Morningstar - CIMIC Group Limited (CIM) Flurry of Late 2018 Contract Wins Bolster our Cimic Growth Assumptions. FVE Upgraded to AUD 34.50.

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Morningstar

Mark Taylor

EUR 100.00 For Business Accounts Only

Flurry of Late 2018 Contract Wins Bolster our Cimic Growth Assumptions. FVE Upgraded to AUD 34.50.

We increase our fair value estimate for no-moat Cimic by 8% to AUD 34.50 per share. Approximately two thirds is due an increase to our EBITDA growth assumption, and the balance simply reflects time value of money. For the group overall, we now assume EBITDA grows at a CAGR of 4.6% over the next five years to AUD 1.90 billion by 2022. This betters our prior assumption of a 3.2% CAGR to AUD 1.75 billion and reflects rebalancing in assumed growth drivers following recently announced contract wins. ...

16/01/2019 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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Flurry of Late 2018 Contract Wins Bolster our Cimic Growth Assumptions. FVE Upgraded to AUD 34.50.

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

Astra Posts Solid 2Q, Driven by Strong Cancer Drug Sales and Moving Away From One-Time Divestments

Astra Posts Solid 2Q, Driven by Strong Cancer Drug Sales and Moving Away From One-Time Divestments

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