No-Moat Cimic Maintains 2019 NPAT Guidance After an Affirming 1Q. No Change to FVE.
We make no change to our AUD 34.50 per share fair value estimate for no-moat Cimic. The company confirmed 2019 NPAT guidance of AUD 790-840 million after announcing first-quarter 2019 NPAT up 5% year on year to AUD 181 million, in line with expectations. Our 2019 NPAT forecast is unchanged at a guidance high-end AUD 840 million or AUD 2.59 per share.Cimic reported quarter’s-end work-in-hand of AUD 36.9 billion, little changed from December 2018’s AUD 36.7 billion. Larger first-quarter wins incl...
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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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.
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