1. 27 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 Australian market hit a five year high as it followed the lead of US stocks which continue to make gains despite a
looming deadline to raise the US debt ceiling.
According to the IMF, US government gross debt is 106% of GDP. By comparison, Australia's debt to GDP is 27%. Despite
this, it is unlikely the US has any option but to raise its debt ceiling. The Australian dollar traded down during the week to
close around the US93 cent level. Interestingly the run into Christmas may produce some IPO activity. Brokers are
definitely a little less gloomy than they have been for a few years, and a solid performance on a few of the blockbuster deals
may open the way for various Engineering & Mining Services sector private companies waiting in the wings to test the
markets in the new year.
Source: Capital IQ
News Headlines and Key Sector Developments
Ticker News/Event Ticker News/Event
BLY Has revised its previously announced agreement to amend the
terms of its existing revolving credit facility. The revised
amendments, when effective, will, among other things, reduce the
size of the revolving credit facility from US$450M to US$140M
PRG Has been awarded, through its marine services division, a
$100M contract to provide vessel management, marine and
construction manning, catering and logistical services to
Heerema Contractors for its work on the Ichthys LNG Project
GCS Released its FY13 results with revenues from continuing
operations of $200.3M (FY12: $212.2M) and NPAT of $15.3M
(FY12: $22.8M), a decline of 32.8% over the corresponding period
SDM Has been awarded a $8.9M contract to design, construct and
commission an upgrade to the coal processing plant at
Centennial Coal’s Springvale mine
MIN FMG, the principal of the Christmas Creek Site, has exercised
powers to step-in and manage Crushing Services International’s
(a MIN subsidiary) two ore processing facilities for an undisclosed
period. MIN does not anticipate a material impact on cash flow or
profitability and is confident of a quick resolution
VDM Requested a trading halt in relation to its securities pending an
announcement by the company in relation to a financing
proposal
WTP Has been awarded a $148M design and construct contract by
Healthscope to build the new Gold Coast Private Hospital in
Southport
Source: Capital IQ, Thomson Reuters, LCC research
4100
4300
4500
28 Aug 13 12 Sep 13 27 Sep 13
S&P/ASX 100 Index
0.880
0.900
0.920
0.940
0.960
28 Aug 13 12 Sep 13 27 Sep 13
AUD vs USD

2. 27 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 Week High Week Low Weekly Volume EV/ EV/
Ticker (AUD Million) (AUD) (AUD) (AUD) (AUD) % Change Trend EBITDA EBIT
AJL 365 1.35 1.37 1.39 1.32 ▲ 1.1% NM NM
ASL 517 1.66 1.66 1.70 1.61 — 0.0% 3.5x 6.3x
AAX 201 1.65 1.63 1.68 1.60 ▼ -0.9% 4.9x 6.4x
ANG 249 3.41 3.40 3.45 3.30 ▼ -0.3% 6.0x 7.3x
BLY 205 0.48 0.45 0.50 0.44 ▼ -6.2% 3.9x 11.5x
BKN 973 5.90 5.75 5.90 5.60 ▼ -2.5% 7.9x 11.6x
BYL 40 0.37 0.37 0.37 0.35 — 0.0% 2.1x 3.6x
BOL 89 0.17 0.19 0.19 0.17 ▲ 11.8% 3.8x 8.3x
BSA 33 0.15 0.15 0.15 0.14 — 0.0% 3.6x 8.5x
CDD 897 6.27 6.25 6.30 6.01 ▼ -0.3% 7.8x 9.4x
CGH 149 0.50 0.49 0.51 0.48 ▼ -3.0% 3.1x 6.5x
CLO 1,135 1.46 1.46 1.47 1.46 — 0.0% 6.9x 7.2x
COF 56 0.20 0.22 0.22 0.19 ▲ 10.0% 7.3x 13.5x
DCG 388 2.24 2.30 2.38 2.16 ▲ 2.7% 5.0x 5.6x
DSB 25 0.56 0.53 0.58 0.53 ▼ -4.5% 2.7x 3.7x
DOW 2,008 4.70 4.62 4.74 4.51 ▼ -1.7% 3.7x 6.6x
EAL 75 0.64 0.66 0.67 0.63 ▲ 3.1% 6.8x 7.9x
EGN 47 0.15 0.15 0.15 0.15 — 0.0% NM NM
EHL 143 0.24 0.25 0.25 0.23 ▲ 4.3% 3.2x 9.3x
EVZ 12 0.06 0.06 0.06 0.06 ▲ 3.4% 7.8x 10.8x
FWD 223 3.57 3.68 3.70 3.51 ▲ 3.1% 6.5x 10.8x
FGE 452 5.18 5.24 5.26 4.87 ▲ 1.2% 3.5x 4.4x
GCS 92 0.53 0.54 0.55 0.53 ▲ 1.9% 3.7x 6.0x
GNG 90 0.58 0.60 0.60 0.55 ▲ 4.3% 6.8x 7.5x
HDX 58 0.31 0.32 0.32 0.30 ▲ 3.2% 4.4x 6.4x
IMD 190 0.85 0.91 0.93 0.82 ▲ 7.1% 5.0x 6.6x
LEI 6,657 18.60 19.74 19.85 18.40 ▲ 6.1% 3.9x 8.3x
LCM 123 1.70 1.76 1.77 1.70 ▲ 3.5% 7.8x 8.3x
LYL 178 5.10 4.57 5.30 4.57 ▼ -10.4% 4.7x 5.1x
MLD 428 2.48 2.48 2.55 2.35 — 0.0% 3.4x 5.2x
MAH 163 0.14 0.13 0.14 0.13 ▼ -7.1% 1.3x 2.7x
MYE 75 1.10 0.99 1.10 0.99 ▼ -9.6% 3.1x 4.5x
MIN 2,050 12.20 11.02 12.25 10.62 ▼ -9.7% 6.3x 9.6x
MCE 68 0.71 0.72 0.76 0.68 ▲ 0.7% 6.4x 83.7x
MND 1,788 19.00 19.37 19.84 18.71 ▲ 1.9% 6.7x 7.6x
NMS 96 0.05 0.05 0.05 0.05 ▲ 4.0% 102.4x NM
NWH 413 1.50 1.48 1.54 1.45 ▼ -1.0% 3.0x 4.1x
OTC 20 0.11 0.10 0.12 0.10 ▼ -9.1% 2.3x 3.2x
PRG 323 2.70 2.73 2.75 2.58 ▲ 1.1% 6.2x 7.6x
RCR 503 3.58 3.72 3.72 3.48 ▲ 3.9% 7.2x 9.8x
RQL 44 0.18 0.18 0.18 0.17 — 0.0% 3.3x 6.7x
SND 69 0.90 0.89 0.90 0.88 ▼ -1.7% 7.2x 7.7x
SDM Sedgman Limited 172 0.73 0.77 0.78 0.73 ▲ 5.5% 2.7x 6.2x
SSM Service Stream Limited 48 0.18 0.17 0.18 0.17 ▼ -5.6% NM NM
SWL 110 1.58 1.42 1.58 1.37 ▼ -10.4% 4.6x 5.0x
SXE 197 1.18 1.22 1.25 1.16 ▲ 3.4% 5.2x 6.5x
STS 27 0.43 0.43 0.44 0.43 — 0.0% 2.5x 8.3x
SWK 82 0.34 0.38 0.39 0.34 ▲ 13.4% 2.8x 5.3x
TPP 8 0.05 0.05 0.05 0.05 — 0.0% NM NM
TSE 579 1.10 1.13 1.15 1.06 ▲ 2.7% 5.8x 11.4x
UGL 1,374 8.29 8.42 8.43 7.80 ▲ 1.6% 17.7x 33.0x
VMG 10 0.01 0.01 0.01 0.01 — 0.0% NM NM
WDS 113 0.73 0.78 0.80 0.73 ▲ 6.8% 4.3x 9.5x
WOR 6,024 23.01 24.41 24.41 22.82 ▲ 6.1% 11.4x 12.9x
WTP 140 0.70 0.76 0.79 0.69 ▲ 9.4% 1.8x 8.5x
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