LCC Asia Pacific produces a weekly report on the Australian public companies that operate in the Engineering, Services, Facilities Management, Construction, Contracting and Mining Services Sectors. Each week the LCC Asia Pacific weekly report covers off on changes to stock trading prices, activity on those stocks and indicative valuations The report also details both key Australian Stock Exchange announcements that are made in relation to contractual wins or key developments as well as outlining Merger & Acquisition activity that has taken place in the Sector In addition to public domain, this report is uploaded weekly to a variety of international investment banking platforms, including Bloomberg, Thomson Reuters Eikon, S & P and FACTSET LCC Asia Pacific has specific expertise in these Sectors built up over many years, and the weekly Engineering, Services, Contracting & Services report uploaded here is edition 211

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Australian Engineering, Contractors & Service Providers
Edition 211 for the week ending 19 May 2017 | Published 22 May 2017 WWW.LCCAPAC.COM
IMPORTANT DISCLAIMER: This report has been prepared by LCC Asia Pacific 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.
Market Performance - Overview
M&A Rumour and Activity
The Australian market finished the week 1.88% lower with the S&P/ASX200 ending at 5727 points, dragged lower by geopolitical risks, as the
prospects of a US presidential impeachment and the developing political crisis in Brazil following corruption allegations against the country’s
president weighed on the domestic sharemarket. The Australian dollar increased 1.00% for the week to end at US74.59 cents following
broad-based weakness in the US dollar and data showing improvement in Australia’s labour market (with the unemployment rate ticking down
to 5.7% in April from 5.9% in March).
Downer EDI Ltd (DOW.AX) announced on 22 May 2017 that it is extending its $1.15 takeover offer for shares of Spotless Group Holdings Pty
Ltd (SPO.AX) by 2 weeks to 14 June 2017.
Jack-In Group Limited (JIP.AX) announced on 18 May 2017 that it has entered into a Memorandum of Understanding to acquire an
established specialist drilling and blasting construction company that provides services to both the civil and construction industries in
Australia. Information on the target has not yet been released.
Boart Longyear Limited (BLY.AX) announced on 16 May 2017 that First Pacific Advisors, a holder of BLY’s senior secured bonds who had
opposed the Supreme Court of New South Wales’ order on 10 May 2017 approving BLY’s plans to convene meetings of relevant company
creditors to consider two schemes of arrangement implementing key components of the company’s recapitalisation, has sought leave to
appeal the order. The leave to appeal does not currently affect’s BLY’s timetable for completing the recapitalisation.
Decmil Group Limited (DCG.AX) announced on 15 May 2017 that it has agreed to dispose of a commercial property located in Herdsman,
Perth, to Primewest Funds Limited (Primewest) for $27.5 million. The transaction is subject to Primewest successfully raising the funds to
complete the purchase and is expected to settle on or before 30 June 2017.
News Headlines and Key Sector Developments
Percentage change
Week YTD 12-months Fixed Income Yield Week YTD 12-months
(Australia) S&P / ASX200 (1.9%) 1.1% 7.6% (Australia) 2-year gov bonds 1.64% (2.4%) (14.3%) (2.3%)
(Japan) Topix (1.3%) 2.7% 16.7% (Australia) 5-year gov bonds 2.05% (4.3%) (12.0%) 9.3%
(Singapore) FTSE Strait Times Index (1.2%) 11.7% 17.4% (Australia) 10-year gov bonds 2.50% (5.5%) (10.0%) 5.4%
(Hong Kong) Hang Seng 0.1% 14.4% 27.8%
(South Korea) Kospi 200 (0.1%) 14.6% 24.7% Rate Week YTD 12-months
(US) S&P 500 (0.4%) 6.4% 16.7% AUD to USD 0.7459 1.0% 3.4% 3.2%
(US) Dow Jones Industrial (0.4%) 5.3% 19.3%
(UK) FTSE 100 0.5% 4.6% 23.4%
Percentage change
Ticker News/Event Ticker News/Event
AJL
Completed a placement of ordinary shares to institutional investors
raising $5.0 million. AJL is also undertaking a 1 for 2 pro-rata
accelerated, non-renounceable entitlements offer to raise up to $53.7
million at an issue price of $0.275 (12.7% discount to the last closing
price of $0.315 on 17 May 2017)
MSV
Awarded a three-year exploration drilling services contract by Glencore
Coal Assets Australia (GCAA) across a number of GCAA’s Queensland
coal operations
BKN
Announced the removal of its securities from the ASX following the
completion of the compulsory acquisition of all of its issued shares by
Hitachi Construction Machinery Co Ltd
RUL
Announced it has entered into a software license and distribution
agreement with Alford Mining Systems (AMS) to enable RUL to rebrand,
bundle, market and distribute AMS’s Stope Optimisation software
within RUL’s Underground software solutions to RUL’s clients
BLY
Reported unaudited 1QFY17 results with revenue of US$164 million
(up 15% from pcp) and adjusted NLAT of US$34 million (down 38%
from pcp)
SSM
Updated its earnings outlook for FY17 and announced that it expects
EBITDA for FY17 to be in excess of $46.5 million
CIM
CPB Contractors will deliver the 2nd and final phase of the NZ
Transport Agency project, which will generate revenue of approximately
NZ$82 million to CPB Contractors
SXE
Heday5 Pty Ltd has been awarded over $50 million of new contracts
(design and construction of electrical, communication and security
services), which include the ATP Redfern Building 1, NSW the Ribbon
Project, NSW, the Greenland Centre Bathurst St, NSW and the Midnight
Project, ACT
BYL
Requested an extension for the suspension of its securities from ASX
until Friday 2 June 2017 while it progresses matters relating to
securing additional funding
WOR
Awarded a five-year Framework Agreement by Shell Global Solutions
International, B.V., for the provision of EPCM services for its
downstream projects worldwide
MAH
Announced that it has executed a preparatory works agreement with
Byerwen Coal Pty Ltd (Byerwen) for the Byerwen Coal Mine in
Queensland’s Bowen Basin
Source: Thomson Reuters, Company Announcements, LCC research

2. Page 2 / 2
Australian Engineering, Contractors & Service Providers
Edition 211 for the week ending 19 May 2017 | Published 22 May 2017 WWW.LCCAPAC.COM
IMPORTANT DISCLAIMER: This report has been prepared by LCC Asia Pacific 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.
Ticker Company Name Market Cap (A$ m)
Open Price
(A$)
Close Price
(A$)
Week High
(A$)
Week Low
(A$)
Volume
Trend
EV/
EBITDA
EV/
EBIT
Engineering Services
AJL.AX AJ Lucas Group Ltd 118 0.29 0.30 0.30 0.29 ▲ 3.3% 30.8x n.m.
BOL.AX Boom Logistics Ltd 51 0.12 0.11 0.11 ▼ (6.5%) 11.7x n.m.
BSA.AX BSA Ltd 146 0.33 0.35 0.33 0.30 ▲ 4.5% 17.7x 98.3x
BYL.AX Brierty Ltd 12 0.10 0.10 0.09 0.09 — 0.0% n.m. n.m.
CDD.AX Cardno Ltd 638 1.44 1.33 1.39 1.28 ▼ (7.0%) 47.4x n.m.
CIM.AX CIMIC Group Ltd 12,734 40.00 39.50 39.90 38.87 ▼ (1.4%) 12.4x 18.6x
DCG.AX Decmil Group Ltd 155 0.84 0.90 0.85 0.84 ▲ 3.4% 69.0x n.m.
DOW.AX Downer EDI Ltd 3,770 6.32 6.34 6.42 6.28 ▼ (0.5%) 7.7x 14.2x
EAL.AX E&A Ltd 6 0.05 0.05 0.05 0.05 — 0.0% n.m. n.m.
EGN.AX Engenco Ltd 59 0.19 0.19 0.20 0.19 ▼ (2.6%) 5.9x 10.8x
GCS.AX Global Construction Services Ltd 114 0.55 0.54 0.55 0.53 ▼ (3.6%) 3.2x 4.4x
GNG.AX GR Engineering Services Ltd 242 1.49 1.58 1.53 1.47 ▲ 6.0% 8.5x 9.1x
LCM.AX LogiCamms Ltd 26 0.29 0.32 0.32 0.28 ▲ 14.3% n.m. n.m.
LLC.AX LendLease Group 9,540 16.45 16.35 16.50 16.20 ▼ (1.1%) 12.4x 13.8x
LYL.AX Lycopodium Ltd 118 3.15 2.98 3.10 2.98 ▼ (5.4%) 2.0x 2.1x
MND.AX Monadelphous Group Ltd 1,152 12.53 12.26 12.65 12.26 ▼ (2.5%) 9.2x 11.4x
OTR.AX Onterran Ltd 20 0.32 0.32 0.32 0.32 — 0.0% n.m. n.m.
RCR.AX RCR Tomlinson Ltd 466 3.37 3.33 3.36 3.27 ▼ (1.5%) 18.7x 73.1x
RDG.AX Resource DevelopmentGroup Ltd 11 0.02 0.02 0.02 0.02 ▼ (10.0%) (0.1x) (0.2x)
SND.AX Saunders International Ltd 45 0.53 0.53 0.53 0.52 — 0.0% 11.6x 15.0x
SSM.AX Service Stream Ltd 500 1.27 1.37 1.34 1.26 ▲ 7.5% 11.0x 13.3x
SWL.AX Seymour Whyte Ltd 104 1.16 1.18 1.18 1.16 ▲ 0.9% 14.0x 70.3x
SXE.AX Southern Cross Electrical Engineering Ltd 92 0.51 0.58 0.58 0.51 ▲ 13.9% 14.0x n.m.
STS.AX SRG Ltd 82 1.39 1.28 1.33 1.27 ▼ (7.9%) 4.3x 6.5x
TPP.AX Tempo Australia Ltd 43 0.17 0.18 0.18 0.17 — 0.0% 2.8x 2.9x
VMG.AX VDM Group Ltd 5 0.00 0.00 0.00 0.00 — 0.0% n.m. n.m.
VRS.AX Veris Ltd 40 0.13 0.13 0.13 0.12 — 0.0% 3.6x 8.5x
WOR.AX WorleyParsons Ltd 2,739 10.72 11.09 11.24 10.71 ▲ 0.8% 10.3x 13.6x
Mining Services
ASL.AX Ausdrill Ltd 415 1.30 1.33 1.32 1.26 ▲ 0.4% 5.0x 10.4x
ANG.AX Austin Engineering Ltd 93 0.17 0.16 0.16 0.16 — 0.0% n.m. n.m.
BLY.AX BoartLongyear Ltd 35 0.04 0.04 0.04 0.04 ▼ (9.8%) 32.1x n.m.
BKN.AX Bradken Ltd 676 3.21 3.24 3.21 3.21 — 0.0% 8.0x 8.0x
DSB.AX Delta SBD Ltd 7 0.15 0.13 0.15 0.13 ▼ (10.3%) 69.2x n.m.
EHL.AX Emeco Holdings Ltd 183 0.08 0.08 0.08 0.08 ▼ (7.4%) 8.0x 163.5x
IMD.AX Imdex Ltd 222 0.61 0.61 0.63 0.59 ▼ (0.8%) 11.4x 27.7x
MAH.AX Macmahon Holdings Ltd 179 0.15 0.15 0.15 0.15 — 0.0% 5.4x n.m.
MIN.AX Mineral Resources Ltd 1,918 9.35 10.24 9.82 9.26 ▲ 7.3% 4.3x 6.6x
MLD.AX MACA Ltd 396 1.67 1.69 1.64 1.62 ▲ 1.2% 4.3x 14.8x
MSV.AX Mitchell Services Ltd 48 0.03 0.03 0.03 0.03 ▲ 3.1% 20.6x n.m.
MYE.AX Mastermyne Group Ltd 26 0.31 0.28 0.30 0.28 ▼ (6.7%) 26.9x n.m.
NWH.AX NRWHoldings Ltd 185 0.55 0.58 0.58 0.54 ▲ 4.5% 4.2x 8.2x
RUL.AX RPMGlobal Holdings Ltd 125 0.58 0.59 0.59 0.58 ▲ 1.7% n.m. n.m.
SWK.AX Swick Mining Services Ltd 55 0.28 0.26 0.28 0.26 ▼ (7.1%) 5.1x n.m.
Marine Services
ASB.AX Austal Ltd 613 1.80 1.77 1.82 1.75 ▼ (1.9%) n.m. n.m.
MBO.AX Mobilarm Ltd 12 0.02 0.03 0.02 0.02 — 0.0% 62.0x n.m.
MCE.AX Matrix Composites & Engineering Ltd 48 0.53 0.51 0.53 0.51 ▼ (3.8%) n.m. n.m.
MRM.AX MMA Offshore Ltd 80 0.22 0.215 0.22 0.21 ▼ (2.3%) 33.4x n.m.
NMS.AX Neptune Marine Services Ltd 56 0.88 0.91 0.90 0.88 ▼ (13.3%) n.m. n.m.
VEE.AX VEEM Ltd 86 0.665 0.665 0.67 0.67 ▲ 2.3% 10.1x 12.5x
ZGL.AX Zicom Group Ltd 27 0.13 0.13 0.13 0.13 ▼ (7.4%) n.m. n.m.
Facilities Management
AEI.AX Aeris Environmental Ltd 47 0.30 0.30 0.30 0.28 — 0.0% n.m. n.m.
GMG.AX Goodman Group Pty Ltd 15,011 8.13 8.39 8.35 8.12 ▲ 2.7% 53.2x 53.2x
HIL.AX Hills Ltd 44 0.20 0.19 0.20 0.19 ▼ (5.0%) 7.9x 39.0x
MIL.AX Millennium Services Group Ltd 75 1.66 1.65 1.70 1.65 — 0.0% 11.2x 14.0x
PRG.AX Programmed Maintenance Services Ltd 441 1.75 1.72 1.68 1.65 ▼ (3.9%) 6.9x 10.5x
SKS.AX Stokes Ltd 10 0.33 0.33 0.33 0.33 — 0.0% 21.6x 28.2x
SPO.AX Spotless Group Holdings Ltd 1,212 1.12 1.11 1.12 1.11 ▼ (0.9%) 7.4x 12.2x
TPS.AX ThreatProtectAustralia Ltd 18 0.03 0.03 0.03 0.03 — 0.0% 23.4x 47.6x
UBN.AX Urbanise com Ltd 25 0.07 0.07 0.07 0.07 ▼ (12.5%) n.m. n.m.
Source: Thomson Reuters, LCC research
Weekly
change (%)