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6 September 2013 WWW.LCC.ASIA
IMPORTANT DISCLAIMER
This report has been prepared by Lincoln Crowne & Company Pty. Limited ...
6 September 2013 WWW.LCC.ASIA
IMPORTANT DISCLAIMER
This report has been prepared by Lincoln Crowne & Company Pty. Limited ...
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Lincoln crowne engineering & mining services report 06092013

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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.

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Lincoln crowne engineering & mining services report 06092013

  1. 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 Page 1 / 2 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. 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

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.

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