1. 16 August 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
Despite strong gains early in the week, the market finished flat as investors struggled to digest Australian earnings reports,
positive euro-zone growth numbers and weak earnings from Wall Street. The Australian Dollar ended the week slightly
under 92 US cents.
In positive news, China has ramped up investment in urban rail network constructions with local economic planning agencies
fast tracking approvals of plans to boost growth in the world's second-largest economy. The total capital cost is expected to
be $486-648B, with $196B by 2015 in city railways, according to the China City Railway Association.
Source: Capital IQ
News Headlines and Key Sector Developments
Ticker News/Event Ticker News/Event
BKN Reported a NPAT for FY13 of $66.9M, however this included a
one-off pre-tax charge of $30.4M relating to the Federal Court
proceedings associated with the Norcast acquisition, which will be
written back to profit if BKN’s appeal is successful. While statutory
EBITDA was $183.6M, underlying EBITDA before the costs
resulting from the Federal Court action was $214.0M, a decrease
of only 2% on the previous year
MCE Announced FY13 revenue of $145.5M up 0.5% from FY12.
EBITDA was $7.5M and the company will record a net loss
after tax of $2.9M. Going forward, MCE maintains that the
macro outlook for the oil and gas sector remains strong with
an increasing number of newbuilds and the deployment of
subsea hardware expected to increase significantly from 2013
to 2017
BOL Announced a statutory net loss after tax for FY13 of $2.5M (FY12:
net profit of $19.7M). EBIT was $7.1M in FY13 (FY12: $37.2M).
The trading profit after tax was $10.7M compared to $18.5M in
FY12 and $5.4M in FY11. Trading EBIT was $26.0M compared to
$35.5M in FY12 and $23.2M in FY11
MIN A worker at the Christmas Creek Mine site has been fatally
injured. The relevant civil and mine safety authorities have
been advised and MIN is assisting Fortescue and authorities to
investigate the incident
CGH Reported FY13 results with revenue of $711.3M, a 27% increase
on FY12: $560.9M. Underlying EBITDA was $59.8M, a 20%
decrease on FY2012: $75.2M. Going forwards, a significant
reduction in overhead cost base for FY14 (in excess of $25M
compared to FY2013 cost base) has repositioned CGH to
maintain earnings and competiveness in FY14
WOR Announced NPAT of $322M for the year ended 30 June 2013,
down 7% on previous year. Record aggregated revenue was
up 4% to $7,627M. EBIT was down 1% to $527M. EBIT
margin on aggregated revenue was 6.9% (down from 7.2%)
although it did improve from 6.5% in the first half to 7.3% in the
second half
HDX Has been placed in trading halt pending the release of an
announcement by HDX
WTP Has entered into an unconditional contract to sell its Joule
development site in Newstead to Tatts Group (ASX: TTS) for
$8M. WTP CEO, Martin Monro, said WTP’s decision to sell the
site forms part of the Group’s ongoing strategy to divest
property assets to recycle capital back into existing businesses
Source: Capital IQ, Thomson Reuters, LCC research
4000
4200
4400
17 Jul 13 1 Aug 13 16 Aug 13
S&P/ASX 100 Index
0.880
0.900
0.920
0.940
17 Jul 13 1 Aug 13 16 Aug 13
AUD vs USD

2. 16 August 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 412 1.50 1.54 1.59 1.50 ▲ 2.7% NM NM
ASL 433 1.16 1.39 1.43 1.16 ▲ 19.4% 3.1x 5.3x
AAX 206 1.53 1.67 1.72 1.53 ▲ 9.5% 3.2x 3.7x
ANG 315 4.00 4.30 4.49 3.94 ▲ 7.5% 6.1x 7.1x
BLY 264 0.52 0.58 0.62 0.51 ▲ 11.5% 2.5x 3.9x
BKN 968 5.11 5.72 5.95 5.01 ▲ 11.9% 7.8x 11.6x
BYL 32 0.29 0.30 0.31 0.29 ▲ 1.7% 1.9x 3.1x
BOL 71 0.15 0.15 0.17 0.13 ▲ 3.4% 3.4x 7.5x
BSA 38 0.17 0.17 0.17 0.17 ▼ -2.9% 4.7x 12.0x
CDD 887 5.87 6.17 6.47 5.87 ▲ 5.1% 7.6x 8.9x
CGH 157 0.37 0.51 0.52 0.35 ▲ 39.7% 2.9x 6.1x
CLO 1108 1.42 1.43 1.43 1.42 ▲ 0.7% 10.0x 10.3x
COF 54 0.16 0.21 0.21 0.16 ▲ 31.3% 6.4x 12.9x
DCG 358 1.97 2.13 2.18 1.96 ▲ 8.1% 3.8x 4.1x
DSB 20 0.43 0.42 0.43 0.39 ▼ -2.3% 2.7x 3.5x
DOW 1812 4.18 4.18 4.47 4.12 0.0% 3.4x 6.0x
EAL 69 0.62 0.61 0.64 0.61 ▼ -0.8% 7.9x 9.8x
EGN 53 0.17 0.17 0.17 0.17 0.0% NM NM
EHL 119 0.21 0.21 0.23 0.20 ▼ -2.4% 2.3x 4.9x
EVZ 12 0.06 0.06 0.06 0.05 ▲ 1.8% 8.3x 13.7x
FWD 250 3.80 4.13 4.28 3.78 ▲ 8.7% 4.1x 5.4x
FGE 431 4.50 5.00 5.08 4.50 ▲ 11.1% 3.3x 4.2x
GCS 88 0.53 0.52 0.56 0.51 ▼ -2.8% 3.6x 5.4x
GNG 73 0.46 0.49 0.49 0.46 ▲ 6.6% 4.3x 4.7x
HDX 45 0.25 0.25 0.25 0.24 0.0% 3.8x 5.7x
IMD 160 0.76 0.76 0.81 0.74 ▲ 0.7% 3.2x 3.7x
LEI 5571 15.85 16.52 17.35 15.82 ▲ 4.2% 3.4x 7.2x
LCM 103 1.47 1.47 1.50 1.46 ▼ -0.3% 5.5x 5.8x
LYL 164 4.10 4.21 4.30 4.08 ▲ 2.7% 3.8x 4.0x
MLD 347 1.90 2.01 2.09 1.90 ▲ 5.8% 3.6x 5.5x
MAH 207 0.14 0.17 0.17 0.14 ▲ 17.9% 1.3x 2.3x
MYE 73 0.85 0.97 0.99 0.85 ▲ 14.1% 2.6x 3.4x
MIN 1944 10.29 10.45 10.91 10.26 ▲ 1.6% 6.1x 9.1x
MCE 86 0.88 0.91 0.91 0.87 ▲ 4.0% NM NM
MND 1691 16.56 18.60 19.20 16.56 ▲ 12.3% 6.7x 7.6x
NMS 67 0.04 0.04 0.04 0.03 ▲ 14.3% 68.3x NM
NWH 321 1.00 1.15 1.20 0.99 ▲ 15.0% 1.7x 2.1x
OTC 17 0.07 0.09 0.09 0.07 ▲ 17.6% 1.8x 2.5x
PRG 288 2.37 2.44 2.48 2.37 ▲ 3.0% 5.7x 6.9x
RCR 344 2.41 2.60 2.72 2.41 ▲ 7.9% 5.1x 7.1x
RQL 40 0.16 0.16 0.18 0.16 ▲ 3.2% 2.8x 4.4x
SND 73 0.92 0.93 0.93 0.90 ▲ 1.6% 8.5x 9.1x
SDM Sedgman Limited 148 0.64 0.67 0.69 0.64 ▲ 4.7% 1.4x 2.1x
SSM Service Stream Limited 47 0.15 0.17 0.19 0.14 ▲ 13.8% 2.1x 2.4x
SWL 105 1.25 1.35 1.35 1.25 ▲ 8.4% 9.7x 12.2x
SXE 163 1.02 1.01 1.02 0.99 ▼ -0.5% 5.2x 6.3x
STS 22 0.34 0.35 0.35 0.34 ▲ 2.9% 2.1x 5.1x
SWK 50 0.31 0.30 0.31 0.30 ▼ -1.6% 1.7x 3.3x
TPP 9 0.06 0.06 0.06 0.05 0.0% NM NM
TSE 456 0.89 0.89 0.95 0.87 0.0% 5.1x 9.8x
UGL 1168 7.52 7.12 7.75 7.00 ▼ -5.3% 11.6x 21.9x
VMG 18 0.02 0.02 0.02 0.02 0.0% NM NM
WDS 84 0.58 0.58 0.60 0.56 0.0% 3.5x 7.8x
WOR 5496 20.41 22.27 23.38 20.41 ▲ 9.1% 10.0x 11.9x
WTP 98 0.50 0.53 0.54 0.50 ▲ 6.0% NM NM
Source: Capital IQ, LCC research
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
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
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
DeltaSBD Limited
Boom Logistics Limited
EVZ Limited
Fleetwood Corporation Limited
Downer EDI 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
UGL Limited