Cimic Forecasts in the Context of Australian Infrastructure Expenditures. No Change to AUD 34.50 FVE
When combined, Australian private and public infrastructure spending is forecast to be around AUD 85 billion in 2023, or 40% below AUD 133 billion peaks reached in 2013. Our unchanged AUD 34.50 fair value estimate for no-moat Cimic assumes five-year revenue CAGR of 3.8% to AUD 17.7 billion by 2023. And that from a 2018 launch year revenue of AUD 14.7 billion, already 35% improved on the AUD 10.9 billion low plumbed in 2016. After adjusting for Cimic’s AUD 1.2 billion sale of John Holland in late...CIMIC Group is a construction company and the contract miner. Co. provides construction, mining, engineering, public-private partnerships (PPP), and operation and maintenance services to the infrastructure, resources and property markets. Co. comprises the following main segments: construction, contract mining, PPP, engineering, Habtoor Leighton Group, and commercial and residential. Co. delivers its services through several companies: CPB Contractors Pty Ltd, Leighton Asia Limited, Thiess Pty Ltd, Pacific Partnerships, and EIC Activities Pty Ltd. Co. operates across the Australia Pacific, Asia, Middle East and Americas regions in the infrastructure, resources and property markets.
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