CULLINAN
| Ord price 46c | Market cap R330m |
| Div yield 2,2% | 12-month high 52c |
| PE ratio 17,4 Sector PE 22,2 | Low 38c |
|
| Year to Sep 30 | Turnover Rm | Operating profit Rm | Pretax profit Rm | Headline earnings per share (c) | Dividend per share (c) |
| 2002 | 139 | 21,0 | 18,5 | 2,7 | - |
| 2003 | 177 | 17,8 | 19,9 | 2,7 | 1 |
| 2004 | 205 | 24,7 | 26,5 | 3,6 | 1 |
| 2005 | 230 | 23,3 | 24,1 | 2,26 | 1 |
| 2006 | 269 | 25,2 | 28,2 | 2,64 | 1 |
| % chge | 17 | 8 | 17 | 17 | - |
Trading vol 12-month average: 1,34m/month
After a 21% rise at the interim stage, EPS faded in the second half, coming in 14,5% down at 0,94c. But telling a far more positive story is net cash flow after tax, which jumped 89% to R49,8m (6,9c/share) and has now risen 215% since 2003. Return on equity is a solid 28% and despite acquisitions totalling R54m, the company still has cash of R125m (17,4c/share). It's a small cap worth watching.
22December2006
