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26 July 2013 WWW.LCC.ASIA
IMPORTANT DISCLAIMER
This report has been prepared by Lincoln Crowne & Company Pty. Limited ("LC...
26 July 2013 WWW.LCC.ASIA
IMPORTANT DISCLAIMER
This report has been prepared by Lincoln Crowne & Company Pty. Limited ("LC...
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Lincoln crowne engineering mining services research 26 july 2013

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Weekly research on the Australian engineering & Mining Services sector for week ending 26th July 2013

Published in: Economy & Finance
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Transcript of "Lincoln crowne engineering mining services research 26 july 2013"

  1. 1. 26 July 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 made solid gains throughout the week with the S&P / ASX100 ending the week up 1%. The Australian dollar lost ground early in the week but recovered to end flat at US92 cents. A profit downgrade by Ausenco saw large losses and renewed speculation about the state of mining services. Ausenco CFO Craig Allen was reported in the press stating that clients “aren't making decisions at this point in time or spending capital”. LCC sees this as a key factor hindering markets, one which is likely to remain in the short term. The market as a whole is likely to remain uncertain until the reporting season (in August) completes. Source: Capital IQ News Headlines and Key Sector Developments Ticker News/Event Ticker News/Event AAX Has been affected by a number of contract specific issues, a softer market and extraordinary costs associated with right-sizing the business to maintain sustainable longer term margins. As a result, the company’s unaudited first half 2013 performance is expected to deliver revenues of $255M, underlying EBITDA between $15 and $16M and underlying net profit after tax between $6 and $7M. Full year results will be below the current market consensus levels of revenues between $564M and $661M and reported net profit after tax between $29M to $41M CGH Brown Consulting, CGH’s wholly owned civil and urban infrastructure services business, has expanded into Western Australia with the acquisition of Perth based E-Tec Consultants, a 21-person structural and civil engineering firm. E-Tec’s forecast FY2013 revenue is approximately $4.4M, and EBIT of approximately $1.0M MCE Released its quarterly update. Production levels remained stable at 112% of designed plant capacity throughout Q4 FY13. A current order backlog of US$80M exists, which will support full production until the end of Q2 FY14 WOR Vale has extended WOR’s services contract for the S11D Project. Vale’s multi-billion dollar S11D Project is a world class 90M tonnes per annum iron ore processing facility located approximately 1,940 km north east of Sao Paulo in Para State, Brazil, in one of the world’s richest ore bodies Source: Capital IQ, Thomson Reuters, LCC research 3800 4000 4200 4400 26 Jun 13 11 Jul 13 26 Jul 13 S&P/ASX 100 Index 0.900 0.920 0.940 26 Jun 13 11 Jul 13 26 Jul 13 AUD vs USD
  2. 2. 26 July 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 TEV/ TEV/ Ticker (AUD Million) (AUD) (AUD) (AUD) (AUD) % Change Trend EBITDA EBIT AJL 388 1.30 1.45 1.59 1.26 ▲ 11.5% NM NM ASL 344 1.16 1.10 1.29 1.02 ▼ -5.2% 2.8x 4.8x AAX 185 2.12 1.50 2.19 1.42 ▼ -29.5% 2.9x 3.4x ANG 295 3.57 4.03 4.24 3.57 ▲ 12.9% 5.8x 6.7x BLY 243 0.56 0.54 0.61 0.53 ▼ -3.6% 2.4x 3.8x BKN 774 4.88 4.60 5.06 4.58 ▼ -5.7% 5.2x 6.8x BYL 30 0.28 0.27 0.30 0.27 ▼ -1.8% 1.8x 2.9x BOL 61 0.12 0.13 0.14 0.12 ▲ 8.3% 2.9x 5.1x BSA 39 0.17 0.17 0.17 0.17 ▲ 3.0% 4.8x 12.2x CDD 795 5.70 5.53 5.70 5.49 ▼ -3.0% 6.9x 8.1x CGH 112 0.36 0.37 0.37 0.33 ▲ 1.4% 1.6x 2.5x CLO 855 1.17 1.10 1.22 1.09 ▼ -5.6% 7.3x 7.5x COF 32 0.14 0.13 0.14 0.12 ▼ -8.8% 3.2x 4.4x DCG 353 2.10 2.10 2.12 2.02 0.0% 3.7x 4.0x DSB 21 0.38 0.45 0.45 0.38 ▲ 17.1% 2.8x 3.6x DOW 1625 3.93 3.75 3.96 3.67 ▼ -4.6% 3.4x 6.1x EAL 62 0.52 0.55 0.56 0.50 ▲ 5.8% 7.3x 9.1x EGN 47 0.15 0.15 0.16 0.15 0.0% NM NM EHL 152 0.29 0.26 0.30 0.26 ▼ -8.8% 2.4x 5.2x EVZ 11 0.05 0.05 0.05 0.05 ▼ -3.8% 7.8x 12.9x FWD 231 4.20 3.81 4.33 3.79 ▼ -9.3% 3.8x 5.0x FGE 367 4.90 4.26 5.00 4.23 ▼ -13.1% 2.7x 3.5x GCS 78 0.44 0.46 0.50 0.44 ▲ 4.5% 3.4x 5.1x GNG 74 0.46 0.49 0.50 0.46 ▲ 7.7% 4.4x 4.8x HDX 48 0.26 0.27 0.27 0.23 ▲ 3.9% 3.9x 6.0x IMD 159 0.80 0.76 0.90 0.73 ▼ -5.0% 3.1x 3.7x LEI 5558 16.77 16.48 16.77 16.20 ▼ -1.7% 3.2x 6.6x LCM 101 1.48 1.45 1.49 1.44 ▼ -2.0% 5.5x 5.7x LYL 168 4.20 4.31 4.44 4.09 ▲ 2.6% 3.9x 4.1x MLD 338 1.90 1.96 2.05 1.89 ▲ 3.2% 3.5x 5.3x MAH 188 0.15 0.15 0.16 0.14 ▲ 3.4% 1.2x 2.1x MYE 53 0.66 0.70 0.70 0.66 ▲ 6.1% 2.0x 2.6x MIN 1767 9.40 9.50 9.75 9.20 ▲ 1.1% 7.3x 11.0x MCE 86 0.87 0.91 0.94 0.86 ▲ 4.6% NM NM MND 1464 17.10 16.10 17.40 15.90 ▼ -5.8% 5.7x 6.5x NMS 65 0.04 0.04 0.04 0.04 ▼ -5.4% 66.1x NM NWH 268 1.08 0.96 1.11 0.94 ▼ -11.1% 1.4x 1.8x OTC 10 0.06 0.05 0.06 0.05 ▼ -3.6% 1.2x 1.7x PRG 295 2.45 2.50 2.56 2.40 ▲ 2.0% 5.8x 7.1x RCR 305 2.30 2.30 2.36 2.25 0.0% 4.4x 6.1x RQL 37 0.17 0.15 0.17 0.15 ▼ -9.1% 2.7x 4.3x SND 66 0.87 0.84 0.87 0.82 ▼ -3.4% 7.4x 8.0x SDM 145 0.70 0.66 0.70 0.62 ▼ -5.7% 1.4x 2.0x SWL 88 1.09 1.14 1.20 1.08 ▲ 4.1% 7.4x 9.3x SXE 162 1.00 1.00 1.02 0.98 0.0% 5.1x 6.2x STS 23 0.35 0.37 0.37 0.35 ▲ 5.7% 2.2x 5.3x SWK 50 0.29 0.30 0.31 0.29 ▲ 5.3% 1.7x 3.3x TPP 8 0.05 0.05 0.05 0.05 0.0% NM NM TSE 451 0.89 0.88 0.98 0.86 ▼ -1.1% 5.1x 9.8x UGL 1189 7.80 7.25 8.07 7.13 ▼ -7.1% 9.0x 12.3x VMG 18 0.02 0.02 0.02 0.02 ▲ 5.6% NM NM WDS 52 0.37 0.36 0.37 0.36 ▼ -1.4% 2.4x 5.4x WOR 5407 22.38 21.91 22.54 21.54 ▼ -2.1% 10.4x 11.5x WTP 100 0.58 0.55 0.59 0.55 ▼ -6.0% NM NM Source: Capital IQ, LCC research Logicamms Limited Imdex Limited Seymour Whyte Limited UGL Limited Leighton Holdings Limited Lycopodium Limited MACA Limited MacMahon Holdings Limited Mastermyne Limited WorleyParsons Limited Sedgman Limited VDM Group Limited Watpac Limited WDS Limited Structural Systems Limited Resource Equipment Limited Saunders International Limited Southern Cross Electrical Engineering Matrix Composites & Engineering OTOC Limited RCR Tomlinson Limited NRWHoldings Limited Neptune Marine Services Limited Monadelphous Group Limited Mineral Resources Limited Company Name AJ Lucas Group Limited Boart Longyear Limited GR Engineering Services Limited Calibre Group Limited E&A Limited Bradken Limited DeltaSBD Limited Boom Logistics Limited EVZ Limited Fleetwood Corporation Limited Ausenco Limited Ausdrill Limited Downer EDI Limited Hughes Drilling Pty Limited Transfield Services Limited Swick Mining Services 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 Tempo Australia Limited Programmed Maintenance Services

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