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Lincoln crowne engineering mining services 30 august 2013

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LCC's latest research on the Engineering & Mining Services Sectors as at 30th August 2013. Reporting season well under way producing surprises and disappointments

LCC's latest research on the Engineering & Mining Services Sectors as at 30th August 2013. Reporting season well under way producing surprises and disappointments


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  • 1. 30 August 2013 WWW.LCC.ASIA IMPORTANT DISCLAIMER This report has been prepared by Lincoln Crowne & Company Pty. Limited ("LCC"). The research is based on information obtained from sources believed to be accurate and reliable. LCC does not guarantee the accuracy, reliability, completeness or suitability of any such information and makes no warranty, guarantee or representation, expressly or impliedly about this research. LCC accepts no obligation to correct or update the information. No opinion or recommendation is made within this research. This report is not intended to be, nor should it be relied on, as a substitute for professional advice. This report should not be relied upon as the sole basis for any investment decision or planning, and LCC does not accept any responsibility on this basis for actions made. WEEKLYAustralianEngineering&MiningServices Page 1 / 2 Market review The market closed marginally higher as fears that the Syrian conflict might spiral into a major crisis faded. The Australian dollar ended the week at 89 US cents. Despite the release of key GDP data for the June quarter this week, LCC expects the market to remain cautious until the election on September 7. Source: Capital IQ News Headlines and Key Sector Developments Ticker News/Event Ticker News/Event AJL Announced an EBITDA of $19.3M. Underlying EBITDA was $3.3M in line with market guidance. The result was impacted by impairment charges of $45.7M, restructuring and recapitalisation costs of $3.0M and provisions on legacy contracts of $13.1M SSM As a result of issues with its Fixed Communications segment, SSM recorded a FY13 EBITDA loss of 13.4M and an NPAT loss of $107.1M. On a positive note, SSM’s other segments performed well delivering a combined EBITDA of $24.3M ASL Reported a modest increase in revenue but a decrease in earnings. FY13 EBITDA has decreased from $288.4M to $272.7M. The after tax profit decreased from $112.2M in 2012 to $90.4M SWL Announced a 4.7% increase in NPAT to $9.3M for FY13, slightly exceeding earnings guidance. EPS increased to 11.9 cents, from 11.4 cents previously while net tangible assets increased 14% to $44.4M, up from $38.8M in FY12 DSB Announced FY13 results with revenue increasing by 22% to $145.1M (2012: $118.8M). Underlying NPAT increased by 26% to $8.0M (2012: $6.40M) SXE Announced the best financial result in SXE’s 35 year history with revenue up 26% to $278.0M and NPAT up 27% to $17.3M EAL Recorded FY13 NPAT of $7.7M, up 168% and in line with guidance. Sales revenue increased by 22% to $200M while EPS was up 140% to 7.2 cents TSE Announced its NPAT, pre amortisation and impairment charges for FY13, was $62.5M, in line with guidance. Operating cash flow was $210.5M, up 72% on FY12, with net debt falling by $75M from 31 December 2012 to $566M at 30 June 2013 FGE Reported NPAT of $62.9M for FY13; a 28% increase on the previous corresponding period (FY12: $49.3M). During FY13, FGE secured circa $900M of new contracts, and entered FY14 with an order book of $1.3B WDS Announced FY13 group revenue of $351.95M (unchanged on FY12) with NPAT of $8.25M (FY12 $8.56M). WDS’s mining division remained profitable despite the slowdown in the coal sector MYE Released an NPAT result of $11.5M for FY13, down 27% over the prior corresponding period. Revenue was also down by 8.5% from prior corresponding period to $248.8M WTP Announced an after tax loss of $4.7M for FY13 (2012: $50.2M loss). The result is in line with previous guidance and was primarily impacted by costs associated with the closure of WTP’s civil operations along the east coast of Australia OTC Recorded EBIT of $7.7M for FY13. NPAT of $5.2M demonstrates OTC’s success in two strategic focus areas: business diversification and improved financial management Source: Capital IQ, Thomson Reuters, LCC research 4100 4300 31 Jul 13 15 Aug 13 30 Aug 13 S&P/ASX 100 Index 0.880 0.900 0.920 0.940 31 Jul 13 15 Aug 13 30 Aug 13 AUD vs USD
  • 2. 30 August 2013 WWW.LCC.ASIA IMPORTANT DISCLAIMER This report has been prepared by Lincoln Crowne & Company Pty. Limited ("LCC"). The research is based on information obtained from sources believed to be accurate and reliable. LCC does not guarantee the accuracy, reliability, completeness or suitability of any such information and makes no warranty, guarantee or representation, expressly or impliedly about this research. LCC accepts no obligation to correct or update the information. No opinion or recommendation is made within this research. This report is not intended to be, nor should it be relied on, as a substitute for professional advice. This report should not be relied upon as the sole basis for any investment decision or planning, and LCC does not accept any responsibility on this basis for actions made. WEEKLYAustralianEngineering&MiningServices Page 2 / 2 Market Cap Open Price Close Price High Low Weekly Volume EV/ EV/ Ticker (AUD Million) (AUD) (AUD) (AUD) (AUD) % Change Trend EBITDA EBIT AJL 374 1.45 1.40 1.45 1.33 ▼ -3.4% NM NM ASL 459 1.46 1.47 1.49 1.22 ▲ 0.7% 3.4x 6.0x AAX 201 1.69 1.63 1.70 1.56 ▼ -3.8% 4.9x 6.4x ANG 254 3.75 3.47 3.89 3.41 ▼ -7.5% 6.1x 7.4x BLY 209 0.52 0.46 0.53 0.42 ▼ -11.5% 3.9x 11.5x BKN 965 5.83 5.70 5.98 5.42 ▼ -2.2% 7.8x 11.6x BYL 41 0.38 0.37 0.40 0.35 ▼ -2.6% 2.1x 3.6x BOL 66 0.15 0.14 0.15 0.13 ▼ -3.4% 3.4x 7.4x BSA 38 0.18 0.17 0.18 0.17 ▼ -5.7% 4.7x 12.0x CDD 916 6.32 6.40 6.42 6.13 ▲ 1.3% 7.9x 9.6x CGH 158 0.51 0.52 0.52 0.49 ▲ 1.0% 3.3x 6.8x CLO 1,123 1.44 1.45 1.45 1.43 ▲ 0.3% 6.8x 7.0x COF 56 0.24 0.22 0.25 0.22 ▼ -6.4% 7.3x 13.5x DCG 398 2.36 2.36 2.37 2.15 0.0% 5.2x 5.8x DSB 20 0.43 0.42 0.43 0.40 ▼ -1.2% 2.3x 3.3x DOW 1,803 4.25 4.16 4.32 4.09 ▼ -2.1% 3.3x 6.0x EAL 77 0.63 0.68 0.70 0.60 ▲ 7.9% 8.6x 10.6x EGN 53 0.17 0.17 0.17 0.17 0.0% NM NM EHL 105 0.19 0.18 0.20 0.17 ▼ -5.3% 3.0x 8.7x EVZ 11 0.07 0.06 0.07 0.06 ▼ -17.9% 8.1x 13.5x FWD 188 3.52 3.10 3.55 3.01 ▼ -11.9% 5.5x 9.0x FGE 455 5.32 5.28 5.40 4.61 ▼ -0.8% 3.5x 4.4x GCS 78 0.47 0.46 0.47 0.45 ▼ -2.1% 3.5x 5.5x GNG 89 0.56 0.60 0.63 0.56 ▲ 6.2% 5.9x 6.4x HDX 53 0.25 0.29 0.29 0.25 ▲ 16.0% 4.2x 6.3x IMD 145 0.71 0.69 0.71 0.65 ▼ -2.8% 4.0x 5.3x LEI 5,868 17.35 17.40 17.93 16.66 ▲ 0.3% 3.6x 7.5x LCM 110 1.59 1.58 1.63 1.57 ▼ -0.9% 6.9x 7.3x LYL 175 4.38 4.50 4.58 4.17 ▲ 2.7% 4.7x 5.0x MLD 400 2.15 2.32 2.32 2.13 ▲ 7.9% 3.2x 4.8x MAH 163 0.14 0.13 0.14 0.13 ▼ -3.7% 1.3x 2.7x MYE 67 0.92 0.89 0.93 0.87 ▼ -3.3% 3.1x 4.2x MIN 2,057 11.03 11.06 11.24 10.66 ▲ 0.3% 6.4x 9.6x MCE 83 0.83 0.88 0.88 0.77 ▲ 5.4% 7.7x 101.7x MND 1,689 18.04 18.57 18.81 17.75 ▲ 2.9% 6.3x 7.1x NMS 65 0.04 0.04 0.04 0.04 0.0% 66.1x NM NWH 382 1.28 1.37 1.39 1.16 ▲ 7.0% 2.8x 3.8x OTC 18 0.09 0.10 0.10 0.09 ▲ 3.3% 1.9x 2.6x PRG 300 2.55 2.54 2.56 2.47 ▼ -0.4% 5.9x 7.2x RCR 441 2.91 3.30 3.33 2.90 ▲ 13.4% 6.2x 8.3x RQL 40 0.16 0.16 0.17 0.15 0.0% 2.8x 4.4x SND 72 0.95 0.92 0.95 0.91 ▼ -3.2% 7.6x 8.1x SDM Sedgman Limited 149 0.71 0.68 0.73 0.67 ▼ -4.9% 2.1x 4.7x SSM Service Stream Limited 35 0.15 0.13 0.15 0.13 ▼ -16.7% 53.0x NM SWL 111 1.32 1.43 1.49 1.32 ▲ 8.3% 10.6x 13.3x SXE 160 0.98 0.99 1.07 0.91 ▲ 1.0% 4.0x 5.0x STS 25 0.35 0.40 0.43 0.33 ▲ 14.5% 2.4x 7.9x SWK 50 0.32 0.30 0.32 0.30 ▼ -4.8% 1.7x 3.1x TPP 8 0.05 0.05 0.05 0.05 0.0% NM NM TSE 586 0.83 1.15 1.16 0.81 ▲ 38.0% 5.9x 11.5x UGL 1,210 7.31 7.41 7.46 7.14 ▲ 1.4% 16.2x 30.2x VMG 10 0.02 0.01 0.02 0.01 ▼ -55.0% NM NM WDS 106 0.62 0.73 0.79 0.61 ▲ 18.7% 3.9x 8.4x WOR 5,432 22.80 22.01 22.80 21.02 ▼ -3.5% 10.4x 11.8x WTP 121 0.56 0.66 0.68 0.55 ▲ 18.0% 1.5x 7.1x Source: Capital IQ, LCC research UGL Limited Ausenco Limited Ausdrill Limited Watpac Limited Lycopodium Limited MACA Limited MacMahon Holdings Limited Mastermyne Limited WorleyParsons Limited VDM Group Limited WDS Limited Bradken Limited DeltaSBD Limited Boom Logistics Limited EVZ Limited Fleetwood Corporation Limited Downer EDI Limited Engenco Limited Emeco Holdings Limited Forge Group Limited Global Construction Services Limited Coffey International Limited Clough Limited Cardno Limited BSA Limited Brierty Limited Decmil Group Limited Austin Engineering Limited Company Name AJ Lucas Group Limited Boart Longyear Limited Calibre Group Limited Transfield Services Limited Swick Mining Services Limited Neptune Marine Services Limited Monadelphous Group Limited Mineral Resources Limited OTOC Limited RCR Tomlinson Limited NRWHoldings Limited Programmed Maintenance Services Seymour Whyte Limited Tempo Australia Limited GR Engineering Services Limited E&A Limited Structural Systems Limited Resource Equipment Limited Saunders International Limited Southern Cross Electrical Engineering Matrix Composites & Engineering Hughes Drilling Pty Limited Logicamms Limited Imdex Limited Leighton Holdings Limited