Morningstar - CIMIC Group Limited (CIM) Cimic FVE Upgraded 4% to AUD 29.00 on Higher Mining and Services Margin Assumptions

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Morningstar

Mark Taylor

Cimic FVE Upgraded 4% to AUD 29.00 on Higher Mining and Services Margin Assumptions

We increase our fair value estimate by 4% to AUD 29.00 from AUD 28.00, due to a combination of stronger forecast midcycle margins and the time-value-of-money. Lower-than-previously-anticipated revenue growth is a partial offset. We increase our midcycle group EBITDA margin assumption to 11.2% from 10.2% following reassessment of prospects. This is close to group EBITDA margin of 11.4% Cimic reported for first-quarter 2018. The company has achieved consistent 20.0% EBITDA margins from Thiess Mini...

05/06/2018 13 EN

Underlying

CIMIC Group Limited

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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AU000000CIM7 Australian Securities Exchange Australia

Provider

Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

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Analysts

Mark Taylor

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Cimic FVE Upgraded 4% to AUD 29.00 on Higher Mining and Services Margin Assumptions

With a more favourable environment, CIMIC GROUP improves to Slightly Positive

Monthly LMI Update Independent Investment Research

2020 Asset Allocation and ASX Outlook

Business as Usual for No-Moat Lonza; Specialty Ingredients Carve-Out on Track for 2020

Sasol Provides Full-Year Production Update

Sasol Provides Full-Year Production Update

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