Cimic In Line With Expectations at the 2017 3Q Mark; No Change in View
We are raising our fair value estimate for Cimic to AUD 25.60 from AUD 25.00 because of the time value of money. Cimic released financial results for the nine months to September 2017 in line with our expectations. Nine-month year-on-year net profit after tax grew 20% to AUD 501 million, net operating cash flow rose 46% to AUD 922 million but net cash fell 21% to AUD 606 million. While there is meaningful earnings improvement in percentage terms, we think this still pales in absolute terms besid...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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