Edition 460 of lcc asia pacific's Australian market update on the engineering, industrial services and contracting sector. With reporting season now well underway there are clear winners and losers in the performance of companies over the previous 12 months

1. LCC Asia Pacific Research | Australian Engineering, Contractors & Services Page 1
LCC Asia Pacific
Macro Market Research
Australian Market
Weekly Market Update
Industry Sector
Engineering, Contracting
& Industrial Technology
Week Ending 19 August 2022
Edition Number 460
Bulk Commodities Weaken Amid Fresh
Fears on China Economic Health
Nicholas Assef
Industry Lead
naa@lccapac.com
Joe Brereton
Manager
jmb@lccapac.com
Ticker News/ Event
ORI Increase in substantial ownership from 14.34% to 15.44% (Australian Super).
LLC
LendLease released FY22 financial report. Core OPAT of $276m, statutory loss after tax of $99m,
final distribution of 11 cents/share.
MLD
NRW announced unsolicited acquisition proposal for all of MACA’s shares for an implied
consideration of $1.085/share. MACA Board concluded the proposal was NOT superior to the
existing offer from Thiess. MACA has also been awarded a number of new contracts worth
approximately $90m. MACA reported FY22 Revenue of $1.65bn and EBITDA of $189m.
MGH
MAAS Group has completed a Follow-on Equity Offering in the amount of $6.4m. MGH also
released financial results for FY22. Revenue of $539.1m (+90% vs FY21), EBITDA of $125.1m
(+65% vs FY21), NPAT of $61.6m (+77% vs FY21).
EHL
Emeco released FY22 financial results. Revenue of $754m (+22% vs FY21), Operating EBITDA of
$250m (+5% vs FY21), FCF of $67m with cash conversion of 96%, ROE of 16%, Net leverage of
0.98x.
DOW
Downer released FY22 financial results. Revenue of A$11.99bn (down 2%), Net Profit of
A$151.6m (down 17%), EBIT A$323.3m (down 3.5%), Final Dividend of 12 cents/share. Downer
expects underlying net profit to be up 10-20% in FY23
ANG Austin engineering appoints David Bonomini as CFO, effective November 2022.
ASB Austal upgrades expected EBIT guidance for FY22 to $120.7m.
MIL
Millennium Services Group reported earnings results for FY22. Revenue of $260.6m (compared
to 273.7m in FY21), Net Income of $2.2m (compared to $17.4m FY21), Basic EPS of $0.0478
(compared to $0.3766 FY21).
NRW
NRW released FY22 financial results. Net Profit of $97.4m (+79% vs FY21), Revenue of $2.4bn
(+7% vs FY21), Final Dividend of 7 cents/share.
Index
Percentage change %
Fixed income Yield
Change in basis point
Week YTD 12-months Week YTD 12-months
S&P ASX 200 Price 1.17 (4.44) (4.69) 2Y Australian Note 2.83 (0.02) 3.77 127.59
Tokyo Price Index Price 1.08 0.11 5.13 5Y Australian Note 3.19 (0.01) 1.40 4.94
Straits Times Index Price (0.70) 3.93 5.17 10Y Australian Note 3.41 (0.01) 1.04 2.15
Hang Seng Index Price (2.00) (15.49) (21.90)
KOSPI 200 Index Price (1.17) (17.10) (19.30) Rate Week YTD 12-months
S&P 500 Price (1.21) (11.28) (4.02) AUD to USD 0.69 (3.32) (5.56) (4.13)
Dow Jones Industrial Price (0.16) (7.24) (3.40)
FTSE 100 (GBP) Price 0.66 2.25 6.96

2. ASX Weekly Price & Valuation
Movements
LCC Asia Pacific Research | Australian Engineering, Contractors & Services Page 9
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 126 0.51 0.49 0.51 0.49 ▼ -3.4% 8.3x 18.8x
ASX:AJL AJ Lucas Group Limited 102 0.09 0.09 0.09 0.08 ▼ -5.6% 11.8x 19.4x
ASX:BOL Boom Logistics Limited 71 NA 0.17 0.17 0.16 ▲ 3.1% 2.8x 18.6x
ASX:BPP Babylon Pump & Power Limited 17 NA 0.01 0.01 0.01 ▲ 7.7% NM NM
ASX:BSA BSA Limited 33 0.06 0.06 0.06 0.06 ▲ 1.8% NM NM
ASX:CDD Cardno Limited 20 0.61 0.52 0.62 0.36 ▼ -15.6% (0.1x) (0.2x)
ASX:CVL Civmec Limited NA 0.62 0.63 0.63 0.62 ▲ 5.0% NA NA
ASX:DCG Decmil Group Limited 38 0.22 0.25 0.26 0.22 ▲ 19.5% NM NM
ASX:DOW Downer EDI Limited 3,661 5.61 5.43 5.67 5.11 ▼ -3.2% 9.5x 24.2x
ASX:DRA DRA Global Limited 110 NA 2.03 NA NA — 0.0% 0.2x 0.3x
ASX:DUR Duratec Limited 94 0.39 0.39 0.40 0.38 — 0.0% 7.1x 15.0x
ASX:EGN Engenco Limited 148 NA 0.47 0.48 0.47 ▲ 4.4% 10.7x 23.0x
ASX:FWD Fleetwood Limited 160 1.74 1.70 1.74 1.70 ▼ -2.3% 6.0x 30.7x
ASX:GNG GR Engineering Services Limited 375 2.37 2.32 2.47 2.23 ▼ -1.3% 6.2x 6.9x
ASX:GNP GenusPlus Group Limited 212 1.16 1.20 1.20 1.14 ▲ 5.3% 7.2x 9.9x
ASX:JLG Johns Lyng Group Limited 2,029 7.72 7.82 7.99 7.67 ▲ 2.6% 33.3x 40.8x
ASX:LLC Lendlease Group 7,105 10.27 10.40 10.52 10.20 ▲ 1.2% 48.2x NM
ASX:LYL Lycopodium Limited 238 6.00 6.01 6.25 5.96 ▲ 0.2% 5.1x 5.8x
ASX:MCE Matrix Composites & Engineering Ltd 30 0.21 0.21 0.25 0.20 ▲ 13.9% NM NM
ASX:MND Monadelphous Group Limited 1,091 11.40 11.44 11.50 11.12 ▲ 1.2% 10.1x 15.0x
ASX:RDG Resource Development Group Limited 182 0.05 0.06 0.08 0.05 ▲ 23.5% 51.9x 86.2x
ASX:SND Saunders International Limited 113 1.06 1.06 1.08 1.06 ▲ 0.5% 9.1x 11.7x
ASX:SRG SRG Global Limited 312 0.70 0.70 0.72 0.66 — 0.0% 5.6x 10.8x
ASX:SSM Service Stream Limited 644 1.00 1.05 1.06 0.99 ▲ 3.5% 12.2x 23.9x
ASX:SXE Southern Cross Electrical Engineering Limited 187 0.73 0.72 0.74 0.70 ▲ 1.4% 4.6x 6.4x
ASX:SOP Synertec Corporation Limited 68 0.18 0.19 0.19 0.18 ▲ 5.6% NM NM
ASX:TPP Tempo Australia Limited 16 NA 0.05 NA NA — 0.0% NM NM
ASX:VRS Veris Limited 39 0.07 0.08 0.08 0.07 ▲ 11.9% 12.8x NM
ASX:WOR Worley Limited 7,424 14.20 14.15 14.40 13.82 ▼ -0.8% 14.2x 21.3x
ASX:ZGL Zicom Group Limited 15 0.07 0.07 0.08 0.07 ▲ 3.0% NM NM
ASX:AMX Aerometrex Limited 43 0.47 0.46 0.50 0.42 ▲ 7.0% 9.9x NM
ASX:ANG Austin Engineering Limited 157 0.28 0.27 0.28 0.26 ▲ 3.8% 8.9x 11.9x
ASX:BLY Boart Longyear Group Ltd. 651 2.25 2.20 2.25 2.20 ▼ -0.5% 5.4x 8.8x
ASX:DDB Dynamic Group Holdings Limited 41 0.35 0.35 0.35 0.35 — 0.0% 5.3x 15.0x
ASX:DDH DDH1 Limited 348 0.87 0.85 0.88 0.83 ▼ -0.6% 4.3x 6.2x
ASX:EHL Emeco Holdings Limited 464 0.84 0.89 0.89 0.80 ▲ 8.5% 2.9x 5.9x
ASX:IMD Imdex Limited 781 2.08 1.97 2.08 1.88 ▼ -3.0% 7.8x 11.9x
ASX:IPL Incitec Pivot Limited 7,186 3.73 3.70 3.78 3.68 ▼ -1.1% 6.4x 8.8x
ASX:MAH Macmahon Holdings Limited 357 0.17 0.17 0.18 0.16 ▲ 3.0% 2.3x 7.2x
ASX:MGH MAAS Group Holdings Limited 1,287 4.02 4.16 4.25 4.02 ▲ 3.5% 15.6x 22.4x
ASX:MIN Mineral Resources Limited 11,491 60.25 60.90 61.99 57.59 ▲ 2.6% 9.5x 12.7x
ASX:MLD MACA Limited 362 1.01 1.06 1.07 1.00 ▲ 6.0% 3.0x 8.8x
ASX:MSV Mitchell Services Limited 81 0.38 0.36 0.38 0.36 ▼ -5.3% 3.4x 62.5x
ASX:MYE Metarock Group Limited 65 0.53 0.50 0.54 0.47 ▼ -3.8% 7.5x 42.1x
ASX:NWH NRW Holdings Limited 1,029 2.29 2.29 2.40 2.22 ▲ 1.3% 4.4x 8.3x
ASX:ORI Orica Limited 7,026 15.56 15.61 15.77 15.46 ▲ 0.3% 10.7x 18.6x
ASX:PRN Perenti Global Limited 495 0.75 0.71 0.75 0.68 ▼ -5.4% 2.8x 10.2x
ASX:RUL RPMGlobal Holdings Limited 365 1.61 1.58 1.65 1.55 ▼ -1.3% 217.3x NM
ASX:AEI Aeris Environmental Ltd 13 0.06 0.05 0.06 0.05 ▼ -3.6% NM NM
ASX:ALQ ALS Limited 5,897 11.89 12.18 12.24 11.89 ▲ 2.4% 14.0x 19.2x
ASX:ASB Austal Limited 995 2.69 2.76 2.82 2.55 ▲ 2.6% 6.3x 8.9x
ASX:HIL Hills Limited 19 0.09 0.08 0.09 0.08 ▼ -2.3% 12.1x NM
ASX:IMB Intelligent Monitoring Group Limited 10 0.09 0.08 0.09 0.08 ▼ -10.2% 7.8x NM
ASX:LBL LaserBond Limited 84 0.76 0.77 0.77 0.75 ▲ 2.3% 12.6x 22.0x
ASX:MIL Millennium Services Group Limited 19 0.36 0.41 0.41 0.36 ▲ 18.8% 2.7x 5.5x
ASX:MSG MCS Services Limited 9 0.04 0.05 0.05 0.04 ▲ 15.4% 2.4x 2.6x
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
mentioned in this report.
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. Information in this market update is sourced from a
variety of data points including Factset, News Outlets, the Australian Stock Exchange & company reports, media releases and
related content.
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upon as the sole basis for any investment decision or planning, and LCC does not accept any responsibility on this basis for actions
made. © LCC Asia Pacific research@lccapac.com
Thanks to Joe Brereton who oversees the publication of this weekly market update & to Oskar Frith who assists in its preparation.
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corporate finance & strategy advice to clients in Australia and across Asia Pacific
markets. We have acted for ambitious clients ranging from “emerging” companies,
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