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Company Information

Company at a Glance

Industry:
Air Freight & Logistics
Fiscal Year-End:
Jun 10

Company Overview

KSC, headquartered in Mount Gambier, South Australia, has been providing wharf, local and interstate cartage, warehousing, logistics and fuel distribution services to Australian industry for more than 55 years. It controls one of the largest company owned fleets in Australia, over 160,000 square metres of warehousing and a wide variety of rail and sea containers.

Company History

KSC was incorporated in South Australia in 1955 as Reid Bros Holdings, and was originally the holding company for a timber mill and manufacturer. It listed in August 1971. In 1988, the company changed its name to Scott Corporation, the same year it purchased the Kain & Shelton Transport group. Further acquisitions were made in ensuing years. The company adopted the KSC name in 1998. FY02 saw the company make a tentative move into NZ. It acquired NZ-Based Cochrane's Transport in late 2003.

Industries Of Operation

KSC operates in the Industrial Sector, specialising in the provision of transportation, warehousing and logistics support services for the Australian and New Zealand markets.

Differentiating Factor

The current size of KSC is its key differentiating factor. It allows the company to deliver a personalised service in niche market segments of the logistics industry to a wide array of clients. KSC's range of services are conducted through four divisions - K&S Freighters (full loads in road and rail), K&S Integrated Distribution (warehousing and local distribution), K&S Agencies (distribution of Ampol fuel) and K&S NZ Limited (full load distribution in NZ).

Major Customers & Competitors

KSC's largest trading customer continues to be the Smorgon Steel Group. Other major customers include Weyerhaeuser (a timber products producer in the Green Triangle region) and PaperlinX, with which KSC has a linehaul distribution contract. In NZ, KSC's major client is Fletcher Challenge Forests. KSC also has a specific business division for the provision of fuel to Ampol. Competitors would include other transportation companies such as WWA.

Research provided by  

Market Statistics

Market Cap ($M):
191.2
Equiv. Shares (M):
69.9
% All Ords:
0.01
12Mth Range ($):
1.75 - 3.05
Turnover ($M pa):
6.5
Index:
n/a
Sector:
Industrials
Industry Group:
Transportation
Industry:
Air Freight & Logistics
Sub Industry:
Air Freight & Logistics

Last 5 Market Sensitive Announcements

Date
Announcment
22-Jun-10 16:40
K and S Acquires Regal Transport Group
12-Apr-10 14:51
Share Purchase Plan
24-Feb-10 10:04
Half Yearly Report and Accounts
04-Dec-09 14:48
KSC - OneSteel Contract
03-Dec-09 18:09
KSC Acquires Pacific Transport

Calendar Of Events

Date
Event
31-Mar-10
Dividend Date Payable for Half Yearly Result (7c 100% franked)
17-Mar-10
Dividend Record Date for Half Yearly Result (7c 100% franked)
11-Mar-10
Dividend Ex-Dividend Date for Half Yearly Result (7c 100% franked)
24-Nov-09
AGM Date for Final Year Result
30-Oct-09
Dividend Date Payable for Final Year Result (5.0c 100% franked)

Directors

Name
Position
T Johnson
Chairman
G C Boulton
Director
A F Johnson
Director
R V Nicholson
Director
J L Winser
Managing Director
B C Grubb
Director
R M Smith
Director
Mr R Smith
Non-executive director

Management

Name
Position
J L Winser
Managing Director
S Fanning
GM, K&S Freighters
B Walsh
Financial Controller
B Walsh
CFO
P Williams
GM, Integ. Distn
J L Winser
CEO

Substantial Shareholders

Name
% Holding
A A Scott
61.9
Commonwealth Bank
6.7
452 Capital
6.1

Consensus Recommendation Summary


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

Number of Brokers in Recommendation Summary: 2

Consensus Earnings

FY10 FY11
Consensus EPS1 (c) 27.4 33.0
EPS Growth (%)   20.7
P/E Ratio (x) 9.5 7.9
P/E Rel. All Ords (x) 0.85 n/a
P/E Rel. Sector (x) n/a n/a
Number of Brokers in Earnings Survey: 2 2

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    
Toll Holdings 14.6 (17.1) 4.0 4,175.0 5.94 Out Perf.
K & S Corp 8.4 (8.8) 5.5 191.2 2.60 Hold
Wridgways 10.2 (5.2) 8.0 81.9 2.56 Hold
CTI Logistics 8.1 (56.4) 7.3 40.2 0.98 none
SmartTrans (2.7) (13.8) 0.0 20.1 0.02 none

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