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Company Information

Company at a Glance

Industry:
Capital Markets
Fiscal Year-End:
Jun 10

Company Overview

HFA is a specialist funds-management company providing absolute-return fund products to retail, wholesale and institutional investors throughout Australia. Post the merger with Lighthouse, HFA manages over $9B in assets in Australia and overseas. The business comprises four divisions: Research and Investments; Distribution; Operations; and Special Projects. In FY08, the company established two foreign subsidiaries.

Company History

HFA's funds management business was established in 1998 when HFA Asset Management Ltd (HFAAM) was created by current CEO, Spencer Young. HFA listed on the ASX on April 28, 2006.

Industries Of Operation

The Australian absolute return fund industry has grown substantially over the past 10 years. Growth is largely attributed to growth in the overall level of savings in Australia, driven by mandatory superannuation contributions and an increasing share of investments being allocated to absolute return funds. Absolute return funds currently represent a relatively small proportion of total managed funds in Australia at around 4.9% and this is expected to grow to around 8% by 2010 (Source: ICAP)

Differentiating Factor

HFA has a competitive edge through the following factors: strong relationships in the retail distribution segment; strong academic and industry experience in senior management; and has a long track record of fund performance. These factors pose high barriers of entry that new entrants will need to consider when trying to penetrate the market.

Major Customers & Competitors

HFA distributes its products to retail, wholesale and institutional investors throughout Australia, US, Europe and Asia.

Research provided by  

Market Statistics

Market Cap ($M):
93.9
Equiv. Shares (M):
552.2
% All Ords:
0.00
12Mth Range ($):
0.15 - 0.43
Turnover ($M pa):
131.9
Index:
S&P/ASX 500
Sector:
Financials
Industry Group:
Diversified Financials
Industry:
Capital Markets
Sub Industry:
Asset Management & Custody Banks

Last 5 Market Sensitive Announcements

Date
Announcment
12-Jul-10 08:24
Strategic re-positioning of Australian Subsidiary
16-Apr-10 10:35
Response to ASX Price Query
05-Mar-10 08:30
SandP Announces March SP/ASX Index Rebalance
23-Feb-10 13:28
HFA Holdings Ltd - Half Year Results Announcement
23-Feb-10 13:26
HFA Holdings Ltd - Appendix 4D and Interim Financial Report

Calendar Of Events

Date
Event
19-Aug-09
Reporting Date for Final Year Result
26-Feb-09
Reporting Date for Half Yearly Result
08-Oct-08
AGM Date for Final Year Result
26-Sep-08
Dividend Date Payable for Final Year Result (3.5c 100% franked)
12-Sep-08
Dividend Record Date for Final Year Result (3.5c 100% franked)

Directors

Name
Position
S Young
CEO/Non-Executive Director
S McGould
Director
A Esteban
Non-Executive Director

Management

Name
Position
P Jensen
CEO
O Martinis
Joint Managing Director
R S White
Joint Managing Director

Substantial Shareholders

Name
% Holding
MFS Alternative Asset Limited
23.0
SEAN MCGOULD
16.9
S Young
12.6
8.6
Delaware Street Capital Master Fund
5.3
Bank of America Corporation
5.2

Consensus Recommendation Summary


0
0
0
0
1
Sell Under Perf. Hold Out Perf. Buy

Number of Brokers in Recommendation Summary: 1

Consensus Earnings

FY10 FY11
Consensus EPS1 (c) 2.2 2.3
EPS Growth (%)   3.5
P/E Ratio (x) 7.7 7.5
P/E Rel. All Ords (x) 0.69 n/a
P/E Rel. Sector (x) 2.14 n/a
Number of Brokers in Earnings Survey: 1 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.

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    
Challenger Financial Services 5.8 4.0 5.6 1,758.1 3.52 Out Perf.
NAB Income Securities n/a n/a n/a 1,544.0 77.01 none
CBA PERLS III n/a n/a n/a 1,044.0 179.00 none
Westpac TPS n/a n/a n/a 682.7 89.60 none
HFA Holdings 3.0 (33.4) 0.0 93.9 0.17 Buy

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