Juno Partners Wealth = Quality x Quantity 2012 fileWealth = Quality x Quantity ‘The production of...

Wealth = Quality x Quantity

Wealth = Quality x Quantity

‘The production of wealth,’ as 19th century philosopher John Stuart Millobserved, ‘has its necessary conditions’. New research by Juno Partners,summarised in this briefing paper, reveals that for companies, the twonecessary conditions can succinctly be described as ‘quality’ and ‘quantity’.

Most senior managers today would agree that the job of a corporation is to create wealth. In our capitalist, democratic society, we create differentinstitutions for different purposes. We create charities to fund good causes,governments to set and enforce laws and businesses to create wealth. When they focus on the creation of sustained gains in wealth, businessesprovide the lifeblood of our economy. When businesses forget about wealth creation or the importance of the long term, the economy and all our institutions suffer.

For senior executives therefore, and directors in particular, few things could be more important to understand than the ‘necessary conditions’ for the production of wealth.

The basis of our research

So what are the ‘necessary conditions’ for creating wealth? We set out to answer thisquestion by looking at a group of Australia’s largest listed companies and asking who hascreated (or destroyed) wealth and then digging deeper to find the root causes1.

We used a simple definition of wealth creation being the difference between how much hasbeen invested in a company and how much it is worth as at 30 June 2012. This measure hasthe advantage of being a dollar measure of wealth, as opposed to a percentage measure,like Total Shareholder Return or TSR and hence shows the true impact the business has hadon the economy.

The Wealth Created results are summarised in the table following, ranking the two hundredbusinesses in our set by Wealth Created as at 30 June 2012 and show, for example that BHPBilliton (ranked #1 in the table) at 30 June 2012 had taken $113 billion of capital fromshareholders and lenders and turned it into a business worth $198 billion, creating astaggering $85 billion of wealth2.

By contrast, BlueScope Steel (#200) had taken $7.2 billion and turned it into $2 billion,destroying $5.2 billion.

page [1]

April 2013By Justin Bown

Managing DirectorJuno Partners

1 For the purposes of this study, our database comprised the 200 largest Australian domiciled public companies as at 30 June 2012,excluding investment businesses, such as listed investment companies, insurance and real estate businesses, those with less than five years of publicly available financial reports and those who made losses in three or more of the past five years.

2 Note that in the table of data we list the 2012 average Capital Employed balance, being the average of the year-end results for 2011 and2012. The 2012 year-end values cited in the main text of this article and used to calculate Wealth Created, will usually be a little larger.

Wealth created:How much the

company'sEnterprise Valueexceeds CapitalEmployed at 30

June 2012

What rate ofreturn is the

businessgenerating on

the fundsentrusted to it?

What couldinvestors expect

to earn elsewhereat similar levels

of risk?

Quality: How much does this

business beat(or fall behind) other

investmentsof similar risk?

Quantity: The total funds

invested in the business; debt & equity.

Quantity x Quality:The dollar amount of

profits in excess ofwhat investors could

have expected, atsimilar risk

Juno Partners WealthCreators Report30 June 2012

Wealth Creators Ran

k

Ticker

Com

pan

y

2012

$m

Qua

rtile $m

Qua

rtile 5 year

med

ian EP Sp

read

2012

5 year average

5 year cum

ulative

5 year m

edian

5 year m

edian

2012

2012

Average

5 year m

edian

2012

2012

WealthCreated

Return onCapital

Employed

WeightedAverage Costof Capital

EconomicProfitSpread

CapitalEmployed

$m

EconomicProfit $m- = =x

383,83

3

3.6%

Note: The calculation of EP Spread and Economic Profit in this table works for the 2012 figures, but not for the 5 year data, due to the averaging of annual results.

page [2]

BHP 1 BHP Billiton Limited 85,192 21.8% 21.8% 11.1% 10.4% 11.4% 11.4% 73,718.5 82,872.1 44,544.3 9,430.4

CBA 2 Commonwealth Bank of Australia 38,799 17.2% 15.6% 10.8% 9.0% 6.6% 6.6% 33,924.3 43,390.5 14,179.7 2,864.9

TLS 3 Telstra Corporation Limited 28,527 13.9% 14.1% 6.9% 4.6% 6.0% 9.6% 33,974.4 33,616.1 11,437.9 3,211.3

RIO 4 Rio Tinto Limited 26,327 16.9% 19.0% 12.1% 12.8% 4.8% 6.1% 81,838.0 87,896.9 15,982.0 5,270.7

WOW 5 Woolworths Limited 23,953 14.3% 14.3% 7.5% 5.6% 6.8% 8.7% 19,431.4 22,903.3 6,524.6 1,987.0

WBC 6 Westpac Banking Corporation 16,255 14.8% 13.6% 10.9% 9.7% 3.9% 3.8% 35,324.6 47,396.8 8,312.9 1,824.6

CSL 7 CSL Limited 16,124 21.4% 22.4% 8.8% 6.6% 12.8% 15.9% 4,838.8 4,702.4 2,889.5 747.1

ANZ 8 ANZ Group Ltd 12,762 14.3% 12.5% 10.6% 9.9% 3.7% 2.6% 35,353.9 45,445.4 6,467.9 1,172.3

WPL 9 Woodside Petroleum Limited 11,743 10.1% 10.1% 11.4% 11.1% -1.0% -1.0% 14,523.1 18,605.3 181.8 -185.3

FMG 10 Fortescue Metals Group Ltd. 11,371 18.0% 18.0% 13.3% 12.6% 5.4% 5.4% 5,582.9 9,900.9 2,005.6 532.9

WES 11 Wesfarmers Limited 9,327 7.7% 7.9% 8.7% 7.1% -1.6% 0.9% 34,415.6 38,142.7 -1,625.9 327.5

CCL 12 Coca-Cola Amatil Limited 8,988 19.7% 19.7% 7.1% 5.4% 12.7% 14.3% 3,075.9 3,338.1 1,804.1 468.6

BXB 13 Brambles Limited 7,203 14.6% 14.0% 8.9% 8.0% 6.0% 6.0% 3,834.8 4,917.7 1,627.0 334.3

ORG 14 Origin Energy Limited 6,795 7.9% 7.9% 8.6% 7.7% -0.6% 0.2% 11,026.6 13,894.4 -487.4 33.4

OSH 15 Oil Search Limited 6,102 5.2% 4.2% 10.1% 11.2% -4.8% -6.9% 2,482.7 3,858.0 -247.7 -267.1

ORI 16 Orica Limited 5,425 14.2% 14.9% 10.9% 9.6% 3.7% 5.2% 5,290.4 5,586.6 911.7 318.2

CWN 17 Crown Limited 5,153 19.2% 26.8% 8.6% 8.6% 7.5% 18.2% 3,030.7 2,802.0 969.6 403.6

TCL 18 Transurban Group 4,813 4.1% 3.7% 7.8% 6.7% -3.3% -2.9% 7,798.4 7,998.0 -1,420.5 -234.0

WOR 19 WorleyParsons Limited 4,263 13.6% 13.6% 13.3% 12.7% 0.9% 0.9% 2,878.8 3,081.9 96.1 27.2

SYD 20 Sydney Airport 3,629 4.0% 1.1% 8.1% 7.5% -4.6% -6.4% 12,295.5 9,742.0 -1,363.7 -611.1

RHC 21 Ramsay Health Care Limited 3,177 8.6% 10.4% 6.8% 5.4% 1.7% 4.9% 3,383.6 3,592.9 358.0 177.6

COH 22 Cochlear Limited 3,086 22.3% 21.8% 8.5% 7.6% 14.2% 14.2% 778.7 845.4 530.4 120.2

AMC 23 Amcor Limited 2,960 7.7% 9.0% 8.0% 7.2% -0.4% 1.8% 8,096.5 9,050.4 63.6 164.3

ILU 24 Iluka Resources Limited 2,767 4.6% 26.0% 9.6% 9.7% -6.0% 16.2% 1,841.1 2,006.1 -151.0 332.0

ALQ 25 ALS Limited 2,742 15.4% 18.8% 13.2% 13.2% 2.2% 5.6% 845.7 1,271.0 109.3 72.0

STO 26 Santos Limited 2,576 5.1% 5.1% 10.0% 9.1% -4.0% -4.0% 7,849.0 10,727.9 -1,061.8 -424.2

CPU 27 Computershare Limited 2,536 14.5% 8.8% 9.7% 8.3% 4.5% 0.5% 2,638.5 3,035.5 492.7 15.0

AGK 28 AGL Energy Limited 2,530 6.4% 4.2% 7.7% 6.1% -1.6% -1.9% 6,416.1 7,638.5 -388.3 -161.5

ASX 29 ASX Limited 2,284 13.9% 13.4% 10.6% 8.2% 5.2% 5.2% 2,971.7 3,220.6 696.3 167.0

APA 30 APA Group 2,121 6.9% 7.7% 7.0% 6.4% -0.4% 1.3% 4,057.1 4,035.5 -6.0 53.0

SHL 31 Sonic Healthcare Limited 1,951 7.8% 7.8% 7.8% 6.5% -0.1% 1.3% 4,569.9 5,085.4 72.2 64.6

PTM 32 Platinum Asset Management Limited 1,899 54.2% 44.0% 10.1% 8.6% 43.9% 35.4% 244.1 288.1 577.8 102.0

SVW 33 Seven Group Holdings Limited 1,786 16.2% 17.0% 13.3% 9.5% 1.9% 7.6% 1,479.3 2,555.9 146.2 193.7

SEK 34 SEEK Limited 1,732 20.6% 17.9% 14.2% 12.8% 6.2% 5.1% 449.2 706.2 191.6 35.9

MND 35 Monadelphous Group Limited 1,704 44.1% 40.7% 15.2% 14.4% 28.4% 26.3% 219.0 333.3 308.9 87.7

REA 36 REA Group Ltd. 1,554 37.9% 37.9% 12.3% 11.0% 26.9% 26.9% 184.8 293.7 148.7 62.4

RRL 37 Regis Resources Limited 1,541 -2.8% 26.8% 14.9% 14.1% -18.1% 12.7% 126.2 218.1 -82.5 27.8

NVT 38 Navitas Limited 1,400 26.9% 18.4% 10.5% 7.3% 16.4% 11.1% 256.6 464.9 211.1 51.7

REH 39 Reece Australia Limited 1,082 17.3% 15.1% 11.5% 11.0% 5.5% 4.2% 678.7 800.1 204.2 33.3

NAB 40 National Australia Bank Limited 1,069 10.8% 10.8% 10.9% 9.6% 1.2% 1.2% 40,264.3 51,422.2 2,686.9 592.8

WHC 41 Whitehaven Coal Limited 1,043 9.3% 3.9% 14.2% 13.7% -5.0% -9.8% 995.8 2,339.8 -313.5 -230.0

FLT 42 Flight Centre Limited 925 16.9% 19.4% 11.0% 10.2% 5.9% 9.3% 1,140.0 1,190.0 306.5 110.4

NCM 43 Newcrest Mining Limited 914 10.1% 6.5% 10.2% 9.4% -0.1% -2.9% 8,519.6 17,186.2 -324.1 -506.5

SPN 44 SP AusNet 877 7.1% 7.2% 6.6% 5.3% -0.2% 1.9% 6,144.7 6,787.2 133.1 132.6

PNA 45 PanAust Limited 825 5.0% 15.3% 14.3% 14.8% -8.6% 0.4% 626.9 805.4 -141.1 3.4

TPM 46 TPG Telecom Limited 825 11.2% 13.7% 7.5% 5.1% 3.6% 8.7% 614.7 787.6 83.0 68.8

MIN 47 Mineral Resources Limited 805 26.4% 23.6% 13.6% 13.6% 12.4% 10.0% 436.7 876.5 256.9 87.4

UGL 48 UGL Limited 799 10.5% 10.8% 12.1% 11.0% -1.2% -0.2% 1,752.2 1,932.1 -117.1 -3.9

ABC 49 Adelaide Brighton Limited 787 11.5% 11.7% 11.5% 11.8% 0.4% -0.2% 1,309.0 1,401.6 14.8 -2.1

WTF 50 Wotif.com Holdings Limited 786 61.4% 61.4% 11.0% 9.2% 52.2% 52.2% 80.4 99.7 200.1 52.0



June 2012






of risk?










Wealth Creators Ran

k

Ticker

Com

pan

y

2012

$m

Qua

rtile $m

Qua

rtile 5 year

med

ian EP Sp

read

2012

5 year average

5 year cum

ulative

5 year m

edian

5 year m

edian

2012

2012

Average

5 year m

edian

2012

2012

WealthCreated

Return onCapital

Employed



CapitalEmployed

$m


21,964

2.3%


page [3]

ENV 51 Envestra Limited 774 7.0% 7.9% 6.8% 5.6% 0.2% 2.3% 2,324.1 2,485.6 29.6 57.5

TTS 52 Tatts Group Limited 755 8.9% 10.2% 8.2% 6.6% 0.7% 3.5% 3,755.8 4,050.6 198.4 144.4

PPT 53 Perpetual Limited 741 12.8% 15.3% 11.4% 11.0% 1.2% 4.3% 645.5 856.7 108.4 21.8

IVC 54 InvoCare Limited 726 16.2% 11.5% 8.3% 7.0% 8.0% 4.5% 264.5 341.9 94.2 15.4

MMS 55 McMillan Shakespeare Limited 726 21.5% 21.4% 10.8% 8.9% 12.5% 12.5% 162.3 295.1 104.4 36.9

SUL 56 Super Retail Group Limited 721 11.2% 11.2% 9.7% 8.2% 2.6% 3.0% 649.2 1,118.3 77.8 33.4

MTS 57 Metcash Limited 687 10.8% 10.7% 7.2% 5.5% 3.6% 5.1% 3,115.5 3,494.1 542.7 179.1

SKI 58 Spark Infrastructure Group 677 8.8% 8.8% 6.8% 5.6% 2.1% 3.1% 2,303.8 2,369.0 126.9 73.8

IRE 59 IRESS Limited 677 29.0% 24.6% 11.9% 10.3% 17.0% 14.3% 144.6 171.7 133.1 24.6

JBH 60 JB Hi-Fi Limited 667 23.1% 20.2% 11.3% 9.3% 11.8% 10.9% 552.0 663.5 319.8 72.1

ALL 61 Aristocrat Leisure Limited 648 13.2% 2.4% 10.6% 8.6% 2.0% -6.2% 1,071.4 1,197.2 151.2 -74.3

ACR 62 Acrux Limited 645 13.4% 13.4% 10.1% 7.5% 5.8% 5.8% 50.8 51.6 68.3 3.0

MML 63 Medusa Mining Ltd. 603 37.3% 17.0% 12.0% 12.0% 26.2% 4.9% 171.4 283.7 161.6 14.0

DMP 64 Domino's Pizza Enterprises Limited 584 14.1% 17.9% 8.9% 8.9% 5.4% 9.1% 145.6 167.0 41.0 15.2

SAI 65 SAI Global Limited 580 9.2% 9.2% 9.6% 8.3% 0.2% 1.0% 460.0 621.3 4.9 6.0

DJS 66 David Jones Limited 546 13.5% 9.8% 11.7% 11.0% 1.8% -1.2% 1,508.3 1,550.7 107.3 -18.3

ARP 67 ARB Corporation Limited 507 25.9% 25.9% 10.5% 9.1% 16.8% 16.8% 121.4 155.9 97.1 26.2

AGI 68 Ainsworth Game Technology Limited 507 3.9% 42.9% 8.3% 9.1% -4.1% 33.8% 102.7 146.2 34.4 49.4

NWH 69 NRW Holdings Limited 502 19.7% 22.4% 16.0% 16.0% 6.4% 6.4% 286.0 482.6 74.3 30.8

CDD 70 Cardno Limited 495 12.3% 12.4% 11.3% 9.5% -0.1% 2.9% 469.5 687.2 9.7 20.0

GNC 71 Graincorp Limited 478 9.8% 11.1% 8.1% 6.4% 2.2% 4.7% 1,428.4 2,137.4 99.0 100.5

FWD 72 Fleetwood Corporation Limited 462 22.7% 22.0% 12.3% 12.1% 10.4% 10.0% 192.5 252.1 103.3 25.1

FXL 73 FlexiGroup Limited 458 11.1% 10.8% 8.2% 7.7% 2.9% 3.1% 730.2 938.5 115.9 29.0

DUE 74 DUET Group 436 6.3% 5.7% 6.5% 5.3% -0.1% 0.4% 6,243.6 6,767.7 -40.3 26.7

SLR 75 Silver Lake Resources Limited 425 19.8% 22.5% 10.5% 9.7% 9.3% 12.8% 71.5 139.2 28.0 17.8

QUB 76 Qube Holdings Limited 411 3.6% 7.4% 11.8% 9.8% -8.2% -2.4% 520.9 1,177.3 -160.5 -28.2

WSA 77 Western Areas Limited 373 6.7% 10.1% 13.2% 12.3% -6.4% -2.3% 526.9 685.2 -88.4 -15.5

BRG 78 Breville Group Limited 356 15.0% 21.5% 12.9% 13.6% 2.1% 7.9% 292.9 285.2 19.1 18.6

BKL 79 Blackmores Limited 351 24.3% 26.1% 9.0% 7.7% 15.3% 18.5% 106.0 128.1 82.0 23.6

CDU 80 CuDeco Limited 341 -0.1% 0.4% 15.4% 15.4% -16.1% -15.0% 100.8 190.8 -91.7 -29.0

MTU 81 M2 Telecommunications Group Ltd. 336 20.9% 14.3% 7.8% 5.1% 12.4% 9.2% 106.2 249.0 63.4 22.8

GUD 82 GUD Holdings Limited 305 13.9% 12.5% 11.7% 12.0% 2.3% 0.5% 363.6 407.7 48.8 2.2

ASL 83 Ausdrill Limited 303 11.2% 13.0% 11.7% 12.1% -0.6% 0.8% 649.1 1,000.4 -11.2 8.3

LWB 84 Little World Beverages Limited 300 14.6% 19.1% 8.4% 6.9% 6.2% 12.2% 53.7 67.0 19.1 8.2

CGX 85 CGA Mining Limited 295 1.8% 1.8% 9.7% 9.3% -7.5% -7.5% 230.0 344.8 -45.5 -26.6

MRM 86 Mermaid Marine Australia Limited 285 12.3% 12.3% 11.3% 8.6% 1.3% 3.7% 339.6 492.9 32.1 18.2

KRM 87 Kingsrose Mining Limited 266 0.5% 27.9% 13.1% 13.1% -14.4% 14.8% 34.6 54.6 -7.9 8.9

SRX 88 Sirtex Medical Limited 262 26.3% 26.3% 10.5% 7.5% 18.8% 18.8% 46.6 72.5 43.3 13.6

BKW 89 Brickworks Limited 262 8.8% 6.5% 8.7% 7.8% -0.1% -1.3% 1,479.6 1,555.8 -6.4 -20.0

CAB 90 Cabcharge Australia Limited 258 15.2% 14.8% 9.4% 8.3% 6.6% 6.6% 407.0 490.5 136.0 32.1

TNE 91 Technology One Limited 254 20.2% 7.9% 10.5% 7.7% 10.0% 0.2% 117.1 141.1 50.4 0.4

ORL 92 OrotonGroup Limited 246 28.6% 28.7% 10.6% 10.6% 17.7% 18.1% 89.6 100.7 78.1 18.2

GDO 93 Gold One International Limited 232 -16.8% 21.3% 11.9% 11.5% -29.1% 9.8% 114.8 263.1 -23.0 25.8

CLO 94 Clough Limited 228 12.6% 11.2% 11.3% 11.8% 1.3% -0.7% 486.0 496.9 57.8 -3.2

DCG 95 Decmil Group Limited 217 13.7% 21.6% 13.7% 17.2% 2.8% 4.4% 114.5 197.6 2.3 8.1

RKN 96 Reckon Limited 215 24.1% 24.1% 9.6% 8.3% 14.3% 15.8% 58.6 71.4 42.3 11.3

NST 97 Northern Star Resources Ltd. 213 -8.3% 33.1% 15.1% 15.2% -24.1% 17.9% 21.9 68.9 18.1 12.3

FGE 98 Forge Group Limited 212 31.8% 30.6% 17.1% 17.9% 14.9% 12.7% 91.2 169.1 70.1 21.4

APE 99 AP Eagers Limited 210 7.9% 7.9% 8.6% 8.1% -0.7% -0.2% 646.9 782.4 -21.1 -1.3

AHD 100 Amalgamated Holdings Limited 208 9.7% 8.8% 8.2% 8.8% 2.3% 0.0% 1,195.8 1,143.7 97.2 0.4



June 2012






of risk?










Wealth Creators Ran

k

Ticker

Com

pan

y

2012

$m

Qua

rtile $m

Qua

rtile 5 year

med

ian EP Sp

read

2012

5 year average

5 year cum

ulative

5 year m

edian

5 year m

edian

2012

2012

Average

5 year m

edian

2012

2012

WealthCreated

Return onCapital

Employed



CapitalEmployed

$m


3,61

0

-0.5%


page [4]

TRY 101 Troy Resources Limited 203 10.5% 22.7% 12.4% 11.0% -2.6% 11.7% 137.6 155.5 -40.1 18.1

MFG 102 Magellan Financial Group Limited 197 4.1% 11.3% 15.1% 12.2% -11.1% -0.9% 95.5 121.6 -60.1 -1.1

LYL 103 Lycopodium Limited 196 29.9% 29.0% 14.2% 14.3% 17.3% 14.7% 59.0 82.7 48.3 12.2

HZN 104 Horizon Oil Limited 195 4.4% 4.4% 13.1% 12.5% -8.1% -8.1% 162.8 230.5 -57.0 -18.2

ANG 105 Austin Engineering Limited 185 18.9% 17.4% 14.7% 13.9% 3.5% 3.5% 115.2 192.3 22.6 6.8

IIN 106 iiNET Limited 184 10.4% 9.7% 7.5% 5.0% 4.0% 4.7% 361.6 541.3 67.1 25.8

AAX 107 Ausenco Limited 179 9.4% 8.8% 15.9% 14.0% -5.2% -5.2% 296.6 404.6 -47.2 -21.0

GWA 108 GWA Group Limited 171 9.3% 7.5% 10.2% 9.7% -0.9% -2.1% 709.5 717.5 -46.6 -15.2

TRS 109 The Reject Shop Limited 170 16.0% 12.6% 9.0% 7.2% 6.8% 5.4% 221.5 305.8 60.7 16.4

IMD 110 Imdex Limited 169 17.0% 20.8% 13.8% 13.8% 3.3% 6.9% 165.4 217.7 16.2 15.8

IDL 111 Industrea Limited 147 13.9% 4.8% 14.2% 14.1% -0.3% -9.3% 389.0 543.4 -47.0 -50.5

AHE 112 Automotive Holdings Group Limited 147 8.0% 8.0% 9.6% 8.8% -1.1% -0.8% 1,095.6 1,299.3 -58.4 -10.7

IGR 113 Integra Mining Limited 147 -7.8% 7.0% 12.6% 11.3% -22.1% -4.3% 107.9 193.6 -62.8 -8.3

BKN 114 Bradken Limited 145 13.0% 11.2% 14.9% 14.6% -2.2% -3.4% 748.1 1,110.5 -75.9 -37.8

AMM 115 Amcom Telecommunications Limited 145 10.2% 10.2% 7.7% 5.1% 3.2% 5.1% 174.5 189.6 25.1 9.6

BCI 116 BC Iron Limited 138 -3.9% 44.0% 14.9% 14.7% -18.9% 29.3% 49.8 118.7 13.2 34.8

TOX 117 Tox Free Solutions Limited 131 11.1% 10.2% 12.0% 8.6% 1.7% 1.7% 109.2 197.9 3.6 3.4

FAN 118 Fantastic Holdings Limited 124 14.2% 12.9% 11.4% 9.7% 3.2% 3.2% 180.9 211.1 29.4 6.7

CDA 119 Codan Limited 122 19.3% 22.4% 9.2% 8.3% 9.9% 14.1% 136.2 141.8 41.4 19.7

ALK 120 Alkane Resources Ltd. 122 -0.2% -4.8% 15.4% 15.4% -16.2% -20.2% 38.8 55.5 -24.7 -11.2

RFG 121 Retail Food Group Limited 119 14.2% 12.7% 9.0% 7.4% 5.2% 5.2% 216.6 269.3 57.5 14.0

SAR 122 Saracen Mineral Holdings Limited 115 3.0% 13.4% 11.9% 11.9% -9.8% 1.4% 123.5 173.7 -34.1 2.5

PMV 123 Premier Investments Limited 107 9.4% 9.4% 9.8% 9.5% -0.1% -0.1% 785.5 1,001.5 6.3 -1.2

NFE 124 Northern Iron Limited 91 -0.5% 2.1% 13.4% 13.0% -13.9% -10.9% 217.0 347.1 -240.3 -37.8

SDM 125 Sedgman Limited 87 17.5% 19.7% 16.7% 16.8% 1.3% 2.9% 187.2 235.2 6.1 6.7

PFL 126 Patties Foods Limited 82 11.3% 11.8% 7.7% 6.5% 3.1% 5.3% 181.5 197.4 28.0 10.4

SLM 127 Salmat Limited 73 8.7% 8.5% 8.6% 7.3% 0.1% 1.2% 592.7 665.3 8.9 8.1

CTY 128 Country Road Limited 70 8.3% 8.3% 8.4% 7.1% 0.5% 1.2% 316.7 385.3 2.0 4.8

SGH 129 Slater & Gordon Limited 62 14.2% 11.4% 8.3% 6.8% 4.7% 4.7% 200.9 342.8 51.0 16.0

SKE 130 Skilled Group Limited 57 10.4% 11.1% 9.1% 10.1% 1.0% 1.0% 540.2 580.4 20.8 6.1

SRV 131 Servcorp Limited 50 7.0% 7.0% 9.7% 10.0% -3.0% -3.0% 349.8 428.6 -19.5 -12.7

HVN 132 Harvey Norman Holdings Ltd. 31 11.0% 8.3% 12.6% 9.8% -1.5% -1.5% 2,925.3 3,248.6 -186.0 -51.3

CTX 133 Caltex Australia Limited 30 11.6% 23.0% 10.2% 8.9% 1.9% 14.0% 3,279.3 3,973.9 699.7 556.4

ASB 134 Austal Limited 24 12.9% 2.8% 14.6% 9.1% -1.8% -6.2% 355.3 515.8 -41.6 -32.2

EWC 135 Energy World Corporation Ltd. 23 4.2% 4.7% 9.3% 7.7% -5.5% -3.0% 680.0 534.1 -199.9 -16.1

RHL 136 Ruralco Holdings Limited 16 7.7% 7.7% 8.4% 7.3% 0.0% 0.4% 251.4 269.2 -2.3 1.0

SGN 137 STW Communications Group Limited 13 11.3% 11.3% 11.2% 10.7% 0.6% 0.6% 430.9 461.5 5.5 2.9

CMG 138 Chandler Macleod Group Limited 13 7.7% 9.4% 8.1% 7.7% -0.9% 1.7% 213.3 266.3 -11.7 4.6

CCV 139 Cash Converters International 12 11.8% 11.6% 9.9% 8.5% 1.9% 3.1% 201.1 281.0 17.2 8.7

KCN 140 Kingsgate Consolidated Limited -7 10.5% 10.5% 11.5% 11.2% -0.8% -0.8% 377.1 785.1 12.1 -6.0

IRN 141 Indophil Resources NL -10 0.3% 0.6% 15.2% 14.7% -14.4% -14.0% 122.3 251.7 -97.8 -35.3

AAC 142 Australian Agricultural Company Ltd. -41 2.6% 4.7% 8.0% 6.0% -7.0% -1.3% 796.9 802.3 -261.8 -9.1

RIC 143 Ridley Corporation Limited -51 6.5% 6.0% 8.0% 5.9% -0.2% 0.0% 518.0 527.9 -77.1 0.1

OGC 144 OceanaGold Corporation -65 4.7% 6.6% 9.4% 8.4% -5.6% -1.7% 758.5 874.9 -189.9 -15.1

PRT 145 Prime Media Group Limited -67 7.6% 9.1% 8.4% 8.0% -1.1% 1.1% 499.0 498.2 -55.8 5.2

OMH 146 OM Holdings Limited -72 14.7% -2.1% 14.8% 13.3% -0.1% -15.4% 287.6 429.4 49.3 -66.3

WHG 147 WHK Group Limited -87 7.1% 4.3% 8.6% 7.5% -2.6% -3.2% 444.5 451.8 -52.2 -14.2

MAH 148 Macmahon Holdings Limited -92 7.4% 10.2% 14.4% 13.9% -7.5% -3.7% 660.2 719.4 -240.9 -26.9

TGR 149 Tassal Group Limited -93 11.4% 9.2% 9.3% 5.6% 2.4% 3.6% 284.9 359.8 39.9 12.9

BTT 150 BT Investment Management Limited -97 8.6% 7.1% 13.8% 10.5% -3.9% -3.4% 403.2 624.9 -85.2 -21.1



June 2012






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Wealth Creators Ran

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page [5]

PRG 151 Programmed Maint. Services Ltd -101 7.8% 7.8% 9.7% 8.4% -0.6% -0.6% 492.8 539.2 -29.4 -3.0

PAG 152 PrimeAg Australia -116 0.7% 2.3% 9.8% 7.1% -8.7% -4.9% 309.8 367.2 -129.5 -17.9

CSV 153 CSG Limited -118 17.2% 17.2% 11.5% 9.0% 8.2% 8.2% 276.7 464.3 62.3 41.2

SBM 154 St Barbara Limited -120 2.7% 21.0% 9.7% 9.6% -7.0% 11.3% 449.3 640.2 -31.5 72.6

AAD 155 Ardent Leisure Group -125 7.0% 7.0% 8.8% 7.7% -2.5% -0.6% 883.3 961.2 -93.6 -6.2

SMX 156 SMS Management and Tech. Ltd. -143 6.1% 6.3% 12.7% 11.5% -6.9% -5.3% 475.0 502.9 -157.8 -26.4

ENE 157 Energy Developments Limited -175 5.3% 6.9% 7.7% 6.1% -2.3% 0.9% 955.5 963.0 -129.9 8.3

HIL 158 Hills Holdings Limited -194 6.6% 5.6% 9.7% 8.9% -3.1% -3.3% 626.4 648.3 -78.3 -21.3

VAH 159 Virgin Australia Holdings Limited -208 3.7% 5.6% 7.1% 6.0% -3.4% -0.4% 3,220.6 4,015.1 -594.8 -16.2

RSG 160 Resolute Mining Limited -211 6.0% 16.0% 13.5% 14.3% -7.5% 1.6% 825.8 1,009.1 -250.4 16.3

IPL 161 Incitec Pivot Limited -234 9.3% 9.0% 11.5% 11.0% -2.1% -2.1% 4,985.8 5,174.1 -64.7 -107.0

VRL 162 Village Roadshow Limited -240 7.7% 6.9% 6.8% 6.4% 1.0% 0.5% 1,785.4 1,120.8 307.3 8.0

TAH 163 Tabcorp Holdings Limited -246 10.6% 12.1% 8.0% 7.2% 2.4% 4.9% 5,105.5 2,834.8 736.7 166.9

EHL 164 Emeco Holdings Limited -248 7.1% 7.5% 11.0% 10.0% -4.8% -2.5% 1,131.1 1,227.0 -233.4 -29.2

BPT 165 Beach Energy Limited -318 8.1% 8.1% 9.9% 9.1% -5.2% -0.9% 1,243.7 1,411.0 -273.6 -13.2

TEN 166 Ten Network Holdings Limited -351 7.6% 3.6% 10.6% 9.1% -3.0% -5.5% 1,637.5 1,645.1 -242.0 -90.9

TOL 167 Toll Holdings Limited -373 7.4% 6.6% 8.2% 8.1% -1.2% -1.5% 4,739.2 5,097.3 -197.2 -81.7

IGO 168 Independence Group NL -377 11.7% 17.2% 15.3% 15.3% -3.5% 1.9% 462.6 1,051.5 -27.2 20.2

MGX 169 Mount Gibson Iron Limited -378 14.0% 14.0% 14.7% 14.8% -0.8% -0.8% 995.1 1,263.9 22.8 -10.8

CSR 170 CSR Limited -380 9.1% 10.0% 11.0% 11.5% -1.4% -1.4% 2,042.6 1,200.9 -146.1 -17.2

IFN 171 Infigen Energy -429 1.8% 1.8% 6.8% 5.0% -4.1% -3.2% 3,519.6 2,768.5 -536.7 -96.5

TSE 172 Transfield Services Limited -437 8.1% 5.8% 11.9% 11.2% -3.8% -5.5% 1,571.6 2,018.1 -260.8 -109.5

ALS 173 Alesco Corporation Limited -441 4.6% 1.8% 11.6% 11.6% -7.1% -9.7% 756.5 663.0 -234.4 -70.4

NUF 174 Nufarm Limited -442 6.0% 6.0% 9.2% 7.8% -1.8% -1.8% 2,503.2 2,645.9 -237.0 -49.3

AQP 175 Aquarius Platinum Limited -455 7.1% -10.7% 14.5% 12.7% -7.6% -23.4% 1,003.3 1,197.2 -324.6 -279.7

API 176 Aust. Pharmaceutical Industries Ltd. -470 6.2% 4.6% 7.4% 5.7% -1.3% -1.0% 807.8 929.0 -104.3 -9.6

SIP 177 Sigma Pharmaceuticals Limited -495 7.9% 3.4% 7.2% 5.5% -2.1% -2.1% 1,740.6 1,675.0 -314.5 -31.8

ERA 178 Energy Resources of Australia Limited -522 15.9% -2.4% 12.5% 11.0% 1.3% -13.4% 818.4 1,128.8 109.4 -151.2

AWE 179 AWE Limited -530 2.2% -0.7% 10.2% 11.5% -8.0% -12.2% 1,131.9 1,256.6 -60.2 -153.5

SXL 180 Southern Cross Media Group Limited -735 6.0% 6.7% 9.5% 9.7% -3.0% -3.0% 1,894.5 2,346.6 -277.1 -70.5

APN 181 APN News and Media Limited -795 7.0% 6.4% 9.2% 8.2% -1.8% -1.8% 2,248.3 2,171.3 -122.0 -38.2

DOW 182 Downer EDI Limited -930 9.8% 8.3% 10.1% 8.8% -0.5% -0.5% 2,824.4 3,366.6 -75.2 -16.5

PRY 183 Primary Health Care Limited -1,043 5.3% 5.1% 7.8% 6.4% -2.5% -1.3% 3,590.5 3,955.5 -473.7 -51.0

ANN 184 Ansell Limited -1,091 4.2% 4.6% 8.0% 6.5% -3.5% -1.9% 3,062.4 3,060.2 -605.7 -59.1

BBG 185 Billabong International Limited -1,124 11.7% 12.9% 10.8% 10.8% 1.7% 2.2% 1,829.8 2,158.2 32.8 48.9

BOQ 186 Bank of Queensland Limited -1,144 12.1% 6.2% 11.3% 11.3% -0.7% -5.1% 2,076.7 2,925.3 -141.8 -150.5

AWC 187 Alumina Limited -1,224 3.8% 3.8% 13.8% 11.4% -7.6% -7.6% 3,604.7 3,728.6 -1,365.0 -283.1

GFF 188 Goodman Fielder Limited -1,232 7.4% 5.4% 7.4% 6.1% -0.4% -0.7% 2,920.0 2,936.1 -44.1 -22.1

BLD 189 Boral Limited -1,236 5.1% 3.1% 10.1% 9.9% -5.0% -6.7% 4,742.6 5,128.6 -1,226.3 -339.0

SGM 190 Sims Metal Management Limited -1,285 4.2% 2.8% 13.3% 13.9% -9.0% -11.1% 3,404.4 3,648.2 -1,183.5 -405.3

TPI 191 Transpacific Industries Group Ltd -1,389 5.4% 5.4% 8.7% 8.6% -3.2% -3.2% 3,960.9 3,936.6 -642.8 -125.7

PBG 192 Pacific Brands Limited -1,420 6.0% 4.4% 10.9% 9.8% -5.4% -5.4% 2,387.1 2,363.1 -560.8 -127.7

SWM 193 Seven West Media Limited -1,574 22.6% 7.1% 10.5% 9.6% 10.4% -2.6% 4,720.2 -43.2 -123.5

BEN 194 Bendigo and Adelaide Bank Limited -1,695 9.0% 9.4% 10.5% 8.9% -2.0% 0.5% 3,427.4 4,445.0 -191.0 23.5

MQG 195 Macquarie Group Limited -2,556 9.4% 6.9% 12.6% 10.6% -3.5% -3.7% 9,863.7 11,565.5 -397.6 -429.6

OZL 196 OZ Minerals Limited -3,728 5.9% 5.9% 14.5% 15.3% -9.4% -9.4% 5,691.8 7,186.7 -2,032.7 -590.9

QAN 197 Qantas Airways Limited -3,893 4.2% 4.2% 8.8% 6.7% -3.5% -2.5% 14,359.1 15,248.2 -2,418.2 -383.8

ARI 198 Arrium Limited -4,063 6.3% 6.8% 12.0% 10.4% -6.9% -3.6% 6,087.4 7,403.0 -1,500.8 -266.9

FXJ 199 Fairfax Media Limited -4,719 5.1% 4.1% 11.1% 9.5% -6.0% -5.4% 7,594.9 7,486.8 -2,107.8 -404.0

BSL 200 BlueScope Steel Limited -5,157 2.6% -1.7% 11.9% 9.4% -9.6% -11.0% 7,121.2 7,299.8 -3,012.5 -805.2

page [6]

How do businesses create wealth?

How does a business like BHP Billiton create $85 billion of wealth?

If you were to believe the prospectuses, annual reports and investor briefings issued by many of our listed companies, you would be left with the firm impression that whatmatters in creating wealth is EPS growth and EBITDA.

But our research shows that is not the case.

In fact, these metrics are unreliable at best and dangerously misleading at worst. Managersthat navigate with these measures risk running their businesses off course and destroyingwealth.

Our analysis shows that wealth creation is also not a function of sector. For example, some miners performed well, but some destroyed billions.

Wealth is also not just a matter of size. BHP Billiton is a very large company and created themost wealth, but Qantas (#197) is also a very large business, but its size did not save it fromdestroying billions.

Even growth per se does not matter. Both Arrium (#198) and Westpac (#6) have grown theirbalance sheets at 23% compound over the five years to 30 June 2012 but by the end of it,Westpac had turned $49 billion of investors’ funds into a business worth $65 billion, creating$16 billion, while Arrium, turned $7.9 billion into $3.8 billion, destroying $4.1 billion.

Instead, our research shows that the two most important conditions necessary for thecreation of wealth can be characterized as ‘quality’ and ‘quantity’.

The importance of quality

Let’s look at the first condition: quality. The quality of a business is captured by the returnsthe business is expected to generate above what investors could expect to enjoy elsewhereat similar risk. We call this the company’s Economic Profit spread, or EP spread for short (for further detail on our calculations, see Terminology on page 11).

In assessing quality, we tend to give most emphasis to the EP spread the business has madeover five years. This five year timeframe helps iron out year-to-year fluctuations and gives apicture of sustained performance.

It shows, for example, the highest quality business in our set is Wotif.com Holdings Ltd (#50),which over the past five years has enjoyed an average return on capital employed of 61%,52% above the rate investors could have expected to earn elsewhere at similar risk.

Intuitively, generating 52% more than the return required for risk is good performance, butwhen you consider three quarters of the businesses covered in our research failed togenerate more than 5% above what investors could expect for risk, then you begin toappreciate what are rare jewel Wotif.com is.

Quantity: the great accelerator of wealth creation

The second condition necessary for the creation of wealth is quantity, in this case thequantity of funds that can be invested at high rates of return. The more capital that can be put to work at high rates of return, the more wealth will be created.

This is best exemplified by BHP Billiton (#1) who not only enjoyed a median return on capitalemployed 11% above the return required for risk over the past five years, but also was ableto employ an average of $74 billion a year at those rates, creating nearly $45 billion moreprofits than investors would require for the risk associated with their investment.

Quantity is the great accelerator of wealth creation. As good as Wotif.com’s returns are, theservice nature of its business means that it does not organically generate large capitalinvestment opportunities. It is hard to see how Wotif.com could ever employ $74 billion ofcapital in their business. Ultimately this restricts the wealth the business is able to generate.

But quantity without quality is a recipe for wealth destruction

But while the ability to put capital to work is important, we found quality must always come first. Investing large amounts of capital in low return, low quality businesses is a recipe for wealth destruction.

Arrium Limited (formerly OneSteel Limited) is a good example of this. Over the past five yearsArrium suffered returns on average 7% below what investors required for risk. At the sametime, it expanded its capital base, investing billions at low rates of return. The result was avaluation $4 billion less than what investors had poured into the business as at 30 June 2012.

Warren Buffett put it this way in his 1992 letter to fellow Berkshire Hathaway investors,‘Leaving the question of price aside, the best business to own is one that over an extendedperiod can employ large amounts of incremental capital at very high rates of return. The worst business to own is one that must, or will, do the opposite – that is, consistentlyemploy ever-greater amounts of capital at very low rates of return.’

The final ingredient: expectations

But to complete the analysis of what creates wealth, we need to bring in expectations.Ultimately it is expectations of quality and quantity that drive the creation of wealth. If a company is expected to generate high returns on capital and employ large amounts of money doing so, the value of the company will be bid up well above the amountoriginally contributed by investors and wealth will be created.

But the reverse is also true. If a company is expected to invest at low rates of return its valuewill fall and, absent of a takeover premium, it will trade at a discount to the book value ofcapital employed.

page [7]

Our research found that the valuation that companies trade at is a function of expectationsof the quality of future returns and the quantity of funds likely to be employed at thoserates. But because the future is unknowable, with a few exceptions (like oil and gasexploration and development business Woodside Limited (#9)), in forecasting the futurequality of a business and the quantity of funds it will be able to put to work, investors tendto put great store in historical performance, meaning wealth often reflects historicalperformance, particularly for established businesses.

For example, Cochlear (#22) had created $3.1 billion of wealth as at 30 June 2012 and anaverage return above that required for risk over the five years to 30 June 2012 of 14%.Unpacking Cochlear’s valuation into quality and quantity expectations shows that investorswere expecting the Group to continue to enjoy returns significantly above the cost ofcapital even as it grows invested capital well into the future.

Contrast this with Qantas (#197), who by 30 June 2012 had destroyed $3.9 billion with anaverage return 3.5% below that required for risk over the past five years. Unpacking Qantas’30 June valuation shows that investors were expecting returns to stay well below the costof capital no matter what growth scenario is envisaged.

The macro picture

Grouping the two hundred businesses in our set into four quartiles further reinforces the importance of quality and quantity to wealth creation.

The total wealth created by the top 25% of businesses we analysed was $384 billion, morethan 17 times as much as the next quadrant. These businesses fit the description given byWarren Buffett as the best to own, as quoted above: they invest large amounts of capital athigh rates of return.

page [8]

Q1

Q2

Q3

Q4

Cumulative WealthCreated by Quartile

$384 B

$22 B

$4 B

-$51B

3.6%

2.3%

-0.5%

-3.2%

$631 B

$42 B

$28 B

$153 B

$118 B

$3 B

-$1B

-$22 B

Quality

Median 5year EPspread

Quantity

Total Capital Employed

30 June 2012

EconomicProfit

Cumulative 5year EP

page [9]

Indeed by 30 June 2012, the top quartile, including the likes of BHP Billiton, CommonwealthBank, Telstra, Rio and Woolworths, had invested $631 billion – nearly three times as much asthe other quadrants put together – at the highest average returns, 3.6% above whatinvestors could expect to earn elsewhere at comparable risk.

The second quartile created a very credible $22 billion of wealth. Their average returnswere close to those in the first quartile (2.3% above the cost of capital, versus 3.6% enjoyedby the first quadrant), but these businesses, including the likes of software developed IRESSLimited and retailer, Oroton Group, were not able to put large amounts of capital to work atthose rates (just $42 billion in total at 30 June 2012). With the accelerator of wealth creationmissing, the second quadrant created a fraction of the wealth of the first.

The third quartile created $3.6 billion of wealth. This group has averaged returns over thepast five years just below what investors could expect to earn elsewhere (their median EPspread being -0.5%). Capital invested at 30 June is the lowest of the four quartiles at just$28 billion. With quality just below average and low quantity, this quadrant has done wellto amass even $3.6 billion of wealth.

The bottom quartile has destroyed $51 billion of wealth by putting large amounts of capitalto work ($153 billion by 30 June 2012) at low rates of return, averaging 3.2% below whatinvestors could expect to earn elsewhere. Little wonder Buffett described these kind ofbusinesses as the worst to own.

This quartile analysis shows the strong link between quality, quantity and wealth. The top25% of wealth creators were also the businesses with the highest quality or EP spreads andthe highest quantity of capital invested. The next 25% had good EP spreads, but lessinvested. The third quartile had breakeven EP spreads and the smallest amounts investedand the bottom 25% destroyed $51 billion of wealth by investing the second highestamount of capital at the lowest rates of return.

But where does accounting profit sit in all this? Given the emphasis placed on accountingprofits by investment banks, the media and stock brokers, many managers would beforgiven for assuming measures like EPS, Net Profit and EBITDA are reliable indicators ofwealth creation: more profit is always good for shareholders.

This is not borne out by our analysis. In fact accounting profit was shown to be a verymisleading measure: while the top 25% of wealth creators also made more Net Profit AfterTax (NPAT) than any other quartile, the bottom quartile, who destroyed $51 billion ofwealth, came second in terms of cumulative NPAT over the five years to 30 June 2012.

The problem is accounting profit measures like EPS, Net Profit and EBITDA say nothingabout the quality of the business. They do not take into account the return investors couldearn elsewhere on their funds and so businesses that employ large amounts of money atlow rates of return can grow their accounting profits handsomely, all the while destroyingwealth for investors.

For anyone interested in wealth creation, the evidence is compelling: wealth is not a function of accounting profitability. Wealth = Quality x Quantity.

page [10]

Competition can be hazardous to wealth

How do businesses achieve and sustain high returns on the funds entrusted to them andtherefore create so much wealth? It is a rare achievement – just 25 of the 200 businesses westudied enjoyed average returns 10% or more above the cost of capital over the five yearsto 30 June 2012.

Like most of the businesses in our set, these businesses are professionally managed, offer compelling value propositions to their customers and play their part in thecommunities in which they operate.

The difference is the competition that they face.

For most businesses, the competition for sales, supplies or employees forces returns downto a level that just compensates investors for the risk that they take on. A short period ofhigh returns attracts the attention of competitors and in the absence of a hard to replicateproduct or cost advantage, returns fall away as new players enter the market.

But a small group of businesses has been able to avoid these pressures and maintain highreturns. Some, like Cochlear invest hundreds of millions in research and development andenjoy the protection of patents, allowing them to reduce competition over the life of thepatent. Others, like BHP Billiton enjoy cost advantages over their competitors and pricingpower in some of their businesses, while others like Reece Australia (#39) leverage brandrecognition and distribution networks.

In each of these instances, the advantages have proven durable, giving investorsconfidence that high returns can be maintained well into the future, even in the face ofcompetitive pressures. When these advantages can be maintained, wealth will be created,limited only by the size of the capital investment opportunity.

Key takeaway

The production of wealth has its necessary conditions. Boards and senior managers play a critical role in guiding that production, but only if they understand the importance of quality and quantity and ensure every aspect of their business is managed with them in mind.

page [11]

TerminologyNet Operating Profit After Tax (NOPAT)

The underlying operating profits of the business. Adjustments are made to statutory results to calculate NOPAT, including adding back interest and significant items, convertingtax expense to cash, capitalizing research & development expenditure and reversinggoodwill amortisation.

Capital

The total funds invested in the business by lenders and shareholders as at the most recentbalance date. Adjustments as detailed above are made to the statutory results to achieve a better picture of the underlying performance of the business.

Return on Capital Employed

Calculated as the adjusted profits of the business divided by the two year average CapitalEmployed, Return on Capital Employed (ROCE) is a good measure of the unlevered returnthe business generates on the funds entrusted to it.

Weighted Average Cost of Capital (WACC)

The weighted average cost of debt and equity capital. This is equivalent to what investorscould expect to earn elsewhere over the long term at similar levels of risk.

Economic Profit Spread

Calculated as ROCE – WACC, the EP Spread tells us about the quality of the business. A high quality business is one that can consistently put investor funds to work at a rategreater than what investors can earn elsewhere at similar risk (the WACC). Businesses with positive EP Spread are generating returns in excess of the WACC.

Enterprise Value

The market value of the company’s debt and equity as at 30 June 2012. Where debt is not publicly quoted, the book value of debt is used.

Economic Profit (EP)

The profits made by the company after charging for the expected return on all Capitalinvested – debt & equity. A number of adjustments are made to reported profits and Capital to see through to the underlying performance of the business. Formulaically, EP = (ROCE – WACC) x Average Capital, or Quality x Quantity.

Juno Partners Pty Ltd

Level 27, 101 Collins StreetMelbourne Victoria 3000

Telephone + 61 3 9650 8100

[email protected]

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