Lincoln Crowne Engineering & Mining Services weekly report on the Australian sector for the week ended 21 June 2013

1. 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.
WEEKLY
21 June 2013 WWW.LCC.ASIA
Market Cap Open Price Close Price High Low Weekly Volume TEV/ TEV/
Ticker (AUD Million) (AUD) (AUD) (AUD) (AUD) % Change Trend EBITDA EBIT
AJL 183 1.44 1.20 1.44 1.10 ▼ -16.7% NM NM
ASL 325 1.16 1.04 1.21 0.98 ▼ -10.0% 2.7 X 4.7 X
AAX 267 2.17 2.16 2.22 2.05 ▼ -0.5% 4.1 X 4.8 X
ANG 249 3.56 3.40 3.63 3.37 ▼ -4.5% 5.0 X 5.9 X
BLY 336 0.66 0.74 0.74 0.62 ▲ 13.0% 2.7 X 4.3 X
BKN 737 4.50 4.38 4.65 4.18 ▼ -2.7% 5.1 X 6.6 X
BYL 25 0.23 0.23 0.26 0.23 0.0% 1.6 X 2.7 X
BSA 37 0.16 0.16 0.17 0.15 ▲ 3.2% 4.6 X 11.8 X
CDD 719 5.00 5.00 5.09 4.79 0.0% 6.4 X 7.4 X
CGH 81 0.28 0.27 1.14 1.05 ▼ -5.4% 1.3 X 2.0 X
CLO 856 1.13 1.10 1.14 1.05 ▼ -2.7% 7.3 X 7.5 X
COF 31 0.14 0.12 0.14 0.12 ▼ -11.1% 3.2 X 4.3 X
DCG 296 1.50 1.76 1.76 1.47 ▲ 17.3% 3.0 X 3.2 X
EAL 63 0.56 0.56 0.60 0.50 ▲ 0.9% 7.4 X 9.2 X
EGN 47 0.15 0.15 0.15 0.15 0.0% NM NM
EHL 166 0.36 0.29 0.38 0.26 ▼ -19.7% 2.5 X 5.3 X
FGE 353 4.44 4.10 4.44 3.93 ▼ -7.7% 2.6 X 3.3 X
GCS 71 0.42 0.42 0.44 0.42 ▼ -1.2% 3.2 X 4.9 X
GNG 72 0.42 0.48 0.49 0.42 ▲ 15.7% 4.3 X 4.6 X
HDX 42 0.00 0.23 0.26 0.22 ▼ -11.5% 3.6 X 5.5 X
IMD 150 0.75 0.72 0.80 0.66 ▼ -4.7% 3.0 X 3.5 X
LEI 5099 16.13 15.12 16.28 14.40 ▼ -6.3% 3.0 X 6.1 X
LCM 88 1.25 1.26 1.38 1.25 ▲ 0.8% 4.5 X 4.8 X
LYL 179 4.40 4.60 4.60 4.05 ▲ 4.5% 4.2 X 4.4 X
MLD 322 1.94 1.87 1.94 1.77 ▼ -3.9% 3.4 X 5.1 X
MAH 144 0.13 0.12 0.14 0.09 ▼ -11.5% 1.0 X 1.7 X
MYE 57 0.63 0.75 0.75 0.63 ▲ 19.0% 2.1 X 2.7 X
MND 1591 16.27 17.50 17.50 15.57 ▲ 7.6% 6.2 X 7.1 X
NMS 50 0.03 0.03 0.03 0.03 ▼ -10.0% 49.1 X NM
NFK 75 0.46 0.46 0.47 0.46 0.0% NM NM
NWH 259 0.95 0.93 0.96 0.88 ▼ -2.1% 1.4 X 1.8 X
RCR 297 2.17 2.24 2.24 2.02 ▲ 3.2% 4.3 X 5.9 X
RQL 37 0.14 0.15 0.16 0.14 ▲ 7.1% 2.7 X 4.3 X
SND 57 0.75 0.74 0.75 0.73 ▼ -1.3% 6.2 X 6.7 X
SDM Sedgman Limited 132 0.46 0.60 0.60 0.43 ▲ 31.9% 1.2 X 1.8 X
SWL 81 0.00 1.05 1.09 1.04 ▼ -0.5% 6.5 X 8.1 X
SXE 134 0.84 0.83 0.84 0.82 ▼ -1.2% 4.0 X 4.8 X
STS 20 0.35 0.32 0.35 0.32 ▼ -8.6% 2.0 X 4.9 X
SWK 50 0.30 0.29 0.30 0.29 ▼ -3.3% 1.7 X 3.3 X
TSE 379 0.75 0.74 0.78 0.66 ▼ -1.3% 4.8 X 9.1 X
UGL 1107 6.57 6.75 6.81 6.46 ▲ 2.7% 8.6 X 11.8 X
VMG 11 0.01 0.01 0.01 0.01 0.0% NM NM
WDS 54 0.35 0.37 0.37 0.34 ▲ 5.7% 2.5 X 5.5 X
WOR 4979 19.04 20.18 20.22 19.01 ▲ 6.0% 9.6 X 10.6 X
WTP 101 0.56 0.55 0.57 0.55 ▼ -1.8% NM NM
* Source: Capital IQ, LCC calculation
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
Ausenco Limited
Ausdrill Limited
Watpac Limited
VDM Group Limited
Hughes Drilling Pty Limited
WDS Limited
Lycopodium Limited
MACA Limited
MacMahon Holdings Limited
Mastermyne Limited
Resource Equipment Limited
Saunders International Limited
Southern Cross Electrical Engineering
Imdex Limited
Seymour Whyte Limited
Transfield Services Limited
Swick Mining Services Limited
Bradken Limited
Boart Longyear Limited
GR Engineering Services Limited
Calibre Group Limited
WorleyParsons Limited
Logicamms Limited
RCR Tomlinson Limited
NRW Holdings Limited
Norfolk Group Limited
Neptune Marine Services Limited
Monadelphous Group Limited
E&A Limited
Structural Systems Limited
Leighton Holdings Limited
UGL Limited
News Headlines and Key Sector Developments
Ticker News/Event Ticker News/Event
AJL Successfully completed an institutional equity placement and the
institutional component of its 1 for 1.25 accelerated non-
renounceable entitlement offer of fully paid ordinary AJL shares at
an offer price of $1.20 per share
NFK Completed despatch of the Scheme Booklet relating to the
previously announced scheme in relation to the proposed
acquisition of all NFK shares by RCR Tomlinson Ltd
AZG Has appointed administrators and its Managing Director has
resigned
WTP Settled the Addison Quays residential sales contract with De
Luca Corporation. The transaction is valued at approximately
$6.4M and gives rise to a $1.3M impairment, the full value of
which has been allowed for in the Group’s recent FY13
guidance forecast
BKN Operating EBITDA for the 12 months to 30 June 2013, before
allowing for the judgment sum and associated costs of $29M
associated with the Federal Court judgment in relation to its
acquisition of the Norcast business, will be approximately $210M.
This is 4.5% lower than FY12 *Source: ASX, Company Release, Capital IQ, Bloomberg
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