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iiNet Limited

IRG

Friday 15th March 2013

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iiNet Limited [IIN.ASX]: iiNet provides Internet and telephony services in Australia. The Company is a digital subscriber line (DSL) Internet service provider (ISP).

The Company launched BoB and IPTV. BoB is a device combining phone and Internet services. Its products include Freezone and fetchtv.

Key Statistics
Issue:            161.23 mn
Market Cap:  825.54 mn
PE Ratio:                 14.9
EPS:              34.1 cents
Div:                   16 cents
Div Yield:              3.15%
NTA:              -148 cents

iiNet’s Freezone offers customers high speed un-metered content, like television shows, music and multi-player gaming. iiNet’s Freezone also includes Super 14 rugby, iTunes, Xbox 360 downloads, LocoTV, and more than 60 radio stations, as well as large software download area and 3FL.

Its residential products include Internet access, home phone services, Internet phone services, Web hosting, domain registration, hardware and software.

On November 30, 2011, it acquired TransACT Communications Pty Ltd and on January 31, 2012, it acquired Internode Pty Ltd.

iiNET reported NPAT of $31.94m for the half-year ended 31 December 2012. Revenues from ordinary activities were $473.6m, up 30% from the same period last year.

The increase in revenue was attributable to the following: continued expansion of the services provided to existing residential and business broadband customers; the acquisition of the TransACT Group on 30 November 2011; and the acquisition of Internode on 31 January 2012.

Diluted EPS was 19.7 cents compared to 9.5 cents last year. Net operating cash flow was $71.66m compared to $22.74m last year. The interim dividend declared was 8.0 cents compared with 6.0 cents last year. (*All values in AUD).

DISCLAIMER: To the extent that any of the content above constitutes advice, it is general advice that has been prepared without reference to investor’s objectives, financial situation or needs. Before acting on any advice, investors should consider the appropriateness of the advice and IRG recommend that investors should obtain appropriate financial, legal and taxation advice before making any financial investment decision. The report is based on information compiled from public information and private research. IRG have completed the report on a best endeavours basis and do not accept any liability of loss or damage. IRG suggest that clients use this as part of a decision making process and check key data before making any investment decisions.
Employees may have an interest in the securities discussed in this report.



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