Lincoln Crowne & Company's Weekly Update on the Engineering & Contracting Sector in Australia - for the period ended Friday 20th September 2013

1. 20 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 1 / 2
Market review
The market was up and the Australian dollar surged past US94 cents after the Federal Reserve decided to continue its
US$85B a month bond-buying program. While this stimulus should deliver short-term gains, it also suggests that the US is
not recovering as quickly as desired.
Australian spending rose by 0.3% in August, the slowest growth rate in 11 months, according to the latest Commonwealth
Bank Business Sales Indicator released last week. This followed growth of 0.4% in July and 0.6% in June.
Source: Capital IQ
News Headlines and Key Sector Developments
Ticker News/Event Ticker News/Event
BSA Received correspondence from the NSW Office of State Revenue
concerning a possible payroll tax-related liability of approximately
$11.7M for the six year period 2008-2013. BSA expects the likely
range of settlement (including costs) to be $2M -$5M
LEI John Holland has been awarded a $257M sub-contract to
construct nearly 350km of heavy haulage railway track for the
Roy Hill Iron Ore Project in Western Australia
BYL Has been awarded a $15M contract to undertake additional
carpark expansion works at Perth Airport
NWH Has signed a contract with Samsung C & T Corporation for
construction of the rail formation for the main line between the
Roy Hill Mine site and Port Hedland. The contract has an
approximate value of $620M
CGH Has been awarded a $14M contract by the Singapore Land
Transport Authority for construction engineering and supervisory
services on the 30km Thomson underground rail line in Singapore
SWL Won a $43M contract for the upgrade, widening and
realignment of Brisbane Water Drive and Manns Road at West
Gosford in NSW
FGE MMG Limited has terminated the EPC contract with Forge for its
Dugald River processing facility in Queensland. The contract was
worth $290M
VMG Has entered into a non-binding agreement to divest its VDM
Construction (Eastern Operations) business (“Construction
East”) for a cash consideration of $2.75M
LEI Thiess Sedgman Joint Venture has been awarded a $186M
contract to design and construct a Coal Handling and Preparation
Plant for Boggabri Coal Pty Ltd. The contract has a direct value to
LEI of $124M through its wholly-owned subsidiary Thiess and its
33% stake in SDM
WOR Entered into a global enterprise frame agreement with Shell
covering surface facilities capital projects for unconventional oil
and gas assets. The 5 year agreement plus optional 5 year
renewal provides for the full range of engineering, procurement
and construction management services
Source: Capital IQ, Thomson Reuters, LCC research
4100
4300
4500
21 Aug 13 5 Sep 13 20 Sep 13
S&P/ASX 100 Index
0.880
0.900
0.920
0.940
0.960
21 Aug 13 5 Sep 13 20 Sep 13
AUD vs USD

2. 20 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 373 1.40 1.40 1.43 1.35 0.0% NM NM
ASL 526 1.69 1.69 1.82 1.67 ▼ -0.3% 3.5x 6.4x
AAX 205 1.69 1.66 1.78 1.63 ▼ -1.5% 5.0x 6.5x
ANG 252 3.48 3.45 3.52 3.35 ▼ -0.9% 6.1x 7.4x
BLY 223 0.50 0.49 0.50 0.48 ▼ -1.0% 3.9x 11.7x
BKN 1,014 5.90 5.99 6.04 5.66 ▲ 1.5% 8.1x 12.0x
BYL 41 0.38 0.37 0.38 0.36 ▼ -2.6% 2.1x 3.6x
BOL 82 0.18 0.18 0.18 0.16 0.0% 3.7x 8.0x
BSA 32 0.17 0.14 0.17 0.13 ▼ -17.6% 3.6x 8.3x
CDD 906 6.40 6.31 6.45 6.15 ▼ -1.4% 7.8x 9.5x
CGH 155 0.51 0.51 0.52 0.48 ▼ -1.0% 3.2x 6.7x
CLO 1,134 1.46 1.46 1.47 1.46 0.0% 6.9x 7.2x
COF 52 0.24 0.21 0.24 0.21 ▼ -12.8% 7.1x 13.0x
DCG 381 2.56 2.26 2.67 2.25 ▼ -11.7% 4.9x 5.5x
DSB 26 0.50 0.56 0.56 0.49 ▲ 11.0% 2.7x 3.8x
DOW 2,072 4.77 4.78 4.89 4.65 ▲ 0.2% 3.7x 6.8x
EAL 72 0.65 0.64 0.66 0.61 ▼ -0.8% 6.6x 7.8x
EGN 47 0.15 0.15 0.15 0.15 0.0% NM NM
EHL 140 0.25 0.24 0.27 0.24 ▼ -2.0% 3.2x 9.3x
EVZ 12 0.05 0.06 0.06 0.05 ▲ 20.0% 7.8x 10.8x
FWD 218 3.75 3.61 3.75 3.52 ▼ -3.7% 6.3x 10.2x
FGE 448 5.44 5.20 5.50 5.20 ▼ -4.4% 3.5x 4.3x
GCS 89 0.55 0.53 0.55 0.53 ▼ -4.5% 3.7x 5.9x
GNG 86 0.61 0.58 0.62 0.57 ▼ -5.7% 6.5x 7.1x
HDX 56 0.30 0.31 0.34 0.30 ▲ 3.3% 4.3x 6.3x
IMD 179 0.83 0.85 0.99 0.80 ▲ 3.0% 4.8x 6.3x
LEI 6,333 20.00 18.78 20.02 18.78 ▼ -6.1% 3.8x 7.9x
LCM 119 1.66 1.71 1.71 1.63 ▲ 2.7% 7.5x 8.0x
LYL 198 4.80 5.09 5.15 4.78 ▲ 6.0% 5.4x 5.7x
MLD 431 2.51 2.50 2.60 2.42 ▼ -0.4% 3.5x 5.2x
MAH 176 0.15 0.14 0.15 0.14 ▼ -3.4% 1.4x 2.8x
MYE 87 0.98 1.15 1.18 0.98 ▲ 17.3% 3.6x 5.1x
MIN 2,269 11.71 12.20 12.35 11.67 ▲ 4.2% 6.9x 10.5x
MCE 66 0.83 0.70 0.83 0.67 ▼ -15.8% 6.2x 81.5x
MND 1,758 19.08 19.10 19.43 18.73 ▲ 0.1% 6.5x 7.4x
NMS 87 0.04 0.05 0.05 0.04 ▲ 17.5% 91.7x NM
NWH 418 1.50 1.50 1.53 1.42 0.0% 3.0x 4.1x
OTC 21 0.11 0.11 0.12 0.11 0.0% 2.3x 3.3x
PRG 320 2.65 2.71 2.83 2.62 ▲ 2.3% 6.2x 7.6x
RCR 484 3.50 3.58 3.74 3.47 ▲ 2.3% 6.9x 9.3x
RQL 44 0.18 0.18 0.18 0.18 ▼ -2.8% 3.3x 6.7x
SND 71 0.90 0.91 0.91 0.89 ▲ 1.1% 7.5x 8.0x
SDM Sedgman Limited 163 0.69 0.73 0.77 0.66 ▲ 6.6% 2.5x 5.6x
SSM Service Stream Limited 52 0.19 0.19 0.20 0.17 ▼ -2.6% NM NM
SWL 121 1.52 1.56 1.56 1.49 ▲ 3.0% 5.4x 5.9x
SXE 191 1.19 1.18 1.20 1.14 ▼ -0.8% 5.0x 6.2x
STS 27 0.43 0.43 0.47 0.43 0.0% 2.5x 8.3x
SWK 72 0.32 0.33 0.34 0.33 ▲ 3.1% 2.4x 4.6x
TPP 8 0.05 0.05 0.06 0.05 ▲ 2.0% NM NM
TSE 569 1.26 1.11 1.28 1.11 ▼ -11.6% 5.8x 11.3x
UGL 1,363 8.20 8.35 8.44 8.12 ▲ 1.8% 17.6x 32.8x
VMG 10 0.01 0.01 0.01 0.01 ▼ -10.0% NM NM
WDS 106 0.72 0.74 0.76 0.72 ▲ 2.1% 4.1x 9.0x
WOR 5,750 23.47 23.30 23.68 22.69 ▼ -0.7% 10.9x 12.4x
WTP 129 0.71 0.70 0.72 0.69 ▼ -1.4% 1.6x 7.7x
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