Lincoln Crowne & Company Engineering & Mining Services report for the week ending 13th September 2013. Interesting developments included Boart looking to raise a US $300m Bond Issue and VDM shedding considerable jobs as a result of issues and slowdown.

1. 13 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
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Market review
The market ended the week lower, falling back from five-year highs as traders took profits from a run of gains. The market
was also negatively affected by figures released by the ABS that showed Australia's unemployment rate rose to 5.8% in
August, from 5.7% in July. The Australian dollar ended the week slightly above US92 cents.
Investors now turn their focus to the Federal Reserve policy meeting on 17-18 September. It is widely expected that the
meeting will result in a tapering of the Federal Reserve’s US$85B a month bond-buying program.
Source: Capital IQ
News Headlines and Key Sector Developments
Ticker News/Event Ticker News/Event
BLY Announced the intention of its wholly owned subsidiary, Boart
Longyear Management Pty Limited, to offer, subject to market and
other conditions, 300,000 units comprising senior secured notes
and senior unsecured notes for a total offering of US$300M
FGE Has been awarded a contract for approximately $100M by Rio
Tinto for structural, mechanical and piping works at the Yandi
Sustaining Project, 100km northwest of Newman in Western
Australia
EHL Announced, in response to a report in the Australian Financial
Review, that it has received interest from two private equity firms.
Initial proposals were incomplete, non-binding and highly
conditional
RQL Announced FY13 earnings with revenue growth of 28% to
$105M. EBITDA was $20.9M (down from $22.4M in FY12)
and NPAT $5.1M (down from $13.6M in FY12)
EVZ Announced a return to profit following a recent restructure. EVZ
had FY13 revenue of $57.2M, EBITDA of $3.2M (up from $2.3M in
FY12) and NPAT of $890,000 (up from -$14.2M in FY12)
VDM Announced the company is reviewing its current staffing levels
and overhead costs and reducing numbers where appropriate.
This has resulted in 40 redundancies to date and further
redundancies are expected
Source: Capital IQ, Thomson Reuters, LCC research
4100
4300
4500
14 Aug 13 29 Aug 13 13 Sep 13
S&P/ASX 100 Index
0.880
0.900
0.920
0.940
14 Aug 13 29 Aug 13 13 Sep 13
AUD vs USD

2. 13 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 369 1.36 1.38 1.46 1.36 ▲ 1.5% NM NM
ASL 522 1.83 1.67 1.91 1.65 ▼ -8.7% 3.5x 6.3x
AAX 208 1.65 1.69 1.81 1.65 ▲ 2.1% 5.1x 6.6x
ANG 255 3.70 3.48 3.71 3.47 ▼ -5.9% 6.2x 7.5x
BLY 221 0.52 0.49 0.59 0.47 ▼ -5.8% 3.9x 11.7x
BKN 999 6.11 5.90 6.24 5.82 ▼ -3.4% 8.0x 11.8x
BYL 44 0.38 0.40 0.42 0.38 ▲ 5.3% 2.2x 3.8x
BOL 82 0.15 0.18 0.19 0.14 ▲ 20.7% 3.7x 8.0x
BSA 38 0.17 0.17 0.17 0.17 0.0% 3.9x 9.2x
CDD 916 6.39 6.38 6.49 6.23 ▼ -0.2% 7.9x 9.6x
CGH 155 0.51 0.51 0.52 0.49 ▼ -1.0% 3.2x 6.7x
CLO 1,138 1.47 1.47 1.47 1.45 ▼ -0.3% 6.9x 7.2x
COF 60 0.25 0.24 0.26 0.23 ▼ -6.0% 7.5x 13.9x
DCG 432 2.61 2.56 2.70 2.47 ▼ -1.9% 5.6x 6.3x
DSB 23 0.49 0.50 0.50 0.45 ▲ 3.1% 2.6x 3.6x
DOW 2,028 4.52 4.68 4.81 4.43 ▲ 3.5% 3.7x 6.6x
EAL 75 0.63 0.66 0.68 0.63 ▲ 4.8% 6.8x 7.9x
EGN 47 0.17 0.15 0.17 0.15 ▼ -11.8% NM NM
EHL 140 0.23 0.24 0.29 0.23 ▲ 4.3% 3.2x 9.3x
EVZ 11 0.05 0.05 0.05 0.05 0.0% 7.6x 10.5x
FWD 226 3.40 3.73 3.92 3.26 ▲ 9.7% 6.4x 10.5x
FGE 463 5.66 5.37 5.66 5.25 ▼ -5.1% 3.6x 4.5x
GCS 93 0.53 0.55 0.56 0.52 ▲ 2.8% 3.8x 6.0x
GNG 92 0.70 0.61 0.70 0.55 ▼ -12.9% 6.9x 7.6x
HDX 55 0.27 0.30 0.32 0.27 ▲ 13.2% 4.2x 6.1x
IMD 173 0.78 0.82 0.87 0.76 ▲ 5.1% 4.6x 6.1x
LEI 6,701 18.45 19.87 20.00 18.26 ▲ 7.7% 4.0x 8.3x
LCM 118 1.69 1.69 1.70 1.64 0.0% 7.4x 7.9x
LYL 186 4.75 4.77 4.80 4.70 ▲ 0.4% 5.0x 5.3x
MLD 431 2.43 2.50 2.52 2.33 ▲ 2.9% 3.5x 5.2x
MAH 182 0.14 0.15 0.16 0.14 ▲ 3.6% 1.4x 2.9x
MYE 74 0.95 0.98 1.07 0.94 ▲ 3.7% 3.1x 4.4x
MIN 2,224 11.47 11.96 12.09 11.37 ▲ 4.3% 6.8x 10.3x
MCE 78 0.81 0.83 0.86 0.80 ▲ 1.9% 7.3x 96.1x
MND 1,750 19.98 19.01 20.05 18.87 ▼ -4.9% 6.5x 7.4x
NMS 78 0.04 0.04 0.04 0.04 ▲ 10.5% 81.1x NM
NWH 418 1.59 1.50 1.61 1.50 ▼ -5.4% 3.0x 4.1x
OTC 21 0.12 0.11 0.12 0.11 ▼ -4.3% 2.3x 3.3x
PRG 312 2.52 2.64 2.65 2.39 ▲ 4.8% 6.1x 7.4x
RCR 473 3.55 3.50 3.75 3.38 ▼ -1.4% 6.7x 9.1x
RQL 45 0.17 0.18 0.19 0.17 ▲ 5.9% 3.4x 6.8x
SND 70 0.89 0.90 0.94 0.86 ▲ 1.1% 7.4x 7.9x
SDM Sedgman Limited 151 0.70 0.69 0.75 0.68 ▼ -2.1% 2.1x 4.9x
SSM Service Stream Limited 52 0.16 0.19 0.20 0.16 ▲ 19.4% NM NM
SWL 118 1.45 1.52 1.53 1.43 ▲ 4.5% 5.1x 5.6x
SXE 190 1.18 1.18 1.22 1.15 ▼ -0.4% 5.0x 6.2x
STS 30 0.45 0.47 0.48 0.43 ▲ 5.6% 2.7x 8.9x
SWK 73 0.33 0.34 0.34 0.32 ▲ 1.5% 2.4x 4.7x
TPP 7 0.05 0.05 0.05 0.05 0.0% NM NM
TSE 635 1.20 1.24 1.34 1.20 ▲ 3.3% 6.1x 12.0x
UGL 1,329 7.89 8.14 8.20 7.76 ▲ 3.2% 17.3x 32.2x
VMG 12 0.01 0.01 0.01 0.01 ▲ 22.2% NM NM
WDS 104 0.66 0.72 0.75 0.66 ▲ 9.1% 4.0x 8.8x
WOR 5,664 22.25 22.95 23.14 22.11 ▲ 3.1% 10.8x 12.2x
WTP 128 0.72 0.70 0.76 0.69 ▼ -3.5% 1.6x 7.6x
Source: Capital IQ, LCC research
UGL 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
DeltaSBD Limited
Boom Logistics Limited
EVZ Limited
Fleetwood Corporation Limited
Downer EDI 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
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
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