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Industry:
Building Products
Fiscal Year-End:
Jun 10

CRG manufactures and distributes non-ferrous metal products and plastic pipeline systems, and distributes plumbing and electrical supplies, in Australia and NZ. The majority of the company's revenues are derived from the Australian and NZ construction markets.

CRG was founded in Sydney in 1867 by George Ekins Crane as a building supply firm. By the early 1900s, the company was manufacturing many of the products that it sold. In 1949, CRG was listed on the ASX and in the 1980s, undertook a major restructure of its operations. Today, the company is Australasia’s largest distributor of plumbing supplies. The aluminium arms were sold in late 2005.

CRG operates through several groups: Pipelines - the manufacture and distribution of water infrastructure, pipeline systems and supplies, pipe fittings and valves (Iplex, Milnes, KBE); Trade Distribution (which includes Tradelink - Aus and CDNZ - New Zealand) - the distribution of plumbers and electricians' supplies; and Industrial Products (which includes Metals Distribution and Crane Copper Tube, which manufacture copper tube extrusions and distribute other metal products).

CRG has a reputation as being a smart manufacturer. Although the company's products are relatively low technology, CRG has continued to develop and enhance its manufacturing capabilities. The company has with some success revamped its network distribution operations.

CRG distributes much of its manufactured product directly to construction companies and distributors and to plumbers through its own Tradelink plumbing supplies business. The company also supplies metals to a diverse range of operators in the manufacturing sector. Main competitors include Reece and Wesfarmers' Bunnings Warehouses that also provide a range of plumbing supplies.

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Market Statistics

Market Cap ($M):
703.8
Equiv. Shares (M):
78.4
% All Ords:
0.06
12Mth Range ($):
6.32 - 11.66
Turnover ($M pa):
811.4
Index:
S&P/ASX 200
Sector:
Industrials
Industry Group:
Capital Goods
Industry:
Building Products
Sub Industry:
Building Products

Last 5 Market Sensitive Announcements

Calendar Of Events

Date
Event
15-Feb-10
Reporting Date for Half Yearly Result
30-Oct-09
AGM Date for Final Year Result
24-Sep-09
Dividend Date Payable for Final Year Result (28c 100% franked)
21-Aug-09
Dividend Record Date for Final Year Result (28c 100% franked)
17-Aug-09
Dividend Ex-Dividend Date for Final Year Result (28c 100% franked)

Directors

Name
Position
L Tutt
Chairman
G Sedgwick
MD/CEO/Director
M Fitzgerald
Finance Director
J B Harkness
Director
C Stubbs
Director
R Fraser
Director
Mr Carroll
non-executive director

Management

Name
Position
G Sedgwick
Mging Director
M Fitzgerald
Finance Director
I Timmins
Exec. GM Distribution
S Leppinus
Secretary/General Counsel

Substantial Shareholders

Name
% Holding
Perpetual Limited
7.9
Suncorp-Metway Limited
6.5
DFA Group
6.1
Commonwealth Bank
5.3
Westpac Bank
5.1

Consensus Recommendation Summary


0

0

8

0

3
Sell Under Perf. Hold Out Perf. Buy

Number of Brokers in Recommendation Summary: 11

Consensus Earnings

FY10 FY11
Consensus EPS1 (c) 54.1 72.4
EPS Growth (%)   34.0
P/E Ratio (x) 16.5 12.3
P/E Rel. All Ords (x) 1.12 1.01
P/E Rel. Sector (x) 1.01 0.90
Number of Brokers in Earnings Survey: 11 10

1. Consensus EPS is generally "reported EPS" but will vary as to whether it is on a pre or post preference earnings basis. This number is not always on the same basis as the Aegis EPS.

Historical Forecast Earnings And Recommendations

Consensus Recommendations

Consensus information provided by Reuters.

Consensus EPS Forecasts 1

1. Consensus EPS is generally "reported EPS" but will vary as to whether it is on a pre or post preference earnings basis. This number is not always on the same basis as the Aegis EPS.

Peer Recommendation Comparison

  P/E (x) EPS Chg (%) Dividend Yield (%) MktCap ($M) Price ($) Consensus Rec
  09A 09A 09A    
Reece Aust n/a n/a n/a 2,440.2 24.43 Out Perf.
GWA International 16.8 (16.8) 6.0 897.6 3.00 Hold
Crane Group 10.8 (16.1) 7.1 697.5 8.90 Out Perf.
Hills Industries 16.1 (46.8) 4.3 580.2 2.34 Out Perf.
Hastie Group n/a n/a n/a 414.4 1.75 Out Perf.

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