Fundamental Analysis Revenue & Profitability 2004 FY 2003 FY...

Fundamental Analysis





Revenue & Profitability
2004 FY 2003 FY 2002 FY
PE Ratio (x) NA NA NA
Revenue
per Share ($) 0.07 NA NA
Earnings
per Share ($) 0 -0.01 0
Dividend
Yield (%) 0 0 0
Profit
Margin (%) -2.11 NA NA
Return on
Assets (%) -0.64 -2.74 -1.40
Return on
Equity -0.93 -3.47 -1.48



BMX vs. Sector Average
BMX Sector Average
PE Ratio (x) NA 23.98
Revenue
per Share ($) 0.07 0.36
Earnings
per Share ($) 0 -0.13
Dividend
Yield (%) 0 0.35
Profit
Margin (%) -2.11 -923.32
Return
on Assets (%) -0.64 -32.67
Return
on Equity -0.93 -29.20






Quantitative and Fundamental Analysis

After reviewing the strategy summary, you can investigate the first of two levels of Wise-Owl analysis that has led us to recommend this stock as a potential wealth creator. The quantitative and fundamental analysis provides you with an analysis on; the management team, key operating and profitability ratios, sector performance and the key share price driver.







Management

Antoine Shirfan (Managing Director)
With over 28 years of experience in project development and operations, Antoine was a former director of Cristal Australia Pty Ltd and The National Titanium Dioxide Co Ltd, where he spent 15 years purchasing rutile on their behalf.

A (Tony) A McLellan (Chairman)
A current director of Felix Resources Ltd, he has held previous senior positions for prominent gold and real estate companies.





Operating Performance

For the six months ending 31 December, 2004. BMX posted a $12.7m operating profit from its Western Australian assets. The latest production figures for March were strong with mining operations at the Ludlow and Tutunup mines producing 57,062 tonnes of Heavy Minerals concentrate. Commencement of the Pooncarie Project began in January, with first sales scheduled in 2006. A major achievement has been the signed Project Facilities Agreement with ABN Amro and ANZ Bank. This gives BMX a total finance facility of A$108m, which includes a construction facility and a bank guarantee.






Growth/Value Story

The Pooncarie Project Schedule will be the vital share price driver of BMX in the next 12 to 18 months. With project set for completion in mid 2006, project sales are set to begin in early 2006. BMX has secured long term contracts for the entire off take with DuPont and Cristal. The life of the mine is expected to be 20 to 25 years based upon the Ginkgo and Snapper deposits with a combined mineral resource of 75.2m tonnes.

The acquisition of the Western Australian assets in May 2004 has paid off for BMX. BMX continues to record strong production and profit figures from this project that will help fund further growth strategies. The market for mineral sands products continues to be strong and consolidation in this sector is set to continue in the next few years.