ASX:LNK

Stock Analysis Report

Link Administration Holdings

Executive Summary

Link Administration Holdings Limited, together with its subsidiaries, provides technology-enabled administration solutions to companies, large asset owners, and trustees in Australia and internationally.

Snowflake

Fundamentals

Undervalued with proven track record.

Risks

  • Link Administration Holdings has significant price volatility in the past 3 months.
  • Link Administration Holdings's last earnings update was 187 days ago.

Share Price & News

How has Link Administration Holdings's share price performed over time and what events caused price changes?


Latest Share Price and Events


Market Performance


7 Day Return

1.7%

ASX:LNK

-0.5%

AU IT

-1.8%

AU Market


1 Year Return

-38.2%

ASX:LNK

-1.8%

AU IT

0.2%

AU Market

LNK underperformed the IT industry which returned -1.8% over the past year.

LNK underperformed the Market in Australia which returned 0.2% over the past year.


Share holder returns

LNKIndustryMarket
7 Day1.7%-0.5%-1.8%
30 Day-4.3%-6.8%-3.5%
90 Day-37.3%-7.1%-0.4%
1 Year-36.4%-38.2%-0.1%-1.8%5.9%0.2%
3 Year-34.5%-41.9%39.9%30.4%31.5%14.4%
5 Yearn/a54.4%36.9%38.3%7.3%

Price Volatility Vs. Market

How volatile is Link Administration Holdings's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Link Administration Holdings undervalued based on future cash flows and its price relative to the stock market?

47%

Discount to future cash flow value


Intrinsic Value Based on Future Cash Flows

Link Administration Holdings's share price is below the future cash flow value, and at a moderate discount (> 20%).

Link Administration Holdings's share price is below the future cash flow value, and at a substantial discount (> 40%).


Price Based on Earnings

Link Administration Holdings is good value based on earnings compared to the AU IT industry average.

Link Administration Holdings is good value based on earnings compared to the Australia market.


Price Based on Expected Growth

Link Administration Holdings earnings are not expected to grow next year, we can't assess if its growth is good value.


Price Based on Value of Assets

Link Administration Holdings is good value based on assets compared to the AU IT industry average.


Next Steps

Future Growth

How is Link Administration Holdings expected to perform in the next 1 to 3 years based on estimates from 9 analysts?

-10.3%

Forecasted annual earnings growth


Earnings and Revenue Growth Estimates


Future Annual Growth Analysis

Link Administration Holdings's revenue is expected to decrease over the next 1-3 years, this is not considered high growth.

Link Administration Holdings's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.

Link Administration Holdings's revenue growth is positive but not above the Australia market average.

Link Administration Holdings's earnings are expected to decrease over the next 1-3 years, this is below the Australia market average.

Link Administration Holdings's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 2.3%.


Earnings per Share Growth Estimates


Future Return on Equity

Link Administration Holdings is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).


Next Steps

Past Performance

How has Link Administration Holdings performed over the past 5 years?

67.1%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Link Administration Holdings has delivered over 20% year on year earnings growth in the past 5 years.

Link Administration Holdings's 1-year earnings growth exceeds its 5-year average (144.2% vs 67.1%)

Link Administration Holdings's earnings growth has exceeded the AU IT industry average in the past year (144.2% vs 64.3%).


Return on Equity

Link Administration Holdings has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).


Return on Assets

Link Administration Holdings used its assets less efficiently than the AU IT industry average last year based on Return on Assets.


Return on Capital Employed

Link Administration Holdings has improved its use of capital last year versus 3 years ago (Return on Capital Employed).


Next Steps

Financial Health

How is Link Administration Holdings's financial position?


Financial Position Analysis

Link Administration Holdings is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.

Link Administration Holdings's long term commitments exceed its cash and other short term assets.


Debt to Equity History and Analysis

Link Administration Holdings's level of debt (40.3%) compared to net worth is high (greater than 40%).

The level of debt compared to net worth has been reduced over the past 5 years (265.9% vs 40.3% today).

Debt is well covered by operating cash flow (21.4%, greater than 20% of total debt).

Interest payments on debt are well covered by earnings (EBIT is 9.2x coverage).


Balance Sheet

Low level of unsold assets.

Debt is covered by short term assets, assets are 1x debt.


Next Steps

Dividend

What is Link Administration Holdings's current dividend yield, its reliability and sustainability?

4.17%

Expected Dividend Yield


Dividend Yield and Payments Analysis

Link Administration Holdings's pays a higher dividend yield than the bottom 25% of dividend payers in Australia (2.58%).

Link Administration Holdings's dividend is below the markets top 25% of dividend payers in Australia (5.88%).

Whilst dividend payments have been stable, Link Administration Holdings has been paying a dividend for less than 10 years.

Dividend payments have increased, but Link Administration Holdings only paid a dividend in the past 3 years.


Current Payout to Shareholders

Dividends paid are well covered by earnings (2.4x coverage).


Future Payout to Shareholders

Dividends after 3 years are expected to be covered by earnings (1.7x coverage).


Next Steps

Management

What is the CEO of Link Administration Holdings's salary, the management and board of directors tenure and is there insider trading?

0.6yrs

Average management tenure


CEO

John McMurtrie 0

17.6yrs

Tenure

AU$2,416,969

Compensation

Mr. John M. McMurtrie, BEc, BEc(Hons), MEc, A.M., has been Chief Executive Officer and Managing Director at Superpartners Pty Ltd. since December 19, 2014. Mr. McMurtrie has been Managing Director and Exec ...


CEO Compensation Analysis

John's remuneration is about average for companies of similar size in Australia.

John's compensation has been consistent with company performance over the past year, both up more than 20%.


Management Age and Tenure

0.6yrs

Average Tenure

The average tenure for the Link Administration Holdings management team is less than 2 years, this suggests a new team.


Board Age and Tenure

3.9yrs

Average Tenure

60.5yo

Average Age

The tenure for the Link Administration Holdings board of directors is about average.


Insider Trading

No 3 month open market individual insider trading information.


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Ownership Breakdown


Management Team

  • Andrew MacLachlan

    Chief Financial Officer

    • Tenure: 0.6yrs
  • John McMurtrie

    MD & Executive Director

    • Tenure: 17.6yrs
    • Compensation: AU$2.42m
  • Janine Rolfe (41yo)

    General Counsel & Company Secretary

    • Tenure: 2.3yrs
  • Anthony O'Keeffe

    Chief Executive Officer of Link Group EMEA

    • Tenure: 1.8yrs
    • Compensation: AU$1.69m
  • Jackie Millan

    Chief Financial Officer of Link Group EMEA

    • Tenure: 1.8yrs
  • John Hawkins

    Group Executive of Investments & Acquisitions

    • Tenure: 0.6yrs
    • Compensation: AU$1.51m
  • Michael Rosmarin

    Chief Human Resources & Brand Officer

    • Tenure: 0.6yrs
  • Paul Gardiner

    Chief Operations & Technology Officer

    • Tenure: 0.6yrs
    • Compensation: AU$1.30m
  • Wendy Phillis

    Chief Risk Officer

    • Tenure: 0.2yrs
  • Dee McGrath

    Chief Executive Officer of Retirement & Superannuation Solutions

    • Tenure: 0.3yrs

Board Members

  • Peeyush Kumar Gupta (60yo)

    Independent Non-Executive Director

    • Tenure: 2.8yrs
    • Compensation: AU$180.83k
  • Andy Green (63yo)

    Independent Non-Executive Director

    • Tenure: 1.4yrs
    • Compensation: AU$82.83k
  • Anne McDonald (62yo)

    Independent Non-Executive Director

    • Tenure: 3.1yrs
    • Compensation: AU$180.83k
  • Sally Anne Pitkin (60yo)

    Independent Non-Executive Director

    • Tenure: 3.9yrs
    • Compensation: AU$209.35k
  • Michael Carapiet (61yo)

    Independent Chairman

    • Tenure: 4.5yrs
    • Compensation: AU$354.53k
  • John McMurtrie

    MD & Executive Director

    • Tenure: 17.6yrs
    • Compensation: AU$2.42m
  • Fiona Trafford-Walker

    Independent Non-Executive Director

    • Tenure: 3.9yrs
    • Compensation: AU$212.92k
  • Glen Boreham (55yo)

    Independent Non-Executive Director

    • Tenure: 3.9yrs
    • Compensation: AU$205.79k

Company Information

Link Administration Holdings Limited's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Link Administration Holdings Limited
  • Ticker: LNK
  • Exchange: ASX
  • Founded: 2006
  • Industry: Data Processing and Outsourced Services
  • Sector: Software
  • Market Cap: AU$2.552b
  • Shares outstanding: 533.95m
  • Website: https://www.linkgroup.com

Number of Employees


Location

  • Link Administration Holdings Limited
  • 680 George Street
  • Level 12
  • Sydney
  • New South Wales
  • 2000
  • Australia

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
LNKASX (Australian Securities Exchange)YesOrdinary SharesAUAUDOct 2015
1LKDB (Deutsche Boerse AG)YesOrdinary SharesDEEUROct 2015

Biography

Link Administration Holdings Limited, together with its subsidiaries, provides technology-enabled administration solutions to companies, large asset owners, and trustees in Australia and internationally. I ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/08/20 10:37
End of Day Share Price2019/08/20 00:00
Earnings2018/12/31
Annual Earnings2018/06/30


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.