Link to latest research note here:-
http://www.macquarie.com.au/dafiles/Internet/mgl/au/apps/retail-newsletter/docs/2012_07/FWD060712e.pdf
? In the manufactured accommodation division, tender activity continues at a very high level and Searipple occupancy is expected to remain at high levels into FY13. The recent BHP win and a solid BRB performance are also helping earnings. We expect EBIT to grow 47% to $73.3m in FY12.
? BRB is managing to offset the impact of wind down of the BER program by supplementing its workload with other public sector jobs. BRB is also being used as a base to enter the Queensland resource market.
? The caravan division is expected to partially offset manufactured accommodation growth with EBIT expected to fall 57% to $7.7m. Demand for caravans had stabilised post GFC, allowing Fleetwood to increase caravan production but this has since fallen away again.
? Gladstone a key medium-term opportunity. Fleetwood has three key exposures: Retirement, Recreation and Resources. These three sectors appear set for medium- to long-term growth.
? The potential 1,000 person camp at Gladstone is a key medium-term opportunity for Fleetwood and its earnings potential could be similar to Searipple over time. Gladstone is not yet included in our forecasts.
? High dividends to continue. We believe Fleetwood will continue to pay out close to 100% of earnings in dividends, subject to acquisition opportunities, on an ongoing basis, placing the stock on a fully franked yield of nearly 7%. The high payout is supported by a strong balance sheet (FY12e net cash $30.4m).
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Last
$1.98 |
Change
-0.025(1.25%) |
Mkt cap ! $170.3M |
Open | High | Low | Value | Volume |
$2.00 | $2.03 | $1.96 | $343.9K | 173.1K |
Buyers (Bids)
No. | Vol. | Price($) |
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1 | 5000 | $1.95 |
Sellers (Offers)
Price($) | Vol. | No. |
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$1.98 | 13463 | 1 |
View Market Depth
No. | Vol. | Price($) |
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1 | 5000 | 1.920 |
1 | 2000 | 1.900 |
1 | 6000 | 1.880 |
2 | 1000 | 1.775 |
1 | 20000 | 1.770 |
Price($) | Vol. | No. |
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1.990 | 25000 | 1 |
1.995 | 13234 | 1 |
2.040 | 10000 | 1 |
2.070 | 140 | 1 |
2.100 | 1725 | 1 |
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