Silver Chef Limited (SIV)
Views and News
Essentials
Half-yearly Performance & Estimates - SIV
| Year-end June | FY11A | 1H12A | FY12A | 1H13A | FY13A | FY14E | FY15E |
|---|---|---|---|---|---|---|---|
| Sales, $m | 62.9 | 39.3 | 84.2 | 53.6 | 114.8 | 138.0 | 163.0 |
| EBITDA, $m | 40.9 | 24.4 | 53.5 | 34.4 | 72.2 | 88.6 | 103.9 |
| EBIT, $m | 14.2 | 8.4 | 18.7 | 11.7 | 23.0 | 29.6 | 35.5 |
| Report NPAT, $m | 7.0 | 4.3 | 9.7 | 6.0 | 11.1 | ||
| Adj. NPAT, $m | 11.1 | 14.2 | 17.0 | ||||
| Reported EPS, ¢ | 31.00 | 18.00 | 40.00 | 22.00 | 40.00 | ||
| Adjusted EPS, ¢ | 40.00 | 49.00 | 57.30 | ||||
| EPS %FY/Growth | 45% | 29% | 55% | 0% | 23% | 17% | |
| Dividend, ¢ | 20.0 | 9.5 | 24.0 | 14.0 | 28.5 | 32.00 | 37.00 |
| Franking, % | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| EBITDA Margin | 65% | 0 | 0 | 64% | 62.9% | 64.2% | 63.7% |
| NPAT Margin | 11% | 0 | 0 | 11% | 9.7% | 10.3% | 10.4% |
| ROE, % | 22% | 0 | 21% | 12 | 19% | ||
| EBIT/Interest | 3.4 | 0.0 | 3.8 | 3.59 | 3.42 | ||
| Net Debt / Equity | 1.62 | 0 | 1.47 | 1.77 | 1.57 | ||
| CashFlow/Sh, ¢ | 192.5 | 111.2 | 234.0 | 135.4 | 273.2 | 289.0 | 327.2 |
| Y/E Shares, m | 23.2 | 23.3 | 26.9 | 27.3 | 28.8 |
| 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. |
Half-year Performance & Estimates - SIV
| Year-end June | 1H11A | FY11A | 1H12A | FY12A | 1H13A | FY13E | FY14E |
|---|---|---|---|---|---|---|---|
| Sales, $m | 30.2 | 62.9 | 39.3 | 84.2 | 53.6 | 108.0 | 131.0 |
| EBITDA, $m | 6.4 | 40.9 | 24.4 | 53.5 | 34.4 | 71.0 | 84.9 |
| EBIT, $m | 6.4 | 14.2 | 8.4 | 18.7 | 11.7 | 24.4 | 30.1 |
| Report NPAT, $m | 3.1 | 7.0 | 4.3 | 9.7 | 6.0 | ||
| Adj. NPAT, $m | 6.0 | 12.2 | 14.4 | ||||
| Reported EPS, ¢ | 14.00 | 31.00 | 18.00 | 40.00 | 22.00 | ||
| Adjusted EPS, ¢ | 22.00 | 44.20 | 53.20 | ||||
| EPS %FY/Growth | 45% | 45% | 29% | 22% | 11% | 20% | |
| Dividend, ¢ | 9.0 | 20.0 | 9.5 | 24.0 | 14.0 | 30.00 | 36.00 |
| Franking, % | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| EBITDA Margin | 65% | 65% | 0 | 0 | 64% | 65.7% | 64.8% |
| NPAT Margin | 11% | 11% | 0 | 0 | 11% | 11.3% | 11.0% |
| ROE, % | 22% | 22% | 0 | 21% | 12% | ||
| EBIT/Interest | 3.6 | 3.4 | 0.0 | 3.8 | 3.59 | ||
| Net Debt / Equity | 1.66 | 1.62 | 0 | 1.47 | 1.77 | ||
| CashFlow/Sh, ¢ | 90.1 | 192.5 | 111.2 | 234.0 | 135.4 | 253.8 | 267.2 |
| Y/E Shares, m | 22.6 | 23.2 | 23.3 | 26.9 | 27.3 |
| 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. |
RussellResearch in the media
Stock Picks for Sunday Herald Sun – 5 May 2013
HOLD Silver Chef Limited, SIV, $7.90
A proven equipment financier of hospitality and other small to midcap businesses. Double digit earnings growth and rising 4% yield.
Stock Picks for Sunday Herald Sun – 7 October 2012
BUY Silver Chef Limited, SIV, $4.52
Renter and equipment funder to small and medium businesses in hospitality and other sectors. Sound record and growth path.
Wave Chart
Profile
Silver Chef
Rating:
Category: Potent Stock ; Midcaps
Action:
Website: www.silverchef.com.au
| ASX code: | SIV |
| Closing Price, 30/12/2013: | $ 5.220 |
| Market Capitalisation: | $ 151 million |
| 52 Week High: | $ 8.94 |
| 52 Week Low: | $ 4.75 |
| Sector: | Trading Companies & Distributors |
| Index: | S&P/ASX 300 Index |
Summary of Fundamentals
| Year-end June | FY12A | FY13A | FY14E | FY15E |
|---|---|---|---|---|
| NPAT, $m | 9.7 | 11.1 | 13.4 | 16.9 |
| Reported EPS, ¢ | 40.00 | 40.00 | ||
| Adjusted EPS, ¢ | 41.40 | 46.10 | 54.90 | |
| EPS Growth, % | 29% | 4% | 11% | 19% |
| P/E Ratio, x | 13.05 | 12.61 | 11.32 | 9.51 |
| Dividend, ¢ | 24.0 | 28.5 | 31.75 | 34.85 |
| Franking, % | 100% | 100% | 100% | 100% |
| Div. Yield, % | 4.60 | 5.46 | 6.08 | 6.68 |
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: | Trading Companies & Distributors |
| Return on Equity, FY13 : | 19% |
| Net Debt to Equity, FY13 : | 157 % |
| EBIT / Interest Cover, FY13 : | 3.42 x |
| Gicscode: | 20100000 |
| First Listed: | 31-May-05 |
Business Activities
Silver Chef Limited (SIV) provides equipment funding small-to-medium business through its unique funding model, namely, Rent-Try-Buy and Rent-Grow-Own Solutions. SIV focuses on long term rentals of commercial equipment to enterprises across Australia, wi
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 |