The document is a weekly report from Lincoln Crowne & Company that provides commentary on the Australian engineering and mining services sector. It includes a disclaimer, macro market commentary on the sector, news headlines and key developments for various companies, and a sector performance table with stock prices and valuation metrics. The report aims to inform readers and clients about recent performance in the sector.

1. 19 July 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.
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WEEKLYAustralianEngineering&MiningServices
Macro Market Commentary
The market was mostly flat across the week as fears over Chinese growth figures were largely offset by positive US news as
Federal Reserve Chairman Ben Bernanke indicated Congress can do more to help the US economy. The Australian dollar
was up, ending the week at US91.9 cents. LCC expects some exchange rate volatility as the market attempts to gauge the
outlook for US quantitative easing following Bernanke's comments.
Ratings firm Moody's has also raised its outlook on the US economy to "stable" from "negative". The action reflects Moody's
assessment that the federal government's debt is on a more sustainable path.
Kevin Rudd announced he will dump the carbon tax, replacing it with an emissions trading scheme. Axing the current fixed
price for a market determined floating price could see the cost of carbon drop to as little as $6 a tonne.
Source: Capital IQ
News Headlines and Key Sector Developments
Ticker News/Event Ticker News/Event
AZG The convening period within which the Joint and Several
Administrators must convene the meeting of AZG’s creditors has
been extended up to and including 11 October 2013. This will
enable further investigations into the AZG’s affairs to be conducted
NWH Has received a notice of award of contract in respect to Bulk
Earthworks and Road construction at BHP Billiton Iron Ore’s
Mooka Ore Car Repair Shop. The contract is valued at
approximately $31M
BLY Standard & Poor’s has downgraded the BLY’s debt ratings as
follows: Corporate Family Rating and senior unsecured note rating
– downgraded from BB- to B+ and rating outlook is stable
OTC It’s wholly owned subsidiary Whelans Australia has been
awarded contracts totalling $4.3M for Survey Services and
Aerial Acquisition works
CGH Has been awarded an EPCM contract valued at approximately
$30M by BHP Billiton Iron Ore for the execution of the Ore Car
Repair Shop project at Mooka, Western Australia. Work is
expected to be completed in 2016. CGH has also been awarded
the Definitive Engineering Study for Rio Tinto’s Koodaideri Mine
and Rail Projects in Western Australia. Work on both studies is
due for completion by the end of March 2014 and carries a
combined value of approximately $30M
RCR RCR’s $140M takeover of infrastructure engineering company
Norfolk Group Limited (NFK) is set to proceed after Federal
Court approval was obtained. NFK securities were suspended
from quotation at the close of trading on 19 July 2013. Lincoln
Crowne & Company advised RCR on the transaction
DOW Downer Blasting Services had been awarded $230 million in
contract extensions with Yancoal Australia Ltd, Sojitz Corporation
Ltd and Saracen Mineral Holdings Ltd, each comprising complete
down-the-hole services
Source: Capital IQ, Thomson Reuters, LCC research
3800
4000
4200
19 Jun 13 4 Jul 13 19 Jul 13
S&P/ASX 100 Index
0.900
0.920
0.940
0.960
19 Jun 13 4 Jul 13 19 Jul 13
AUD vs USD

2. 19 July 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.
Page 2 / 2
WEEKLYAustralianEngineering&MiningServices
Market Cap Open Price Close Price High Low Weekly Volume TEV/ TEV/
Ticker (AUD Million) (AUD) (AUD) (AUD) (AUD) % Change Trend EBITDA EBIT
AJL 348 1.23 1.30 1.30 1.11 ▲ 5.7% NM NM
ASL 356 1.02 1.14 1.26 0.98 ▲ 11.8% 2.8x 4.9x
AAX 257 2.08 2.08 2.18 2.05 0.0% 3.9x 4.6x
ANG 263 3.47 3.59 3.73 3.44 ▲ 3.5% 5.3x 6.1x
BLY 246 0.50 0.54 0.65 0.49 ▲ 9.1% 2.4x 3.8x
BKN 794 5.25 4.72 5.37 4.72 ▼ -10.1% 5.3x 7.0x
BYL 30 0.28 0.28 0.30 0.27 ▼ -1.8% 1.8x 2.9x
BOL 59 0.12 0.13 0.13 0.11 ▲ 8.7% 2.8x 5.0x
BSA 39 0.17 0.17 0.18 0.17 0.0% 4.8x 12.2x
CDD 802 5.41 5.58 5.69 5.35 ▲ 3.1% 7.0x 8.1x
CGH 108 0.32 0.35 0.37 0.31 ▲ 11.1% 1.6x 2.4x
CLO 910 1.21 1.17 1.22 1.14 ▼ -3.3% 7.8x 8.1x
COF 36 0.14 0.14 0.16 0.14 0.0% 3.4x 4.6x
DCG 348 2.02 2.07 2.10 1.98 ▲ 2.5% 3.7x 4.0x
DSB 18 0.34 0.38 0.38 0.34 ▲ 11.8% 2.6x 3.4x
DOW 1677 3.84 3.87 4.01 3.70 ▲ 0.8% 3.5x 6.2x
EAL 61 0.56 0.54 0.58 0.54 ▼ -3.6% 7.2x 8.9x
EGN 48 0.15 0.16 0.16 0.15 ▲ 3.3% NM NM
EHL 160 0.25 0.28 0.30 0.25 ▲ 10.0% 2.5x 5.3x
EVZ 11 0.06 0.06 0.07 0.06 0.0% 8.1x 13.5x
FWD 246 4.39 4.07 4.40 4.06 ▼ -7.3% 4.0x 5.3x
FGE 419 5.15 4.86 5.18 4.81 ▼ -5.6% 3.2x 4.0x
GCS 74 0.45 0.44 0.45 0.44 ▼ -3.3% 3.3x 5.0x
GNG 66 0.43 0.44 0.47 0.43 ▲ 2.3% 3.7x 4.0x
HDX 47 0.22 0.26 0.28 0.21 ▲ 20.9% 3.9x 5.9x
IMD 166 0.74 0.79 0.85 0.69 ▲ 6.8% 3.3x 3.8x
LEI 5800 18.48 17.20 18.87 16.86 ▼ -6.9% 3.3x 6.8x
LCM 104 1.44 1.48 1.50 1.40 ▲ 3.1% 5.6x 5.9x
LYL 160 4.50 4.10 4.50 4.06 ▼ -8.9% 3.7x 3.9x
MLD 331 1.91 1.92 2.06 1.87 ▲ 0.8% 3.5x 5.2x
MAH 188 0.14 0.15 0.15 0.13 ▲ 7.1% 1.2x 2.1x
MYE 49 0.70 0.65 0.70 0.61 ▼ -7.1% 1.9x 2.4x
MIN 1709 8.88 9.19 9.53 8.75 ▲ 3.5% 7.1x 10.7x
MCE 82 0.84 0.87 0.92 0.84 ▲ 3.6% NM NM
MND 1560 16.35 17.15 17.20 15.43 ▲ 4.9% 6.1x 7.0x
NMS 65 0.04 0.04 0.04 0.04 ▼ -5.4% 66.1x NM
NFK 77 0.47 0.48 0.48 0.47 ▲ 1.1% NM NM
NWH 297 1.03 1.07 1.17 0.98 ▲ 3.4% 1.6x 2.0x
OTC 11 0.05 0.06 0.06 0.05 ▲ 9.4% 1.3x 1.8x
PRG 290 2.53 2.45 2.55 2.35 ▼ -3.2% 5.7x 7.0x
RCR 303 2.25 2.29 2.33 2.21 ▲ 1.8% 4.4x 6.1x
RQL 41 0.17 0.17 0.17 0.16 0.0% 2.8x 4.5x
SND 66 0.80 0.84 0.84 0.80 ▲ 5.0% 7.4x 8.0x
SDM 154 0.68 0.70 0.71 0.67 ▲ 3.7% 1.5x 2.2x
SWL 83 1.06 1.07 1.07 1.05 ▲ 1.4% 6.7x 8.4x
SXE 162 1.00 1.00 1.00 0.95 0.0% 5.1x 6.2x
STS 21 0.34 0.34 0.35 0.34 0.0% 2.1x 5.0x
SWK 48 0.29 0.29 0.30 0.29 ▼ -1.7% 1.7x 3.2x
TPP 7 0.05 0.05 0.05 0.05 0.0% NM NM
TSE 435 0.85 0.85 0.96 0.83 0.0% 5.0x 9.6x
UGL 1258 7.76 7.67 8.11 7.52 ▼ -1.2% 9.4x 12.8x
VMG 16 0.01 0.02 0.02 0.01 ▲ 30.8% NM NM
WDS 53 0.38 0.37 0.38 0.36 ▼ -3.9% 2.5x 5.5x
WOR 5427 21.63 21.99 21.99 21.12 ▲ 1.7% 10.4x 11.5x
WTP 104 0.59 0.57 0.59 0.56 ▼ -4.2% NM NM
Source: Capital IQ, LCC research
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
Ausdrill Limited
Downer EDI Limited
Hughes Drilling Pty Limited
Transfield Services Limited
Swick Mining Services Limited
Tempo Australia Limited
Programmed Maintenance Services
Norfolk Group Limited
Neptune Marine Services Limited
Monadelphous Group Limited
Mineral Resources Limited
Company Name
AJ Lucas Group Limited
Boart Longyear Limited
GR Engineering Services Limited
Calibre Group Limited
E&A Limited
Bradken Limited
DeltaSBD Limited
Boom Logistics Limited
EVZ Limited
Fleetwood Corporation Limited
Ausenco Limited
Watpac Limited
Lycopodium Limited
MACA Limited
MacMahon Holdings Limited
Mastermyne Limited
WorleyParsons Limited
Sedgman Limited
VDM Group Limited
WDS Limited
Structural Systems Limited
Resource Equipment Limited
Saunders International Limited
Southern Cross Electrical Engineering
Matrix Composites & Engineering
OTOC Limited
RCR Tomlinson Limited
NRWHoldings Limited
Logicamms Limited
Imdex Limited
Seymour Whyte Limited
UGL Limited
Leighton Holdings Limited