Weekly update on deals and price movements of listed Engineering & Mining Services Companies in the Australian market, issued by specialist corporate advisory firm Lincoln Crowne & Company

1. 6 June 2014 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
M&A Rumour and Activity
The Australian market was down over the week with the S&P / ASX100 ending at 4545 points. The Australian dollar increased over the
week as European Central Bank cut rates, closing at US93.3 cents. The ECB cut its main refinancing rate by 10 basis points to 0.15 per
cent and its deposit rate from zero to -0.10 per cent. European banks will now need to pay the European Central Bank to hold its
reserves. The European Central Bank has become the first major central bank to have a negative deposit rate while offering €400 billion
in cheap, fixed-rate loans to lenders. RBA has decided to keep the cash rate at 2.5 percent for the month of June; the rate has now
remained unchanged for eight consecutive board meetings.
Trimble Navigation Limited (NASDAQ: TRMB) has acquired privately-held Mining Information Systems (www.miningis.com.au), a
company located in Perth which specialises in the development of software solutions for production reporting, technical data systems
and administration systems. The acquisition is expected to add enterprise-level information management capabilities to Trimble's
portfolio of mining solutions. Trimble continues to be acquisitive with the MIS acquisition following several recent acquisitions: MAYBIM
(www.maybim.com), a virtual design and construction technology firm providing advanced 3D BIM modelling, and C3 Consulting LLC
(www.c3crop.com), a provider of a soil mapping technology that uses advanced sensors and intelligent targeting and geo-processing
algorithms to produce high resolution, accurate soil, and topographic information.
S&P Dow Jones Indices conducted its quarterly rebalance and announced it will remove Ausdrill Limited (ASX:ASL) from its S&P/ASX
All Australian 200 Index, effective after the close of trading on June 20, 2014.
UGL Limited (ASX:UGL) has released a statement denying any rumours regarding the acquisition of DTZ, the property services unit,
following reports that TPG Inc.(www.tpg.com), a global private investment firm, is poised to buy DTZ for about $1.2 billion. In response,
UGL confirmed it has received confidential and conditional proposals to acquire DTZ, but no terms had been agreed and discussions are
yet to reach a conclusion.
WSP Global Inc (TSX:WSP), a professional services firm, has acquired Winward Group Pty Ltd (www.winward.com.au), an engineering
firm specialising in structural engineering services including 3D construction planning. Winward Group is expected to work in an
integrated manner with WSP’s specialist building services team. Furthermore, WSP intends to play an active role in the continued
development and growth of WSP’s multidisciplinary buildings group.
News Headlines and Key Sector Developments
Ticker News/Event Ticker News/Event
AJL Announced the appointment of Mr Russell Eggers as Chief
Executive Officer and Managing Director. In addition, appointed
two new non-executive directors, Mr Ian Meares and Mr Andrew
Purcell
CGH Appointed Mr. Derek Brown as Managing Director of Calibre’s
Resource and Energy business, Calibre Global Pty Ltd
AJL Confirmed it expects earnings in line with its previous guidance
of a breakeven result for FY2014
DCG Awarded contracts from Main Roads Western Australia and the
Australian Defence Force, combined value of approximately $10M
AJL Announced a restructuring plan streamlined around its core
areas, comprising both Drilling Services and Pipelines and
related activities
GNG Has been awarded a contract by Rio Tinto at its Greater
Paraburdoo Operations in Western Australia, valued at
approximately $16.8M
ASL Announced FY14 NPAT s forecasted to be between $25M and
$30M, a reduction from previous guidance of $35M to $45M
UGL Announced that it has been awarded a new four year contract by
Stanwell Corporation Limited with a one-year option, valued at
approximately $280M
CDD Appointed Elizabeth A Fessenden as Director WTP Has been awarded a contract from Charles Sturt University to
deliver Stage 1 of its permanent campus at Port Macquarie, valued
at approximately $34M
Source: Capital IQ, Thomson Reuters, LCC research

2. 6 June 2014 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 Week High Week Low Weekly Volume EV/ EV/
Ticker (AUD Million) (AUD) (AUD) (AUD) (AUD) % Change Trend EBITDA EBIT
AJL 234 0.90 0.88 0.90 0.80 ▼ -2.8% NM NM
ASL 275 0.90 0.88 0.92 0.84 ▼ -2.2% 3.3x 7.0x
AAX 83 0.55 0.50 0.55 0.49 ▼ -9.1% NM NM
ANG 142 1.36 1.68 1.99 1.35 ▲ 23.5% 7.5x 11.2x
BLY 103 0.19 0.23 0.24 0.19 ▲ 18.4% 5.6x NM
BKN 605 3.57 3.54 3.63 3.41 ▼ -0.8% 6.7x 11.0x
BYL 43 0.40 0.39 0.41 0.39 ▼ -2.5% 1.9x 3.5x
BOL 66 0.14 0.14 0.15 0.14 — 0.0% 3.6x 8.7x
BSA 26 0.13 0.12 0.13 0.12 ▼ -8.0% 4.9x 17.1x
CDD 1,012 6.46 6.33 6.52 6.29 ▼ -2.0% 8.8x 10.8x
CGH 132 0.42 0.40 0.43 0.40 ▼ -4.8% 3.2x 7.2x
COF 54 0.22 0.21 0.23 0.21 ▼ -2.3% 9.3x 23.2x
DCG 300 1.79 1.78 1.85 1.69 ▼ -0.3% 3.3x 3.7x
DSB 7 0.16 0.15 0.34 0.34 ▼ -6.3% 3.3x 9.1x
DOW 2,295 5.39 5.27 5.52 5.23 ▼ -2.2% 4.1x 7.2x
EAL 72 0.61 0.59 0.61 0.59 ▼ -3.3% 6.3x 7.6x
EGN 44 0.15 0.14 0.15 0.15 ▼ -6.7% 139.8x NM
EHL 128 0.24 0.22 0.24 0.22 ▼ -8.3% 5.0x 179.2x
EVZ 2 0.01 0.01 0.01 0.01 ▲ 10.0% 20.8x NM
FWD 136 2.20 2.25 2.25 2.17 ▲ 2.3% 5.4x 10.5x
GCS 77 0.43 0.45 0.45 0.42 ▲ 4.7% 3.6x 5.8x
GNG 86 0.60 0.57 0.60 0.57 ▼ -5.0% 3.3x 3.6x
HDX 42 0.23 0.20 0.23 0.20 ▼ -13.0% 4.9x 7.5x
IMD 141 0.64 0.67 0.71 0.64 ▲ 4.7% 7.9x 17.7x
LEI 6,919 20.23 20.44 21.03 20.14 ▲ 1.0% 3.8x 7.2x
LCM 59 0.86 0.85 0.89 0.85 ▼ -1.2% 5.2x 6.0x
LYL 90 2.35 2.32 2.48 2.30 ▼ -1.3% 2.4x 2.6x
MLD 387 1.96 1.91 1.98 1.89 ▼ -2.6% 2.5x 3.7x
MAH 132 0.11 0.11 0.11 0.10 — 0.0% 1.3x 3.1x
MYE 33 0.43 0.44 0.45 0.42 ▲ 2.3% 2.4x 4.9x
MIN 1,916 10.08 10.27 10.66 10.05 ▲ 1.9% 3.7x 5.6x
MCE 125 1.49 1.32 1.49 1.25 ▼ -11.1% 9.2x 39.2x
MND 1,577 17.69 17.02 18.08 16.74 ▼ -3.8% 5.8x 6.6x
MRM 807 2.07 2.20 2.24 1.95 ▲ 6.3% 7.6x 12.0x
NOD 13 0.05 0.05 0.05 0.05 ▲ 4.3% 1.4x 1.7x
NWH 287 1.00 1.03 1.05 1.00 ▲ 3.5% 2.5x 3.9x
OTC 22 0.11 0.12 0.12 0.11 ▲ 4.5% 1.7x 2.3x
PRG 332 2.93 2.81 2.96 2.80 ▼ -4.1% 6.3x 7.6x
RCR 387 2.83 2.83 2.98 2.81 — 0.0% 7.2x 9.3x
RQL 32 0.13 0.11 0.15 0.11 ▼ -15.4% 5.0x NM
SND 64 0.81 0.81 0.83 0.78 — 0.0% 5.7x 6.3x
SDM Sedgman Limited 110 0.52 0.49 0.57 0.48 ▼ -5.8% 10.0x NM
SSM Service Stream Limited 64 0.19 0.17 0.19 0.17 ▼ -13.2% NM NM
SWL 189 2.16 2.16 2.24 2.15 — 0.0% 8.9x 9.8x
SXE 87 0.54 0.54 0.54 0.52 — 0.0% 1.8x 2.3x
STS 38 0.60 0.60 0.61 0.58 — 0.0% 1.9x 5.6x
SWK 43 0.26 0.26 0.28 0.26 — 0.0% 2.4x 6.3x
TPP 16 0.09 0.09 0.10 0.09 — 0.0% NM NM
TTN 99 1.98 1.95 2.02 1.92 ▼ -1.5% 4.7x 5.8x
TSE 612 1.16 1.20 1.21 1.15 ▲ 3.0% 6.8x 13.5x
UGL 1,169 6.60 7.12 7.45 6.57 ▲ 7.9% 13.8x 22.3x
VMG 38 0.01 0.01 0.01 0.01 ▲ 33.3% NM NM
WDS 140 1.02 0.97 1.03 0.95 ▼ -4.9% 2.8x 5.1x
WOR 3,991 16.00 16.17 16.32 15.56 ▲ 1.1% 9.4x 10.5x
WTP 157 0.89 0.84 0.89 0.84 ▼ -5.1% 1.5x 7.1x
Source: Capital IQ, LCC research
UGL Limited
Ausdrill Limited
Watpac Limited
Lycopodium Limited
MACA Limited
MacMahon Holdings Limited
Mastermyne Limited
WorleyParsons Limited
VDM Group Limited
WDS Limited
Bradken Limited
Boom Logistics Limited
EVZ Limited
Fleetwood Corporation Limited
Downer EDI Limited
Ausenco Limited
Engenco Limited
Emeco Holdings Limited
Global Construction Services Limited
Coffey International 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
Transfield Services Limited
Swick Mining Services Limited
Mermaid Marine Australia Limited
Monadelphous Group Limited
Mineral Resources Limited
OTOC Limited
RCR Tomlinson Limited
NRWHoldings Limited
Programmed Maintenance Services
Seymour Whyte Limited
Tempo Australia Limited
Titan Energy Services 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
Nomad Building Solutions Limited