Skilled Engineering Limited (SKE)

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Half-yearly Performance & Estimates - SKE

Year-end June FY11A 1H12A FY12A 1H13A FY13A FY14E FY15E
Sales, $m 1,876 933.0 1,890 971.8 1,868 1,875 1,961
EBITDA, $m 96.0 43.9 96.0 48.9 95.1 103.0 113.6
EBIT, $m 68.3 36.5 82.6 43.3 84.8 90.7 99.3
Report NPAT, $m 32.1 25.0 56.9 29.2 58.5
Adj. NPAT, $m 58.5 62.0 65.9
Reported EPS, ¢ 16.00 10.00 24.00 12.00 24.00
Adjusted EPS, ¢ 24.00 26.30 28.20
EPS %FY/Growth 42% 50% 50% 0% 10% 7%
Dividend, ¢ 3.0 5.0 13.0 7.0 16.0 17.00 19.00
Franking, % 100% 100% 100% 100% 100% 100% 100%
EBITDA Margin 5% 0 5% 5% 5% 5.5% 5.8%
NPAT Margin 2% 0 3% 3% 3% 3.3% 3.4%
ROE, % 8% 0 13% 6 12%
EBIT/Interest 2.4 0.0 10.2 21.55 22.44
Net Debt / Equity 0.23 0 0.06 0.15 0.10
CashFlow/Sh, ¢ 37.7 17.7 43.6 -1.7 26.5 28.5 31.6
Y/E Shares, m 233.1 349.4 233.5 233.5 233.6
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 - SKE

Year-end June 1H11A FY11A 1H12A FY12A 1H13A FY13E FY14E
Sales, $m 934.3 1,876 933.0 1,890 971.8 1,956 2,027
EBITDA, $m 42.7 96.0 43.9 96.0 48.9 98.2 105.3
EBIT, $m 29.6 68.3 36.5 82.6 43.3 87.0 93.9
Report NPAT, $m 12.8 32.1 25.0 56.9 29.2
Adj. NPAT, $m 29.2 58.8 64.5
Reported EPS, ¢ 7.00 16.00 10.00 24.00 12.00
Adjusted EPS, ¢ 12.00 25.00 27.15
EPS %FY/Growth 44% 42% 50% 20% 4% 9%
Dividend, ¢ 0 3.0 5.0 13.0 7.0 16.00 18.00
Franking, % - 100% 100% 100% 100% 100% 100%
EBITDA Margin 4% 5% 0 5% 5% 5.0% 5.2%
NPAT Margin 1% 2% 0 3% 3% 3.0% 3.2%
ROE, % 6% 8% 0 13% 6%
EBIT/Interest 1.9 2.4 0.0 10.2 21.55
Net Debt / Equity 0.54 0.23 0 0.06 0.15
CashFlow/Sh, ¢ 19.6 37.7 17.7 43.6 -1.7 25.3 30.8
Y/E Shares, m 190.8 233.1 349.4 233.5 233.5
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-year Performance & Estimates - SKE

Year-end June 1H10A FY10A 1H11A FY11A 1H12A FY12E FY13E
Sales, $m 844.6 1,698 934.3 1,876 933.0 1,888 2,7
EBITDA, $m 33.6 72.0 42.7 96.0 43.9 91.0 98.0
EBIT, $m 23.2 50.1 29.6 68.3 36.5 75.7 84.3
Report NPAT, $m 7.5 19.2 12.8 32.1 25.0
Adj. NPAT, $m 25.0 46.7 54.7
Reported EPS, ¢ 5.00 11.00 7.00 16.00 10.00
Adjusted EPS, ¢ 10.00 20.90 23.60
EPS %FY/Growth 45% 44% 45% 43% 31% 13%
Dividend, ¢ 0 3.0 0 3.0 5.0 9.70 11.00
Franking, % - 100% - 100% 100% 100% 100%
EBITDA Margin 4% 4% 4% 5% 4.7% 4.8% 363.0%
NPAT Margin 1% 1% 1% 2% 2.7% 2.5% 202.6%
ROE, % 6% 6% 6% 8%
EBIT/Interest 1.9 1.9 1.9 2.4 6.89
Net Debt / Equity 0.54 0.54 0.54 0.23 0.18
CashFlow/Sh, ¢ 9.2 16.7 19.6 37.7 17.7 27.0 29.0
Y/E Shares, m 190.8 190.8 190.8 233.1 349.4
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


Russell Research in the Media


Stock Picks for Sunday Herald Sun – 30 June 2013

HOLD Skilled Group Limited, SKE, $2.57

The proven workforce services provider is showing steady focus on growth areas. A recent price fall and 6 per cent franked yield attract.


Wave Chart SKEwav.png


                Profile

Skilled Group

Rating:    

Category:    Potent Stock ;      Midcaps

Action:        

Website:    www.skilledgroup.com.au

ASX code: SKE
Closing Price, 30/12/2013: $ 3.365
Market Capitalisation: $ 786 million
52 Week High: $ 3.98
52 Week Low: $ 2.04
Sector: Human Resource & Employment Services
Index: S&P/ASX 200 Index

Summary of Fundamentals

Year-end June FY12A FY13A FY14E FY15E
NPAT, $m 56.9 58.5 59.2 67.3
Reported EPS, ¢ 24.00 24.00
Adjusted EPS, ¢ 24.20 25.00 29.00
EPS Growth, % 50% 1% 3% 16%
P/E Ratio, x 14.02 13.90 13.46 11.60
Dividend, ¢ 13.0 16.0 17.00 19.00
Franking, % 100% 100% 100% 100%
Div. Yield, % 3.86 4.75 5.05 5.65

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 SKE.png

Other Highlights

Sector: Human Resource & Employment Services
Return on Equity, FY13 : 12%
Net Debt to Equity, FY13 : 10 %
EBIT / Interest Cover, FY13 : 22.44 x
Gicscode: 20202010
First Listed: 27-Jul-94

Business Activities

Skilled Group Limited (SKE) is one of Australia and New Zealand’s largest providers of labour and workforce services. It provides total workforce management, flexible labour solutions and project-based workforce solutions.



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




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