Infrastructure construction grows and mining services struggle, but profit stabilises.
We retain our AUD 24 per share fair value estimate for no-moat Cimic following full-year results. The firm reported an 11.5% increase in 2016 net profit after tax to a top-of-guidance AUD 580 million, in line with our expectations. While the bottom line improved, the primary drivers were a 40% decline in depreciation and amortisation to AUD 337 million, or 3% of revenue versus 4% in 2015, and a reduced 25% tax rate (correcting for overpayment in prior years), which saved a further AUD 38 million...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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