Weekly Overview of Australian Listed Engineering Sector

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This report has been prepared by Lincoln Crowne & Company Pty. Limited ("LCC"). The research is based on information obtained from sources believed to be
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sole basis for any investment decision or planning, and LCC does not accept any responsibility on this basis for actions made.
WEEKLY
24 May 2013 WWW.LCC.ASIA
Market Cap Open Price Close Price High Low Volume TEV/ TEV/
Ticker (AUD Million) (AUD) (AUD) (AUD) (AUD) % Change Trend EBITDA EBIT
ASX:AJLAJL 212 1.45 1.48 1.57 1.37 ▲ 5.1% NM NM
ASX:AZGAZG 11 0.04 0.04 0.04 0.04 ▼ -10.3% 2.9 X 5.1 X
ASX:ASLASL 372 1.30 1.19 1.33 1.07 ▼ -6.5% 3.4 X 5.8 X
ASX:AAXAAX 262 2.39 2.12 2.50 2.03 ▼ -10.2% 5.1 X 6.0 X
ASX:ANGANG 326 5.00 4.45 5.03 4.31 ▼ -10.1% 6.8 X 7.9 X
ASX:BLYBLY 293 0.80 0.65 0.87 0.62 ▼ -18.4% 3.1 X 4.8 X
ASX:BKNBKN 762 4.82 4.53 4.84 4.51 ▼ -6.2% 5.6 X 7.3 X
ASX:BYLBYL 30 0.32 0.27 0.32 0.27 ▼ -10.2% 2.2 X 3.5 X
ASX:BSABSA 42 0.19 0.19 0.19 0.19 ▲ 0.1% 5.3 X 13.7 X
ASX:CDDCDD 775 5.80 5.39 5.80 5.20 ▼ -5.7% 7.8 X 9.1 X
ASX:CGHCGH 91 0.32 0.30 1.18 1.04 ▼ -5.2% 1.8 X 2.8 X
ASX:CLOCLO 863 1.14 1.11 1.18 1.04 ▼ -5.2% 7.8 X 8.1 X
ASX:COFCOF 38 0.16 0.15 0.18 0.14 ▼ -3.1% 5.0 X 6.8 X
ASX:DCGDCG 259 1.70 1.54 1.72 1.43 ▼ -7.4% 3.4 X 3.7 X
ASX:EALEAL 71 0.60 0.65 0.67 0.59 ▲ 6.6% 8.4 X 10.4 X
ASX:EGNEGN 56 0.18 0.18 0.18 0.16 0.0% NM NM
ASX:EHLEHL 236 0.43 0.41 0.45 0.38 ▼ -8.0% 3.0 X 6.3 X
ASX:FGEFGE 359 4.45 4.17 4.47 3.82 ▼ -2.3% 3.6 X 4.6 X
ASX:GCSGCS 84 0.54 0.49 0.56 0.49 ▼ -11.2% 4.2 X 6.3 X
ASX:GNGGNG 68 0.51 0.45 0.51 0.45 ▼ -10.0% 8.3 X 9.0 X
ASX:HDXHDX 49 0.27 0.27 0.28 0.20 ▲ 11.4% 3.5 X 5.4 X
ASX:IMDIMD 189 0.88 0.90 1.02 0.87 ▼ -2.5% 4.0 X 4.7 X
ASX:LEILEI 6104 18.27 18.10 18.92 17.87 ▼ -3.0% 4.1 X 9.9 X
ASX:LCMLCM 86 1.47 1.24 1.47 1.15 ▼ -11.0% 4.8 X 5.1 X
ASX:LYLLYL 174 4.91 4.46 4.91 4.41 ▼ -7.2% 5.0 X 5.2 X
ASX:MLDMLD 336 2.09 1.95 2.19 1.93 ▼ -8.0% 4.2 X 6.4 X
ASX:MAHMAH 238 0.20 0.19 0.21 0.18 ▼ -2.5% 1.3 X 2.2 X
ASX:MYEMYE 60 1.00 0.79 1.00 0.77 ▼ -17.8% 2.8 X 3.6 X
ASX:MNDMND 1459 17.52 16.04 17.80 15.20 ▼ -7.9% 7.5 X 8.6 X
ASX:NMSNMS 54 0.03 0.03 0.03 0.03 0.0% 53.4 X NM
ASX:NFKNFK 72 0.46 0.45 0.46 0.45 ▼ -1.1% 3.2 X 4.3 X
ASX:NWHNWH 317 1.17 1.14 1.19 1.00 ▼ -1.2% 1.8 X 2.4 X
ASX:RCRRCR 260 2.47 1.96 2.47 1.89 ▼ -18.9% 4.0 X 5.5 X
ASX:RQLRQL 40 0.15 0.16 0.16 0.15 ▲ 10.0% 3.0 X 4.8 X
ASX:SNDSND 51 0.73 0.66 0.75 0.66 ▼ -6.6% 6.3 X 6.7 X
ASX:SDMSDM Sedgman Limited 117 0.59 0.53 0.59 0.53 ▼ -5.4% 1.5 X 2.2 X
ASX:SWLSWL 85 1.00 1.10 1.10 0.96 ▲ 10.0% 7.7 X 9.7 X
ASX:SXESXE 150 1.11 0.93 1.11 0.91 ▼ -17.0% 6.0 X 7.2 X
ASX:STSSTS 28 0.48 0.45 0.48 0.43 ▼ -4.0% 2.5 X 6.1 X
ASX:SWKSWK 49 0.33 0.28 0.33 0.28 ▼ -12.9% 2.0 X 3.8 X
ASX:TSETSE 469 1.31 0.92 1.32 0.90 ▼ -29.6% 6.8 X 12.9 X
ASX:UGLUGL 1161 7.73 7.08 7.74 7.00 ▼ -3.7% 11.3 X 15.4 X
ASX:VMGVMG 10 0.01 0.01 0.01 0.01 ▲ 2.4% NM NM
ASX:WDSWDS 51 0.39 0.35 0.40 0.33 ▼ -7.9% 2.7 X 6.0 X
ASX:WORWOR 4928 20.00 19.97 20.62 19.10 ▲ 3.8% 10.8 X 11.9 X
ASX:WTPWTP 99 0.78 0.54 0.78 0.51 ▼ -31.7% NM NM
* Sources: Capital IQ, LCC calculation
Calibre Group Limited
WorleyParsons Limited
UGL Limited
Watpac Limited
Allmine Group Limited
VDM Group Limited
Leighton Holdings Limited
Logicamms Limited
RCR Tomlinson Limited
NRW Holdings Limited
Norfolk Group Limited
Neptune Marine Services Limited
Monadelphous Group Limited
Bradken Limited
Boart Longyear Limited
GR Engineering Services Limited
Hughes Drilling Pty Limited
WDS Limited
E&A 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
Structural Systems 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
Ausenco Limited
Ausdrill Limited
News Headlines and Key Sector Developments
Ticker News/Event Ticker News/Event
BLY Based on current industry conditions, BLY expects 2013 revenue
and EBITDA will be at the lower end of the range of current analyst
forecasts ($1,466 million - $1,726 million for revenue and $199
million - $271 million for EBITDA)
TSE TSE downgraded its guidance for NPAT before amortisation
and impairment charges for the current year ending 30 June
2013 to $62 million - $65 million, down from $106 million last
year
COF As a result of market conditions, COF now expects to report
EBITDA for year to 30 June of between $18 - $19 million and
underlying EBITDA between $27 - $29 million. COF will also be
undertaking restructuring costing between $7 - $8 million
WOR Announced the signing of a Engineering, Procurement and
Construction Management (EPCM) Agreement with Celanese
Corporation (NYSE:CE). Estimated revenue from is US$86
million
LCM LCM has successfully completed the acquisition of oil and gas
engineering specialist, Independent Technology Holdings Limited
(ITL)
WTP WTP has adjusted its forecast FY13 underlying Group profit
after tax to between $3 million and $9 million (down from $15.3
million in the previous corresponding period)
SSM As a result of the impact of lower EBITDA as previously announced
to the market, SSM has breached the Gearing Ratio covenant
under its banking facility agreements. SSM is in discussion with its
financiers on these matters *Sources: ASX, Company Release, Capital IQ, Bloomberg
AustralianEngineering&MiningServices