Edition 470 of the LCC Asia Pacific Australian market update covering the engineering, industrial services and industrial technology sectors Interesting macro developments include the Federal Governments evolving position in relation to critical battery minerals

1. LCC Asia Pacific Research | Australian Engineering, Services & Industrial Technology Page 1
LCC Asia Pacific
Macro Market Research
Australian Market
Weekly Market Update
Industry Sector
Engineering, Services
& Industrial Technology
Week Ending 28 October 2022
Edition Number 470
Federal Budget Announces Boost for
Australia's Critical Minerals Sector
Nicholas Assef
Industry Lead
naa@lccapac.com
Joe Brereton
Senior Manager
jmb@lccapac.com
Ticker News/ Event
ALS
ALS updated on its successful completed acquisitions of seven companies in FY22 for a total cost
of approximately $165m adding additional inorganic revenue of circa $78m.
AMX
Aerometrex announced its MetroMap platform grew sales to $6.96m in FY22, a 41% year-on-year
increase on FY21 sales.
ANG
Austin Engineering announced a change in substantial ownership from 24.23% to 23.17%
(Thorney International).
DOW
Downer has been awarded a $490m road maintenance contract by the Department of Transport
for a maximum term of seven-and-a-half-years. The contract will begin in February 2023, located in
Victoria’s Hume region.
DDB
Dynamic Group announced multiple contract awards for projects in Western Australia involving its
Orlando and Welldrill subsidiaries. The contracts includes a drilling service contract from Pilbara
Minerals commencing in November 2022 and from Kairos Minerals for six months to be
completed by Orlando. Also, Welldrill secured a production and monitoring bore contract with Gold
Fields and a drilling service contract with Liontown Resources, both for approximately four
months. The contracts are estimated to provide additional revenue of between $8.4m to $11.6m.
FWD
Fleetwood Corporation announced a change to its substantial ownership from 5.07% to 6.08%
(One Funds Management, One Fund Services).
GNG
GR Engineering announced the resignation of its Managing Director, Mr. Geoff Jones at the end of
January 2023 where Mr. Tony Patrizi will be acting Managing Director until a replacement is found.
MYE
Metarock reported its Q1 FY23 results. Cash and available debt working capital facilities of
$39.0m (with cash being less than $1 million of that) and net cashflows of -$4.4m.
MIL
Millennium reported its Q1 FY23 results. Cash and available working capital facilities of $9.8m
and net cashflows of -$4.7m.
ORI Orica notified of an initial substantial owner with 5.17% (State Street Corporation).
RDG Resource Development notified that Mr. Paul Brown ceased to be a director on 25 October 2022.
SND
Saunders has been awarded a design and construct contract by Park Fuels valued at circa $9m.
The project is located at Kooragang Island, Newcastle.

2. ASX Weekly Price & Valuation
Movements
LCC Asia Pacific Research | Australian Engineering, Services & Industrial Technology Page 2
LCC Asia Pacific
Engineering & Contracting
Ticker/ID Company Name
Market
Cap
(AUD m)
Open
Price
(AUD)
Close
Price
(AUD)
Week
High
(AUD)
Week Low
(AUD)
Volume
Trend
EV/
EBITDA
EV/
EBIT
ASX:ACF Acrow Formwork and Construction Services Limited 138 0.54 0.53 0.55 0.50 ▲ 1.0% 6.6x 11.7x
ASX:AJL AJ Lucas Group Limited 45 0.07 0.03 0.07 0.03 ▼ -51.5% 8.0x 13.0x
ASX:BOL Boom Logistics Limited 62 0.14 0.15 0.15 0.14 ▲ 3.6% 2.6x 15.6x
ASX:BPP Babylon Pump & Power Limited 12 0.01 0.01 0.01 0.01 — 0.0% NM NM
ASX:BSA BSA Limited 29 NA 0.05 0.06 0.05 ▼ -13.8% NM NM
ASX:CDD Cardno Limited 20 0.48 0.51 0.54 0.46 ▲ 6.3% NM NM
ASX:CVL Civmec Limited NA 0.62 0.62 0.63 0.61 ▲ 0.8% NA NA
ASX:DCG Decmil Group Limited 25 0.17 0.16 0.17 0.16 ▼ -5.9% NM NM
ASX:DOW Downer EDI Limited 2,945 4.47 4.39 4.47 4.34 ▲ 0.5% 8.1x 20.7x
ASX:DRA DRA Global Limited 109 NA 2.00 NA NA — 0.0% 2.8x 13.7x
ASX:DUR Duratec Limited 99 0.44 0.41 0.47 0.41 ▼ -6.8% 3.6x 6.4x
ASX:EGN Engenco Limited 133 0.45 0.42 0.45 0.42 ▼ -6.7% 9.6x 20.7x
ASX:FWD Fleetwood Limited 160 1.68 1.70 1.75 1.61 ▼ -2.0% 7.6x 191.5x
ASX:GNG GR Engineering Services Limited 355 2.19 2.20 2.29 2.16 ▲ 1.4% 4.6x 5.1x
ASX:GNP GenusPlus Group Limited 177 0.99 1.00 1.00 0.95 ▲ 2.0% 5.8x 9.2x
ASX:JLG Johns Lyng Group Limited 1,695 6.40 6.49 6.59 6.24 ▲ 5.9% 20.5x 24.9x
ASX:LLC Lendlease Group 5,998 8.30 8.78 8.78 8.17 ▲ 8.0% 23.3x 47.1x
ASX:LYL Lycopodium Limited 274 6.69 6.88 6.99 6.49 ▲ 3.3% 5.7x 6.8x
ASX:MCE Matrix Composites & Engineering Ltd 29 0.20 0.20 0.21 0.20 ▼ -4.8% NM NM
ASX:MND Monadelphous Group Limited 1,301 13.96 13.60 13.96 13.45 ▲ 1.7% 12.1x 18.0x
ASX:RDG Resource Development Group Limited 170 0.05 0.06 0.06 0.05 ▲ 9.3% 33.9x 44.3x
ASX:SND Saunders International Limited 113 1.06 1.05 1.07 1.04 — 0.0% 7.4x 9.3x
ASX:SRG SRG Global Limited 314 0.70 0.70 0.70 0.69 ▲ 0.7% 5.5x 10.5x
ASX:SSM Service Stream Limited 443 0.70 0.72 0.74 0.69 ▲ 1.4% 10.6x 67.9x
ASX:SXE Southern Cross Electrical Engineering Limited 175 0.67 0.67 0.68 0.67 ▲ 1.5% 3.7x 4.9x
ASX:SOP Synertec Corporation Limited 78 0.19 0.20 0.20 0.18 ▲ 11.1% NM NM
ASX:TPP Tempo Australia Limited 19 NA 0.05 0.06 0.04 ▲ 54.5% NM NM
ASX:VRS Veris Limited 43 0.09 0.08 0.09 0.08 ▼ -6.8% 5.5x 152.9x
ASX:WOR Worley Limited 7,458 13.75 14.18 14.48 13.64 ▲ 5.7% 13.6x 20.3x
ASX:ZGL Zicom Group Limited 15 NA 0.07 0.07 0.07 ▼ -4.1% NM NM
ASX:AMX Aerometrex Limited 43 0.40 0.46 0.46 0.39 ▲ 16.5% 6.3x NM
ASX:ANG Austin Engineering Limited 207 0.35 0.36 0.37 0.32 ▲ 4.4% 8.3x 10.1x
ASX:BLY Boart Longyear Group Ltd. 695 NA 2.35 NA NA — 0.0% 5.2x 8.2x
ASX:DDB Dynamic Group Holdings Limited 35 NA 0.30 0.31 0.30 — 0.0% 2.7x 10.5x
ASX:DDH DDH1 Limited 332 0.82 0.83 0.84 0.81 ▲ 3.1% 4.0x 6.7x
ASX:EHL Emeco Holdings Limited 393 0.75 0.76 0.80 0.73 ▲ 4.8% 2.6x 5.3x
ASX:IMD Imdex Limited 816 2.04 2.05 2.11 1.94 ▲ 0.5% 8.1x 12.5x
ASX:IPL Incitec Pivot Limited 7,089 3.63 3.65 3.69 3.56 ▲ 3.1% 6.3x 8.7x
ASX:MAH Macmahon Holdings Limited 284 0.14 0.14 0.14 0.13 ▼ -3.6% 1.8x 5.8x
ASX:MGH MAAS Group Holdings Limited 716 2.40 2.30 2.67 2.30 ▼ -1.7% 9.9x 14.2x
ASX:MIN Mineral Resources Limited 13,520 76.70 71.65 80.00 71.32 ▼ -3.3% 14.5x 22.5x
ASX:MSV Mitchell Services Limited 79 0.37 0.36 0.38 0.35 ▼ -4.1% 4.2x NM
ASX:MYE Metarock Group Limited 31 0.22 0.24 0.25 0.22 ▲ 11.9% 6.0x NM
ASX:NWH NRW Holdings Limited 1,118 2.57 2.49 2.60 2.46 ▼ -0.4% 4.7x 9.0x
ASX:ORI Orica Limited 6,240 13.59 13.78 13.87 13.55 ▲ 3.1% 9.8x 17.0x
ASX:PRN Perenti Limited 653 1.00 0.95 1.00 0.95 ▼ -3.6% 3.1x 10.0x
ASX:RUL RPMGlobal Holdings Limited 431 1.72 1.88 1.90 1.72 ▲ 10.3% NM NM
ASX:AEI Aeris Environmental Ltd 8 NA 0.03 0.03 0.03 ▲ 6.3% NM NM
ASX:ALQ ALS Limited 5,403 11.10 11.16 11.38 10.92 ▲ 2.3% 13.1x 17.9x
ASX:ASB Austal Limited 873 2.40 2.42 2.48 2.22 ▲ 0.8% 5.5x 7.7x
ASX:HIL Hills Limited 12 0.06 0.05 0.06 0.05 ▼ -8.9% 4.1x NM
ASX:IMB Intelligent Monitoring Group Limited 16 0.12 0.12 0.15 0.12 ▲ 14.3% 10.3x NM
ASX:LBL LaserBond Limited 92 0.85 0.84 0.86 0.83 ▼ -1.8% 11.6x 17.9x
ASX:MIL Millennium Services Group Limited 24 0.48 0.50 0.52 0.45 ▲ 4.2% 3.7x 8.6x
ASX:MSG MCS Services Limited 8 0.04 0.04 0.04 0.04 — 0.0% 2.9x 3.3x
Weekly
change (%)

3. This general information has been prepared by LCC Asia Pacific Pty. Limited ("LCC"). The research is based on public information
obtained from sources believed to be accurate and reliable. This report is not intended to be “sell side research” and does not
provide opinion or recommendation whatsoever. LCC Asia Pacific seeks to have commercial relationships with companies
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related content.
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made. © LCC Asia Pacific research@lccapac.com
Thanks to Hazwan Arief who now assists in the publication of this weekly market update.
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