end June | FY12A | FY13A | FY14E | FY15E |
|---|---|---|---|---|
| NPAT, $m | -14.5 | -3.0 | 4.0 | 7.0 |
| Reported EPS, ¢ | -18.00 | -3.00 | ||
| Adjusted EPS, ¢ | -3.10 | 4.00 | 8.00 | |
| EPS Growth, % | -139% | -83% | -229% | 100% |
| P/E Ratio, x | -4.11 | -23.87 | 18.50 | 9.25 |
| Dividend, ¢ | 2.0 | 0 | 1.50 | 3.00 |
| Franking, % | 100% | - | - | - |
| Div. Yield, % | 2.70 | 0.00 | 2.03 | 4.05 |
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 ![MCE.png][files-49702]
Other Highlights
| Sector: | Oil & Gas Equipment & Services |
| Return on Equity, FY13 : | -2% |
| Net Debt to Equity, FY13 : | 2 % |
| EBIT / Interest Cover, FY13 : | -2.0 x |
| Gicscode: | 10101020 |
| First Listed: | 16-Nov-09 |
Business Activities
Matrix Composites & Engineering Limited (MCE) is a specialist in manufacture of products in composite materials, such as undersea buoyancy equipment, and services to the offshore oil and gas, mining, subsea, and defence industries.
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 |