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LYL - LYCOPODIUM LIMITED


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Lycopodium provides consulting engineering services to the mining and

manufacturing industries. With staff of over 350 and offices in Perth,

Melbourne and Sydney within Australia and in Accra, Ghana, West Africa,

Lycopodium prides itself on being able to offer a complete service from

feasibility study through project design and construction to commissioning

before handover. Lycopodium has a proven track record of meeting budgets

and schedules and achieving project performance criteria. Some of the

major projects Lycopodium has, or has had, a significant role in include:

 

 

Ahafo Gold Project, Ghana 7.5 Mtpa*

Telfer Copper/Gold Project, Western Australia 17 Mtpa

Suhanko Platinum/Palladium Project,

Finland (Feasibility Study) 10 Mtpa

Ridgeway Copper/Gold Project, New South Wales 4.5 Mtpa

Pharmaceutical Fine Chemicals Facility, Victoria

Rapu Rapu Copper/Gold Project, Philippines 1 Mtpa

 

 

Position following completion of IPO at $1.00

Issued Shares on completion of Offer 36,740,000

Implied market capitalisation at Offer Price $36.74 million

Net tangible assets per Share 32 cents

Forecast Net Profit after Tax (2005FY) (Note 1) $4.28 million

Earnings per Share after Tax (2005FY) (Note 2) 11.6 cents

Price to earnings ratio after Tax (2005FY) 8.6

Anticipated dividend payout ratio 70%

Forecast dividend per Share (fully franked) (2005FY) 8.2 cents

Forecast dividend yield (2005FY) 8.2%

 

I originally sold my allotment first trading day at $1.40, only to but back in over the last couple of weeks with an average in the low $1.40's.

 

LYL seems to be slowly getting a little attention as the market in general appear to be tightening.

 

Good dividend play (8c fully franked) with added bonus of a good little growth story.

 

thinly traded, tightly held stock....any thoughts/holders?

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In reply to: JMH03 on Sunday 23/01/05 05:15pm

JMH03

An interesting small company with the December float issuing 6 million shares at $1 to take total issued shares to 36.7 million.Tightly held as you say with the top 20 holding 82% and 759 shareholders.

It is heavily reliant on the resource sector although it does work in other industries.

Hard to find a company to compare it to.

Leighton (LEI) has a PER of 30.5 and a DY of 3.65

Coffey (COF) has a PER of 21.7 and a DY of 3.38

Monadelphous (MND) has a PER of 17.9 and a DY of 3.75

On the prospectus figures of 11.6c EPS and a anticipated fully franked dividend of 8.2c

in November 2005 and a current share price of $1.50 LYL is on a PER of 13 and a DY of 5.4 so it compares well there.

Certainly worth further research by investors who can live with the risks of the consulting /contracting industry in the resource sector.

Probably would get more attention in the market if it can announce some new contracts.MND recently announced new contracts with heavyweight resource companies.

 

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LYL hit a new all time high! great close at $2.18 up 8.5%

 

not many parting with the stock prior to full year report...

 

to rehash an Announcement back in February

 

LYCOPODIUM LIFTS FULL YEAR FORECAST

Dear Shareholder

We are pleased to advise a material increase in forecast turnover for the 2004/5 financial year to

$61.3M with a forecast profit before tax of $6.7M.

This represents an increase of 11% in forecast profit and is a result of new projects committed

and additional work on existing contracts.

The forecast turnover for the full year has been revised in line with Company policy which bases

forecasts on awarded contracts and those the Directors believe will be awarded within the

forecast period.

The CompanyÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s profit after tax of $2.18M on turnover of $32.9M for the first half of the year is

in line with the Prospectus forecast.

Full details of Lycopodium LimitedÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s 6 monthly results can be accessed at the web site

http://www.lycopodium.com.au/, alternatively, on request, a copy will be mailed to you free of

charge.

The 6 months to 31 December 2004 has seen Lycopodium achieve some major milestones

including:

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and a more recent company update in June

 

COMPANY UPDATE

With our last release being the CompanyÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s Half Year Report lodged in February 2005 and the

2005 Annual Report not due until October 2005 we thought you would like a brief update of

the CompanyÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s progress.

Engineering Industry

The present resources boom continues to underpin Lycopodium LimitedÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s operations. A

recent article in the Financial Review by Stephen Wisenthal quoted Opis Capital director

Dean Fergie when he said ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Â¦ÃƒƒÂ¢Ãƒ¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…âہ“To benefit from booming resources prices, you donÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢t have to be at

the coalfaceÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚ÂÂ. While not mentioning Lycopodium specifically the article suggested that those

companies supplying the resources industry represented investments worthy of consideration

because of their less volatile exposure to commodities demand. Lycopodium Limited is in an

even better position with subsidiaries Lycopodium Engineering servicing the resource

industry and Pdf the manufacturing industry.

Revenue and Profit

In support of the above our December 2004 forecast revenue of $61 million for this financial

year has been upgraded to a figure of $65 million with an expected profit after tax of $5.5

million. This represents an earnings per share of 15 cents and on the current market price of

$1.50 a price earnings ratio of 10, which is somewhat less than the average, 19.4, for the

sector in which we are listed.

Projects

Lycopodium Engineering has recently been awarded three projects with a combined fee value

of over $60 million to be earned over a period of three years. While these projects are still

subject to final approval by the clientsÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢ boards Lycopodium Engineering has at the request of

the clients commenced early engineering and preparatory work. We expect to be able to

provide details of these projects in the 2005 Annual Report.

MC\010_A

We believe the awarding of these projects is a continued reflection of Lycopodium

EngineeringÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s strengths in process, design and project management.

Lycopodium EngineeringÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s single largest job continues to be NewmontÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s Ahafo Project in

Ghana. The design phase is approaching completion and site works are progressing well for

completion in mid 2006.

PdfÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s work on GlaxoSmithKlineÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s Thebaine pharmaceutical project is progressing well. Also,

successful on-time completion for Toyota of the installation of two large stamping presses

during the Christmas to Easter period, has led to Toyota awarding Pdf a major press line

refurbishment project.

The combination of current committed work and these new projects places Lycopodium

Limited in a strong position for a successful 2005/6 financial year.

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