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Company Information

Company at a Glance

Industry:
Media
Fiscal Year-End:
Jun 10

Company Overview

VRL is an entertainment, leisure and tourism group. The company operates Village and other cinema complexes in Australia, Asia and Europe. VRL also owns approximately 60% of the separately listed Austereo Group Ltd. Through Austereo, VRL operates the radio networks Triple M and Today. In addition, VRL handles the distribution of movie titles, is an increasingly significant producer of movies, and also manages three Gold Coast theme parks. It also owns Hawaiian Waters Adventure Park in Hawaii.

Company History

VRL commenced in 1954 with the opening of one of the first drive-in cinemas in Australia in the Melbourne suburb of Croydon. The company expanded with further drive-ins and also traditional cinemas. VRL also diversified into film distribution in the 1960s, film production in the 70s, development of multiplex cinema complexes in the 80s and into theme parks and radio in the 90s. The company undertook a "back door" listing on the ASX through De Laurentis Entertainment Limited in 1989.

Industries Of Operation

VRL operates core businesses in cinema exhibition, film production and distribution, radio and theme parks. While creating diverse earnings streams, these businesses are also complementary, targeting a similar customer demographic (under 40 years old) and providing cross-promotional opportunities.

Differentiating Factor

VRL is recognised as a leading cinema exhibitor in Australia but also is the controlling shareholder in Austereo which owns and operates the country`s premier FM radio networks, Triple M FM and Today FM. VRL also operates Australia`s most popular theme parks; Warner Bros. Movie World, Sea World and Wet ‘n’ Wild Water World on Queensland’s Gold Coast.

Major Customers & Competitors

VRL’s major customers are those people who go to the movies or visit theme parks in Australia, and companies looking to place advertisements on the group’s radio network. VRL has many competitors, including Greater Union and Hoyts (against Village), Australian Radio Network and Nova (against Austereo), any number of other iconic tourist attractions in Australia (against theme parks) and the major movie studios such as Sony, Fox, etc (against Village Roadshow Films).

Research provided by  

Market Statistics

Market Cap ($M):
238.7
Equiv. Shares (M):
126.9
% All Ords:
0.02
12Mth Range ($):
1.06 - 2.54
Turnover ($M pa):
47.3
Index:
n/a
Sector:
Consumer Discretionary
Industry Group:
Media
Industry:
Media
Sub Industry:
Movies & Entertainment

Last 5 Market Sensitive Announcements

Date
Announcment
15-Jun-10 10:42
Roadshow Signs New Debt Facility
28-May-10 09:06
New Film Financing for VRP
05-Mar-10 08:30
SandP Announces March SP/ASX Index Rebalance
17-Feb-10 10:02
BOS: RGM recieves cornerstone investment
27-Nov-09 09:41
VRL Completes On-Market Buy-Back

Calendar Of Events

Date
Event
02-Dec-09
Dividend Date Payable for Final Year Result (6.0c 100% franked)
26-Nov-09
AGM Date for Final Year Result
18-Nov-09
Dividend Record Date for Final Year Result (6.0c 100% franked)
12-Nov-09
Dividend Ex-Dividend Date for Final Year Result (6.0c 100% franked)
27-Aug-09
Reporting Date for Final Year Result

Directors

Name
Position
G W Burke
Managing Director
J R Kirby
Chairman
R Kirby
Deputy Chairman
D B Reardon
Director
P Harvie
Director
P Jonson
Director
D Evans
Non-Executive Director
R Le Tet
Non-Executive Director

Management

Name
Position
R Kirby
Executive Chairman
G W Burke
Managing Director
J R Kirby
Executive Director
P M Harvie
Executive Director
P E Foo
Finance Director/Group CFO

Substantial Shareholders

Name
% Holding
S ANNEXURE
60.6
Village Roadshow Corporation
58.7
Capital Group
6.2
UBS Nominees
6.1
Credit Suisse Holding (Australia) Limite
5.6
Oppenheimer Funds
5.1

Consensus Recommendation Summary


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

Number of Brokers in Recommendation Summary: 1

Consensus Earnings

FY10 FY11
Consensus EPS1 (c) 33.1 42.1
EPS Growth (%)   27.2
P/E Ratio (x) 6.3 5.0
P/E Rel. All Ords (x) 0.56 n/a
P/E Rel. Sector (x) n/a 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    
News Corporation 3.9 81.2 1.2 13,071.8 16.37 Out Perf.
Amalgamated Holdings 7.5 (21.6) 7.4 913.8 5.81 Buy
Village Roadshow 2.6 (75.4) 9.8 238.7 2.09 Hold
Beyond Int 7.5 13.1 7.7 39.9 0.65 none
Brisbane Broncos 44.9 (29.4) 1.3 31.4 0.32 none

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