Valuation Update With 7 Day Price Move • Jun 25
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to AU$1.31, the stock trades at a trailing P/E ratio of 16.5x. Average trailing P/E is 17x in the Entertainment industry globally. Total returns to shareholders of 52% over the past three years. New Risk • Jun 23
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: AU$142.2m (US$99.1m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • May 21
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to AU$1.75, the stock trades at a trailing P/E ratio of 22.1x. Average trailing P/E is 17x in the Entertainment industry globally. Total returns to shareholders of 79% over the past three years. New Risk • May 14
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: AU$137.3m (US$99.4m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. This is currently the only risk that has been identified for the company. Announcement • Apr 17
Brisbane Broncos Limited, Annual General Meeting, May 19, 2026 Brisbane Broncos Limited, Annual General Meeting, May 19, 2026. Location: at broncos leagues club, 92 fulcher road, red hill qld 4059, Australia Reported Earnings • Mar 02
Full year 2025 earnings released: EPS: AU$0.079 (vs AU$0.058 in FY 2024) Full year 2025 results: EPS: AU$0.079 (up from AU$0.058 in FY 2024). Revenue: AU$98.3m (up 62% from FY 2024). Net income: AU$7.77m (up 36% from FY 2024). Profit margin: 7.9% (down from 9.4% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Declared Dividend • Mar 02
Dividend of AU$0.03 announced Shareholders will receive a dividend of AU$0.03. Ex-date: 18th March 2026 Payment date: 16th April 2026 Dividend yield will be 1.8%, which is higher than the industry average of 1.4%. Payout Ratios Payout ratio: 26%. Cash payout ratio: 17%. Announcement • Feb 28
Brisbane Broncos Limited announces Annual dividend, payable on April 16, 2026 Brisbane Broncos Limited announced Annual dividend of AUD 0.0200 per share payable on April 16, 2026, ex-date on March 18, 2026 and record date on March 19, 2026. Valuation Update With 7 Day Price Move • Feb 06
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to AU$1.85, the stock trades at a trailing P/E ratio of 24.3x. Average trailing P/E is 18x in the Entertainment industry globally. Total returns to shareholders of 82% over the past three years. Valuation Update With 7 Day Price Move • Nov 25
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to AU$1.58, the stock trades at a trailing P/E ratio of 20.7x. Average trailing P/E is 19x in the Entertainment industry globally. Total returns to shareholders of 55% over the past three years. Valuation Update With 7 Day Price Move • Oct 06
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to AU$1.68, the stock trades at a trailing P/E ratio of 22x. Average trailing P/E is 23x in the Entertainment industry globally. Total returns to shareholders of 102% over the past three years. Reported Earnings • Aug 21
First half 2025 earnings released: EPS: AU$0.061 (vs AU$0.043 in 1H 2024) First half 2025 results: EPS: AU$0.061 (up from AU$0.043 in 1H 2024). Revenue: AU$37.5m (up 16% from 1H 2024). Net income: AU$6.01m (up 41% from 1H 2024). Profit margin: 16% (up from 13% in 1H 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Announcement • Apr 17
Brisbane Broncos Limited, Annual General Meeting, May 20, 2025 Brisbane Broncos Limited, Annual General Meeting, May 20, 2025. Location: broncos leagues club, 92 fulcher road, red hill qld 4059, Australia Upcoming Dividend • Mar 12
Upcoming dividend of AU$0.02 per share Eligible shareholders must have bought the stock before 19 March 2025. Payment date: 17 April 2025. Payout ratio is a comfortable 34% and this is well supported by cash flows. Trailing yield: 2.1%. Lower than top quartile of Australian dividend payers (6.4%). Higher than average of industry peers (1.5%). Recent Insider Transactions • Mar 07
Independent Non-Executive Chairman recently bought AU$83k worth of stock On the 4th of March, Karl Morris bought around 88k shares on-market at roughly AU$0.95 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. This was Karl's only on-market trade for the last 12 months. Declared Dividend • Feb 20
Dividend of AU$0.02 announced Shareholders will receive a dividend of AU$0.02. Ex-date: 19th March 2025 Payment date: 17th April 2025 Dividend yield will be 2.2%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is well covered by both earnings (34% earnings payout ratio) and cash flows (37% cash payout ratio). The dividend has increased by an average of 15% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 20% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 19
Full year 2024 earnings released: EPS: AU$0.058 (vs AU$0.057 in FY 2023) Full year 2024 results: EPS: AU$0.058 (up from AU$0.057 in FY 2023). Revenue: AU$81.6m (up 49% from FY 2023). Net income: AU$5.72m (up 1.6% from FY 2023). Profit margin: 7.0% (down from 10% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Announcement • Feb 18
Brisbane Broncos Limited Declares Dividend for A Period of Twelve Months Ending 31 December 2024, Payable on 17 April 2025 Brisbane Broncos Limited declared ordinary dividend of AUD 0.02000000 for a period of twelve months ending 31 December 2024, payable on 17 April, 2025; record date: 20 March 2025; Ex Date: 19 March 2025. Reported Earnings • Aug 31
First half 2024 earnings released: EPS: AU$0.043 (vs AU$0.038 in 1H 2023) First half 2024 results: EPS: AU$0.043 (up from AU$0.038 in 1H 2023). Revenue: AU$32.3m (up 9.7% from 1H 2023). Net income: AU$4.25m (up 14% from 1H 2023). Profit margin: 13% (in line with 1H 2023). Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Announcement • Apr 24
Brisbane Broncos Limited, Annual General Meeting, May 28, 2024 Brisbane Broncos Limited, Annual General Meeting, May 28, 2024, at 10:01 E. Australia Standard Time. Location: Broncos Leagues Club 92 Fulcher Road, Red Hill Queensland Australia Agenda: To consider Financial Statements and Reports; to consider Remuneration Report; to consider Re-election of Director Mr Karl Morris AO; and to consider Re-election of Director Ms Vicki Wilson OAM. Upcoming Dividend • Mar 13
Upcoming dividend of AU$0.015 per share Eligible shareholders must have bought the stock before 20 March 2024. Payment date: 18 April 2024. Payout ratio is a comfortable 26% and this is well supported by cash flows. Trailing yield: 1.6%. Lower than top quartile of Australian dividend payers (6.3%). In line with average of industry peers (1.5%). Reported Earnings • Feb 21
Full year 2023 earnings released: EPS: AU$0.057 (vs AU$0.033 in FY 2022) Full year 2023 results: EPS: AU$0.057 (up from AU$0.033 in FY 2022). Revenue: AU$54.9m (up 26% from FY 2022). Net income: AU$5.63m (up 74% from FY 2022). Profit margin: 10% (up from 7.4% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. Announcement • Dec 07
Brisbane Broncos Limited Announces Executive Changes Brisbane Broncos Limited (BBL) announced the following changes to the Board of Directors. Mr. Kevin Lawlor who currently holds the position of the Alternate Director to Mr. Neil Monaghan has resigned. Mr. Lawlor was appointed as a Non-Executive Director of Brisbane Broncos Limited on 10 May 2016 and Alternate Director on 9 April 2018. The Board advises that Mr. Michael Newell has been appointed as Mr. Monaghan's Alternate Director effective immediately. Mr. Newell is a Chartered Accountant with over 20 years experience in media in various finance, commercial and operational roles. He currently holds the position of Director Business Services Group at Newscorp Australia overseeing operations, supply chain, service, procurement and property functions including a focus on safety and governance. Mr. Newell was previously the Chief Financial Officer of Australian Regional Media prior to its acquisition by Newscorp in 2016. This Company Announcement has been approved for release by the Board of Directors. Reported Earnings • Aug 18
First half 2023 earnings released: EPS: AU$0.038 (vs AU$0.026 in 1H 2022) First half 2023 results: EPS: AU$0.038 (up from AU$0.026 in 1H 2022). Revenue: AU$29.5m (up 28% from 1H 2022). Net income: AU$3.72m (up 47% from 1H 2022). Profit margin: 13% (up from 11% in 1H 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 55% per year but the company’s share price has only increased by 35% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Mar 14
Upcoming dividend of AU$0.015 per share at 1.4% yield Eligible shareholders must have bought the stock before 21 March 2023. Payment date: 13 April 2023. Payout ratio is a comfortable 45% and this is well supported by cash flows. Trailing yield: 1.4%. Lower than top quartile of Australian dividend payers (7.1%). Lower than average of industry peers (1.6%). Reported Earnings • Feb 22
Full year 2022 earnings released: EPS: AU$0.033 (vs AU$0.03 in FY 2021) Full year 2022 results: EPS: AU$0.033 (up from AU$0.03 in FY 2021). Revenue: AU$43.8m (up 23% from FY 2021). Net income: AU$3.23m (up 12% from FY 2021). Profit margin: 7.4% (down from 8.1% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has only increased by 31% per year, which means it is significantly lagging earnings growth. Announcement • Feb 16
Brisbane Broncos Limited Provides Earnings Guidance for the Financial Year Ended 31 December 2022 Board of Brisbane Broncos Limited announced that the profit before tax for the Group for the financial year ended 31 December 2022 is expected to be approximately 11.5% above the 2021 result. Valuation Update With 7 Day Price Move • Sep 05
Investor sentiment improved over the past week After last week's 26% share price gain to AU$1.29, the stock trades at a trailing P/E ratio of 39.4x. Average trailing P/E is 34x in the Entertainment industry in Australia. Total returns to shareholders of 231% over the past three years. Reported Earnings • Aug 18
First half 2022 earnings released: EPS: AU$0.026 (vs AU$0.023 in 1H 2021) First half 2022 results: EPS: AU$0.026 (up from AU$0.023 in 1H 2021). Revenue: AU$30.7m (up 69% from 1H 2021). Net income: AU$2.52m (up 14% from 1H 2021). Profit margin: 8.2% (down from 12% in 1H 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 34% per year whereas the company’s share price has increased by 37% per year. Valuation Update With 7 Day Price Move • May 18
Investor sentiment improved over the past week After last week's 32% share price gain to AU$1.12, the stock trades at a trailing P/E ratio of 37.9x. Average trailing P/E is 20x in the Entertainment industry globally. Total returns to shareholders of 151% over the past three years. Announcement • Apr 14
Brisbane Broncos Limited, Annual General Meeting, May 17, 2022 Brisbane Broncos Limited, Annual General Meeting, May 17, 2022, at 10:01 E. Australia Standard Time. Location: Broncos Leagues Club, 92 Fulcher Road Red Hill Queensland Australia Agenda: To consider Remuneration Report; to consider increase Aggregate Director Remuneration Pool; to consider election of Director Mr. Andrew Fraser; to consider election of Director Mr. David Asplin; to consider Re-election of Director Ms. Vicki Wilson OAM; and to transact other matters. Upcoming Dividend • Mar 15
Upcoming dividend of AU$0.01 per share Eligible shareholders must have bought the stock before 22 March 2022. Payment date: 14 April 2022. Payout ratio is a comfortable 34% and this is well supported by cash flows. Trailing yield: 1.4%. Lower than top quartile of Australian dividend payers (5.9%). In line with average of industry peers (1.5%). Announcement • Mar 01
Brisbane Broncos Limited Announces Ordinary Fully Paid Distribution for the Twelve Months Ended December 31, 2021, Payable on April 14, 2022 Brisbane Broncos Limited announced ordinary fully paid distribution of AUD 0.01000000 for the twelve months ended December 31, 2021, payable on April 14, 2022. Record date to be March 23, 2022. Ex-date to be March 22, 2022. Reported Earnings • Feb 28
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: AU$0.03 (up from AU$0.004 loss in FY 2020). Revenue: AU$51.0m (up 164% from FY 2020). Net income: AU$2.90m (up AU$3.27m from FY 2020). Profit margin: 5.7% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 7% per year whereas the company’s share price has increased by 12% per year. Executive Departure • Oct 06
Independent Non-Executive Director Anthony Joseph has left the company On the 3rd of October, Anthony Joseph's tenure as Independent Non-Executive Director ended after 10.6 years in the role. As of June 2021, Anthony still personally held only 120.00k shares (AU$56k worth at the time). A total of 2 executives have left over the last 12 months. The current median tenure of the management team is 4.42 years. Announcement • May 08
Phil Murphy Receives Expressions of Interest for His Shares in Brisbane Broncos Brisbane minority shareholder Phil Murphy is ready to sell his 22% stake in the Brisbane Broncos Limited (ASX:BBL). He wants to explain why in his own words. It's the least Murphy deserves given his loyal and enduring support to the club. The Weekend Australian contacted Murphy on May 7, 2021 amid chatter he was ready to offload more than 21 million shares in the club. Murphy insisted that was not the case. Overnight, he had a rethink. "Over a long period of time there have been suitors out there who have made approaches to me regarding my Broncos shares," Murphy said. "I have, from these past approaches been adamant that I would not sell my shares, although on occasions replying that in life if an offer for anything out there is just too good to refuse, then it would probably be wise to consider it. "Following your phone calls yesterday I have thought about your questions and I am expressing to you that the reality is that I have been absolutely overwhelmed with my Oxmar Properties development business, particularly the last six months and most certainly I see no early finish to this staggering growth in land sales and also the economy. "Which means that I am very time poor and have to prioritise. This has led me to consider surrendering my availability and interest in many of the things that I love and cherish, most notably my large interest in the Brisbane Broncos. On viewing other good people such as (board member) Tony Joseph needing to walk away, I too admit that if the right offer comes along then my time will also be up." Murphy has given leading player manager Jim Banaghan the keys to the castle. Banaghan has become a point of contact for interested parties and has already received at least two expressions of interest. His plans to sell his shares have the potential to have significant repercussions for the Broncos and their owners News Corporation (NasdaqGS:NWSA). Should someone attempt to buy the entire stake, they would be forced to launch a takeover bid. That would leave News Corp. with a decision to make, although they have shown no appetite to divest their share. "I have been approached to look after Phil's shareholding," Banaghan told Weekend Read. Announcement • Mar 04
Brisbane Broncos Limited Announces Management Changes Brisbane Broncos Limited advise that the commencement date of Chief Executive Officer (CEO) Mr. David Donaghy will be confirmed in due course and that Non-Executive Director Mr. Neil Monaghan will serve as Interim CEO until then. This will ensure continued strong leadership for the business during this transitional phase until Mr. Donaghy's commencement. Mr. Monaghan has been a Non-Executive Director of Brisbane Broncos Limited since April 2018 and is Chair of the Audit Committee. Mr. Monaghan will be remunerated in accordance with the same terms as Mr. Donaghy's employment agreement for the period he performs the role of Interim CEO. Reported Earnings • Feb 20
Full year 2020 earnings released: AU$0.004 loss per share (vs AU$0.023 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: AU$19.3m (down 49% from FY 2019). Net loss: AU$376.2k (down 117% from profit in FY 2019). Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Announcement • Feb 04
Brisbane Broncos Limited Announces Executive Changes The Board of Directors of Brisbane Broncos Limited announced the appointment of Mr. David Donaghy as the company's new Chief Executive Officer (CEO). Mr. Donaghy is an accomplished and experienced executive with over a decade of service in senior management roles in the National Rugby League (NRL) and Australian Football League (AFL). He has excelled at leading high-performance teams and organizations and developing and fostering strong organisational culture. Following the appointment of Mr. Donaghy, the Board announce that a mutual agreement has been reached with current CEO Mr. Paul White regarding the cessation of his employment with the Brisbane Broncos. After 10 years in the role, Mr. White will finish his tenure as CEO on 28 February 2021. Is New 90 Day High Low • Oct 12
New 90-day high: AU$0.43 The company is up 8.0% from its price of AU$0.40 on 13 July 2020. The Australian market is up 4.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Entertainment industry, which is up 14% over the same period.