Mortgage Choice Limited (MOC)
Views and News
Essentials
Half-year Performance & Estimates - MOC
| Year-end June | 1H12A | FY12A | 1H13A | FY13A | 1H14A | FY14E | FY15E |
|---|---|---|---|---|---|---|---|
| Sales, $m | 70.9 | 156.5 | 72.2 | 4.0 | 85.8 | 167.0 | 172.0 |
| EBITDA, $m | 17.6 | 43.8 | 19.4 | 43.7 | 22.0 | 28.9 | 31.6 |
| EBIT, $m | 17.6 | 42.2 | 18.5 | 41.9 | 21.1 | 27.9 | 30.0 |
| Report NPAT, $m | 6.4 | 18.5 | 7.6 | 18.8 | 11.0 | ||
| Adj. NPAT, $m | 11.0 | 18.3 | 20.0 | ||||
| Reported EPS, ¢ | 5.00 | 15.00 | 6.00 | 15.00 | 8.00 | ||
| Adjusted EPS, ¢ | 8.00 | 14.95 | 16.35 | ||||
| EPS %FY/Growth | 33% | 40% | 0% | 33% | 0% | 9% | |
| Dividend, ¢ | 6.0 | 13.0 | 6.0 | 13.0 | 7.5 | 15.15 | 16.30 |
| Franking, % | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| EBITDA Margin | 25% | 0 | 27% | 11.08 | 26% | 17.3% | 18.4% |
| NPAT Margin | 9% | 0 | 10% | 4.75 | 11% | 11.0% | 11.6% |
| ROE, % | 7% | 20% | 8% | 19% | 10% | ||
| EBIT/Interest | 2.1 | 2.7 | 2.4 | 2.8 | 3.03 | ||
| Net Debt / Equity | -0.07 | -0.11 | -0.09 | -0.11 | -0.11 | ||
| CashFlow/Sh, ¢ | 4.7 | 14.2 | 4.3 | 12.4 | 6.1 | 14.4 | 17.1 |
| Y/E Shares, m | 120.0 | 118.8 | 123.5 | 121.8 | 123.8 |
| Notes |
| Data sourced from IRESS Market Technology Limited. EPS Growth compared with the pcp is shown in most columns except the first half years which show their percentage of full year EPS. In a handful of cases, unadjusted share splits, or changes between positive and negative values, may give strange changes in ratios. |
Recent News Highlights
As at 31/12/2012 : see details at www.mortgagechoice.com.au (new window? Shift+Click)
| 18/10/2012 AGM; Chairman's Address & CEO Presentation |
| 19/09/2012 Annual Review 2012 |
| 30/08/2012 2012 Annual Accounts |
| 23/08/2012 FY12 Preliminary Final Report & Presentation |
| 15/08/2012 Earnings Guidance Update |
| 22/02/2012 AGM: HY12 Half Year Report & Presentation |
| 13/02/2012 1H12 guidance to be down 25%, FY12 to be down 10-15%; price falls 14% to $1.30 |
| 01/12/2011 CBA holds 8.11% stake in MOC (due to CBA's acquisition of Count) |
| 15/11/2011 AGM: CEO Presentation |
Russell Research in the media
Stock Picks for Sunday Herald Sun – 2 December 2012
HOLD Mortgage Choice Limited, MOC, $1.61
This leader in arranging and managing mortgages for banks offers over 8 per cent franked yield and grows at about 5 per cent.
Stock Picks for The Bull.com.au - 1 October 2012
**HOLD Mortgage Choice Limited, MOC ($1.55) **
Australia’s largest independently-operated mortgage broker enjoyed a steady profit on its core business while developing complementary operations across its expanding network of franchisees. In FY12 its book of loans managed for bank and other lenders continued to grow, reaching $45bn with a high performance of approvals and settlements and a 4.5% market share. This gave an 8.5% franked yield that we expect will continue or improve.
Wave Chart
Company Overview
Profile
Mortgage Choice
Rating: ♣
Category: Best Stock ; Midcaps
Action: Accumulate
Website: www.mortgagechoice.com.au
| ASX code: | MOC |
| Closing Price, 20/06/14: | $ 2.800 |
| Market Capitalisation: | $ 347 million |
| 52 Week High: | $ 3.29 |
| 52 Week Low: | $ 2.00 |
| Sector: | Thrifts & Mortgage Finance |
| Index: | S&P/ASX 300 Index |
Summary of Fundamentals
| Year-end December | FY13A | FY13A | FY14E | FY15E |
|---|---|---|---|---|
| NPAT, $m | 18.8 | 11.0 | 18.3 | 20.0 |
| Reported EPS, ¢ | 15.00 | 8.00 | ||
| Adjusted EPS, ¢ | 15.77 | 14.95 | 16.35 | |
| EPS Growth, % | 5% | -5% | 9% | |
| P/E Ratio, x | 18.67 | 17.76 | 18.73 | 17.13 |
| Dividend, ¢ | 13.0 | 7.5 | 15.15 | 16.30 |
| Franking, % | 100% | 100% | 100% | 100% |
| Div. Yield, % | 4.64 | 2.68 | 5.41 | 5.82 |
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 23 June 2014
Other Highlights
| Sector: | Thrifts & Mortgage Finance |
| Return on Equity, FY13 : | 10% |
| Net Debt to Equity, FY13 : | -11 % |
| EBIT / Interest Cover, FY13 : | 3.03 x |
| Gicscode: | 40102010 |
| First Listed: | 10-Aug-04 |
Business Activities
Mortgage Choice Limited (MOC) is a leading mortgage broker, with a national network of franchisees and loan consultants. It provides loan advice and products offered by Australia’s lending institutions.
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 |