Lincoln Crowne & Company engineering & Mining Services Research for the week ending 6th September 2013. This report covers various developments over the last week including the suspension of BSA Limited and the large contractual wins by MND and FGE. M & A activity over the last week quiet on the surface of the sector - but many deals rumoured to be being progressed below.

1. 6 September 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
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Market review
The market was flat as the weekend election suppressed investor activity, although a decisive election result should help
drive business and investor confidence in the coming weeks. Despite GDP numbers announced by the ABS (2.6% over the
year to June) indicating that the economy is accelerating, Australia’s economic growth remains below its trend rate of 3%
achieved during the pre-GFC period.
The RBA kept the cash rate at a record low of 2.5% noting that global growth was running slightly below average this year,
with reasonable prospects of an increase next year. The Australian dollar ended the week at US92 cents.
Source: Capital IQ
News Headlines and Key Sector Developments
Ticker News/Event Ticker News/Event
BSA Has been suspended from quotation to permit the continued
evaluation of correspondence BSA has received from the NSW
Office of State Revenue in relation to a possible payroll tax liability
MND Secured a major construction contract with Rio Tinto Iron Ore
at its Cape Lambert Port B Project in Western Australia. The
contract, valued at approximately $235M, comprises structural
mechanical and piping works
GCS Has been awarded the first stage of the major formwork and
concrete works contract on the construction of a second office
tower at the Brookfield Place development in Perth’s CBD. The
initial component of the contract is valued at $10.4M
STS Has finalised the sale of the fixed assets of the Meridian
concrete business. The sale will generate positive cash flow of
approximately $3.7M primarily from the release of working
capital
FGE Signed an engineering, procurement and construction contract for
construction of the processing facility at the Roy Hill iron ore mine
project near Newman, Western Australia. The value of the
contract attributable to FGE is circa $830M and will be performed
under a joint venture agreement with Duro Felguera
SWK The underground diamond drilling division of SWK has had its
Newmont APAC drilling contract renewed for a further three
years
MIN Entered into a contract, to engineer, procure and construct Rio
Tinto’s ore processing facilities at the Nammuldi Below Water
Table Mine Project
WOR Has received a letter of intent from Imperial Oil to renew the
engineering and procurement agreement for the Syncrude
CoSyn and Imperial Oil Upstream Alliances for a further 5
years
Source: Capital IQ, Thomson Reuters, LCC research
4100
4300
7 Aug 13 22 Aug 13 6 Sep 13
S&P/ASX 100 Index
0.880
0.900
0.920
0.940
7 Aug 13 22 Aug 13 6 Sep 13
AUD vs USD

2. 6 September 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 380 1.37 1.42 1.44 1.37 ▲ 3.6% NM NM
ASL 573 1.47 1.84 1.92 1.43 ▲ 25.3% 3.7x 6.7x
AAX 203 1.63 1.64 1.66 1.61 ▲ 0.6% 5.0x 6.4x
ANG 271 3.47 3.70 3.76 3.43 ▲ 6.6% 6.5x 7.8x
BLY 234 0.48 0.52 0.52 0.47 ▲ 7.3% 4.0x 11.9x
BKN 1,034 5.70 6.11 6.31 5.67 ▲ 7.2% 8.2x 12.1x
BYL 41 0.37 0.38 0.38 0.36 ▲ 2.7% 2.1x 3.7x
BOL 66 0.14 0.14 0.15 0.14 ▲ 3.7% 3.4x 7.4x
BSA 38 0.17 0.17 0.17 0.17 0.0% 4.7x 12.0x
CDD 945 6.42 6.60 6.75 6.24 ▲ 2.8% 8.1x 9.8x
CGH 160 0.52 0.52 0.54 0.49 0.0% 3.3x 6.8x
CLO 1,138 1.45 1.47 1.47 1.45 ▲ 1.4% 6.9x 7.2x
COF 64 0.23 0.25 0.26 0.23 ▲ 11.1% 7.8x 14.3x
DCG 439 2.28 2.60 2.63 2.28 ▲ 14.0% 5.7x 6.4x
DSB 22 0.42 0.48 0.48 0.41 ▲ 14.3% 2.5x 3.5x
DOW 1,929 4.15 4.45 4.56 4.11 ▲ 7.2% 3.5x 6.4x
EAL 72 0.63 0.64 0.68 0.60 ▲ 0.8% 6.6x 7.7x
EGN 53 0.17 0.17 0.17 0.16 0.0% NM NM
EHL 131 0.18 0.23 0.23 0.18 ▲ 28.6% 3.2x 9.1x
EVZ 11 0.05 0.05 0.06 0.05 0.0% 7.9x 13.1x
FWD 203 3.08 3.36 3.38 3.08 ▲ 9.1% 5.9x 9.6x
FGE 483 5.43 5.60 5.97 5.43 ▲ 3.1% 3.8x 4.7x
GCS 89 0.46 0.53 0.58 0.46 ▲ 14.1% 3.7x 5.9x
GNG 107 0.59 0.71 0.71 0.59 ▲ 20.3% 8.3x 9.1x
HDX 49 0.29 0.27 0.29 0.26 ▼ -6.9% 3.9x 5.7x
IMD 164 0.69 0.78 0.82 0.69 ▲ 13.0% 4.4x 5.8x
LEI 6,171 17.52 18.30 18.75 17.40 ▲ 4.5% 3.7x 7.8x
LCM 118 1.54 1.69 1.69 1.45 ▲ 9.7% 7.4x 7.9x
LYL 183 4.58 4.71 4.82 4.58 ▲ 2.8% 4.9x 5.2x
MLD 417 2.39 2.42 2.52 2.34 ▲ 1.3% 3.3x 5.0x
MAH 176 0.13 0.14 0.14 0.13 ▲ 7.7% 1.4x 2.8x
MYE 72 0.89 0.95 0.98 0.87 ▲ 6.7% 3.0x 4.3x
MIN 2,118 11.17 11.39 11.65 11.11 ▲ 2.0% 6.5x 9.9x
MCE 76 0.87 0.80 0.88 0.80 ▼ -8.0% 7.1x 93.3x
MND 1,882 18.70 20.70 20.82 18.62 ▲ 10.7% 7.0x 8.0x
NMS 72 0.04 0.04 0.04 0.03 0.0% 74.7x NM
NWH 429 1.42 1.54 1.62 1.40 ▲ 8.5% 3.1x 4.2x
OTC 22 0.10 0.12 0.12 0.09 ▲ 15.0% 2.2x 3.1x
PRG 296 2.52 2.50 2.59 2.42 ▼ -0.8% 5.8x 7.1x
RCR 468 3.36 3.50 3.53 3.35 ▲ 4.2% 6.6x 9.0x
RQL 42 0.16 0.17 0.18 0.15 ▲ 6.3% 3.3x 6.5x
SND 68 0.91 0.87 0.91 0.84 ▼ -4.4% 7.1x 7.6x
SDM Sedgman Limited 155 0.68 0.71 0.72 0.68 ▲ 3.7% 2.3x 5.1x
SSM Service Stream Limited 43 0.13 0.15 0.16 0.12 ▲ 20.0% NM NM
SWL 111 1.39 1.42 1.49 1.37 ▲ 2.2% 4.6x 5.1x
SXE 188 1.03 1.17 1.17 1.02 ▲ 13.7% 4.9x 6.1x
STS 28 0.41 0.45 0.46 0.39 ▲ 9.8% 2.6x 8.6x
SWK 55 0.30 0.33 0.33 0.30 ▲ 10.0% 1.9x 3.5x
TPP 8 0.05 0.05 0.05 0.05 ▲ 4.2% NM NM
TSE 607 1.17 1.19 1.38 1.16 ▲ 1.3% 6.0x 11.7x
UGL 1,294 7.41 7.93 8.11 7.41 ▲ 7.0% 16.9x 31.7x
VMG 10 0.01 0.01 0.01 0.01 ▼ -10.0% NM NM
WDS 98 0.74 0.68 0.74 0.65 ▼ -8.1% 3.8x 8.3x
WOR 5,472 22.00 22.17 22.50 21.76 ▲ 0.8% 10.5x 11.8x
WTP 132 0.65 0.72 0.73 0.65 ▲ 10.0% NM NM
Source: Capital IQ, LCC research
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
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
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
DeltaSBD Limited
Boom Logistics Limited
EVZ Limited
Fleetwood Corporation Limited
Downer EDI 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
UGL Limited